1955-04-04 — Page 9

PHILIPPINE

TRADE

DELEGATION

New York, Apr. 3.

Lenders of the Philippine

trade and goodwill mission said today they had set as

their immediate goal а

$10,000,000 annual increase

THE CHINA MAIL, MONDAY, APRIL`

TRADE and COMMERCE

SECTION

Page

WHAT HAS BUTLER TO GIVE AWAY?

In the to the Ears B NEW YORK Rising Production Buoys

in

sale of Philippine

goods United States.

Mr P. E. Domingo, mission chairman, said at a Press Con- ference that the group's three- weck tour of US cites from ecast to coast had given a pretty Hood idea of the American de- mand for products of the Philip- pines, and of the steps necessary 20 market them,

In Seattle, the mission mem-

found bers

That American women were attracted, by pina

cloth and gther pina products.

In Washington, the mission inquired about Philippine in dustrial products that would not run into competition with US products.

WOOD MARKET

STOCK

MARKET

가

By Elmer Walzer

New York, Apr. 3. Stocks turned irregular this past week after a sharp rise a week ago.

Trading picked up and round- ed out the biggest month of March in 25 years" ·Individual issues provided heavy volume and all of the features. main 1st tended, easier in in-

and

utilities and higher in the rails whose earn- ings are picking up sharply,

There appeared to be an ex-dustrials cellent market in the United States for plywood, hardwoods and other Philippine lumber products.

Mr Domingo said there was considerable talk with Washing ton officials about US help in the processing of such raw materials of the islands as materials and lumber. There were

Hopes For

Tax Concessions

From Ronald Boxall ·

'London, Apr. 3.

British Steel Mission

New Delhi, Apr. 3. A British mission arrived here by air today to discuss plans for the setting up of a British steel plant in India.

It is expected the British plant would have An output of 1,000,000 tons of steel a year and would be located at Durgapur in Bengal.

India recently signed an agreement with Russin for the building of a steel plant in centrat India.

being built with German assistance in eastern India. ---Reuter.

The Government's annual Economic Survey has been

Another plant is to the Chancellor's Budget for clues The eagerly spanned

intentions. Lacking the informed comment of the strike bound national Press the general public has passed lightly over the less pleasant aspects of the current situation and fastened its hopes on passages dealing optimistically with the prospects for long

With the market bumping the

bull market highs it was not surprising to the experts that the trading would turn selective

with retation of groups the order

of the day.

run-economic expansion.

Certainly there is much to place on the credit side. Production is still rising-and what is more important so is porsibility of boosting Phillp-backed away by profit-taking output per man-hour. Real incomes are higher than they have

inquiries

about

Things, atomic continued to spur wide gains in a long list the although the advances were

late in the week.

pine ship-building, smelting of ore, rolling mill and machine shap operation.

"We made plenty of contracts and found much interest in our

and Feme products,

we were baked to submit sampits."

Te mision members said they had be talking over the idea of setting up in New York and San Francisco branch oilets of Philippi menufacturing or- ganisations in crder to premote their sales of products

M Demingo said that to get into the American market en a bigger scale the Philippine in- Cuatrics would have to oc policed by Filipinos through the home industry association ef the Philippines in order to adopt uniform export standards.

· EXAMINATION

every "We

MLINI

process export" he said. "We must see that before an order is accepted. the

examine the bank will capacity of the exporter to pro- duce He

three mentioned

vital conditions for increasing sales:

1. Philippine products must be presented well to American buyers.

capacity to 2. Philippine produce in quantity must assured.

3. Products must be of uni- 10 im- form quality and up porters standards-United Press.

Argentina Oil Accord Reported

New York. Apr. 3. No confirmation was available here today concerning President Peron's announcement yester- day that an oil accord had been reached with foreign companies to develop Argentine oli pro- duction.

President Peron did not dis- close the name of the com- panies involved in the "agree- ment" which he said would greatly boost the country's oll production."

O circles here understood that the companies he referred to included Standard Oil Co. of California: Standard OIL (NJ) Royal Dutch-Shell All three companies

and -the group.

tions had been Buenos Aires.

confirmed today that negotia

going

on

in

A spokesman for Standard Ou Co. (NJ) told United Press; "We have not signed anything

COPPERS BENEFIT. Coppers got

real whirl when the price of domestic copper was Increased three cents a pound, bringing it more nearly into line with the much higher foreign price which had beer, luring copper away from the demestie. users.

Copper shares at their levels had gains reaching to early 15 points on the week.

Chile Copper was the first performer with Andes second Good gains were scored by Cerro de Pasco, Magma, Anaconda, American Smelting and Copper Range,

In the electronics group, prices were pushed ahead for a

but time early in the week. later selling cut them down.

Among the so-called atom group, Bath Iron was the star." One day it soared 11 points. Next day it lost 10. the drop caused by an official denial It was planning 3 merger and a Navy statement there were na atomic destroyers contemplated at this time.

con-

AIRCRAFTS RETREAT · Balwin-Lima-Hamilton tinued in favour for a time on its projected atomic locomotive. General Dynamics hed further on its atomic submarine. vigour the Nautius. The aircrafts re- treated.

Some of the clis

Rains:

had wide notably D&LP

Rock,

Houston and Texas Co.

Short covering played a part

in a

HONGKONG

STOCK

ever been and this has enabled Britain to increase both its EXCHANGE

internal consumption and investment in new industrial equip- ment. At the same time personal savings have been maintained at around Is. 5d. for every pound of personal income. This was possible.because wages and salaries rose last year by 7% per cent while retail prices went up by only 12 per cent.

الله

Partly because of this and partly because of seasonal factors the sterling area outside Britain had a surplus with the rest of the non-sterling world of only £3 million in the second half of 1984 compared with a surplus of £118 million in the first half. Thus instead of earning a sur- plus of £325 million as it did in 953 the sterling area as a managed to pay

rising-already this year (it is between two and three per cent her than the 1954 average)

and further increases in pro- ductivity are looked for.

The task, which the Chancellor will begin with his new Budget,

to ensure

(From Our Correspondent).

LACK OF NEWS

SLOWS MARKETS

From Our Own Correspondent

London, Apr. 3.

Both quietness and firmness of the London stock markets last week could be largely ascribed to the lack of national newspapers.

With the main body of investors unable to get information about movement of prices or current company news the volume of business was down to a minimum. Only good news filtered though to the markets and bad news remained unreported.

Thus the scare over the situa- tion in Formosa had next to no effect while the Economic Sur- vey. with its optimistle fore- cast

of continuing prosperity, and the favourable outcome of the 1954-55 financial year dis- couraged any tendency to sell.

INDUSTRIALS FLUCTUATE

In this state of the market the relatively small buying orders a disproportionately large effect on prices, most of which were up.

Business done on the Hong-had korg Stock Exchange is mean ing amounted to. $410,592.30, Neon quotations and the morn ing's transactions:

SHARES BUYERS SELLERS SALES BANKS INSURANCES

DIT

24.70

Gilt-edged Improved steadily through the week with. War Lean 3 per cent up 15s te £85 15. Industriais ductuated 1535 narrowly at first but a firmer tendency set in with the open- ing of the new account and plus signs were liberally sprinkled through the main body of shares.

12 1000 11,80 7.45 1.30 1000 ja 1,30

All this, together with the fact side of the United Kingdom's production is expected to go thet

the 1954-33 Budget year payments secount. has ended with an ordinary sur- plus cf £433 million, has natural- ly encouraged. the hopes that the Chancellor will have something to "give away in his Budget on But it overlooks the April 16. damaging effect the too rapid ex- pansion at home has had Britain's external position.

Towards the close of last year the United Kingdom's balance serious of payments trouble. The surplus of £172 whole barely million (including defence aid) carned in transactions with the rest of the world in the first half of the year was transformed in the second into a deficit of £12 million. This worsening more over, was all un the non-sterling

HK Bink

Union DOCKS, ETC. K Waars

... 00:2 Dock XD Provident (0)

XALL Wheelock .. that the home market does not take more than LAND. ETC.

HK Hotel its proper share of this higher production. According to the

HK Land ... Humphreys Realty Survey, the main objective of the economic policy is to do this

UTILITIES while at the same time providing adequate incentives for long run expansion.

ran into

N.Y. COTTON

MARKET

its way in 1054. This explains the fall in gold reserves and the weakening of sterling late in 1954 and early this year and amply the street justif

measures

taken in Britain and Australia

k to restore the situation.

|

F

'FULL EMPLOYMENT

This," it says." "involves the maintenance of full employment and of the kind of economic climate which is stimulating to industrial development and

and

research

Encourages dynamic and go ahead attitude in industry."

There is no mystery about the deterioration in Britain's external position, The natural conse quence of prosperity at home is import bill for raw a rising materials and consumer goods on the one hand and a tendency for goods to be diverted away from the export trade into the home mous with tax concessions-and market on the other. The situas this partly explains the present hopes for a "good" Budget. But tion moreover

has been again a year when consumption is

rise in in- port prices without any

vated recently by a REVIEW a late spurt in the Friday

session, after the list had run into moderate profit-taking.

The clectrical came

To a nation as beavily taxed ar the British incentives are synony

its! own accord and the need above

any

ponding rise in export pres expected to w on rising of

extra spending equipment By William Plunkett which means that Britain has all else is to increase exports

by tax generated would involve a risk of inflation. STRICT INTERPRETATION

forefront

in the

me to the final session. Motore also were stronger.

New York, Apr. 3...

now to export more to be able to buy the same volume of im- ports.

THE PROBLEM

power reductions

The business news made good Cotton futures finished | reading. The giant industries the week with minor gains continued to operate around the and cases after, swaying

high,kvels. United haphazardly over a range economie policy is how to slow Chancelier should leave taxes

recent Press.

US Tariff Commission

Hearings Conclusion

Washington, Apr. 3. The Tariff Commission con- cluded hearings today aimed to determine, in effect, the number of products on which the United States might cut imports duties In order to compensate Switzer- land for last year's increase in watch tariffs.

Included in the list to be negotiated at reciprocal trade 35 yet but we are sul nego talks with the Swiss are dyes,

surveying

inally

Instruments,

of $3 a bale.

On the strictest economic in- terpretation, therefore, the

sary

Jap Tuna

Bankrupt US Trade

Will

Washington, Apr. 3.

asked Rep. Robert Wilson President Eisenhower today to try to stop importation of 000,000 cases of Japanese tuna. which threatens to "bankrupt" part of the tuna fishing industry in the United States.

In a letter to Mr Eisenhower, Mr Wilson said the customs Bureau of the Treasury Depart ment had confirmed the ship- Mr ment. It will be sold. Wilson said, in this country at $2 to $3 a case below produc- tien costs."

Shipping shares were marked - 17,40 1715. 1000 @ 17.20 | down." " on labour troubles in મંત્ર you,

B00 17.40 Liverpool docks but rallied

250 23.80 when work was resumed.

Newspaper shares fell at the start of the Fleet Street stike but recovered inter on bellef

55

22.02 6000# 2025

Tram....

201

Star Ferry Y'mati Ferry

X.ALL

113

200 ft 112

170 +18

1000 G 18

150 #18

500 13

c. Light (0) 18 10.10

C. Light (N) 14.10 14.20 1000 14.20 33.10 Electric... 3514 300 @ 334 Telephone 304 3114 2326 A DIL INDUSTRIALS

Cement

XALL STORES, ETC.

Dairy

26.00

21.80 22.10

Watson. 13.30 1341⁄2 L Cawford 24.00 COTTONS

Textile Corpo

MISCELLANEOUS

Yangtze

Allied

4.30 4.90

=1.00

100

500 13.40

# 1000 (5.90

6000 6 8.33

1000 6.30

2000 6 0.25

300 64 6.30 2000 781

4.85

4000 4.821

Singapore

Stock Market

Singapore, Apr. 4. Brokers today quoted the fo}- lowing stock prices.

The problem Iot Britain's

down the rise in demand at

as they are and if

neces- home so as to preserve a proper

regulate consumption by Price-weakening factors in balance between cluded the slackening volume of exports while at the same time as to

imports and manipulating interest rates so raw cotton exports, in face of creating the conditions for long of

discourage that part the public's spending, uncertainty as to the Govern run economic expansion.

which is financed by borrowing. ment's intention, to handle the

Fortunately prospects are not new export subsidy policy.

This would be a difficult policy. as gloomy as they may seem. Nearby contracts bore the Taking the home demand and the to follow at the best of times, This year with a general election brunt of the selling, with the exports demand together, says

Britishy Eorno

Syndicate in the offing it would be practi- May delivery dropping to 33,19 the Economic Survey, there is a cents a pound in the mid-week, likelihood

Rightly or Consolidated. Tin cally impossible. of some further ex- setting the lowest spot month | persion in 1955. But industrial wrongly the public is convinced that tax concessions are possible and to disappoint Its hopes would be to run a grave political risk. I should not be assumed from this, however, that any tax reliefs that the Chancellor may give in his Budget will be dictated by

price in four weeks.

Subsequent rallies reflected technical conditions within the markets, and a realisation that the futures went to a normal correction

mid-

EXPORT SITUATION Possibilities for a higher Government loan rate on the new crop, suggested by the March parity price rise, and firmness of spot prices generated Some intermittent lying power,

is

Coffee Accord

To Stabilise political considerations alone,

Prices

Rio de Janeiro, Art. 3.

Brazil and Colombia, world's

-PRODUCTION ABILITY In the long run a nation's prospirity depends on Es ability to produce the goods and services needed to satisfy its own internal demands and pay for its imports

And

Ordinary Fraser & Neave Ltd.,

"Ordinary" issue. _716% cum, pref Hongkong & Shanghai Bank Corp. (Colonial Hegister) Malayan Breweries Rames Hotel

Jeum

Smelters,

Apr. 4 Opening

20/90

20/04

$1.07

$317

$1.82

Straits Steamship

216.00

United Engineers Ordinary

issue

$11.50

32.82

8/34

$3.07

with diy,China Mall Special.

Singapore Cold, Storage

South Belilah Insurance

Straits Trading,

Waeras Brothers Hongkong Tin Petaling Tin

But the berkcuded" expert situation dominated all market.

More production is not simply The Bank Of England thinking. Agriculture Secretary, clock tiating with Argentina. It looks encouraging." A spokesman said: mechanisms, camera and camera Mr Benson, said his department argest coffee producers, have the best: but the only way to

Statement mal agreed on the basis fcr not ready to issue formal

en achieve more prosperity. "We have received word that parts and some other products.

international coffee producers that in turn can only be obtained The Commission also received statement on cotton exports. But

London, Apr. 3. an agreement has been reached."

Information 11 possible duty he gave assurance surplus cotton to bliss coffee prices if industry and individuals are

The Bank of England! state- reductions on Ash products and will not be "in a way to break and evert undius speculation, iten what the Economic SEVEment for the week ended Mar.

was announced officially today. and indicated The Royal Dutch-Shell spokes- other goods to be negotiated in world markets,"

calls "adequate incentives."

30, reads as follows:- he might make formal statement men have referred all queries similar talks with Japan.

The scope for tax concessions A foreign ministry announce- about the Argentina negotia-

SPEED UP

soon to "clear the atmosphere."ment said the screement was this year will be limited; but if tions to the firm's London head- Chairman Edgar B. Brossard Foreign brokers were leading resched between Brazilian Minis- the British economy is to be Note in circulation. 1996-200 quarters. No comment was im told the United Press the Com-sellers of new crop deliveries ter Eugenio Gulin Mazuri Chancellor will have to make a Governan securities..

"dynamic" and "go ahead" the Public deposits

Private deposit... mediately available from

mission intends to report the while the export subsidy ques-Mejia, President of the Color- city today-United Press.

result of its week-long hearings dor.

debated was

Straddle blan Coffee Growers Association, start now and produce something Other securities te President Eisenhower wilbin traders pointed out that the and Raul Diedrichtin, President more to the nation's lizing than the next two weeks although New York Liverpool Ock-Nor of the Brazilian Coffee Institute, another as you were" Budget,

allows a

a 120-day study spread has reached down to period. He said the work 74 points-United Press.

that

4 the

The Bank Of France Statement

Paris, Apr. 3. The Bank of France state ment for the week ended March .24, reads as follows:

Total gold holding... Tatal other currencies

Bight balones abroad

in EPU Advanced.........

Stabia. Fund Total bills ciscounted 1.1

Cart

1aw

would

be accelerated so that the President may forward the

the US dele-U.S. RAW COTTON information 10 gations already in Switzerland and Japan.

EXPORTS

The crinouncement did not disclose the specific steps to bu taken. It said merely that the conversations had established " general approach for stops tá impede abnormal fluctuations of coffer prices.

Receipta

urge

therefore, Mr. President he wrote, "to cause appropriate steps to be taken to invcke snil-dumping laws, immediate con- call an and ference between appropriato- public and private interests of that the price of the national the tuna industry of the United morning papers will have to be States and Japan with an ob- increased to meet losses caused through the stoppage,

Exchange Rates

• Buziners thofficial

Ject of working. cut some sort

agreement,

of

tuna

"If the 800,000 cases of tuna are dumped on the United States market," the $50,000,000 Eshing industry in my district will find itself bankrupt," the California Republican said.

He said imporan jumped from of frozen tuna alone from

pounds in 1948 to

was done, in the local 2.39200 in 1954. Also in 1948,

exchange market moming at the following rater:- U.S. dollar (per $1) Sterling ten (per £1) Indonesian rupiah (per 100) Slams Heals (per 100). Singapore (Strašis) ...... Indo-China plastres (per 1001..

EVERETT

15

5.81 1.3 per cent of the tuna sold in 15.65 the US was imported from Japan. 11.50 whereas by 1954 the percentage 27.60

had grown to 32.4, he said. ----- 1.80 8.70 United States.

LINES

EVERETT ORIENT LINE

Fast regular freight refrigerator passenger service to Korea, Japan, Philippines, Indo-China, Siam, Malaya,

Calcatta Rangoon,

and Chittagong.

"BRADEVERETT”:

Arrives Sal's

Penang,

Apr 6 from Manila, Apr. 7 for Singapore,

Rangoon, Chittagong Calcutta,

.

"REBEVERETT"

Arrives Salis

Apr, 22 from Singapore, Apr, 22, for Kobe & Yokohama, (Accepting cargo for transhipment Kobe/Pusan and Kobe/Oldnawa)

EVERETT STAR LINE

Fast regular freight - refrigerator service to Japan, Malaya, Columbo, Bombay, Karachi and Persian Gali (Subject to inducement for direct call Korea),

,

Arrives Apr. 10 from Singaporė, Salle Apr, 16 for Kobe & Yokoham “STAR ARCTURUS"!

BETHAN

Sterling

15,792,13

202141865

712,031,429 32231,660

21 539,854

United Press.

Arrives Salls

Apr 19 from Japān..

Apr, 20 for Singapore, Port Swet-

tenham, Colombo, Bombay, Karachi Khorramshahr, Basrah, Kuwait & Bahrein.

(LIMITED PASSENGER ACCOMMODATION) (Accepting carro for tranghipment Kobe/Pussa and Kobe/Okinawa)

FAST_PASSENGER/FREIGHT SERVICE EVERETT STEAMSHIP CORPORATION S/A

MESSAGERIES MARITIMES

· P.O.Box 53

Queen's Building: - Tel: 25631

sailing Apr. 9th sailing May 20th

FAST FREIGHT SERVICE

"MEINAM" "PEIRO

Bailing Apr. 24th salling May 12th

The Conumiadion's report

will not be made public unitss it is

New York, Apr. 3. Paw cotton exports by destina- It added that other signatories Traine

disputed by the President who 201,281,501,473 musk, then take it up with tion was reported in bales by of the conference coffee resolu“VIETNAM”

the New York Colton Exchange tien already had endorsed the "CAMBODGE" 11,194,196,309 || Concessional committees

sensen to results of the conversations here I: The idea of the Swiss for the 1954-55

eiving 78,201 391,560

tori? cis-to-compensate them March 20 were as follows The resolution, dgned by ell 191453 000 boo

for the hike in watch tariis Connect

Bank note to chroilas

Bon

A „008,128,700 Current accounts, and

deposits

As

/03

Britain

vigorously protested by Orlea most of the industry's spokesmen Canada appeared before the Commission. Same period last year?

United Presa,

excluding listats-Uni

Total for SON

350033 Letin American coffee producers 1406,400

81245 calls for a meeting to study the 199,077 | convenience of "setting | up an 2831518 international coffee agreement 2,527.421

Props United Press.

(Incorperated in the Republic of Panama --with-Kamited Liability) Chinese Department: Telephone 28293. Queen's "Building, Talcohone 31206;