1955-05-05 — Page 9

BABBLE OF

TONGUES IN

AUSTRALIA

TRADE

Melbourne, May 4. NEW YORK

From the crowded cafes

of the coastal cities to the mulga-wood campfires along the inland desert trails, the babble of foreign tongues is as much a part of Australia today as foaming surf and- white-limbed gum-trees.

Since the end of World War II, immigrants from England and Europe have strearned into the cities and spread out serosa this great continent

THE CHINA MAIL, THURSDAY, MAY 5, 1955.

and

COMMERCE

SECTION

Page

NEW YORK POSTELECTION POSSIBILITIES

STOCK

MARKET

New York, May 4.

A late rally coming after early selling put stocks up a bit in a session which re

This year the millionth post-versed yesterday's market var immigrant will arrive here. action.

In the cities, most

of those who have come have found jobs in industry, both as skilled and unskilled labourers. They have introduced new techniques and many, in spite of the language barrier, have becomi factory foremen

Sir John Storey, Chairman of the

Australian Immigration Planning Council. says that

the

53

about 25 per cent workers in the steel Industry are immigrants.

They have helped LO in- crease

production by over per cent since the war," he de- clared, adding that immigrants have also helped boost produc- tion in the cement, timber and brick and tile industries, and int the manufacture" of public

utilities.

SIDE BY SIDE

Where stocks sold sharply in the 11th hour yesterday prices rallied today. lifting most issues well above the lows and, putting some up a point or more on the day.

Trading, light on the early decline, increased on the upturn but turnover of 2,200,000 shares nevertheless was 430,000 below yesterday and smallest since April 5.

as

The

action was kcen technical and entirely in line with expectations of the market community for a period of back- ing and filling after the recent rise to new Bull market highs. when the early sell-off today failed to bring in new liquida-

Britain May Catch Up

On Consumption

Production & Investment

By Sydney Gampell

London, May 4.

There is a chance that, after the general election, it may be Britain's turn to catch up in consumption, production, industrial investment and perhaps also in dollar reserves and stock exchange values.

Some people supposed that the reason why sterling ran. into its recent difficulties was that the British had been pam- pering themselves by higher consumption at the expense of the balance of payments. Instead, the Treasury's recent Economic Survey asserted that, since the war, "consumption Best gains among the top has increased relatively little" and that the prospect of rising

consumption would be a powerful incentive to productivity.

In the country. immigrants tion, traders resumed buying.

have taken jobs which Aus- tralians have rofused. Out од the

sun-baked,

dust-baked

dust-choked Nullaber Plains, in south-western South Australia, Greeks, Italians, Germans, Rus slans and Poles are working side by side on

who

!

railways.

newspaper

correspondent

recently toured outback that when men areas reported

gathered round camptres, songs

"jumbucks" and

"billa-

and

about bongs" were not half as com-

Itaban erias mon 34 German Lieders.

In a report to the Australian Institute of School Inspectors, the New South Wales delegate. Mr T. H Ramsley, said that have given Aus-

1. New designs in architec ture.

home furnishings clothes.

2. New and

BEST GAINS

ranking industrials came in Du Pont, up 1 : American Tele- phone and Eastman Kodak, each up 7%

Bethlehem Steel came back still closed from its low but almost

ex- paint lower, dividend

*

AS

Ex-

Industrials

Krou? averaged 0.24 point lower, with the entire loss reflecting dividend adjustment. Rails were up 0.51 on average despite a 3 point loss in Urion Pacific.

and

one.

better quality breads, meats and cheese,

3. New handicrafts such as leatherwork, flowermaking,

weaving and pottery,

4. Assistance

clubs and ballet schools.

dramatic

5. New techniques in art and pointing

'and

@. Improved standards

literary and art criticism.

COOKERY

The New Australians have in- troduced old Australians to con~ tinental cookery. "And the old Australians like it.

The immigrants made

World Cotton from the International compari- European

Markets

New York, May 1..

Cotton traders today crowded most of the setion into the open-

ng and closing dealings.

Copper stocks responded to a new Chilean law giving Ameri- An overnight rush of buying can producers 11 better axfrom Liverpool and other break. Kennecott gained nearly brokers with foreign connections, 2 points, Anaconda

a domestic mill demand more than plus

små speculative covering, shaap-

boosted traded, 499 17

the old. trop deliveries.

The was $3.-

Of 1,204

issues were higher, 426 lower.

The New York Stock Ex- change bond volume 390,000.

The American

went

nearby May contract little beyond the 34% Stock Excent level, the highest price in 650,000 two months and a net gain of 6.60 a bale from the lows made averages on April 20.

change volume was shares.

422.34

168.51

The Treasury's assertions | since 1951 consumption per head about Beltairy's restrain's in con- in Britain has risen much less

have sumption may

derived than in any other Western the country with sons assembled in the OFEC's doubtful exceptions of Ireland From 1951 to armual report just published. and Portugal).

1954

W39 The British

the rise in Britain Treasury always pays a good deal of attention to only 3 per cent, compared with the OFEC and Western Europe, 25 per cent in Germany, 16 per In perhaps to dispel the belief that cent in Italy, 11 per cent the Foreign Office does so only France, 10 per cent in Holland, sporadically.

These OPEC comparisons are astonishing. They show that

World Rubber

11

Markets

Singapore, May 4. After opening quietly steady the rubber market ruled dull. There were some small buying enquiries at lower levels.

Future closings were: No. 1 rubber per 1b. May 392-80% Junu 8822-057

and so on.

the

Giant Gulf Oil 70 US Corporations

Corp's Warning

Pittsburgh, Alay 4.

The Giant Gulf Oll Corp. warned. today failure lo extend the Reciprocal Trade Agreements Act wil} Torce' América's uffles to take their business elsa- where.

The

only other place. they can turn should be obvious," Gulf suld in an 'official stalement DA re- ciprocal trade published in Its Company magasine.

Those opposed to It- ciprocal trade are forget- King, "or ignoring," .

basic econòmic Isol; "When something goes out, some.

thing must come in," t

noted.

of

In urging DARKET. Of a Bill now before "Congress to extend the Reciprocal Trade Act for three years, Gulf lashed out at the dappalling" number amendmenta which have been proposed for this Bill, Gulf said too many American, businessmen are in favour of reciprocal bade for everybody but themselves United Press.

HONGKONG STOCK EXCHANGE

Have Billion

Dollars

Or More

New York, May 4.

Seventy American corporations have assets of a billion dollars or more at the end of 1954, survey by the United Press showed today.

The figure highlighted the fabulous economic growing of the nation since the end of World War II, when only 43 firms were members of the exclusive "Billion Dollar Club."

The 70 billionaire Arms at period exceeded · by four the the 1954 year end had com- number, that joined in the 12 bined assets of $201,414,043,070, years between 1929 and 1945. a figure equal to more than two- third of the total national debt.

On a per capita basis, it also works out to around $1,200 for cach man. woman and child now living in the United States. IN 1953

ONLY SEX

Back in 1919 there were only" six corporate, billionaires in the United States, They had a com- than bined valuation of less $10,000,000,000,

and Pru

Co-have

Today the three lenders. In 1953, the combined assets Metropolitan Life, The Beli of the 70 companies were $188,- Telephone System 489,121,735,

Insurance assets of more than, $10,000,- 000,000 each. ·Their assets aggregate $37,678,409,000.

The nine years since the end

dential

of World War II have been un- matched in history in making America an economic bedrock Four new firms joined the list of hope and strength for the in 1954, one dropped out free world...

"two rejoined.

J

Industry's tremendous growth The new comers to the Club's since 1945 has been spurred by | roster are Shell Oil Co, Ameri- hot and cold wars, Inflation, re- can Gas Electric Co., Lincoln cord Consumer

And savings and National Insurance Co.,

Still more remarkably, rise in consumption per head in Britain

1938 is shown to since be little more than half as big (From Our Correspondent) expenditures, and mammoth ex- Chrysler Corp. as that of the Western Contin-

Business done on the Hong- ent, and smaller than in any in- dividual Continental OMC coum-kong Stock Exchange this morn- try for which details are given. ng amounted to $388.011.30. OBEC gives Britain's rise as Noon quotations" and the

6377 per cent compared with morning's transactions:

21 per cent in Germany-a staggering

war.

pansion programmes.

Metropolitan Life Insurance Co. in heading the 1st again of $13,- this year, had assets 091,375,528, It was the first time assets of any privately-owned firm ever topped the 13 billio mark

The record presumably mixes unpleasant reading for Soviet spokesmen who have been pre- dicting an economie collapse in the United States since 1946.

The 27 companies which Standard Oil of New Jersey. 71545 joined the ranks of the Billion ranked eighth this year-United 120 @ 1500 Dollar Club in the

postwar Press,

.3 1025

6 @ 100

contrast between SHARES BUYERS SELLERS SALES winner and loser in a world BANKS

BK Bank, 1545 1500 Moreover, if the British have

East Asia

212 been underconsuming, it is not, INSURANCES

Unles in the main, because they have

***... 1020 1050 been underproducing. Over the

Lombard July unausted period since 1948 in which Ger-

88-8814 many has been re-emerging SHIPPING

from the ruins, Germany's in- 2335-54 2015-59% Custrial output has of course

oustr 19-50

than Britain's. But with prewar in comparison NEW YORK 94% risen faster that

closed 15 to Britain shows no such lag.

to the OEEC,- as According 58 points lower with sales of

between 1938 and 1954 Britain's 80 contracts.

scored a industrial

The issuance of only one de- 158.40 Livery notice, along with ex-No. 2 rubber per lb. May 27-874

64.51 pectations for large scale pur-No. 3 99.19 chases of raw cotton by Korea, No. 4 154.1 Great Britain, Italy and Spain, Blanket crepe

Spot rubber unhaled |acted to tighten up the old crop No. 1 pale crepe

months and make operators more interested in ownership of 00% certificated-stock.

of

Dow-Jones closing

were as follows::

30 industrials

20 rails

15 wilities

GG

stocks

40

bonds

Comm. future price index..

also

YESTERDAY'S PRICES

Alden Inc. Acy.

$ 24

ገና

25

American Metal

524

American Smelung

American Tula Tel

183

American Tobacco "B"

Anaconda Copper

12

have Australians mere wine-

conscious.

Australians have always been inclined to take their wines for immigrants

granted. But since

hold them that some Australian wines are just

34 as good European

wines. Australians are beginning to take more interest

in them.

The growing interest in con- tinental foods and good wines is not surprising,

since

Allied Chemicals Allis Chalmers

American Airline

Annco Steel

Armour

Baltimore & Ohio .... Bendix Aviation Corp.

Benguet Cons. ...

one

Bethlehem Steel (xd)

Australian resident in every 100 is an Italian who has arrived here since the end of World War II.

The Italian influence is also

in apparent

the increasing popularity of association foot- ball and in the fact that the major commercial radio stations Gll have special programames for Talians

After Italy, the greatest nun- ber

of immigrants have come 1:0m Britain, then Poland, Hol- land, Germany. Yugoslavia, Greece. Soviet Russia, Latvia, Hungary. Czechoslovakia Lithuania.

Bocing Airplane Canallar. Pacific Railway Case J. 1.1 Co. Chrysler Motors Commercial Credit Commonwealth Eoc Coneoldated Edison Continental Steel

Corn Products CTMA Co. Curtis Wright Dupont de Nemours Eastman Kodak

General Electric General Foods General Motors

Gillette Safety_Razor Goodrich (B. F.) Co. Goodyear Tire & Rubber Homatake Mining Co. International Eastiness

Machines

the

After rising as much as $1.75

a bale, the deliveries following May backed down Croin the highs on realising and hedge selling.

At the close the list ruled 3 to 4428 points higher. Prices were

up 8 to 35 points. New Or leans closed up 7 to off 1 point.

and Trading volumes

open interests in the Exchange today

Futures today

Aria Nav DOCKS. ETC.

X. Whart Dock

4814

13c

2000 @ 782

EVERETT

Provident (C) 11.80 12 1000 @ 11.90 ..7.0 7.30 3500 2 74

Wheelock

LAND ETC.

UK Hote KK. Land Shai Land Humphreys

Switching operations between

dustrial Production dealers featured the terminal slightly larger gain than Ger- market trade.

many's 49 per cent in Britain. Realty

spot market ruled dull, | against RISING FROGRESS

Dealers estimated

at-i

17.30 17.70 1000 R 17.40

67 68 1100 @ GES

1

X Ris Ris

10.10

150 @ 16.10

5.20

.... 2.05 210

2112

131

47 per cent.in Germany. | UTILITIES

Tram Star Ferry 135 134 100 Yaumat: Ferry 105 108

Surpris

ליי

LINES

EVERETT ORIENT LINE

1

Fast Regular Freight Refrigerator Passenger Service Loading for Smgapore, Penang, Rangoon, Calcutta and Chittagons.

C. Light (0)

Xp

18.20 12.40 1000 à 18.30

141 186

382 500

14.30 384

"REBEVERETT”

"NOREVERETT""

"BNADEVERETT"

"LENEVERETT""

The

of dealer mainly because

Britain has also made international tendance at the trade meeting now going on in ing progress in enlarging her working capital and restoring her New York.

C. Light (N) overseas investments since 1947

Vectrie and value of stocks and work in

Telephone is reckoned to have

31% 324 900 @ 34 progress

AN INDUSTRIALS

29 29.30 700''@ 29.000 risen by '22,885 million (about,

Cement Rope Xp three times the total value of

154 dollar STORES. ETC. the disclosed gold and

Dairy XD 20.10 10.30 .500 20.20 and the money to reserves)

Watson

13.10 finance these investories has COTTONS

9.70 5,00 Textile Corp been found.

Including US aid, Beitin has MISCELLANEOUS

Alled 30.50 had balance-of-payments

Spot No., 1 Rss sheets were quoted at 30% cents, nominal.

Future closings were:

sur-

30.75 pluses. in every one of the past

sales

of

301⁄4

were:

Month

49% May

304 July

Volume

81,300

Open interest

97.000

15-4,606

less than 100 tons outside in volved some spot one sheets at 30% cents; May one sheets at 3012

cents and one sheets for September at 30% cents + pound.

8912 Oct.

26.500

457,700

44%

Dec.

23.800

200.000

2014 afar.

17.100

204,200

May

7,400

214.200

July

5,600

102,100

Tutal

284,000 3,319.000 bales

May July

Sept.

Dec.

NEW YORK,

Mar.

May

34.90

34.22-25

$4,04-05

Has spot No. 1

34,00

Settlement house bermi

34.12

Lune

The market was quiet with spot quoted unchanged at 20% penes per ib. Prices:

2814-25% 234-25%

July/Sept

28-2533

Oct/Dec. Jar/Ma

Prices of futures closed today as follows:

and

Spot

International Harvester

international Nickel

May

Intentional Paper

July

International Tel & Tel

John-Manville Co.

Dec.

Kennecctt Copper

Mar.

May

July

ARMED FORCES Some male immigrants have joined the armed forces and re- cently a Dutch girl,

Anna

Catherina van der Hucht, be carne the

non-British Arst Join the Women's immigrant to

Royal Australian Naval Service

At present, the Immigration Department's particular concern immigrants prevent to

independent com- ke Melbourne's 1 ik e

Italian Italy where

live in

isolated colony. One spokesman for the

Department Immigration Plained that it is hoped.

this isolation

forming munities "Little families

combat

sport"

an

Lockheed Aircraft

Leows incorp .....

Lone Star Cement Co. Minnesota Mining

Montgomery Ward

National Cash Register "A"

National Distillers

National Leud

New York Central

Otis Elevators. Pacific Cas & Electric Pan American Airways Paramount Pictures Philips Petroleum Pittsburg Plate Glass

Radio Corporation

Beo Motorr

Republic Steel

ex-

Shell Oil Co

with

Sinclair. Du

Socony Vacuum

Southern Radway (Com.) Stradard Brands

Pictures of Australians **

Standard Oil of California play and work have been dis- Standard oil of Indiaan played

by .the department Standard Oll of New Jersey

Old Stoicley Van Cand country. throughout the Australians are invited to

Studebaker-Packard

the immigrants. They invariably Swift & Co. વે fail and an officer of the

ImTM

Lino Co.

United States Smelling U.S. Blcel Warner Bro Westinghouse Electric Woolworth

Texas Co. Union Carbide Union Pacife Railway migration Department stresses United Cos. Imp that New Australians are just 1.3. Cyprum like us

Meanwhile the Government is

plans to step up immigration programine. The Minister for Immigration, Mr Holt,, said that although the Gross gain to Australia in im migrants would reach 1,000,000 this year, the not gain would be only 750,000 owing to the en- nual exochts of old Australians abroad and the reizen to their countries of some immigrants.

dissatisfied

NEW ORLEANS

31.12

24.17

LONDON

39.40

3030 seven years except 1931,

and

**** 4.90

Aar. Zure

***, June 23

Salls Juna

- June H

· July - July 21

-- July 5 July 20

Loading for Kabe, Osaka, Nagoya, Yokokazna.

"RENEVERETT"

"NOREVERETT"""

"DBADAVERETT”

500 $74.9215

"LÈNEVERETT""

39-10 such surpluses are necessarily New York Sugar

29.40 Invested abroad in some form or other. Another of the surprises in the Economic Survey was its demonstration that "considerable progress has been made in re- building the United Kingdom's which overseas investments suffered such heavy losses during the war."-China Mali Special

General marketa, · elf barda, pores May

2012-2015 June

23-20 July

Prices of futures closed today. Estate Crepe

thick May

as follows:

and June thin

AMSTERDAM

market Was

1005

$4.21

31.01 34.09-12

The

diall.

London Stock

Market

Market

New York, May 4.

futures World No. 4 sugar

to 2 pointy closed unchanged higher with sales of 160 con- tracts

Domestic No, 6 sugar futures closed 2 points higher to 1 point lower with sales of 243 contracts,

Cuban Buying credited to account steadied world futures. Havana trade reports indicate? London, May 4. Prices closed today in guilders Labour and election uncer an operator bought 30,000 tons per kilogram, CIF May as fol-tainties today had a restraining of Cuban raws from the balance influence on the London stock of reserve stocks held by the

Cuban Sugar Institute, ́- 2.50 bom. market.

The reported paid price was Prices drifted irregularly with

ding light overnment

3.31 trading

One trade cents, fob. British

bonds intimation was that the sugar Cafe moved off as much as £% at might be destined for the lows but most recovered ut against a previous purchase by least partially before the close that country.

Among leading industrials changes ranged from a one gain, to losses of a

34.12

34.17

lowa:→→→

53.54

No. 1 rubber

No. 2 rubber

SAO PAULO Future closings, in cruzeiros

No. 3 rubber

No. 1 crepe

per kilo were as follows:

May

44

July

1149

Dec.

Mar 1744

128

Τη

20

170

2.56 am. 255 nom.

27s nom.

—United Prew.

Singapore

Trade buying orders pre- dominated in the domestic cou tract, with the undertone alded by firmness in raws.

Futures:

the United States, the tock Markel were mostly lower. Royal Contract No. 4 (world)

average price of 15/16 middling

at ten designated spot markets

70% was 33.80 cents. Sales at these

centres totalled 8,800 bales.

The Liverpool cotton prices were not received this morning. 11United Press.

Lýnited "Pros: “

NEW YORK METAL FUTURES

LONDON METAL PRICES

บ

Singapore, May 6.

May

Dutch dipped £ and British July Brokers today quoted the Petroleum declined 2 shillings, Sept. following stock prices.

the latter reflecting concern over Mar Opening tomorrow's dividend announce. Faly

ment.

Sept 30/64

Gold and copper were firm-cents per ib. fob Cuba).

Costazet No, 6·· 30/34 United Press.

British Borneo Petroleum

Syndicate Consolidated Tim Sme

Ord

Frame 14. Nesva

Tynomer de Neave

eunu preč

Hongkong &··Eba

Banding Corp,

Malayan-Berwsi

Radler Hotel

Bingapore Cold Storage

Bouth

Co., Ltd.

as

London, May 4. Prices of metals closed today

sterling per long tom follows: 14.2pTin, pot

New York, May 4.. Prices of metal futures closed Australls aims at increasing today in cents per Io. as follows: her population froin the present Lead, May 9,000,000 to 20,000,000 in

years,

only be

90.000 Copper, sout 2987b 3-month 10.90b1ead, 28t:

25

Fri, May

the MRT

2010

Pomper. May

Mr Holt stated. This can done by bringing im-

Austrália much bigger nchie China

anterants-

Mail Special.

4

Lead LIC 30.105 Zae, 1st 3540b | Zinc, int

Birkite Steamalakpi Straits Trading

United (Pus buyers sellers Wearne Bros

Pasking Ta

291

100

· 38% | New · Sec

Pro

$6.00

Loudon Foreign

Exchange,

Lande

May M.

N89/18 110.05

July

Sept

Moser!

Mar.

May

Spot-cents- – per

3.59

~. In Port

Salle May Art. May you - May 23 ***June &

June 1 June 34

June 21 LIMITED PASSENGER ACCOMMODATION, All the above subject to alteration without soties.

EVERETT STAR LINE

FAST REGULAR FREIGHT BEFRIGERATOR SERVICE

+

Loading for Singapore, Fort Swettenham, Misdras, Colombo, Bombay, Karachi 2. Persian Gulf Portr

"THAI"

Art. May 18 Sally May, 19

"STAR ALCYONE”··

- June 14 ***** July 5

- June 15 - July

*STAR BETELCEUSE" - 24 - Judy. 23

BTAE ARCTURUS"

ATK 15

Aug 14

Loading for Kabe, Osaka, Nagoya, Yokohama.

“STAR ALCYON="

LAO

· “STAR RETELGEUSE” “STAR ARCTURUS” **THAI"

15 AM. May -Jima 14 -June 24 - July 18

- July 30

Salla May 15 June is

-- June 25

July 19.

LIMITED PASSENGER ACCOMMODATION,

All the above subject to zitération without notics.

EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republic of Panama with, Lizaited Liability).

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

"West Blank

Others were .smchanaredi deten The New York Foreign T- Lohange rates were not availablę, SpecialUnited Poe

MESSAGERIES MARITIMES

P.O. Box 53. Queen's Building a

FAST PASSENGER/FREIGHT SERVICE

Exchange Rates "CAMBODGE"

Burries was done in the local unoficial. EXCIANKO TEarket the "morning: st: the following · rates: A V3. dollar (per $11.

Sterling notes (per £1)

"LAOS

Indonesian rupiahs (per 100) 12,50 -PEIRO" Bism ficals (per 100).

Singapore (8£ralia) "****

sailing May. 21st sailing June 18th

FREICHT SERVICE

27-09 BIR HAKEIM”

Yaddo-China plastres, (per 100)

Balling May 14th Bailing June 25th