1955-05-26 — Page 9

THE CHINA MAIL, THURSDAY, MAY 26, 1955.

Page

Repatriation Offered

To Indians

Suva, May 25.

The Fiji Government is

offering all Indians "entitled to repatriation" free air passages to Sydney and free sea passages from Sydney to Bombay.

This stems to be a belated attempt to curb the enormous growth of the Indian popula lion, now over 160,000, which is threatening to swamp the native Fijian population of 143,100.

is

The European population now 8,460 and part-European 7,748 in a total population of 333,389, which includes Chinese and other Pacile races,

The Indians have taken over the most hrative trades and professions from the Fijians, who are ton apathetic to resist, Indians are offering the highest prices for land in the colony and are building modern als and houses to let at high rents. STRANGLEHOLD

They have a stranglehold on local trade, including taxi ranks, garages, tailoring, cari souvenir shops, hairdressing, food, and Anancing.

believe the.

Mod Europeans Indians will infiltrate even fur- ther into education and arl- ministration, where already they have a strong footing because they ar

are industrious and weil edicated.

Europeans say it is 100 late to control the Indian flood by clamping down on immigration beetuse their birth rate is on- stripping all others.

TRADE

and

COMMERCE

SECTION

LONDON STOCK EXCHANGE US SURPLUS WHEAT

NEW YORK CRITICAL STAGE

STOCK

MARKET Decisive Days Expected

New York, May 25. Stocks moved decisively upward today for the first time this week, with leading issues picking up a point or more on increased turn-

over.

The rise today, coming after decline on Monday, and a vir- bal stand-still

yesterday. brought renewed interest in metal stocks particularly the aluminiums-steel and rails,

Volume totalled 2,100,000 shares compared with 1,650,000 yesterday

. Industrial stocks as a group averaged 1 point higher; rails 0.11 1.77 higher and utilities lower. or a total 1,184 issues traded, 657 were higher. 319 lower, 208 unchanged.

ALUMINIUM UT

Aluminium stocks scared â House committee on

A Kaiser

The Agures for 1954 were: Indian births. 6.921; deaths,small business investigateel, 1,378; marriages 1,476. Fijians: aluminium shortages. birth, 5,294: deaths, 1531; marri- ages, 1,002,

STRONG, INDICATIONS ·

There are strong indications that. "Little India" is organising for a bigger part in the com-

throu

island-wide munity" schools, through adult education and societies, and through youth clubs, the intest of which

by the local Indian

spessioner in

112

in opposition the British Council's strong all- thorough

Indian

youth

club.

An example

Indian

Aluminium and Chemical Corp. ofeial told investigators "record high aluminium consumption and hure Government stock- piling requirements have thrown supply and demans out of align-

ment.

To Follow

General Election

London, May 25.

The Stock Exchange here has now reached a critical stage.

ordinary shares rose to 194.6, which is within three points of the all-time high recorded on February 3 last.

On May 19 the Financial Times index for industrial

If the market succeeds in the last week of May in pas- sing this high point, investors who pay attention to the charts -and there are few who do not-will assume that the bull market is continuing,

World Cotton

Markets

Kaiser Aluminium climbed Cotler

and

But if the index now falls February peak and a failure to back, as it showed signs of do- do should deanitely be inter-

a bad sign. ing on May 20, the chartists preted as

showing will

long bull that the upward vigour is ex- the market, which started in 1942, hausted.

say

that

is at an end and period of Meanwhile. note should falling prices should be expect taken of the radical deteriora- d.

tion that has already taken market in

place in the position of British has been

Government securities. Con-

The strength of the the week to May 20

ja due to confidence

New York, May 25. futures today went

3

servative victory at the election on May 26.

general į

new

more than 3 points. Heyraids ran through a slow and uneventful up 5. Aluminium Company of session-the dfth in a row, America nearly 5

Lacking

incentives, Aluminium Ltd nearly 2 points.. traders navigated close to share There was demand for steels, with mest of the business of

Bethlehem, with

Youngstown local professional origin. Tube, Sheet and

Inland and Armco

up more than a point cách Union

The New York

Stock Ex bond change ad-$3.810,000.

organisation was the re-

cent Indian Teachers'

procession and demonstration,

with gaudy floats

from Indian

schools underlining · Indiari ministration.

Under the

new

repatriation scheme, Indians entitled to free passages home to Mother India are those who came to Fiji under the indentur system, all children of Indians who arrived in the colony before May 31, 1906, and Fiji-born children under 12 of Indians who arrived ofter May 31, 1906.

MAIN REASON

volume

The American Stock Exchange volume was 900.000 shares.,

Dow-Jones closing averages

were:

30 industrial

20 talks

15 titles

1 sincks

į

$21.77

137.61 83.79 137.72 in bords

59.17 Comm. future price index. 154.16

YESTERDAY'S PRICES

Akten ine. Acy.

Allad Chemicals"

Allied MIRs Inc.

the

Allis Chalmers

American Airline

a

American Metal

American Smelling

The main reason for Indians' success is their walling- ness to work long hours for small wage, shrewd investment, discreet organisation fer unity. establishment of many Indian- Sangage newspapers for

an

astute information service, cun- stant propaganda through films and radio, and well-organised social life.

But the

the Fijian, mainly with

concerned

a quiet existence, has few basic needs and cannot And the energy to stem the tide of Indian influence.

Meanwhile, the. Fiji Govern- ment watches closely, obviously aware of the trend. but appar- ently powerless to stop it.

-(London Express" Service)

Gospian Split Into Two

Paris, May 25, The Praesidium of the

Supreme Soviet of the So- viet Union today issued two

American Cyanamid Co.

American Tel & Tel

American Tob. "E"

Anaconda Copper

Armco Steel

Armour

Baldwin-Lisa-Ham

Baltimore & Ohio

Bendix Aviation Corp.

Benguet Cons....

Bethlehen Steel

Boeing Airplane Borden (The Co. Burroughs Canadian Pacific B. Case (J. 1.) Co. ... C.I.T. Financial Corp. Chase Nat & Man. Chile Copper.... Chrysler Motors Colgate-Palmolive Co. Commercial Credit Commonwealth c.

Consolidated Edison Continental Steel Curn Products ... Crane Co.

Crown Zellerbäch

After swaying over a range of 60 cents a bale the list closed up 3 to off & points. Opening prices were up 3 lo cft 3 points. New Orleans closed up 1 point

the

to' oft 1

Marketmen said they expected present slow pace to con- tinue pending a clearer show of the

and TLOW crop picture, Washington developments deal- ing with price support legisla ¡tion.

DECISIVE

The days following the general election are likely to be de- cisive.

If the expected Conservative victory is confirmed, the market

break through [ought

to

the

World Rubber

Routing domestic, mill and ex- porter buying absorbed light and statted hedge selling and liquidation. Part of. the ship per buying was presumed to be 119 against export sales to Yugo

slavia. Spot interest sold July locally

against purchases at New Orleans. Liverpooi brokers soli

months during the 1

ICW

48 foren

184

4112

74%

17

1294

703% Overnight, Agriculture Secre

tary Mi Benson announced the special eight- appointment of a man cotton export advisory 462% committee to explore means for 53% disposal of surplus cotton stocks. Trading volumes and. open interests in the Exchange today

volume Огнебо

Interest 26,16

£13,900 8,900 $33.100 R,600 2.200 3,300 3,600 53,200

were: Month

July

Markets

Singapore, May 25. The rubber market was steady with all sections of trade more active. There was better demand for lower grades from the United Kingdora and the Continent.

Future closings were;

rubber

German Steel

Output Up

Geneva, May 25, West Germany's steci output in the first three months of this year excred- ed Britain's for the first time since the war, United Nations Economic Commission for Europe reported today.

ing

the

It issued figures show- 'that although Bri- tain's steel output rose by ten

per cent in the first quarter of 1955. West Germany and five other Western nations increased their output by from 11 to 24 per cent-Reuter,

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Stocks May Be

Whittled

Down

Washington, May 25,

The United States record-breaking stock of surplus wheat may be whittled down slightly in the marketing year beginning July 1, the Agriculture Department said today.

The Department said in a wheat situation report that 1955

MARKET

production may total 840,000,000 LONDON STOCK bushels If yields are close to average. This would be 14' per cent below 185+ and 27 per cent below average. largely because of planting cutbacks forced under Government acreage controls. Acreage this year is estimated at 57,400 000 compared with 62,000,000 a year ago.

Added to the prospective year 1953 crop will be a surplus carry-over from earlier crops of about 1,000,000,000 bushels,

BUILD-UP

London, May 25., Stocks cpatioued the London Stock Exchange lo- strong on day

on pre-election demand, much of it speculative upward, there was some prudent While the trend generally was profit-taking by holders anxious to realise gains before the real selling expected after election results are out.

In Industrials, Turner and Newall held a rise of 3 shillings

The surplus build-up during the current stocky marketing n

and Imperial Chemicals, Ford season, however, is the smallest and Unilever managed 1 shilling since huge unused stocks began piling up in 1952, If 1955 pro duction is held to 840.000.000 bushels, the wheat

rises but most were up lesser. amourts.

British Government issues trade may moved up on optimistic buying Business done on the Hong-have to dig into the surplus reflecting hopes that the Con- servatives will win the election Stock kong

Exchange this

and subsequently make money a morning amounted to $620,591,45,

Gains of Neon quotations and the morn- ing's transactions:

during the 1955-56 season.

marketing

easier

little The Agriculture Department's were common.

Oils met substantial profit- report said domestic and export demand for wheat during the taking, British Petroleum closed

uncharged 1955-56 season "may be slightly

while above" the, 875,000,000 bushelsRoyal Dutch held a

Q shilling £ rise, estimated for this year.

be

SHARES BUYERS SELLERS SALES BANKS

HK Bank East Asia

1-663,1673

-

INSURANCES

214

Union X All 929 ja

45414

Underwriters

XD

9.60

13 - 71

not order

12.50 13.30

7.30 1000 6

7.33

1500

2003

17.50

At present the industrial or- dinary share index 'for Govern- ment securities is five points lower at 95:7.

This

deterioration is, of course, the direct result of the dearer money policy and the rise in the bank rate to 4 per cent at the end of February,

The interesting point is that dearer money does not at the moment seem to be having any effect on industrial ordinary

IMPACT

The immediate impact was to knock them down from the high of 197 on February 3 to a low of 175 on March 15,

Since then

DOCKS, ETC.

K Whart Deck

- 234 23.30

Provident

foldi

Wheelock

LAND, ETC. HK Hotel HK Land

Humphreys

Ris. UTILITIES

57 0 700 80% 700 MP 5315

Tram....... 21.90 22.10

3494

0.05

Slar Ferry 138 141 850 v 143 Yma Ferry 118 15 20 C. Light (0) 19.55

1300 10,60

2000 18.50 500 19.00

C. Light (h) 15.30 13.40 500 15.40 2000 a 16.50

Electric 3014 3315 1500 ar 391

Telephone

most of the loss NDUSTRIALS

has been regained.

500 39.50 100303

33 334

Cement .... 29.40 13,00 3,500 4 29.00 Hope

1612 STORES, ETC.

20.60 20.80 4.30.20 Dairy Watson

13.40 Crawford 250

Cous

Y'antize Allled

The conclusion is, and it is confirmed by the figures for clearing bank advances, that British monetary policy is still MISCELLA only technical in its effects,

Money

particularly rates, short term money roles. have No. rubber per ib. June 9012-2014 moved sharply higher, but in- Nia. 3 rubber per 10. June

is dustry still getting as much : No. 4 rubber per lb. June

credli as it wants by way of Spot rubber unooled

bank advances. Blanket crepe No. 1 pale crepe

June J.Jy August

·Tb.

91-9114 51-9112 unquoted

283-89 85%-80% 934-931% 82-83 9814-90%%

NEW YORK

Possibly this is the result of deliberate

policy.

4.35 4.45 4.80 4.89

NY Cotton

Exchange Amendment

The Chancellor of the Exche- Futures today closed 25 to 45quer Mr R.A. Butler, is strong- ex - points higher with sales of 97ly in favour of industrial

and he pansion

may have contracts.

thought that measures designed

New York, May 25. 521300 Higher London - Singapore to cut out speculation and the

accumulation of stocks and to Members of the New York cables promoted a Ettle more reduce British short-term lend-Cotton Exchange will dealer buying in both the futures ing abroad would suffice to Thursday, May 26, on proposed 201,100 and spot markets.

rectify the balance of payments amendments 10 change the

in-

basis of the cotton futures con- tract.

221,700 233,200 155,800

In view of the relatively higher without clamping down on Jevel for stupment offerings,dustry. today buyers said the local basis looked STERNER MEASURES

more attractive.

Ortber December Mareli

May

July

Tuli (hales)

NEW YORK

Prices of futures closed as follows:

Spot

21 M

July

34.85m 34.10-11

1932%

Oct.

34.21

Dee

El Paso National Can

471% Mar

34.10

July

General Electric

51%

May

General Foods

July

September December

General Motor

957%

March

Gillette Safety Razor

May

July

Goodrich (B. F.) Co.

Amer. Sugar

Curtis Wright

Dupont de Nemours

Eastman Kodak

Gildden Co.

Goodyear Tire

Hostake, Mining Cs, Inland Steel Cal

International Paper

decrees officially splitting It Business Machines into two parts the state in Tel & Tu economic planning commis-Kennecott Copper

(Gospian), Moscow Liggett Meyers Tab. Co.

sion

Radio said.

The Commission was divided into two parts "in order to in- prove the work of Soviet na- tional economic planning," the Praesidium decrees add. Premier Nikolai Bulgmin last week told conference of industrial

*

workers that the Gospian would. be split.

One of the two new, commis- sions will retain the name of Gespian and will devete its work to long-term economic planning, while

will handle the second short-term planning and will be called the "State

Economic Commission

Mr Nicolas Faibakov, Minister of the Oli Industry, was named by the decrees President of the Gospian, vhlle Mr Maxime Sabourov, first Vice-Premier and former President of the Gosplan, was named President or the State Economic Commis- sion.

Mr Michel Evscenuo, Minister

of Oil Industries Construction,

was named Minister of the Off

John-Manville Co.

Lockheed Alrorati

NEW ORLEANS

Prices of futures closed today.

LIVERPOOL

as follows:

Spot

July

Oct

Dec,

Mar

109

July

45

Loews Incuro...... Lone Star Cement Co.

2112

Loutsville & Nashvile R.

93

Minnescia Manding

95年

Morr.gomery Ward

702

as follows:

201

May/June

60%

July/Aug

64%

Oct/Nov.

Dec/Jan. Mar/Apr.

KARACHI

National Cash Reg. "A Nation Distillers National Lead National Steel Corn.

New York Central Os Elevators Preiße Gas & Elec. Pacific Western Oll Pan American Airways Paramount, Pictures

Parke Davis Co.

Penny J. C. Co.

Philips Petroleum

Procter & Gamble Co.

Pittsburgh Plate Class Radio, Corporation Reo Motors ... Republic Steel Shell Out Co.

Sinclair Oli Socoby Vacuum

Bouthern Hallway (Cam.)

Standard Brands Standard Oil of Cal. Standard Oil of Ind. Standard Oil of N.J. Stockley-Van Camp. Studebaker-Packard Corp. Swift & Co.

Texas Co.

Union Carbide Union Pacific Railway Ürilted. Gas, Imp

Industry, while Alexis ForU.S. Qypsum

chunov, was named Minister of

Oll Industries Construction.

It was the first time that the name of Mr Korchundo has ap÷ peared, and thé détrée dla not mention what post he had held previously-France-Presse.

V. S. Line Co U.8; Rubber

U.S."Smelting V.B. Steel

季

34.00 24.06

to

Spot No. 1 Rss were quoted If so, the result remains at 31 cents a pound, Futures; be seen.

It is, at least possible that

LONDON

31.70

3130 sterner measures will be needed 31.20 and that the pace of the in- 30.80 dustrial advance will have to be 30.45 checked before the balance Ol

payments can be righted.

30.15

1

The market was steady. No. 34.21-24 spot Rss were quoted at 274

pence per lb. Prices:

31.25

Future closings, American middling, in' pence per lb. were

No. 1 spot P38

-

**24-24

Settlement house term:

July

ALUS Берь July/Sept. Def./Dec. Jan./Mar.

2714-27% 27-271

Apr./June

32.23

General markets, elf basis, port

31.45

June

30.27

July

· 30.27

Aug.

30.17

Estate crepe Ünick

-281 oted

thin

AMSTERDAM

The market was steady. Prices the closed today in guilders per

The raw cotton market de- clined

that reports Japanese Government

or

In which case, the present un certain condition of the stock and market would be justified

the outlook would continue ob- scure even after a Conservative victory had been achieved.-- Chira Mail Special.

J|

New York Sugar Market

New York, May 25. World No. 4 sugar futures closed unchanged to 1 point

virtually Burnsh Oll

lost

however.

Coppers were lower

Prospects for any quick, deep but Kamr closed a bit higher early cut in the surplus seemed dim. 19 bear-covering after Under the Federal Farm Law, declines on the South African the Agriculture Department may political crisis.

cut wheat planting below $5,000,000 acres.

Most of

the wheat surplus this year and next will be in

the hands of the Commodity

Japanese bonds

and Press.

Germans

were strong Arm. United

Exchange Rates

uneefal

was done in the local. exchange market this

Credit

Corporation, the Agricul- Business ture Department's price support agency. Department is offering at the following rates

U.S. dollar (per #1) ing price support for the 1955 Stering notes (per 2:1

The

crop at average of $2.06 a bushel compared with $2.24 for the 1954 crop.--United Press.

EVERETT

Indonesian rupiah (per 160)

Sam ticals (per 100) Singapore (Siraita)

Indo-China, plastres (per 100)

LINES

EVERETT ORIENT LINE

Fast Regular Freight Refrigerator Passenger Service

Loading for Bincaporo, Penang, Rangoon, Calestia and

"REBEVERETT "NOREVERETT

"BRADEVERETT"

"LEN EVERETT**

Chittagong.

Arr. Jume

2

Sail June

- Je

m- Jime” 29

1:4

24

July 31 -- July July

23 Junky

Loading for Kodė, Osaka, Nagoya, Yokohama.

"NOREVERETT""

Arr. May 31 Salls June 1 June, 13 -June 14.

"BRADEVERETT"

vale

"LENEYELETT"

"REDEVERETT ”

One of the principal revisions would change the contract base to midding oné-inch cotton from the present middling 15/16 inch basis.

contract If approved,

re- visions would become effective with the October, 1958, de- livery.-United Press,

London Foreign

Exchange

New York' Montreal Amsterdam Brussels Lisbon Paris Stockholm West Mark Zurich

London, May 25,

2.7014-2.70-5/18 2.7436-2.73 10.62

-10.621/ 13050-£39.92!

80,50-80.00

978-979%

14.404-14.40

· 11.74-4-11.74Y, 12.23%-12.23Ý

Gihers were unchanged.

United Press.

lower to i point higher with New York Foreign

sales of 53 contracts.

Domestic No. 6. sugar futures closed 1 point lower to 1 point

of 81 con-

higher with sales has kilogram, CIF June as follows:

| suspended exchange allocations

| for imports of foreign cottons. No. 1 rubber 18This actor, however, was offset No. 2 rubber 132 by China's buying last week. No. 3.rubber

Trading in new crop January No. 1 repe

50%

contract

commenced today. 00% Prices closed ja rupees per

maund as follows

73% 4-1 Sind roller-ghined 432283-F Sind, roller-enned

w-gined

|200-Punjab, roller-gamed

saw-glated

2.67 buyers

2.65 buyers

2.62 buyers

2.80 gald

United Press.

LONDON METAL

tracts.

Both markets ruled

Exchange

New York. May 25,

31.01-23/22

2-20-11/22

30-day 90-day

New Zealand

futures

quiet Canada and mixed as traders awalted Egiand-ometal raw market" developments.

Domestic raws

appeared Australis Armer in 'tone following "a South Africa noticeable seasonal pick-up in Belgium

Inchio the demand for refined sugar,

Pakistan Futures: Contract No. 4 (world)

69.3

73-11 69:3 ZEU

PRICES

25012

SAO PAULO Futures closings, in cruzeiros per kilo were as follows:

July 223% Oct.

4819

50%

Dec. Mar

1234 May

31003-th

Copper, spot 3-month

London May 25. The fin market was steady March while lead was quiet Prices May closed today in sterling per long July Sept ton as follows: 30.00 122.44 Tin apot

34.40

July Sept

buyers 715

718

Spok--( cents per ib. sellers

7154 Contract No, 8

Judy

313

Sept

Nor

2014

103 March

May

4524

-Uniter Press:

Warner Bros. Westinghouse Electrie

Wert: Ya. Pulp & Paper Woolworth

The spot price in the US wás | Lead 2nd ALDY 103! unvailable,

Sales at nine dec. 2nd half. May

2nd, hål Bgnated markets totalled 8,489

2nd half AuZ. bales.United Press;

904 Spor (cents per ib. cif try

-United ProES -

ex-duty

3020

Unted Press.

NEW YORK METAL FUTURES

-- June 25 -- June 2 -- July 24 - Jul 23 LIMITED PASSENGER ACCOMMODATION.

All the above subject to alteration without notice.

EVERETT

STAR LINE

FAST REGULAR FREIGHT REFRIGERATOR SERVICE Loading for Singapore, Port Eweltenham, Madras, Colomba, Bombay, Karachi & Persian Gulź Port, "STAR ALCYONE

Arr. June 14 July 13 July 31-Aug-

*LAO

"STAR BETELGEUSE” "STAR ABETUKUS” « "THAI"

Solia June 15

14

Aug. 22 - Aug. 23 -- Sept. 2

Sept. 3

Loading for Kobe, Omka, Nagoya, Yokobama.

"STAR BETELGEUSE”

"STAR ARCTURUS"

Air. June 12.

Sulla June 13

-- July

2

~ July

26

"STAR ALCYONE"

-July 3

-- July 27

Aug. -- Aug. 29

Aug. " 6 Aug. 23 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.

MESSAGERIES MARITIMES

P.O. Box 53 · Queen's Building... Tel: 226451|

FAST: PASSENGER/FREIGHT SERVICE

New York, May 25. Prices of metal futures closed "LAOS" forny in cents per lb. as follows: "VIETNAM"

Lead

5.50

5.550

ited Press.

ہے ۔

May

14.30b

-sailing June 20th® salling July 17th

15:200

BENJAM

Jime

90.00%

FAST FREICHT SERVICE

11.220

June Copper May

11.230

50,000

*June

38.250

"BIR HAKEIM” "MEKONG"

United Press.

sailing June 29th sailing July St