1955-05-24 — Page 9

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TRADE and

THE CHINA MAIL, TUESDAY, MAY 24, 1955.

COMMERCE

AMERICAN ECONOMY

NEW YORK STOCK MARKET

New York. May 23, Stocks gave ground once again today as market in- terest lagged and activity { dwindled.

Frices fell a point cr more in most groups, but the selling was without pressure, reflecting more a wait-and-see attitude in absence of any fresh incentive

after last week's three-diny covery.

the

-3

Turnover amounted only to

1.000 000 shares.

Industrials more than 214 points on average with wide losses' coming in the

35 a group tell

steels, aircrafts, oils, chemicals special

metal and issues.

Aumerous

Rails dropped nearly 2 points in their average, Union Pacific slumped more than 2, finois Central more than a point and New York Central nearly a point 13 the group used in the

average.

Rocket-Like Rise

From

1954 Business

Lows Continues

By JOHN MORKA

New York, May 23.

A bullish US continued its rocket-like rise last week.from its business lows of 1954.

New records were being set almost every day. Unemploy ment is down. Factory output is at or about the 1953 record high Prices are steady.. A gadget-hungry America continued to spend at record levels. Production-in just about every segment of the economy-moves at a stepped-up pace to meet the rising demand for consumer and industrial goods.

Utilities cpped fractionally. World Cotton

STEELS DROP

US Strei

and Youngstown

Shoot and Tube lost almost 2

points each while Bethlehem and

Crucible fell around a" point. !

Lerves in airerafts ranged almost

10

2

» Lockheed.

Chrysler fell a point in the

Motors motors. General clined fractionally.

de

Oile loses ranged is 3 points in Standard of Califomia.

Among the most active issues, price movement was very nar-

row..

Markets

SECTION

Silver Prices

Junip

New York, May 23 Handy and Harman, bullion dealers, today

raised the price of foreign silver in New York 0.09- cent to 90.25 cents the fourth jump within the past weeks

This brings the price of the white metal, to the highest level in 35 year

Industry experis and the series of price Increases reflected rising demand. in the face of a tight supply situation.

It la cxtimated that the current use of silver is running 15 to 20 per cent ahead of 1954 when con- sumption amounted to 85,-. 000,000 ounces. United Press

HONGKONG STOCK EXCHANGE

(From Our Correspondent) Business cone on the his

kong

Stock Exchange morning amounted to $1,868,253. Noon quotations and the morn- ing's transactions: SHARES BUYERS SELLERS SALES BANKS "

HX Bank

Last were few new statistical is that it has taken place with- evidene: to support what every-out beneft of any rise in Federal one has suspected for weeks spending. Assisted only by a smal that the United States might rise in state and local expendi- well be heading to its most

advance has taken tures, the

entirely in the place almost prosperous your in history.

The total value of all goods private sector of the cconomy. and serviccs produced in the

According to the Cleveland United States the so-called

Company bulletin, the "gross national product hit a Trust New York, May 23.

Largest gain in the gross national first three cord rate in the Narrowly irregular fluc-months of this year. Industrial product rise of more than 4 Was per cent-has been in spending

2010 | has also advanced. And in- gross

ventory liquidation has ceased. The continued high and busy-

level of business activity DOCKS, ETC. has prompted some long-range speculation

possible dangers in this rise.

"meanwhile

points in Douglas and tuation accompanied an un-production

usually slow trade in cotton cimbing up to its near-record for consumer goods. Construction

levels. First quarter futures today,

national product, according to Closing on a mild fally the the Federal Reserve

Board, was list finished 4 points higher to

to $370,000,000,000 ant equivalent 4 points lower. Opening prices over a full year's time. But the were oft 2 to 7 points. New Board's factory production gure Oricans closed off one point. would indicate it climbed higher

Local traders. New Orleans in April. incrests.

commission houses The surprising thing about the and the trade operated both sides of the market in 2 small way while awaiting new incentives.

Mack Truck topped the list with a main of point.

E

The New York Stock change band volume was 3,354, 000.

The American Stock Ex-

volume

710,000

change

rhares.

Dow-Jones

were:

29 shdustries

23 rails

13 utilities

63. stocks

40 bonds

Was

closing averages

Comm. future price index

YESTERDAY'S PRICES

Alden Inc. Acy.

Allied Chemicals.

Ahed MR inc,

Allis Chalmers

Anerteur Airline

American yanamide Ca

American Metal ..........

American, Smelting

American Tel & Tel

American Tub. "1"

Anaconda Copper

Armes Steel

Armour

Baldwin-Lima-llam

Ballinore & Ohio

Bendix Aviation Corp.

Eenguet Cons

Burroughs

Cave J. 1.1° Co.

on business rise, to some observers,

to AS

"is a new era really here?" the US News and World asics Report. "The idea is getting around that there is no end to prosperity," it adds.

Beneficial rains over Eastern World Rubber Americans, it noted, are living

bejt sections and generally fav- ourable tenor of crop news kept rallying tendencies in new crop 420.32 months in check. Routine mill 151.59 and shipper buying absorbed

63.13 afferings in carby months.

156.82

D9.71!

154.24

$ 23

36a

32

1037

nearby

A private crop survey today

M

The

high, pending as never before and going in debt for new and Lancler gadgets. In 'summarising the trend, the magazine noted: ONCE A STIGMA

Markets

rubber

New York, May 23.

futures today

"Once

at

East Asia

INSURANCES

.. 1676 1680

50 180 20 1073 65 67-1600 53

38 F 125

214

Union X All Lombard XD 48 SHIPPING

Asia Nav.

...790

703%

22.30

1000 @ 23.40

13 13.20 2800 ( 13.10

7 7.30 1000 7.30

1732

Wharf

Dock

Provident

(Old)

Wheelock

LAND, ETC.

HR Hotel .. 17.40 17.00 500 HK Land

Humphreys .. 15.90

Tram

His ... 5.90

Star Ferry 159

2700

2210 22.30 1500

2001

Y mati Ferry 117 118 94114

JAP GOODS

DEPRESS

BRITISH

ORDERS

Manchester, May 23 Imports from Japan just starting to arrive in East Africa have already depressed orders for British geeds, Mr J. C. T. Dow Smith, senior United Kingdom Trade Commissioner for the territory, told a mest- ing of the Africa Section of the Manchester Chamber of Com- merce here today.

Mr Dow Smith said that im- parts into East Africa, em- bracing Кепуа, Uganda, Tanganyika and Zanzibar totalled £117,500,000 last year, of which Britain's share was between 43 and 45 per cent

Ho said it Was not yet possible to gauge the full effect which of Japanese Imports, have been arriving following the Anglo-Japanese agreements. But they had depressed orders for Britain.

British

were

DEVELOPMENT

engineers, however, the bulk of orders in conner- tion with large-scale develop- ment schemes.

GOV.

In

1954 Lancashire exported goods worth £3,200,000 to the 23 million yards of cotton piece. region but the future was un- certain because importers were waiting to compare

With Prices. economy Lancashire ought to do good business in medium and better quality prints, though the

nnag inhabitants were now. BLSO

the

and

spending their money on radios and other goods apart from clothing, he said.

A substantial proportion of East Africa's textile imports

was

in

grey, bleached and coloured cloth from India, Mr Dow Smith added.-China Mall Special

LONDON STOCK

MARKET

London, May 23. The coming general elec- 349 tien and the touchy labour

C. Light (D), 19.30 19.30 1500 19.50 situation brought irregulari-

3500 un 10.80 1000 v 19.90 ty into the stock market to- 15.00 13.70 4500 15.50 day.

600 og 15.70

40 -40 1000

C. Light (N) Electric. Telephone

Leading industrials see-sawed 331 332 100 within a narrow range. A late

1200 N

INDUSTRIALS

Cement

..... 29.60 23.80

2500

170

9

0

rally lifted prices from the laws and pushed a number of issues to the plus side of the ledger,

The rally was touched off by fairly heavy American buying of leading blue chips such as Imperial Chemicals, Bowater and Vickers. Ford and Rolls-Royce | eased. eased.

15.30

20.70 20.80 3250

1750 # 20,87 Watson 13.30 13.50 600 € 13,00

Gold shares were quiet and I. Crawford 28.20 cOTTONS

about unchanged. Coppers im- Textiles

4000 € 5.55 proved or, Continental demand. Nanyang

1000 TR Tinto jumped £3 to £58, 2000 @ 1.70 MISCELLANEOUS

new poak Oils rose under the Yangtze 0.40 $14

leadership of Royal Dutch and Allied

4.80

4.80 British Petroleum.

while cotton planting this

it was egarded as ¦year, under Government restric- closed 10.17 25 points lower somewhat of a stigma to buy tions. will be down to the with sales of 34 contracts, something that could not be paid lowest level

since 1883, there About half of the trading was for. Now it is a national habit appears a good possibility of re-represented in 112

exchanges of to enjoy today the good things cord high yields so that produc-September contracts for physical that industry can provide and

Rode tion could

them pay for approximate the 13-rubber.

out of income STORES. ETC. 2680.0

1,000 bales harvested

in 1954.

Dairy Dullness prevailed in the spot that is expected in the future. Cited reasons for the high market. A few reported trans-

"....The idea is taking held included June delivery that the American crop possibilities included: The action

family can fact that farmers will use the flat bark

257 cents and

be induced to keep on buying, best land; the lowest weevil in Sept one sheets at 31 cents a

year after year, and thus keep festation in many years and in- pound. 10dications that farmers will ferli-

factories busy and the country 43lise liberally. There is a very

prosperous."

#231*

on the part of conscious effort cotton

survey said. the Krowers," ito increase, yield per acre 2015 sufficiently to negate;

or more than negate the smaller plant-

104 Trading volumes, and open in- 487 terests in the Exchange today

1

125

ings."

J

Bethlehem Steel

Bocing Airplane

Borden The Co.

Canadian Paelfie B.

C. I. . Financial Corp.

Chane Nat. & Man."

Chile Copper

4015

wcre:

Month

Chrysler Motors

75%

Colgate-Palmolive Co.

5432

July October

Volume 20,000

10,700

Commercial Credit

3424

December

14,200

Commonwealth Elec.

March

3.Am

Consolidated Edison

493

May

Continental Oil of Del,

70%

July

Continental Steel

Total

Crane Co......

443

Crown Zellerbach

-TO%

Cuban Amer. Suger

Curtis Wright

1612

6,200

2,000

Open interest

834,500 470,000

514,000

..220.300

233,400

122,500

83,500 2.205,400 bales.

NEW YORK

Prices of futures closed today

Spot No. Rs were quoted at 31 cents nominal. Futures

July

September Decembe March May July

AMSTERDAM

31.25

31.00

30.55

30.15

30:10 20.80

The market was quict. Prices closed today in guilders per kilogram, CIF June as follows:

All

this might lead, the magazinė added, perhaps to ex- But cesses, then a correction.

it adds, that's some time off,

"But for the months immed!=”| ately ahead," it concludes, "the feeling is general that good times will prevail"

There

summer

3.65

7.70

3000

New York Foreign

.

L

Exchange

British

Government were off £e on average,

bords

Foreign

bonds

displayed strength, particularly, Japanese issues which added £1 or more good demand.-United Press.

Exchange Rates

Business was done in unofficial

exchange market

| Fortung at the following rates:

the locat

the

7.7831

2.794%

US. dolar (per $1)

5,89

2004

Sterling notes (per 1)

Indonesian rupit. (per 100).

150

| Siam tieals (per 100).

Singapore (Stentta)

1.82

Indo-a plastres (per 100)

8.05

1745

Untied Press.

Election

were indications of

New York, May 23: some slowdown in orders being England official

2.79-2.79% 30-day futures placed by the auto industry for

2.78-27/32 263 nom.

90-day futures 2.78 But steel New Zealand shipment. 2.dz nogi. 263 rom. mills, instead of showing, con- South Africa 2,78 ROM.

corn, appear to be wondering if India the present antal steel capacity Pakistan of about 125,000,000 tons is

Hongkong enough to absorb expected de- According to Iron Age mand. Magazine, most products will be in tight supply for the balance of the year. Where one pres-

will take sure eases, another up the slack, it adds, with the economic recovery from last-

short-lived

recession barely under way. In addition, countries notably foreign European-are "literally crying for steel they can't get." Thou- sands of tons of export business are looking for acceptances, it adds,

28-201

2012-20 15/18 251-2614

251-251

2874-77 June

REAL-27 July

2015-203 Estate crepe thick May ang lume 21 thin

Prices of futures closed today General markets, cif basis, ports:

May

No. rubber No. rubber No, rubber No. crepe

as follows:

Dupont de Nemours

101

Spot

34.80%

Eastman Kodak

60%

July

34.03-04

El Paso National Gas

477

Oct.

34.20

LONDON

The market was dull. No. 1 Spot Rss were quoted at 29% pence par lb. Prices No. 1 Has gpot

General Electrle

51

Dee.

34.22

General Foods

3414

Mar

34.15

Settlement House terms: Junc

General Motors

Muy

31.20

July/Sept.

Gillette Safety Razor.

662

July-

33.71

Glidden Co........

NEW ORLEANS

Oct./Dec Jan./Mar

Goodrich (B.F.) Co.

Goodyear Tire...

5871

Homatake Mining Co.

as follows;

Inland Steel Co.

403/2

Spot

Interchemical Corp.

35

July

Int'l Business Machines

411

Oct

37

Dec.

International Paper

Mar.

John-Marville Co.

B32

May

Kanzas C. Power & Light

70%

July

Ketneoost Copper

106

6534

SAO PAULO

$314

2012 kilo were as follows; -

6015 July

15

7714

October December

March

40

203% May

08

1212

Intemational Harvester

Liggett Meyers Toh. Co,

Lockheed Asstraft

Loows Incorp

Lone Star

Co.

Louisville & be R.

Minnesota Mining Montgomery Ward National Cash Reg. "A"

National Distillers National Leid National Steel Corp. New York Central

Ots Elevators

Pacific Gan & Fies

Pnzie Western Ol

Pan American Airways

Paramount Pictures XD

$0

Future closing, in cruzeiros per

29.00 31.03

33.60

In the United States, The average price of 15/16 middling

W

The Singapore rubber prices were not available this morning.

United Press.

New York Sugar Market

year's

Meanwhile, it added, inventory building will also help take up any sag, in steel demand for

months to coIT.

ELSEWHERE

Holds Up

Anglo-Jap

Talks

London, May 23.

Official sources said today the British general election was "holding things up" and that no definite plans had yet been made for the Anglo- Japanese trade and payments talks for this month.

The Treasury sad no "hard

They said it was not expected date" had been fixed and that that there

CRY would be New York, May 29, The genreally high level, of it had not yet been decided negotiations yet for a full-scale World No. 4 sugar futures retail sales in the United States whether a delegation would be commercial treaty

with Japan 33 at ten designated spot markets closed today unchanged to 3 is having a favourable reaction sent from London or whether although the trade and pay-

Sales ot available.

of 78 on Import buying by American the talks would be conducted ments talks could include the points lower with sales

by British officials in Tokyo these spot markets

or preliminary approaches to such outlets, according to the Journal contracts.

Oficials said there was 5,476 bales-United

noja treaty. Domestic No. 6 sugar futures of Commerce.

however, that the talks The Business closed unchanged to Zepciats

Daily's survey take place with the ob- LIVERPOOL

a record contingent of lower with sales of 249 con- said that a Future closings, American tracts.

buyers is now busy in Europe Ject of reviewing middling in pence per ib. were

to expire next treaty with Japan in place of on and Japan signing up producers agreement due Trade interests operated

month and 40 take A new accepting the inconditional ob- as follows:

and for merchandise designed 23- both sides of the world

uf GATT 31.28

towards 3033-60 domestic contracts with hedging pecially to accommodate Ameri- agreement for one year starting ligations

in July.

6314

48

Was

4214

pine

not cl

193 totallod

437/

Park Davis Co.

数您

Prese

Penny J. C. Co.

172

Philips Petroleum

Pittsburgh Plate Glas

Procter & Gamble Co.

735

Radio Corporation

48

Hoa Motor

10%

Shell Of Co.

Sinclair O

Republie Steel

Standard Brands

Standard Out of Ind.

orders predominating near the close.

Futures:

May/June

July/August.......

October/November

December/January

30.42 30.01

March/April

United Probl.

Contract No 4°(world)

July

Sept Märch May

July

Sept

Spot Low

3.70-5/16-2.79

7.73-3/16-2.73-5/16 Contract No

∙10.62×10.0835-

July

138.8234-139.86

Sept.

979-07014

Noy

14.4942-15.4934 11.754117512 122-1223%

Mar. May

Spet- cents per lb. elf unchanged.-United ex-duty)

Sed Press.

5.50

.Socony Vacuum

Southern Railway (Com.)

Standard Oil of Cal.

Standerd OR of NJ.

Stockley-Man Camp. Studebaker-Packard Corp.

Swift & Co.

Texas Co

Unich Carbide

Union Pacifle Railway

Valted Gas, Aircrati

U.S. Gypsum

US, Rubber

US. Smelling

U.S. Steef

Warner Bros. Westinghouse

Electrin.

West Van Pulp & Paper

Woolworth

London Foreign Exchange

New York, Montreal Amsterdam Brucla

Stockholm

cast West Marks

4815 Zurich ..

United. Pre53.

Others were

London,:"May-23pm- ........... Cuba)

23

46

50%

Paris

ar

tastes.

It estimated that US retailers will probably stock 10 per cent more Imported goods than in 1954, with some executives thiniding the increase will be

considerably larger.

White Britain is expected to sell more in 1955, the Jornal

In April Britain announced the existing she would favour, a commercial

Japan-United Press.

MESSAGERIES MARITIMES

F.O. Box 33 Queen's Building Tel: 26651.

FAST. PASSENGER/FREIGHT SERVICE:

salling June 20th sailing July 17th

of Commerce survey noted some reports of Sountries-cut-AOS*~~

markets in the "VIETNAM ing in on E United

States

It Ar examples, cited mider-styled chinaware 658 and lower-priced cutlery from

Germany, better priced from Italy and cheaper china

gloves

BIR HAKEIM" ware and crockery from Japan: "MEKONG”

United Fress:

FAST FREIGHT SERVICE ANDes

Balling June 29th sailing July 9th

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Ontwards

"CORFU" "CANTON"

*CARTHAGE"

**CORFU”

'Leaves Lendon

Baird

25th May

2nd June

20th July

Dar Hongket

30th May

27th June

5th July

2nd August

Via Southampton, Port Said. Aden, Bombay, Colombo, Penang à Singapore

Leaves Hongkong Due London

3rd June

Homewarda "CORFU "CANTON" "CARTHAGE" 29th July *CORFU"

Jat July

20th August

sik il

1st August

30th August

17th September

Via Singapore, Padang, Colombo, Bombay, Aden, Port Said & Londan

"SUNDA"

. "SOUDAN"

FREIGHT SERVICE

loads 27/20th May for S'pore. P. Swetten- ham, Penang, Colombo, Aden. Port Said. Genoa, Marsellos, Kavre. Lon- don. Antwerp. Hotter- dor de Hamburg. dua 3rd June from UK & Straits loads 4th June for Mofl. Kobe, Yoko-

hamma

With Uberry to call at Belawan before or after Straita Ports and at Bombay if, inducement oRETS.

Tanks available, for carriage of Oil in Bulk Space for refrigerated carro. Limited Passenger sccommodation

BRITISH INDIA S.N. CO., LTD.

due 8th June - fram Japan

"FULTALA"

“SANTHIA"

mails 9th June for Singapore. Rangaan.

de Chittagong

וי

de Straits:

due 10th June from Calcutta. Rangoon

sails 11th June for Japan

P. & 0./B. 1, JOINT SERVICE

"OLINDA"

"OBNA"

dus 4th June from Karachi & Bombay

etc.

salls 5th June for Jäpan

+

due 14th June from Japan salis 15th June for Singapore, Colombo, Karachi, Basrah, Khot-

shahr & Kuwait - from Japan

"OEDIA"

dum 18th June saila lêth June

for Singapore. Madras, Colombo, Cochin, BoEKA bay & Karachi

EASTERN & AUSTRALIAN 5.S. CO., LTD.

"ARAFURA”

"ARAFURA”

due 25th May from Australia sails 26th biay for Japan

due 21st June ·from Japan salis zrd June for Sandakan, Brisbane,

Sydney & Melbourne

All vessels have liberty to call, at any poris on or off the route & the route & sailing 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

Service

Fast Regular Freight Refrigerator Passenger Loading for Singapore, Penang, Rangoon, Calentta and

"REGEVERETT"

"NOREVERENT"

"BRADEVERETT"

“LENEVEZETT"

Chittagong.

Arr. Jime

1

Salls Jure

-- June

--- June 28

-- July -

M

-- July

July

2

-- July Loading for Kobe, Ozka, Nagoya, Yokokama.

"NOREVERETT'

"BBADEVERETT*

"LENEVERETTE.

Art. May 30 Salls May 30

June 14

-- June 15 -June 2 - June 25

July 23

July 24 -LIMITED PASSENGEH "ACCOMMODATION.

"REBEVERETT“

All the above subject to alteration without notice.

EVERETT STAR

LINE

FAST BEGULAR_FREIGHT REFRIGERATOR SERVICE Loading for Singapore, Port Swettenham, Madras, Colombo, Baribay, Karachi & Persian Gulf Port

In Port Loading Arr. June 14-

July 2

"STAR" ALCYONE"

*STAR BETELGEUSE” “STAB ARCTURUE"

Sets May 24

June 14

Judy: 10

July 235

-- Aug.

-- July 24 -- Aug. 20 Loading for Kobe, Umka, Nagoya, Yokohamia,,

"STAR BETELGEUSE”

"STAR ARCTURUN” *THAI”

"STAR" ALCYONE-

Arr. June 9 Sath June g

June 24

-- July 20

July 25

- Aug. 20 am–Aug. 20 LIMETED PASSENGER ACCOMMODATION, All the above subject to alteration, without notice.

EVERETT STEAMSHIP CORPORATION SIA (Incorporated in the Reyabile of Panama with-Laufted Liability)-

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