1955-05-18 — Page 9

GENERAL

MURRAY

PROMOTED

London, May 17.

The War Office announces that Major-General (Tem- porary Lieut-General) Hora tius Murray, CB, DSO, who commanded the Commen.

THE CHINA MAIL, WEDNESDAY, MAY 18, 1955.

TRADE and

COMMERCE

SECTION

1 Page 9

Britain's Credit Squeeze Not Commonwealth Tin

wealth Division in Korea NEW YORK

from, October 1953 to the end of 1951, has been pro. to Lieutenant-

moted General..

while

General Murray, at present GOC-in-C Seullah Command, fought with distinction in World War II. He was wounded at the battle of Alamein commanding the 1st Battalion Gordon Highlanders, and later led 153 Infantry Brigade at 51s Highland) Division in the in- vasion of Sicily and Normandy,

In August 1944 he was giyen command

6th Armored Division in Italy. He led them In the advance to the Gonc Line during the long Appenine battles of the winter and in the final push The Argenta Cap

of 1944. through

and on Austria in the spring campaign Df 1945

Since the war is appoint ments have also included. Post of Director of

The Personnel Services at the War Office, command of 1: Infantry Divi- and son in the Middle East, Commander Northumbrian Dis- trict and 50th Northumbriar Infantry Division (T.A.).

WAS

He in 52 years old and commissioned in the Cameron- ions in 1923,

FOUR MAJOR-GENERALS

Four other senior Army of= cers have been promoted major- They are Brigadiers generals, AJ.H. Deve. the Director of Quartering at the War Office. R.GS. Hobbs, Commandant ci the Royal Military Academy, W.R. Cox, the GOC Mid-West District and 53rd Welsh In- and fantry Division (T.A.). V.D.G. Campbell, Chief of Staff at Scottish Command.

a 52-year-old

General Dove, New Zealander, who was com missioned in the Royal En-

in 1922. gineers

was Deputy

STOCK

MARKET

New York. May 17. The market made another attempt at a rally today but, without any new incentive, it failed to carry through and prices closed a bit lower en average.

In the early dealings were several strong spots the

there steels, chemicals and some air

Working To Plan Objection To

MONEY EXTENDED TO

CAPITAL MARKET

London, May 17.

The Britain's credit squeeze is not working according to plan. monetary authorities, who have been keeping the money market short of credit, have at the same time been obliged to extend credit to the capital market, thereby undoing much of the effect of the credit squeeze.

This is the startling conclusion" which experts are now drawing from the latest returns of the London clearing banks.

These

So the

of

conclusion is

crafts. At the cluse, only a few special issues had gains of any size.

Two of these features respond-

The reason why the barks ment. returns show that in ed to good news. Southern Rail-

that the Government They drawn the investmenis (in sold securities is clear. $95 in Apri way ran

up 2% to

Government securities) of the have been caught by the credit while keeping the monetary short-term generally lower carrier group as the company's President salg British barks fell by £63 squeeze and have had to raise system short the road is showing an carning maten. Some part of the tali cash to maintain their liquidity aredit is actually putting new increase and has a favourable would be due in the fall in the ratios. These are the ratios of credit into the capital market. outlook for the remainder of ine | market

t-edged quid assets-cash and Treasury thereby reducing the effect of securities which occurred during bills to less Equid assets such the credit year.

and economy. Brown and Bigelow moved up the month, but most of it must as advances to industry

points. ex-dividend, to $18 have been due to crtual sales of investments.

through as the announcement was made scurities, either

the of negotiations toward a merger ock market or in some other with Textron American.

1

INDUSTRIALS OFF

Industrials as a group were off 89 point on the day; rails off 0:25 and utilities off 0.11, all well below

best the day's levels

Trading was at a slow, routine turnover totalling pace with only 1,900,000 shares, compared with 2,160,000 yesterday.

Way:

price

U.S. COTTON

EXPORT SUBSIDY

consistent

with

It is customary to regard 30 per cent as the minimum level for this ratio sound banking and in recent months the banks have had dif- ficulty in maintaining it, swing to the official credit squeeze.

squeeze

cn the

THE OBJECT

This result cannot have beeT

intended. The object of tighter money is to curb inflation and his means fewer advances by the banks to their customers. But, in fact, the banks advances are still rising rapidly and they to rise because the Government is buying, directly

indirectly, securities

them.

trom

Freight Rates Increase

Melbourne, May 17.

Australian Exporters will fight against shipowners proposals to increase rates оп outgoing freight, Mr

IL C. Vine, Secretary of the Australian Exporters Federation, said today,

He told the Melbourne Chamber of Commerce hils Federation could not ac cept the proposed ten per cent increase which would mean an end to much of Australia's duction.

The The

primary

pro-

Gavern- Federal nent is

An- expected to

to meet an nounce plans increase

Incoming freight rates during a

од

House of Representatives debate tomorrow. The House will deal with a re- quest that the increases be considered as a matter of urrency-Reuter.

HONGKONG

STOCK EXCHANGE

Project

Gets Good Start

London, May 17.

Out in the tinfields of Malaya, a bold Commonwealth project nears the end of Phase One. And here in London Mr John Ivan Spens smiles in satisfaction."

Mr Spens, a tall and precise The whole scheme, it has Scot, is a man of two dezen been said, could make up to ten

years. jobs.

-And what will be the prize at £14 million the end? Some worth of tin lies under the river bed, the experts guess.

He is a leading accountant; a director of a string of invest ment trusis: and head of a group of tin companies.

FINE RECORD

Southern

One

of them is Kinta Consolidated, a £4,200,- fine record 000 affair with a. over the years.

In partnership with three others, it is showing its spirit 35

a free enterprise.

In their great project these four partners show their faith in the future, of Malaya's tin.- London Express Service.

New York Sugar Market

New York, May 17. -It moving part of Malaya's World No. 4 sugar futures Kinta

River into a man-made (closed today. 1 to 4 points lower channel to expose tin under the | with sales of 188 contracts, river bed.

Domestic No. 6 sugar futures. Scuthern Kinta is now finish-closed 2 points higher to 1 point ing the first 1 miles of the lower will sales of 374 contracts. job. Cost to date- £500,000.

World contract showed Q softened undertone in company This operation is not just with the slightly lower moving a river.

bridges market. have to be built. New roads provided.

New

NEW YORK METAL FUTURES

The interesting point is, how-re able ever, that it should have been possible for the banks to raise such very large sums by selling securities. It is quite clear that

It is now clear that the effect the London Sidek Exchange of the sharp rise in the bank could never have digested selling rate at the end of February was

(From Our Correspondent) on such a large scale unless it even more drastic than was ap- had some outside support from parent at the time. It was in

Business done on the Hong- someone

drastic for the gill. willing to buy the fact teo securities that the banks were Except for Southern Rail Mr Ezra Taft Benson, said selling. This support could onlwged market to stand up to it kong Stock Exchange this morn- and the Government has been g amounted po 58a7,597.50. at Press conference today have come from the Govern- forced to intervene son a con- Non quotations and the morn-today in cents per lb. as follows:

siderable scale Agriculture De- that the

market going.

Activity centred in General Dynamics for the second session in a row. 14 Was at $85, dipped, ex-dividend.

way, rails were mostly lower,

Motors were narrowly mixed. Boeing fell nearly 2 points,

dividend, in the aircrafts. Oils were narrowly mixed. Non-ferrous

metals showed

ex

Some

Washington, May 17. Secretary of Agriculture,

partment has not yet reach-

ed a decision concerning a

%

to

with Reynolds, possible cotton export sub- World Cotton immediate intention

Director of Military Operations at the War Office in the last IT and year of World War 11:

the end since the appointments

strength of hustilities include those of Kennecott and National Lead up Deputy

General, around a point. Adjutant BAOR, and

(Supplies and

The New York Stock Ex- Transport) in Middle East. change bond volume was $3,960,-

General Hobbs, who was in 000. the Middle East and later teri 104 Regiment; RHA, in the last war, is a former Director Chiến

andi

of Staff of Combined Operations, and was 3 CUT- of 2nd Infantry Brigade mand in the Middle East in 1951-32.

PRISONER

A prisoner of war in Germany from June 1940 to April 1945, General Campbell then went to South East Asip, where he saw service in Batavia and the East Indies, and led the Camerons in Japan. At the end of 1948 he was given command of the 1st Gordons in BAOR and years later, 31s! Lorried

fantry Brigade in Britain

The American Stock Exchange volume was "550,000 shares.

YESTERDAY'S PRICĘS

Alden Ine. Acy

Alled Chemicals

Allis Chalmers.

sidy in the next cotton year' starting August 1.

He added that some announce. men: may be expected well in advanen of the date.

he

The Secretary said that believed that a survey should be made of the United States

cotton international

position, with respect to area of competi tion, and how far United States policics "have held umbrella," 51bxd

Tk: He indicated that this study IR!!!

70 would be made by the Depart- 504 ment's Foreign

Agriculture

$

104

22

American Airline

953

American Cyanamide Co.

5-112

American Metal

American Sovuar

American Tel & Tri

American. Tob. "I'

Anaconda Copper Armco Sterl Annour

Baldwin-Lima-tam. Baltimore & Ohio Bendix Aviation Cerp. Benguet Cons.

Bethleném Sted

two

Boeing Airplane

In-

Borden (The) Co.

He

Burroughs

Canadian Padile

Case (J. 1.) Co.

Chase Nat. & Man.

has been Chief of Staff at Scot- tish Command since March, last year.

General Cox, who led the 1st Worcesters, the 7th Green Ho- wards and 131 Lorried Infantry Brigade in World War II, then commanded brigades in

C. I. T. Financial Corp.

Chrysler Motors

Colgate-Palmolive Co.

Commercial Credit

11

Service,

1414

Commonwealth Elec.

Consolidated Edison

Contimental On of Del.

物

Continental Steel

Coin Products

Co.

Crane

Crown Zellerbach,

Cuben Amer. Sugar

Curtis Wright

#t

four infantry succession from 1945 to 1947. Since then he has been DAG at GHQ. MELF. Commander

District, Cyprus Com Deputy Director of Infantry the War Office (in which cape- city he led the Infantry con- Lingent of the British Army in the Coronation Procession). and Southern Com- Chief of Staff, mand.

E. Germany

Joining Military Command

Berlin, May 17,

Dupont de Nemours

Eastman Kodak

El Paso National Gas

General Electric

General Foods

General Motors

Cillette Safety Razor

Goodrich (B. F.), Co.

Goodyear Tire

Inland Steel Co.

Markets

New York, May 17. Cotton Futures today opened an lower and remained

downgrade for the Irregular

on.

rest of the day,

Easiness of the nearby July delivery became the main up-

influence

traders setting awaited other new incentives.

At the close the list ruled of "to 13 points. Opening prices ruled of 5 to 7 points. New Orleans closed off ༡ 10 14. points.

New York, May 17.

Relative firinness in July and refiner buying, anticipating the seasonal increases in consump tion, featured the domestic con- tract.

Futures:

July Sept.

Mar,

May

التالي

Contract No. 4 (world)

Prices of metal futures closed | Spot-(cents per 1b. fob Cuba) 3.40

keep the ing's transactions:

Lead May

SHARES BUYERS SELLERS SALES

BANKS

June

Tin

May

.. 1630 1645

Jitne

2013-10

33** 1835

Zinc

May

4

June

16 1613

10 1415 1640

Copper May

June

3.1.40

-nited Fre15.

That the Government has no

HK Bank of guing back on its tight money policy is shown by the fact that it is still keeping the money market very short of credit.

But the impact on the economy at large de likely to be delayed, unti the gilt-edged market has re- covered its balance and is gain functioning normally without extraordinary outsid suppert China Mail Special.

INSURANCES

Union XALL 915

Lombard **

DOCKS, ETC.

200

2016

340

K. Wharf. 89 Dock

21.73 Provident 10) 125 12.7) 123

720 711 520 774

Wheelock

LAND, ETC. HK Holdi HK Land Humphreys

World Rubber Real

Markets

NOT NECESSARILY

Leading spot interest were Te said that such survey sellers of July against pur-

Singapore, May 17, would not necessarily be com-

new crop de- chases of the

The rubber market ruled on the decision 4pleted before

liveries. Commission houses steady but quiet with little in- policy for the next cotton year and other trade interests alsocentive to trade slightly more of the active towards the close.

Future:

+

17.30 17.40 1250 ✯ 17.30

67 68 600

1616 16.90 ATS 51

UTILITIES

Tram Star Ferry Y'mati Ferry

A reporter called Mr Benson's operated on both sides attention to

address an

by market.

Trading

INDUSTRIALS volumes and open No. 1 rubber per 16. June 1024-90% Assistant Secretary of State for

July 904-907% Economic Affairs. Mr Samuel C. interests in the Exchange today Waugh on Thursday, in which were:

2.10

67%

EVERETT

Contract No. B

14.30b

14.30 July 90.50b Sept.

5.55

8.59

5.81

5.38

5.44

5.44

United Fress

20,506

Nov.

11.03 Mar.

11.04b May

34.906 Spot (cents per the cif

NY+cx«duty)

LINES

EVERETT ORIENT LINE

Fast tegular Freight Tetrigerator Passenger Service Loading for Singapore, Penang. Kangoon, Calcutta and

REBEVERETT"

Chittagong.

Arr, June

1. Sails June

-June 25

-- June 26

-July

July

11

12

22

-July www.July

Loading for Kobe, Osaka, Nagoya, Yokohama.,

21.80 131 300

200-500 67 21.30

108 1000

200 fit

500

100

C. Light (0)

19 19.10 5600

C. Light (N)

-Eleciste

15.10

"NOREVERETT"

Rat's Telephone. 9274 345 1500

*TRADEYELETT"

*LENEVERETT"

Cement

Ang unquoted

cotton Month

Volume

Open interest | No. 3

301-03

export policy formilation should May

21,200

No. 4

38,400

870,300

14,900

473,100

Spat rubber unbaled Blanket crepe

8574-88 0114-913

29.10 20.50 500

Rope

...... 13,10 STORES, ETC.

Dairy

3000

...... 201 20.10 2000

81-32

500

prob- December

26,100

497,500

No. 1 pole ccepe

13 13.30

500

97-13

March May July

5,600

218, 600

12,600

226.900

2,400

119.300

be

106.000 2,203.100 bales NEW YORK

Mr Waugh urged that

July consider international as well as October domestic aspects of the

lems.

16

2014

190

Mr Benson commented that Total 78% international aspect would 4812 considered, but said that the 50% primary responsibility of the Agriculture Department is to- cottorim the

domestic 42 ward

64

growers,

582%

Bomstake Mining Co.

39

Int'l Business Machines

412

International Nickel

Int'l Harvester

International Paper

Int'l Tel & Tel

John-Manville Co.

Kansas C. Power & Light

Kennecott Copper

Lockheed Aircraft Loews Incorp,

"We have not yet formed up the policy, for the next cotton 391 year, but we have heard repre- 6312sentatives of the industry and

hope that

cati we

announce

221 something before long," he said. -70%-United Press.

1033

82

Liggett Meyers Tob. Co.

403x4.

2001

Lone Star Cement Co. Louisville & Nashville R.

Minnesota Mining

9122

Monsanto Chemical Montgomery Ward

BACK

767

National Cash Reg. "A"

National Distillers National Lead National Steel Corp.,

The East German Deputy New York Central

Otis Elevators

Premier, Herr Otto Nuschke said Pacific Gas & Elec. today that East Germany will Pacific Western Oil become a full-fledged member Pan American Airways of Moscow's new East bloc joint Paramount Pictures

military command as soon as East Germany sets up an army. The new Eastern joint com- mand under Soviet Marshal 1. S.

Parke Davis Co.

Penny J. C. co. Philips Petroleum Procter & Gamble Co. Pittsburgh Plate Claas Radio Corporation"

Konjev, created in Warsaw last Reo Motors week by the Soviet Union and Republic Steel its seven European satellites, bas

Shell On Co.

Super Ol

suspended East German parifci Socmy Vacuu pation in the counter-NATO" Bouthern Railway (Com)

until a later date,

Standard Brands

Standard Oil of Cal

Herr Nuschke, writing in the Standard Oil of Ind. East Berlin paper Neue Zelt said Standard Oil of NJ. for the Stockley Van Comp.

Studebaker-Packard Corp.

it was "childish”

Western Press to state East Swift & Co. Germany was not represented Texas Co

in the joint command.

Union Carbide Union, Pacific Railway

"Be patient," Herr Nuschke United Gas. Imp. stated.--:For the time bang we

-11.8.–GypsuİNGS VS--Line Cle

have unly theBarracked U.S. Rubber

Peoples Pollee. But as soon as

U.S. Smelling US Steel

national forces are set up they | Warner Bros.

will naturally be represented Werlinghouse Elect

in the Joint Supreme Command." Wait Va Pulu & Paper ...

United Press,

Woolworth

LONDON STOCK

MARKET

London, May 17.

A late rally enabled stocks

to overcome a shaky start

Prices of futures closed today as follows:

Spot

July

Oct

Doc

Mar.

July

NEW ORLEANS Prices of futures closed as follows:

Dec/Jan.

and finish with numerous fractional gaing of a shilling Mar/Apr.

34.23

No, rubber per lo. June 801-8945

NEW YORK

Futures closed today 15 to 25 points higher with siles of 96 contracts.

Walcor

MISCELLANEOUS..

Yangtze

.... 6.25

Singapore

201

Stock Market

Switching operations, includ- ling transfers between March/ 34.75

September and March/May.con- 3411

tracts accounted for a good part 34.25 2431-33 of the market activity,

The spot situation remained

Singapore, May 18. slow with dealers and manu

Brokers today quoted the fol-. facturers awaiting labour deve- lopments in the automobile in-lowing, stock prices: today dustry Spot No. 1 Rs were.

quoted tomirally at 31% certa

34.37 33.76-77

LONDON

"NOREVERETT""

"BRADEVERETT“

*LENEVERETT"

"REDEVERETT".

Arr. May 29 June 14

* June 25

Salls May 30 -- June 15 -June 28 -- July

-- July 23 LIMITED PASSENGER ACCOMMODATION,

At the above subject to alteration without notice.

EVERETT STAR LINE

PAST REGULAR FREIGHT REFRIGERATOR SERVICE

Loading tor Singapore, Port Swettenham, Madras, ¦- Colombe, Bombay, Karachi & Persian Gulf Port, ИТПАТ" "STAR ALCYONE"

Art. May 21

14 ie تور مشهد

-July

-- July 24 --Aug. 20

Sails May -June 19

July 10 July 23' Aug. 21

Loading for Kobe, Osaka, Nagoya, Yakobama.

31155

31.35

Syndicate

31.00

Consolidated Tin Smelters

30.00

Ord,

30.30

Fraser & Neave Ltd.

30.00

Ord.

Fraser & Neave Ltd.

May 15 Opening Batu Lintang Rubber Co.

Lid

$1.40 British

-32/m

30%-

$1.70

#STAR BETELGEUSE" "STAR ARCTURUS“

Borneo Petroleum

"STAR ARCTURUS“ *Y HAI"

"STAR ALCYONE"

The market was steady, No.

1 spot. Has were quoted at 28 pençe per lb. Prices: No. 1 Has spot

76% cum, prof............ $4.55 Hongkong & Shanghai Bank-

$3.50

Spct

34.05

à pound,

Jdy

34.11

Futures:

Ост

34.49

July

Dec;

34.30

Sept.

Mar.

34.45

Det

Mar

34.40

July

$3.72

May

July

LIVERPOOL

Future closings, American were midating, in pence per ib. as follows:

ing Corp.....

Hongkong Tin Ltd.

7/5d

May/June

Kempas Ltd.

July/Aug. Oct/Nov.

31.33

2814-284

184

12

30.83-05 30. 30.28

Settlemant house term:

June

2776-23%

July/Sept.

267-27

New Serandah

Lid.

Lunas Rubber Estates Ltd. Malayan Breweries ..............

Rubber Co.

or more..

Oct/Dec.

262-28

SAO PAULO

Jan Mar

2597-25

712%

9522

shillings.

There was fairly heavy buying of British Government bonds, 15 too, which lifted the gilts a few

Future closings, in cruzeiros

May

1674-27

July

per idlo were as follows:

24,60

June July

2041-2971

2012-202%

Straits Trading

Oct.

30.00

50%

Dec:

32. AL

Market analysts said the buy 523ing reflected hopes for a big

32.30

Estate crepe thick May

and Juse

thin

281% 287%

United Press.

90

In the United States,

the

39

76% ing elections.

cotton at ten designated spot

43

11

17

(513)

shillings respectively. Gold

P1

254

General marketa, eif bails, porta:

Petaling Tin Ltd. ...

Hantea Hotel......... Eingapore Cold Storage South British Insurance

Ltd.

Straits Steamship

United Engineers' Ord.

Weare Bros.

exdivChing Mall Special

$1.70.

125.00

78788

"STAR BETELGEUBE"

Arr. June

June,24

Sails June

0

- Jul 23

- July 25 ~Aug.

Aug.

July 24 .1 -- Aug

Aug. 28, LIMITED PASSENGER ACCOMMODATION,

All the above subject to alteration' without notice...

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

Chinese Department: Telephone 28293.

Queen's Building, Telephone 31206,

Conservative victory in the comm-, average price of 15/16 middling

Crest Universal Stores and markets wast 34:28 conts, Sales New York Foreign

Rolls-Royce paced Industrials

at the centres totalled. 3,385)

with gains of two and three bales.-United Press.

shares formed on demand from

the Continent, Olls were lower. Exchange Rates Cons

Hopes for a "Ble Tour" talk

brought strength into the foreign

bond market, German issues ran morning at the following rates BO up more than 21. Speculative USh dollar pez:31) win demand for Russimi and Tron Sterling nutes (per 11 Curtain Tiens lifted them about Indoneader Eisals (per 100).

Slæris, tiesla, Gomes 2003) were Singapore (Strafia).

Indo-Eains plustres (per 100)..

Japanesse : Borde lected. Untied Press,

Exchange

New York: May 17.

$10135 2.79%

England-ancial

30-day futures. SO¬TRY;; TUTKIDÉE..

New Zealand South Atrick

this Austpile

awitzerland. India

London Foreign MESSAGERIES MARITIMES

Exchange

New York Montreal 1.70-9/Amsterdam;

“Brunzais 2230% Copenhagen

PATIE

P.O. Box 33 Queen's Building Tel: 26653

FAST PASSENGER/FREIGHT SERVICE

London, May 17,

2.70%-2.79-1/18 "CAMBODGE"

"LAOB"

2.75-9/18-2.75

10.02% 10.60

"140:00-140:9235

14.524-74.5224

12-243-12.25

"BIR HAKEIM”

were unchanged United MEKONG”

184

Market

19220

280%

Stockholm

West Bark

Zurich

Others

Press

860-180%

sailing May 21st: sailing June 20th

FAST FREIGHT SERVICE

sailing June 25th saling July 9th