1955-04-12 — Page 9

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THE CHINA MAIL, TUESDAY, APRIL 12, 1955.

TRADE and COMMERCE SECTION

Trade Unionist NEW YORK AMERICAN ECONOMY

Stirs Up Kenya

Nairobi, Apr. 11.

By charging that labour

STOCK MARKET

New York, Apr. 11.

conditions in Kenya are Stocks carried their -ad- à Canadian trade vance through another ses- "lousy," union leader, Jim Bury, hassion today despite some on aircraft and stirred up a storm of anger pressure in this colony.

steel shares.

Mr Bury lives in Kenya.25 what he calls an "ambassador of the international canfederation of Free Trade Unions", He Is helping the Kenya Federation of Trade Unions, which claims. 50,000 African members most of whom are non-paying.

Ia a recent article in the Journal of the American Co-

gress of Industrial Organisations (CIO), Mr Bury severely | criticised labour conditions here.

He wrote Take my word for it, they are lousy."

For

common and

1

the market generally ranging to a point or two were few special Issues rose 3 points or more → shares such as Western Union, J. C.

end Case, Lily Tulip Anacorda Copper.

Parke Davis ran up more than 2 points and Marck more than a point on further favourable reports оп the Salk polic vaccine which both are produc- ing.

Industrials is a group were up 0.57 ca average. Rats climbed 0.61 to 24 to a new high

His article was reproduced by with gains in their group rang- Nairobi's two leading news-ing to 24 points in Union Paci- papers and immediately set oft ne more than a point in Rock controversy Some persons are demanding that he be deported.

settier

NATIVE RESERVES

"A small Europran group of 40,000 monopolise all the good land in Kenya," wrote the Canadian, "and almost 5,000,000 Africans are trying to!

Island.

A rise of 2 points in Pro- ples Gas and a 11⁄2 points gain in American Gas helped lift the utility average 0.35.

ISSUES TRADED

Out of 1247 issues traded, 511 were higher, 478 lower;

eke an existence out of the crafts on word a special House

Heaviest selling came in a tive restres,

investigation committee is plan-

"The minimum wage, and often the maximum, is $7 3 month. The chances for ad- vancement are practically nii. On seven dollars you are lucky to stay alive.”

Mr Bury also charged that half of the full-time tnd part-time Kenya Trade Union officials were detained during the emet- gency and that despite many. requests only about one quarter of them had been cleared:

ning a hearing on the industry's "profits from

Government com-

tracts.

Consumer Income

Shows

No Sign

Of Abating

JOBS PLENTIFUL

By JOHN MORKA

New York, Apr. 11. The US economy continued bullish last week.

Employment is rising. "Auto and steel production are at or near all-time highs. Construction is booming. Consumer in-

show

signs of Prospects are that jobs will be plentiful at least for some months to come.

come

no

Second Look

At Scrap

New York, Apr. 11.

The Administration has

take

*

told the Department - of

Commerca to "second look” at its recent decision to continue re- strictions on the export of iron and steel scrap, se- cording to a Washington despatch to the New York Tim

The

report added that a check was called for on the effect the order to continue the restrictions might have on keeping domestic scrap prices at levels satisfactory to domestic steel mills- Chinx Mail Special

HONGKONG

World Cotton

Markets

New York, Apr. 11. Colton prices held steady to- day with the exception of nearby May and July which sagged.

Hedging and Equidation after the opening more than offset limited local buying and some small foreign buying, and prices tell as much as 96 cents a þale. However, new crop months came back around mid-day to Thursday's closing levels as legs transferred from old crop to new crop months, Thereafter, trading held within a

Marrow range with some increased long Liquidation reported in nearby May

and July.

A leading spot frm reported raill demand for 15/16 and shorter staple in the higher grades continued strong in the Atlanta

area during the past week. Mil inquiries for early spring and summer shipments

STOCK abating,

That means consumer confidence, usually reflected in buying of new homes, clothes, autos, appliances and a host of luxury items..

EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morn- ing amounted to $355,995.40. Noon quotations and the morn- ing's transactions:

SHARES BUYERS. SELLERS SALES

BANKS

HK Bak

.. 1540

East Asia

ZIA

And this Enster weak is no industry be overbuilt, thousands exception

may become jobless. This could Boeing slumped nearly 3

Indications are that this should affect the economy adversely, it points.

Douglas and North be a record week for US retailers, is held. American fell nearly 2 points Department store

volume is each.

Elsewhere this week, New York .. running about 7 per cent ahead

hear exporters of a year ago. A spot check by bankers and Newswork

about a forecasts found pessimistic bullish possible downturn in US exports America's

Credit Union ... 1000 Some see Easter gains ranging later, this year. A round-table INSURANCES

told to 30 per cent above last year; meeting of the Foreign

were others

modest Interchange Burcau

that expoating pickups ranging from

first quarter commercial ex- 10 per cent ahead of 1954. But about 10 por cant in Los Angeles ports by the United States were to 2 or 3 per cent in New York.

for the rest of 1955 prospects SOME CAUTIOUSNESS were linked closely to what hap- Eisenhower's pens to President foreign trade programme calling for a 15 per cent tariff reduction over a three-year period:

There was Some selling steels, too, despite the con- tinued near-record production in the industry.

Du Font, too, was on the downside with a loss of nearly a point despite an optimistic forecast by its president

Motors stocks moved in a very

narrow range,

Oils were mixed.. Turnoyer for the day of 2,680,- shares comparod with

wert more

Out in Detroit-the auto

"One of our units official was shot in the leg by some trigger-happy policeman," In said. "The guy conftssta months later. This kind of atmosphere | 000 virtually paralysis trade union 2,330,000 你 Thursday and was centre-there was some cautious- growth.

the heaviest of the month to press. This was linked with fears of possible labour trouble there "Many workers feel now that date.

Dow-Jones closlug averages this summer, altough many ex- participation means a che-way were as follows:

Perta now discount this trip to the detention camp. The 30 industrials

418.77 possibility. police and Army actions have 20 rails given them plenty of reason to 15 utilities

S stocks

Comm. future price index.

feel that way. Some of our 40 bonds members have been beaten for holding union cards.

NO SYMPATHY

."İve no sympathy for the Mau Mau but I understand why they have made so much head Way."

YESTERDAY'S PRICES

Alden The Acty Allied Chemicals

Allis Chalmers American Airline American Metal American Smelting

153.03 64.13

Retail sales this

DROP IN DEMAND

If the periding legiskition, now before the Senate, is expected to ycar will satisfy the protectionist groups, 156.39 probably top 1954 volume by 4 then there would most certainly 180 per cent, according to estimates be sure drop in demand for

Easter is always big sesso

As for 1953

99.96

$ 1

SHIPPING

Asia Nav.

-740

DOCKS, ETC.

-K. What 7234

Provident (0)

of

Lighter staples, howeVĒT, WETE

The firm said favourable weather in the Rio Grande valley has permitted producers to complete the planting of cot- ton there.

Trading voulmes and open interesis in the Exchange today were:

Month

May

Volume Open interest

48.300 844.300

July

Oct,

Dec.

16,700

2284,700

Mar.

6,900

154,500

May

4,400 180,600

8 1540

July

$1350

Total

1540

1550

138200 2.473,500 bales

NEW YORK

as follows:

من بالك من من عمالة

12,000 44.400

Prices of futures closed today

Oct

34.20m

35.43

23.05-68

33.86

Dec. Mar.

33.93-83

34.00

X All... 11.00 13 830 11,00

300,19 22 Whrebek ... 7.25 734 1800'er 720 LAND, ETC.-

HK Hotel HK Lend Shod Lead

NEW ORLEANS Prices of futures closed today . 17.40 17.70 500 @ 171 as follows

ச 900 Realty ... 230 215 400 @ 2.30

UTILITIES

Spot

July

20,40 20.80.350 @ 20.60

Oct.

Dec.

Youmati Ferry

Kar.

X AI

106

100

May

C. Ligh

18 18.20

July

C. Ligh

14.10

Dectric

Telephons

for clothing sales, Easter Rowers American goods. also are always a big item.mports estimates placed this Florists here expect the Ameri-year's import rise at about 7 per

cent above the 1954 volume of INDUSTRIALS 16 can public will spend $100,000,000 about $10,300,000,000.

for Easter flowers this season. That's a record and

Two of the nation's biggest generally indicales there's a lot of surplus manufacturers figured in the STORES, ETC. cash

around.

Dairy Usually when news this week. Their activities marty is scarce, these end-item are especially noteworthy in that purchases are the first to be cut they represent two. of

Flowers

from many industries which have ·been 444 countries are on display across showing signs of a pickup after 379; the nation, coming from Europe, months of relative inactivity.

2014

501

American Tel & Te American Tobacco "B"

131

68%

is

7714

19 off.

Mr Bury said that Africans Anaconda Cepper were

"fed up"

with being Area Steel

hewers of wood and drawers Armour

of water and were dissatisfied Bahwin-Lama-Hariton

with unequal representation.

One newspaper charged that Mr Bury

was seeking United Nations Intervention here. It added that the Kenya Trade

had sent Union Federation resolution to the International

Baltimore & Ohio

Berdix Aviation Com Benguet Cons. Bethlehem Steel Boeing Airplane Canadian Pacific Railway Case (J. L.) Co. Chile Copper Chrysler Motors Commercial Credit

Cornmanwealth Elec.. Federation of Trade Unions Consolidated Edison

for an investigation of Continental Steel

asking

Corn Products "the imprisonment of Africans Crane Co.

"forced Cuba American Sugar Curtis Wright Dupont de Nemours

without labour."

trial"

and

The resolution could be placed before the Confederation's next znecting at Vienna in May.

commented:

The newspaper "The resolution could embarrass

the Kenya

government

astman Kodak

General Electric

General Foods General Motors

Gillette Safety Razor Goodrich (B,F.) Co. Goodyear Tire & Rubber Homstake Mining Co. and International Business

Machines

wreck the post-emergency plans Intemational Harvester

permanent detention ef International Nickel

for

incorrigible Mau Mau"

SAO PAULO

Futures closings, in cruzeiros

per kilo were as follows.

Cement X AU Rope

May

21.40

27.00

July

28.50

.17.70

October

3041

December

30.60

the

..... 22.10 15 400 @ 2211⁄2 Watson ... £ Crawford, 25.1 Emporium

March

31.00

COTTONE

112 Bermuda, Honolult, Fuerto Rico. Westinghouse Electric Corpora-

The strong showing in steels,

71%

34%

autos and construction is expect- tion this week anticipated a 1 19ad to more then offset wankness per cent rise in orders in 1955,

1324

389%

2915 of

in yere auxillary industries, with continued heavy demand for Steel mills are in some cases new appliances. 495 operating upwards of 98 per cen: Eient,

and operating capacity schedules are inching higher al 17 mpat weckly Auto appliances 20% are big users of steel, and these 771 two show no signs of easing.

HARD-PRESSED ·

427

60

Another industrial American Viscose Cor- poration, said it would expand its textile staple output by 40,000,000 pounds yearly. Already the nation's largest producer of rayon staple, the increase would bring the firm's annual capacity to more than 300,000,000 pounds.

Nanyang Textiles

300 @ 10

In the United States, the aver- age price of 15/18 [middling at the ten designated spot markets. was 33,80 cents.- Sales at these 8.20 6.20 1000 5.05 centres totalled 16,429 bales

500030 United Press.

6.00

2 British Industries

Fairs

Next Year

London, Apr. 11.

Starting next year, the British Industries

Fair will be staged in two separate parts. The

Right now mills are hard-

This expansion programme is pressed to meet deliveries, in in line with the general textile some cases running three to four pickup. Backlogs are now at

of 13 weeks working first show will be at Earls Court, London from weeks bakind. The supply pinch upwards might mean higher prices in the schedules and for the first time 841 third quarter, according to some in two years the industry ap- February 22 to March 2. The second will be at

observers. But whatever the pears to be studying However, Olympia, London, and Castle Bromwich, Birming future price level,. indications there is considerable concer

415

3614

International "Paper

International Tel & Tel

of Kennecott Copper

John-Mawile Co.

20

88

112

are that

44

Kenya's

Leows Incorp, ...

1814

5216

It added that if a rule

on conviction only Lockheed Aircraft

detention

was

introduced,..

Lone Star Cement to

emergency situation "would benesota Mining

catastrophic”—United Press.

New York Sugar

Market

Montgomery Ward

National Cash Register "A" National Distillers

National Lead New York Central Oils Flerators Pacifc Gas & Electric Paclic Western Chi Pas Americɛm. Airways Paramount Pictures Philipa Petroleum................ Pittsburgh Plate Glans Radio Corporation Rea Motors

New York, Apr. 11. World No. 4 sugar futures closed one point lower to one Republic Steel point higher with sales of 42 Shell Ou Cu. contracts.

اد

Domestic No. 8 sugar futures closed today unchanged to two points higher with sales of 73 contracts.

Sinclair Oil Socony Vacum Southern Railway (Com.) Standard Oil of California Standard Dil of Indiana

Standard Brands

Standard" Oil" of New Jersey Stokley Van Camp. ... Swift & Co.

Interest in world futures was Studebaker Packard Corp.

NA Texas Co. !..

curtailed by the holidays in some European markets. No row world sales were reported. Domestic futures held steady. Dealers reported 30,000 begs of Puerto Rico sugar in available at 6.86 cents a pound. Futures:

Contract No. 4 (world)

May

Sept

Mir

May

July

Spot (cents per fu, fobs. Cuba)

Contract No. 6

3day

Sept

Nov,

Mar

Spot-cents per

Union Carbide Union Pacife Railway

United Gas. Imp

8 Gypsum

US. Line Co.

port US Rubbers Smelting

United States

U.S. Sical

Warner Bros. Westinghouse. Electric

Woolworth

this year will rank about foreign competition, esham, from April 23 to May 4.

among the best in steel history, pecially from Japan. The Ameri- Mr Kenneth Horne, who besides being well- In 1954 the steel industry earned can textile industry has strongly known as a television and radio entertainer is also 8924 about €45 million, accond-opposed any reduction in US

20ing to analysis released this week tariffs at its expense. United 441 PHP by Iron Age, metal-working Press. 62% magazive. This year, it added; 20% the earnings outlook is everi

84% better.""

4814

14

43

Production will remain high all year, Iron Age said. Even a strike in the ario industry would

681% not hurt steet production much, 134 it said, as other industries are 8414 prepared to absorb any free

tornare.

547

39

New York Rubber

Market

New York, Apr; 11. "Rubber futures today closed 25 to 50 points higher with sales of 63 One of the biggest booms in 140 contracts.

the US these days is housing The market was very quiet sa construction

The building in interest was curtailed by the dustry has meant millions of jobs holidays in London and Singa- 110% everywhere. But lately a grow-

17 ing number of authorities are pore.

In the pot market, No. 1 disturbed about the boom in Rss were quoted at 32 cents a A housing construction.

pound, nominal. Flaires: Private housing starts so far May

124

的

104

238

22

this year are at an annual rate July of 14 million, compared to -1.1 September

December million last year. What worries March the authorities is that the new

ascheme money is under $800,000

armually, below the 1954 rate. day Morigaze debt, meenwhile, has United Press.

Exchange Rates

May

31.53 31.20 30.70-75 30,40

30,00

been piling up inder the im: NEW YORK METAL

FUTURES

pētus of favourable credit torĪNS,

TIGHTENING UP

New York, Apr. 11. Congress has acted for some Prices of metal futures closed, tightening up along, these lines, today in cents per lb, as follower Certain types of mortgages and | Lead MAY this indications are that there might

14.8th

Business was done in the local Unofficial exchange market

36 morning at the following <rrien

U.S. daltar (per 41)

B2T1 Sterling notes (per £1).

Indonesian rupiah (per 100)

· Star! tiesla (ser: 100)

Singapore (Straits)

Indo-China plastres (per:200).

be some further credit centrals 15.63 in the near future e

1930 Marry homes can be purchased 137 under 30-year » mortgages, 119 1.75 downpayment, Should the house

Thi

time

a prominent businessman, has been appointed full- managing director of the Fair. He is at present one of the six directors of British Industries Fair Ltd, the company formed last

year to take over the Fair from the Board of Trade and to promote it as a commercial undertaking.

Mr Horne will give up hising, chemiens and office position as sales director of pliances. Castle Bromwich will Triplex Safety Glass Ltd, where cater for heavier industries such will take over his new job after The charges may involve some He has worked for 27 years. He ca engineering and hardware. this year's Fair from the present adjustment between the inclus senarai manager, Mr tries showing in London Reading, who directed the two Birmingham.. previous Fairy and was loëned by the Board of Trade to help the, new company in its first [year.

LONG-TERM POLICY

MEET CRITICISM

and

Sir Ernest Goodale, Chairman,

of British Industries Fair Ltd;' said "The changes of date wi meet the major criticisms of This was announced in London number of industries that the today by the company as part Fair is held at the wrong time

of a long-term policy for the BIF. of the year. I am consdent that

The Fair is now in its 10th year, the new arrangements will be

Welcomed The Earls Court section of the trades represented at the B

by all the varied. Fair in February “will be for best consumi, zopas, stated toys and The Bumingham Chamber of games, exiler and clothing Commerce wir continue to goods, jewellery, stationers, mange the Birmingham section leather and/

and sporty goods, whose of the Fairs British Industries montseling

peters Lendon sections will continue The Olympia show in May to be responsible for the home. will be for exhibitors from other and Overseas publicity for the

ater. Industries such as packing-Fur ne a whole,

10.asbi spring, mis Dr the Fat Ltd- beeldes rummeting the

Zlac

10.87

Copper day.

JLBD

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL Ș.N. CO.

PASSENGER/FREIGHT SERVICE

Outward "CHUSAN” "CARTHAGE" "CORFU

"CANTON"

Leaves London

Salled

27th April

35th May

Due Hongkong

16011 April

2nd May

30th May

*7th June

Vlä Sonthampton, Port Sald, Aden, Bombay, Colombo,

Homewards

*"CHUSAN”

"CARTHAGE"

"CORFU "CANTON"

Fenang Singapore

Leaves Hongkong. Dus London

and Miky

3th May

3rd June

300 May

5 June 3th July

1st July

1st August

Via Singapore, Penang. Colombo, Bombay, Aden, Port Sald & London

* Also, calls Marzelicz

"SUBAT"

"SUNDA”

FREIGHT SERVICE

igada 13/16th Apr. for S'pore, P. Swetten-

ham, Penang, Celamba,. Aden. Port Said, Alexan- dría, Genoa, Marseilles, Havre, London. Antwerp, Fotterdam & Hamburg

due 25 Apr. from U.K. & Straits loads 20th Apr. for Koba & Yokohama

with ilberty to call at Belawan before or after Straits Porta' and at Bombay if inducement offers.

Tanks available for carriage of Ou in Bulk. Space for refrigerated carno, Limlied Passenger accommodation

"WARLA"

**

BRITISH INDIA S.N. CO., LTD,

dae 15th Apr. from Japan salla 16th Apr for Singapore, Bangoon,

Calcutta & Chittagong "SANTHIA" due 18th Apr. from Japan

salie 19th ApT. for Singapore," Penang.

Rangoon & Calcutta "PENTAKOTA”que 23rd Apr. from Tangoon & Spare "SIRDHANA” due 29th Apr. Grow Calcutta, Rangoon

& Stralis salla 25th Apr. (tos Japan

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

"ORMARA"

due 28th Apr. Bails 29th Apr.

from Japan fer

Singapore Port Swettenham, Colombo, Karachi, Basrah. "Khor... ramshahr & Kuwait.

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

"EASTERN"

"NANKIN"

đạo. 19th Art, from Australia

saila 20th Apr. for Japan due.22nd Apr. from Japan salis 23rd Apr. for Sandakan, Brisbane,

Sydney & Melbour

All vessels have liberty to ́call at any ports on or off the route & the route & salling are subject to change or amendment with or without notice.

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 passenger service to Korea, Japan, Philippines, Indo-China, Siam, Malaya, Rangoon, Calcutta and Chittagong

"LENEVERETT"

Arrives

Sails

Penar

Apr. 24 from Manila.. Apr. 25 for Singapore,

Rangoon, Chittagong Calcutta,

“REBEVERETT”.

Arrives

Salls

Apr, 28 from Singapore, Apr. 26 for Kobe & Yokohama

(Accepting" cargo for transhipment Kobe/Fusan and Kobe/Okinawa)

EVERETT STAR LINE

Fast regular freight -- refeirezator service to Japan, Malaya, Colombo, Bombay, Karachi and Persian Gulf.

(äubject to inducement for direct call Korea):

“THAI"

Arrives Sails

"Apr, 17 from Singapore, Ma

Apr. 17 for Kobe & Yokohama,

AVSTAR ARCTURUS",

*Saile

"Apr", 19" from Japan.

(LIMITED PASSENGER

Apr, 201ör Singapore, Port Swet- tenham, Colombo, Bombay, Karachi Khorramhal Basrah, Kuwait & Bahrein ACCOMMODATION) (Accepting cargo for trinthipment Kobe/Pikan "sha Kábe/Okinawa)

EVERETT STEAMSHIP CORPORATION S/A (Zaborporated in the Republie of Panama

Chinese Department: Telephone 28293,, Queen's Building; – Telephone: 31206.