1955-03-08 — Page 9

TRADE and

THE CHINA MAIL, TUESDAY, MARCH 8, 1955.

COMMERCE SECTION

AMERICAN ECONOMY New York Stock

Automobile Industry In Fourth Consecutive Record-Breaking Month

By JOHN MORKA

New York, Mar. 7.

The automobile industry roared into its fourth consecutive month of record-breaking production. The industry consumes about one-fourth of steel mill shipments.

With steel, it is considered the keynote of the American economy. Just as the auto industry had helped generate the

current

UK Goods Popular

In Africa

London, Mar, 7,

Mr O.C.R. Eler, leader of a Biliish trade mission which has just returned from five-week tour of

Sudan

and Beypt, the Ethiopia, daid here today

that is all three countries,

there was "a genulué ilkfor

and appreciation of Britiah

of and

goods services,"

He said that "some

our main

of competitors uko solively pressing their de in these market." and Instameed the appear- ance in Errol and the Suðan of attractive but low quality Japanese textiles.—-- Router,

Market

Boom Dangers

Washington, Mar. 7.

Business and economic, experts are widely divided on the question of “dangers" in the recent stock market boom, a Senate Banking Committee survey showed today.

A majority of the experts polled "felt that there was no danger" in present high market prices, the Committee said, but "this viewpoint was not unanimous." Some said stock prices are "dangerously high."

20

The Committee sent questions to 6,500 brokers, deniers, invest- ment advisers

and financial writers in connection with its "friendly" investigation of the stock market, which opened on Tuesday.. It also "polled 113 economists.

HONGKONG business pickup, it was felt that a setback in the industry

might also negatively affect the economy.

Autos also use lots

of chrome, rubber, glass, and provide jobs for hundreds of

thousands directly.

NEW YORK

STOCK

MARKET

New York, Mar. 7. Stocks retraced nearly fourth of Just

Despite cord winter pates. sks brokers, and exchanges But bile hrventorles Werk officials are queerned about the

their highest "stocht | growing list of highly pearly ins

speciat history" A show-down of the wurg stocks. Some broker

have eve productăm pace which started

set up a black lat December appeared inevil- against some uranium

But there were to signs Urtest Press it was ne?" al ni.

W

March production is expected to reach the highest-month total in history--more, thay 750,000 TRA DATs That would ris prekatkan

the Orst three months of the year to nearly 82300.000 new Curs

week's

$4,000,000,000 rise today in

[1

centred largely on recently strong defence issites.

trisk shakeout

Defence reses with lossen. rging to 5 paints in General Dynamics cartic under preistire when Sen. William Fulbright, einducting the ket invest gution, moved to get the games of 100 companies with defence contracts.

гради

Was

This development, it geurally felt, ist added a hit

weight

of furces normal profit-laking which had Inst antletparted

After

but new

been week's

marked highs

A numbT

ใน

al specimi IKSUCS

strongly

Tuch to feature

18

+1 195

as Haluck and Wibus, up more than 4 points, and Ni won t New Shop- budding mad Diydock, 3 higher

lightened saltamer

another

ziem to the

and

2011

apet.

TURNOVER

Turnover totalled

thares.

was

2.030,000

winter

15910-

World Cotton

Markets

New York, Man 7.

futures today

Cotton

AUTO SALES

Autho sules for the

ths are 33 per cent higher plummeted more than $5 a than last year. Production bale, suffering the widest break for any session in about 21 years.

גקו

44 per cent. But industry leaders don't tour the build-up in stocks. They are banking on a big sprint pickup to help.

move

around

On Sept. 8, 1952 the market 125 points when a sharp upward revision was made in a Government crop estimate.

dropped cars from showrooms and emphasise that stuctos of curs continue to be abnorinally low In erlation to the rate of sales this time of the year,

After an extreme loss of 11 points on the March delivery, While the inventory situation

the

a sold-out list developed appears somewhat bulky, same

condition and to be piling up

prices recovered models

about half of the loss on day While a shortage in others

trader covering at the close. noted in other areas.

18 to 45 Final prices ruled Overshadowing

the industry

New points lower than Friday. is the threat of labour troubles

Orleans closed off 26 to 43 and possible strikes, not only in

points. aulo plants but in ether in- portant industries,

ELSEWHERE

the

com-

The nan Interest business and financial munity centres on the "friendly dy" of the stock market ben which got underway list Tues- day before the Senate Financial Committee headed by Senator J. Witam Fulbright,

The market showed Brmness all week--k effect appeared to have discounted the investiga-

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morning amounted to $327.255,- 40. Noon quotations and thi morning's transactions. SHARES BUYERS SELLERS SALES 1

BANKS

JTK intik

X All

Fans An XD 200

The 20 economists who replica "were overwhelmingly at the opinion that continued increases in stock prices for another year would create a dangerous silua- ton," the Cominituce sakt

"The

DIVIDED

World Rubber Markets

Singapore, Mar. 7. The rubber market was quiet with moderate

Tri IKUTOW fluctuations, It closed casier towards the end of the session Future closings:

אן

No 1 rubber per tu

Pare

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Outwards "CORFU"

"CANTON"

"CHUSAN"

"CARTHAGE”

Braves London "True Hongkong

in Fort

18th March

30th March

4th Apr

Idth April

2rid May

Via Robihampton, Port Said, Aden, Bombay, Colombo, Penang Singapore

Humowards

"CORFU"

Leaves Hongkong Dub Löndón

11th March

"CANTON"

"CHUSAN”

oth April 2nd May "CARTHAGE" Oh May

311h April

8th May

30th Mar

9th Jun

Via Singapore Pennor, Colombo, Bombay, Adro, For Salt & London

Also calls Marseilles,

"SURAT"

FREIGHT SERVICE

dur 10th Mar. from U.K. via Straits Toads 17th Mur. for Kuba & Yokohama "SHILLONG” due 4th Apr. from UK. & Straits

loads 5th Agr. for Kobe & Yokaḥama "SURAT loads 13/14th Apr,tor B'pore, P. Swettedi

ham, Penang, Colombo, Aden, Fort Bald. Ommon. Marsailles, Havre, Lon "don. Antwerp, Bottar=

dam & Hambling

With Wherty sa call at Heinwan before or after Stemite Ports and at Bordbay if inducement offers, Tanks available for carriage of Olt in Bulk. Space for refrigerated cargo, Liwilted Passenger accommodation

BRITISH INDIA 5.N. CO., LTD.

dur 321ta Mor. all 13th Mar

"SANGOLA” day 24th Mat.

salle 23th Mar

Nd. rubber

Ib

. “FULTALA”

Marcit

April

May

ཀ་་ 14-414 inquoted

MGL No. 3 rubber per th. Mar. No, uliber per fr. Mar. Spot rubber unhaled Blanket crepe

03-021 84-844, 70-78 61-20

“SANTHIA”

Opinion

the ALKALE

1 200 market

"participantk" who answered the questionnaire was almost equally divided on that quesilon, it said.

survey showed a wide pht between the market part-Nouale crepe split cipants and the economists o whether

the present souring market Is similar to the disastrous boom of 1928-29.

participants felt there Must

"significant

war

1615

ware ho

the

The

| sizable

INSURANCES

Union

Lombard

PG0

50

19 20

DOCKS. ETC

012

Underwriters

re Whine Dock Pruvident

Wheelock

LAND EK

[[Kolet XD 11K Land Realty

UTILITIES

Fram

XD

Star Ferry

400 * 52

similarities."

NEW YORK

Futures closed today 19 to 35 points lower with sites of 80 contracts.

Committee said. but weakness in other neighbouring

majority rentalsts declared there

significant shularities

now and 1928-29.*

102 159 20,20

10.40.14 GO TO

7:05 7.13 1000

10 40

*Th

2001 70 pants

07

were

of the

were

between

However, the Committee said, "this does not sneun that the economists) relt that

the *7 10 | similarities were dangerous."

economists and

parti generally agreed on the main factors causing the rise in stöck prices sinec September 1953. These factors included more available credit, ising institutional Investment, and inflation.

CONFIDENCE

The Committee said the

1000 3434ccunomists listed removal of the

20.00 21.10

144

Ya Ferry

100

C

LIH (0)

17 1 20

900

17.10

C. Light (N) 10,70 13.00 Electric XD

120

13.00

2

100 # 3474

1500

34

150 12 3415

reflected following

Maeno

Flec

1215

Telephone. 20 80 INDUSTRIALS Cement X A

1300 20

ETC.

brokers, Bertunts and hedge

COTTONS contract,

Dairy Waton L.

21.70

XD 13 40 Crawford

તુ

22 500 21 80

25

Today's

toboggan fiquidation, March the issuance of delivery notices for 7,000 bales, plus broadscale liquidation through commission STORES. houses, New Orleans

verpool

selling.

The

nearby March the wenkest spot. fell to 32.05 cents

establishing u pound, new low since bec. 31, 1983.

Market expert said an old long Interest, built, up some time ago on the theory that the Govern ment

loan

programme would On the whole, sv:raged

Senator Ful- tighten the "free" supply un- dis- bright seems to be more worried tion, apparently become atrout the market than ap-couraged with the smaller rate parently the market appears to of impoundings and the heavier be worried about hin-If stock producer withdrawals. prices art any criteria.

Trading volumes and open

Or a total 1,220 issues trad- ed, 025 were lower, 372 higher,

Industrial share i

$2,84 lower, pilled down part by loss of 21% points United Aircraft.

[$1

Ralls dropped only 14 cents in their average, with a 2-point

gain in Atlantic Const Line.

Lases

aircrafts, in

sick.

tim.

He warned before the "sludy" interests in the Exchanges today got underway against market were: operators taking the opportunity Month

Bay

of testimony as a basis for buy-March from United Aircraft and Gening or selling stocks.

Will Street naturally

Is July

erul Dynamics, ran to more

2 points euch In Chance.

than 3 points in Bocne, around wondering how long the whole December Vought, selling ex-dividend,thing with fast; it recalls the in-

of the early 30s. As May

Douglas, Lockheed, Gleno Maration

in and North American.

October

March

July

a result the law makers wrote full balesi.

Securities Act of 1933 up the

Textiles Manyang

Prices eased with London l

commodities, particularly cotton,

and cocoa

offerings ruled market closed Siam and other but after the terminal shippers indicated willingness to entertain lower bide. Factory Interest in

spot rubber was light and mostly routine.

Spol No. quoted at 20% cents a pound. sellers basis. Futures:

March

Máy July September December March

Ras

LONDON

spot were

29.00 20.87

The market was quiet but excess profit tox as the major steady. No Res spot were rause of the "bulish" market. quoted an 25 pence per lb. Prices: Most of the market parilcipants 1000 m2 20 40 † listed *confidence in business and Government“ 0.5 the top

6.10 6.23 2000

MISCELLANEOUS

Yastaze

Aided

20 0.10

. 1.00

4.15 1.

Singapore

reuson

But economists and part- cipants favoured raising margin requirements for market transac 24tions and "general credit restrie- tions" us "methods of avoiding It market prices were to danger

imsustainable levels," go beyond The

Committee

Sold

Stock Market

Singapore, Mar. 8. Brokers today quoted to fol- 41.100 lowing stock prices:

200,400 British

Bartico Petroleum

Smelters,

Prices of futures closed today Hongkong & Shanghai Bank

the Federal

No. 1 RA spot

Settement house term

Apri

May

April/June

June

July/September

Delober/December

General markets, cit basis,

March

April

May

Estate crepe

thick thin

25-25

unquated

also The Amsterdam rubber prices

or lowering| were not received.-United Press. gains tax to

alleviate dangerous conditor London Foreign

if they should develop.

Fewer economists favoured such action.

"In generat,

crat, the participants In the buying and selling of stocky

full confidence expressed the

market white the

נגו

Exchange

a group, reflected New York

Montreal of caution," the Amsterdam

#mong

Brussels Lisbon Parin

West Marks

Others PINO

were

both groups held extreme views, Stockham such as extreme optimism at one end or downright alarm at the Zurich olber."--United Press.

Volume

Open interest

a

12.700

104.400

1,030,700

Committee

greater.

104,700

B55,900

31,200

Opening

"A few

34,000 20.200

100,100

112,400

22,400 100 391.200

121,500

Syndicate Consolidated Tin

15.000 2,635.000

Ordinary.......**

Royal Dutch stood out in

NEW YORK

Fraser und Neave Ltd.,

Ordinary levue

31/64

30/00

$1,05

The cum. pret.

$0.00

Corporation (Colonial Re

gister)

#070

Malayar Breweries

$3.99*

$2.70

91.00

PENINSULAR

Ordinary

$10.05

$12.00 $2.50

$3.47*

21 and 1934 and set up the Securl.

widely regular of group with ties and Exchange Commission. De follows:

gain or nearly 3 points 011

The Commission can make its

heavy turntwer topped only own laws as it goes along. Libby MeNeill and Libby, the day's most netive issue. Mid- Continent. Petroleum and Shell also rose sharply.

The

York Stock Ex- now. The New change bond volume was 4,330,- some market men spreultite. At 000.

any rate, Wall Streeters would Ex-ke to get the probe over, and chango volume was 1,440,000 done with as soon as possible shares.

The American

Stock

34.000

3331-35 Raffles Hotel

Singapore Cald. Burago

34.76-75 South British Insurance

34.12 Straits Trading

2.20

Staaris Steatrisfitp

Engineers

34.25-27 United

34.40 34.34

ÁRE Waerns Broth NEW ORLEANS

Hongkong Tini Prices of futures closed today Petaling Ti

Spot

Mar.

May

MARGIN

July

Ort

Dec.

Mar. margin is 0 per cent More laws might, come;

Мау

Juli

as follows:

Spot

no matter How "friendly" the attitude of the Senate's Inves- ligation would be.

Mar.

May

July

Oct.

Dow-dents closing averages on

were

sce

Wall Streelers would like to Somo furtiter tdhtrols

Dec.

Mar.

May

follows:

enacted to protect

investors

July

39 industrials

413.04

153.00

15 utilities

45.25

US stocks

150.11

49 bonds

100.10 150.22

DÓW-JONÉS AVERAGES

Wall Street today

20 ralle

Comm. future price Index

YESTERDAY'S PRICES

Alden the. Áoy.

Allis Chalmer

American. Airlina,

Anaconda Copper Armco Bleet

Arnott

Halws-Ilma-amilton Bendix, Aviation Corp:

·Beogusi Cons, -- Boeing Airplano

Coker Nailesh), 13ünk Commer Crédit Commonwealth Eféz.

Goodrets (3)

Internistion John-Manville

Co.

# 201

against the so-called promoters,

New York Foreign

Exchange

28Canada wi

New York, Mar. 7.

England-inomelil

New Zealand

| South Africo

Belgium

Holland ...

Switzerland

34.03

54.24

3.40

33.74-76 34.04-00

34.44

LIVERPOOL Futov closings, American

with day,China Mail Special.

New York Sugar Market

LIQUIS

London, Mor, 7.

2.78 16/16-2.70 2.78 1/10-2.75 3/10 12017-10,621, 130.525-138.33

00.00-10.05 2769-0707

14,541-14541 11.00-11004 12.261-12.201 unchanged-United

& ORIENTAL

STEAM NAVIGATION COMPANY

R.M.S. "CORFU”

New York, Mar. 7. World No. 4 sugar futures! today closet unchanged to 2 middling, in pence per lb, were points lower with sales of 45 SAILS:

es follow

NOTICE TO PASSENGERS

1011

2.00-2.70 2.781

Mar/April May/June July/Aug Oct/Nov Deo./Jen.

Official values for spot collons include

29 American S. L. initialing Your 103.

contracts.

31.48

3145

21.20

3068-

2014

Domestic No. & sugar futures closed unchanged to i

point higher with sales of severi con- tracta

BAGGAGE:

Fasted Fresn.,

Mexican middling 1-1/3ind *** Nigerian NACE Egyptian Karnak good/fully

41.06. Enyplied kind good/fills, bed - 1613 Exeyptistä Astmouri" "good/hialgalan

good

97.75 May

Contract No. 4 (World).

Ju

Futur

Exchange Rates per kid, võto be followe

tuisiness, was dona' in the local

by dollar (per $1)

Strukaketak (per 100) ·

zumbore "Udiralti) =yrvato

-United

Troders sold activity, Was hardly broad enough. In clifes cofitračt to develop a'special trading feature.

Friday, 11th March, at 12.00 noon for the UNITED KINGDOM VIĘ Straits, Colombo, Bombay, Adén and Port Said.

Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Wharf Co's dodown at No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Thursday, 10th March. SPECIAL NOTE: With the exception of hand packages carried by passenger themselves, ALL BAGGAGE must pass through the Whart Co.'s: Godown for lodding on board by ship's slings only.

HARRATION:

should a dihat

dr 2011 Mar.

from Japan

for Singapore, Chleutta & Chittagong

from Japan

for Amgapore. Penang. Bargoon & Calcutta from Calcutta, Rangoon & Straits

salle 20th Mar, the Japan

P. & 0./B. I. JOINT SERVICE

**ORMARA"

"OKHLA"

dur 18th Mar. from Kakinada & Madraz and 20th Mar. for Japan due 30th Mor, salls 31 Mar,

"OBRA"

Falle

dur oth Apr.

7th Afr

from Japan

for Singapom. Colombo, Karachi, Baarah, Khor ramshahr & Kuwait. from Japan

for Sugapore, Penang. Colombo, Bombay &

Karachi

EASTERN & AUSTRALIAN S.S. CO., LTD.

"NELLORE"

"NANKIN"

in Port *alls in Mar.

trom Japen

for Sandakan,

Rabaui, Brisbane, Bydney, Male bourne de Adelaida

das 22nd Mar. from Australia szila 23rd Mar, for Japan

All vessels have liberty to call at any porta on or off the route & the route & mailing are subject

to change or amendment with or without rolice;

For full particulars apply to:- MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.

EVERETT

LINES

EVERETT ORIENT LINE

Fast regular freight refrigerator --

to service

Philippines, Indo-Chiná,

passenger

Rangoon,

Calcutta and

"NOREVERETT”

Arrives Salis

Korea,

Japan,

Siam, Malaya,

Chittagong.

Penang,

Mar, 20 from Marillo, Mar, 21 for Singapore,

Rangoon, Chittagong Calcutta,

"LENEVERETT"

Arrives Sails

Mar. 27 from Singapore:

Mar, 28 for Kobo & Yokohama, (Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)

EVERETT STAR LINE

Fait reguite freight -- réfrigerator "service" to Japan, Malaya, Colombo, Bombay," Karachi" audi Perilan, Gulf, (Bubject to Judocemant for direct: exf Korea)

"STAR BETELGEUSE”

Artivés

Sails

Mar, 18 from Japan.

Mar. 20 for Singapore, Port Bwetten. Colombo, bani, Madras,

Bombay,' Karachi, Khor ramshahr, Basrah, Kuwait & Bahrein

"STAR ARCTURUS“

Arrives

Mer 21 from singapore...

Bala. 24 Mar 31 för ↑ Koba &Yokohama.

(LIMÍTĖD PASSENGER ACCO

(Accepting coman for tradić „Kobe/Pusant, sad 7 EpheżOkinawał

EVERITY

of Pikama