1955-03-10 — Page 9

THE CHINA MAIL,

THURSDAY, MARCH 10, 1955,

Pare 9

TRADE and

COMMERCE

SECTION

NEW YORK WEST GERMAN EXPANSION

STOCK

MARKET

Heaviest Trading Since Jan. 6

New York, Mar. 9. This was another day of wide, erratic, fluctuation on the stock market with the | result of a loss of mure than $1,600,000,000 in valuations; the heaviest Trading since Jan 6, and

of the

broadest markets in history.

or two from the lows.

Big Reorganisation Necessary For

More Development

Bonn, Mar. 9.

West Germany, after a year in which the rate There woje overal sharp

of industrial production reached exactly twice suk Pouls daring the session, capped by 14 tast-minute rally, that of 1936, must take a number of major steps winch istight prices up a pot if still greater expansion is to be achieved in 1955. Chief of these are reorganisation of the chaotic transport system, creation of a healthy capital market, further rationalisation of the tax structure, and good husbandry of what is

Tickers fell behind reverat

tin ex. Turnover

es, closing late on the rally 4,590,000 with 3 100,000

totalled

sharer, comparet

simre yesterday

As 10

the reasons behind the

selling yesterday and today becoming a scarce raw material for industry-

which bar end the gaina

the

just

month there

many theories.

were

1

In general, hove. st append the market was due for

POW

a correction day view of its king to bull market bigla last week

bendlines Current heightened fla effect of to Inical reefion

*

MILITARY WARNING Today's, alg beadfing--a warn by from US military leaders in The Far

Far East that # kenerul war

bi Asta may be ly weeks away --added to market uncertainly,

And the Bancial community contamed to keep un eye on the Senate investigation in Worthing- ton despite Sen. emphatly

Fulbright's worny that market action should not be geared to bewa from the hearing.

Among leading stocks, final losses ranged around 3 points in Jersey Standard On and th Pont, Kansas City Southern, and People's Gue 2 points Bendix and Douglas, Pure Ou Houston Oil, Bethlehem Steel

In

water.

11 solutions to these problems | Alious 140,000 sets are now in can be introduced, the eentonly use after 18 months of regular should be Able to Curry the prograRWIES Th industry extra burden of rearmament and hopes to touch the half million

mark by nex December

the same

continge Ex meteorie #norrst, it is consulerend If the Paris treaties 12 EN- fied within the next few months the Brat West German soldiers may be seen in 1956, The build

ATOMIC POLE

A cutisortium of electrien? and the incal companies expels tu West and thegin work on the inst

C

up will begin slowly, economy will not feel any grat Brst conscripts are called up,

manpower until the

Kissin

or:

clear 12 months from the start. GOVERNMENT SPENDING

spending

Government Bul will rize abruptly from me - num rute of 6,000 million marks (about £500,000,000) on defence casts under the Occupation half as much again

armament begins. Most of this will go

at first on barrack- building and be a sinal diver-

of ston

The

housing present drive, but progressively

Soon

will be diverted into the manu-

But there were a surprising number of good gains, too. Gen-chase of light equiperent. eral Motors rose nearly a point. Crucible Steel gained more than 2 at Boeing Airplane finished with a gain of more than 2, Holstered by sharply higher sales on blu dollar volume.

Pennsylvania Railroad rose point in the day's heaviest turnover.

facturing economy for the pur-

By the end of 1955, West Ger- many opes to have eight air- craft running on European trans-Aliantæ renates.

Television,

nearly

Industrials were

от

uit 4.23 UVITAKO, rails off 1.20 and

The selling cailed out

uulitles off D0 cents.

issues. or these

lower. 154 higher.

978

1.274 were

The New York Stock Exchange | bond volume was $3,800,000

The American Stock Exchange | volume was 1,330,000 shares

Dow-Jones closing averages

were:

dustrials

zu raik..

13

Letiti

ERIET D

40

Comin, future price index

YESTERDAY'S

Aklen Ing. Aoy. Alled Chemicala Allis Chalmer Auterican Airline American Metal American Smelting American Tela Tel

404.0

ut pirseni

and

trickle, will become 21 Bloodt.

por

De

Canada Expects Czechs Barter Arms

Deficit

Ottawa, Mar. 1.

The Camlásara Govern- ment's first budres doflolt for eight years has been predicted by the Trade Minister, Mr C. D. Howe

thum

There had been unofficial speculation that Finance Minister, Mr Walter Harris, would announce a 1954-85 deficit, but it was the first time Cabinet Minister had made the prediction.

"For the armi time since 1946," Mr Howe said in the

Det Comunona, budgetary dellelt Es in- Mail dicated." -- China Special.

HONGKONG STOCK EXCHANGE

Business done

120

atomie located near either Munich or

Lo Hong- Karlsruhe. Production di in- kung Stock Exchange this morn ports of Assile material are tong amounted to $308,843, Noon be kept under 3,500 gramines quotations and the Torning's (just wver 7lbs) for the first transactions. two yours.

For Egyptian Cotton

Cairo, Mar. 9.

A four-man trade mission from Czechoslovakia has negotiated a £4,000,000 arms-against-cotton barter deal with Egypt, according to

sources here.

The mission had long talks with the War Under-Secretary,

reliable

Major General Hassan Ragat. World Cotton

Doctor Taufer, Czech Ministry Trade and

head of the for Foreign the mission leader, said: "We don't ask payment in dollars or sterling and

Are happy to barter our products with the Egyptians.

But arms were never Then- tioned publicly,

Cotton barter Buite Egypt which is Anding dimculty in selling cotton this year, especial ly since the closure of futures markets.

Markets

New York, Mar. 9. Cotton futures today rallied spiritedly after a mixed start in spasmodically active dealings.

Concentrated May delivery,

ما

in the buying credited mostly

LAST YEAR

spod firms against export comunitOTAÍS to Korea, and Czechoslovakia last year took covering in the March delivery, £3 million worth of Egyptian generated the main price-Hizing (From Our Correspondent) cotton, and exported £3 millon

dealers said. worth of machinery to Egypt. Clooting around the day'a But since the Suez Treaty highs the list was up 17 to 27 there has been a growing effort painte

Opening prices were off by Soviet satellites to step into 11 to up 4 points. New Orleans Egyptian markets-with

both closed

to 27 points. up 11 goods and propaganda.

Technicians

also The Soviet Embassy in Cairo

thought the market

displayed itself stays in the background,

sold-out but tho satellites

condition following the slump states aro

earlier this week which forced active.

Hat down to the Lowest

Sellers showed more caution while they studied the

foreign political news und awaited further Washington develop-

SHARES DUTARA SELLERS JALES

BANKS

1010

atrendy the

ק

have held an industrial exhibi- level in a little over a year.

IK Bank X AN Fat Asia

The East Germans

are

INSURANCES

Vonn Lombard tinderwiiters

tion in Cairo:

.002

38

10.20

SHIPPING

mand for all kinds of goods WIHd Pervices is as high now ne it has ever been since the out- break of the Korean war. Steel order books are full for lve months ahead,

Production and demand keeping up With each other, but business has been woming the Government for

muny namum past that the following reforms must be tackled if ex- PINTISION is not to be impeded:

• TRANSPORT The roads

are congested and getting worse 12,000 people were killed in necidents in 1954 and the motor car plants are still pouring out 30,000 new cars every month. But the cunals UTC under-

and employe

the railway

World Trade system has just logged a dofielt

Cotton Programme

Washington Mar. 9.

Fifty-four Democratie

of 500,000,000 marks (about £41,000,000,000) for the second your in succession.

Waterboal. 20 40

DOCKS, FTC

K. Wharf

0216 Provident 101 10.40 155

Wheelock 763

LAND, ETC.

HK Hotel

XD

000 15%

2007.05

the Hungarians have a Cairo "shop window":

the Cocha announce plan to exhibit their wares hore,

J

World Rubber

Markets

EVERETT

LINES

EVERETT ORIENT LINE Fast regular freight — refrigerator passenger sorvice to Korea, Japan, Philippines, Indo-Chino, Siam, Malaym,

. Rangoon, Calculta and Chittagong.

"NOREVERETT”

Arrives

Salls

Mar, 20 from Manila, Mar, 21 for Singapore,

Rangoon Chittagong.

Calcutta.

"LENEVERETT”

Artives Solla

Mar. 21 from Singapore. Mar, 28 for Kobo &

Penang,

Yokohama

(Accepting cargo for transhipovensk Bebe/Fuss and Kobe/Okinawa)

EVERETT STAR LINE

Fast regular freight -- refrigerator service ta Japan, Mainya, Célombo, Bombay, Karachi and Persian Gulf.

(Subject to Induseniort fur direct caft Korea)

"STAR BETELGEUSE”

Arrives

Solls

Mar, 10 from Japan,

Mar. 20 for Singapore, Port Swetten- bam, Madras, Colombo,

Bombay, Karachi,

ramshahr, Basrah, Kuwait & Bahrein

"STAR ARCTURUS“

Arrives

Salla

Mar, 21 from Singapore. Mar. 21 for

Kobe

Yokohams.

(LIMITED PASSENGER ́ACCOMMODATION) (Accepting cargo for trunakipmant Kobe/FunS

Kobe/Okliawa)

EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republic of Patiazia with Lexited Liability) Chinese Department: Telephone 28293. Queen's Building, Telephone $1206.

ments on farm price legislation. PENINSULAR

Delivery notices for 2,400 bales against the March delivery wore taken

up by spot interests, The open position in March at the opening today was down to 15,600 bales, Trading in the spot month will 'end in the near hour on Tuesday.

Trading volumes nézt open interests in the Exchange today were:

QUIS NON SEDAD

& ORIENTAL

STEAM NAVIGATION COMPANY

R.M.S. “CORFU”

SAILS:

NOTICE TO PASSENGERS

13.00 13.90 14

JK Lart

S'hai Land Humplesys

XD Realty

UTILITIES

Tram

0515

02c

OG

22 1800 64 22 .102 1.07% 2000

1.

20.00 20.90 1500

Singapore Mar. 9. After opening uncertain the rubber market steadied on over- seas orders and small manufac- | Month

Mar turers' enquiries, Towards the close, the market was very 20.00 steady on trade and speculative Oct. 250 60 2060 buying with good

Volume

Open Informat

7,000

23,600

May

120,400

988,400

July

$7,500

$43,000

34.000

283,100

turnover.

Dec

20,100

118.600

has stated

Star Ferry XD Yaumall Ferry

far.

10.300

127,300

100

Future closings were:

May

11,800

4,500

C. Light (0)

17 17.20 1000 17.10 C. Light (0) 13.70 12.80 4000 à 13.70

No. I rubber per Ib. Electric XD

March 200 344

July

1.000

2,583

Tetal

304,700

2,580,029

Apm May

834-0012

boles

BAGGAGE:

unquoted

The Government that either the To carriers must be reduced through severe taxation and restrictive legisla- ti

or the

must Taxpayer sacrifice turge uns

for road building. Hans-Christoph See-

Republican Senators have urged | bolim, the Transport Mindler, 148.27 the Secretary of Agriculture, Mr says

art least 2,000 millors 63.47 Ezra T. Benson, to develop a

maika (about £100,000,000)

151 69 world trade cotton programme ought to be spent each year an 100,07

with an objective of _exporting out building for the next ten 107.00 PRICES

4,000,000 bales a year,

The Senators thisclosed today $ 20%

that they had written Mr Benson 23 that Buch

for the progrenine next two or three years "would give cotion growers a new lease on economie life,"

60

444

102

American Tobacoa B

43

Anaconda Cupper

Armco Steel

75%

Armour

Balwin-Lima-flamilton

Baltimore & Ohio

Bendix Aviation Corp.

Benguet Com

Bethlehem Steet

Boeing Airplane

Canadian Pacific Railway

Case (3) Co...!

Chano Natkmal Bank

Chille Copper

Chrysler Motors

Commercial Credit

Commonwealth Elee. Consolidated Edison

Continental Steel

Corn Products

Crane Co,

Cuban American Suga

Curlin Wrigh

Dupont de Nemours

Eastman Kodak

General Electric

General Fooda

Gamerni Motore

Gillette Safety Razor

Without such an export pro 1442

gramme, they said, "the rapid 18k hæcrease in production threatens 4111⁄2 our fatr share of the world's cutton markets,”—United Press,

100

Goodrich (B. 1.) Co. Goodyear Tire & Rubber

344

Hornatake Mining Co.

International Business

International Harvester Internetiniai Nekat International Paper

It national ra ở Thi

John-Manville Ca

Kennecott Copper

Lockheed Aircraft

Leows Incorp......

Lone Star Cement Co.

Minnesota Mining

Montgomery Ward

National Cash Register HÄR.

National Dirtilera

National Logu -

New York Central ....

Olis Elevator

...

Pacific Gas & Beecirle Pecife Western Oil Pan American Airways Paramount Pictures Philip Petroleum Pilisining Plate Glam Radio Corporation

Reo Motors

Republic Steel

Shell 03 Co.

Sinclair D

Booony Vacuum 19

Southern Railway (Com.) Standard Branschh Standard Oil of California Standard Oil of Indiana Standard Oil of Haw Jersey Stokley-Van- Campi, ·***** Brudebaker-Packard Corgi Swift 30-

Texas Co

Union Carbide

Union, Prinde 'Ballveier

Unned damp,

UB. GypİTTİ

Us.. Lire

United Bleta

Liquid Capital

Declines

CAPITAL MARKET: still costa Long term credit seven to eight per cent on the West Germion money market,

an element in the cost of pro- duellon which is pricing West, Germany out of many markets abruan, Attempts to counter with Government-aided predli provoke charges of "un- fale competition" in Britain and the United States.

this

of

INDUSTRIALA

..

Cement X AU 23 2016 300 a 25.30 STORES, ETC.

Dalry

.. 2180 22.20 Watson XD 23.40

Crawford 2319

COTTONS

Textile Corp. 6.00 Nanyang... 0.80

No. 2 rubber per . Mar No. 3 rubber per 16. Mar. 84-84%% No. 4 rubber per lb. Mar. 6314-84 Spot rubber baled

NEW YORK

Prices of futures cloned today

000 21.00

Dinkat crepe

No. 1 pole crops

866-80% 7-85 00-91

a follows:

NEW

YORK

Boot

Moy

July

Oct.

Futures today

closed 110 to

Dec

1500 8.00

Singapore

Stock Market

135 points higher with sales of Mar. 304 contrats.

Increasing

strength

May July

shown

33.03 33.70

34.L1-18

5450

NEW ORLEANS from the opening reflected the higher primary markets, plus Prices of futures closed today concern over political tension in as follows: the Far East and unconfirmed

Spat trade rumours about the destruc- Mar tion of some 5,000 tons of nude May by fire in a--Medan July

rubber Singapore, Mar. 10. Brokers today quoted

to warehoune following stock prices: Briush Consolidated Tin Smelters,

Ordinary Praver and Nenve

Borneo

Byndicate

Petroleum

33.70

33.44

33.71-72

30.11-13

Friday, 11th March, at 12.00 noon for the UNITED KINGDOM, via Straits, Colombo, Bombay, Aden and Port Said:

Passengers are requested to send ALL BAGGAGE to the Hongkong & Kowloon Whart Cơʻs Godown 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 Wharf Co.'s Godown for loading on board by ship's slings only.

EMBARKATION: Passengers should embark between 9.80 and 11.00 a.m. on Friday, 11th March, 1955.

SUBJECT TO ALTERATION WITH OR WITHOUT NOTICE.

MESSAGERIES MARITIMES

PA. Box 53

Y■ Bullding To: 2005) FAST PASSENGER/FREIGHT SERVICE

Dea

Mar

Opening

31/80

In

the

Lid

In

alegaster)

Ordinary isë........ Fraser and Neave Lid..

715% cuni. pref Hongkong & Shanghai Bank Corporation (Coloni*l

30/pd

1.03

$0.00

In the spot market, dealers May reported some speculative buy- (July ing along with dealer covering,

LIVERPOOL, Although" factories continued to operate on the cautious

closings, American Spot No. 1 Rea were quoted at [middling, in pence per ib. wêre 30% cents.

5043

side. Future

as follows:

Future closings were:

Mar/Apr.

$1.37

$10

March

$4.00

Mar

.70

July

31.00 3078-80 70.20

May/June

31.25-29

"VIETNAM* "CAMBODGE"

11.45

Eidas

Beptember

Den/Jan,

31.00 30.19 30.74

sailing Apr. 9th sailing May 20th

December

$23.10

FAST FREIGHT-SERVICE

March

$10.45

11.20

"ANADYR" “MEINAM”

salling Mar, 20th

sailing Apr. 16th

$2.00 8/

Firms seeking new capital for expansion have had to cola pete with tax free issues local authorities and tax free housing certificates which, fact, took

at up Trost money-seeking investment. the first ten months of 1954, seven times as much money was invested in such tax free

in industrial Mainyan Breweries special issues as

Ramies Hotel shares.

Singapore Cold Storage Most of these tax remissions South British Insurance came to an end at the begin-Straits Trading

but business United Engineers Ordinary

Steamship

Isque Warna Brothers Hongkar Tin Petaling Tin.

$3.89% with div

-China Mail Special.

Zurich, Mar. 9. The recent 24 per cent 50 million loan floated by the Swiss electricity company, Kraftwerke Mauvoisin AG, was not fully subscribed. It is reported here. This, together with the fact that

earlier Australian 3% per- ning of 1055, cand loc

was not as heavily) and investors demand more tox 4311 over-subscribed

previous relier than they got last year similar loans, is taken in finan- before West Germany can have chal circles here to indicate a anything comparable to Well decline in the amount of liquid Street or the City of London. | capital available on the Swiss

market. In view of this develop- ● TAXATION: Parliament ment, it is pointed out here, a

must, during 1935, overhaul the $115 movision of loan conditions in collection and distribution of investora favour would bo taxes between Federation and Justifleck-China Mail Special

25

100

DRS

IS

London Foreign

Exchange

New York

Montreal Amsterdam Bramale Lion

Stockholm Was Marka. Zurioty Other

Pron

were

London, Mar., D. 3.79 1/18-2.701 2.7336-270

10.80-2-10.8031.

139,40-130.45 80.00-09.10. 27875-077

14.0315-14-839 11.7935-11.99}}|

12261-17.2058/30 unchanged. - United

States

As things are at present, the Central Government has little

elasticity taxation matters. It

connot. meet a sudden Increase

New York Sugar Market

World

LONDON

29.40

29.20

The market was firm.. No. 1 spot Ras were quoded at 25% pence per lb, Prkez

No. 1, ppot

Bettlement house April

Juma Apri/Jun July/Sept Oct./Dec.

Janfiler,

* General marites cul bada, Mur.

New York; Mar. 9. No. 4 sugar futures April

in expenditure with a corre today closed unchanged to 8 My sponding increase in revenue points higher with sales of 352 Estate are thick without engaging in endless contructs.

AMSTERDAM

2534-2016

World cotton prices reflect, by their downward trend, wide spread fears that the United States will be driven to use un export subsidy two-price system to get rid of its raw cotton surplus Locally, demand, has been influenced by the varia- tions in the sterling/dollar rale and by the slowing down of some sections of mill activity, | Chinese Creads & Customía But the uncertainties of the Enjoyable Cookery overall picture seem to predo/

POPULAR PUBLICATIONS

$18:00

15.00

antrate.

[Baby Book”,.

25.00

Official values for spot cottons This is Hong Kong

8.50

Include; ›

Anierican middling 18/18th inch 31.5 American B. X., Middling

The Hongkong Countryside (Harklots) Hongkong Birds (Herklots)

25.00

35.00.

11th inch Matican middling 1-1/2ând Inch Nigerian NA 3 SAY

Coronation Glory

10.30

| King Guörys VI

10.50

It's Fun Finding Out --- 2163 series

'Na. I rubber No. I rubber

No,' 2 rubber No. 1 cæpe

7.30 buyeri

347 buyere -United Press..

2. (Bernard Wickstead!

per kilo were as follows:

Mar.

Rupert Adenttare: Books

4.00

The Magie Scrólf.

No Hiding Plans (Behind Scotland Yardi

10.00

Ost

EPU Surplus

Hong

- BAO PAULD

Futures olösists (lei

Domestle No. 6 sugar futures disputes with the States.

Further, the tax collecting closed unchanged to 4 points The market was firm. Prices | Peruvian Tangula, good

higher with sales of 421. con- closed today in guilders per machinery, must be simplified.

tracts, WATER: The Federal

kellogram, clf Mar, as follows: Trade

switching

operations Government is drafting legisin-accounted for most of the ac tion to look after the nation's tivity in both contracts, Future Water supply which has been closinger megloubed since the beginning of the century.

New York Foreign dustry from wing cloan river

Exchange

New York, Mar

futures

Contract No. 4 (wield) ·

Ite ahn will be to prevent in-

May

July

Spoj-(cata per lb.

[Cube)

or subsoil water for Industrial proceed to purity ta warte water before turning le

Main

{"back": "Into the pks to ita

dad other rivom“ uncontrolled kuso in the lower Rhineland and Ruhr Industrial wwwken, hie, now. berorna

Exchang

SOUTH CHINA MORNING