1955-05-31 — Page 9

THE CHINA MAIL, TUESDAY, MAY 31, 1955.

TRADE and COMMERCE SECTION

AMERICAN ECONOMY East-West Trade Hit

Interest Concentrated

In Key Industries

By John Morka

New York, May 30. Major interest of American businessmen in Wall Street last week concentrated in key industries-oil, steel, and autos.

A showdown in the weeks-long labour talks involving the United States Workers Union and two of America's giants, Ford Motor Co. and General Motors, appears to be not far off.

Russo-Afghan

· Trade Agreement

Karachi, May 30.

A three-man Afghanistan de- legation will fly from Moscow to Kabul on Saturday to complete Russo-Afghan trade agree ment negotiated in Kabul week, according to a spokesmaḥ for the Afghan Embassy here.

ກ

this

Some 500,000 workers are re-official, a strike could be called presented in the negotiations. in the event of an impasse in The Ford contract expires co the negotiations, June that of General Motors

on June 2.

Over 1,200 steel executives at the New York meeting were

So far the talks have been virtually unanimous in predict- scuret. Both sides arc reing that 1955 would be one of luctant to talk about the pro- the two. best years in the in- gress of the negotiations. Prindustry's history. cipal stumbling block in the falks has been the demand by the labour Union for guaranteed annual wage, While the principle is not new in American labour - management relationships, it represents

in

Most companies reported they

receiving cricts were still

The in- excess of shipments.

let-up in dustry expects some

later lovels

this production

generally expects summer, but

new approach in the auto industoperate around the current record pace at least through the second quarter.

try.

to

Ey

Motors had not made counter proposal of "major im- Portance" to the Union's leaders, Ford meanwhile,

was expected to make some new proposal, ac-

Union officials were reported

predictions of Amidst that General have sald

rise this possible price

year The spokesman said tonight

there are big expansion plans week-long negotiations between Russian

for the industry. The Bethlehem Afghan officials and

Corporation -and the Steer representatives in Kabul ended

Sheet Youngstown

and Tube with

preliminary 3gyez- ment The

three-man delega-cording to reports, although Company i

Ford officials declined to conarm for amalgamation are approved tion, headed by the President of the Afghan National Bank, Mr that it contemplated any counter by the Government-outlined an Babib Ullah, hopes to include a offer. The Wall Street Journal expansion programme calling for one reported that Ford is now cona 12. per cent bousting of pro- final agreement week.

sidering a new proposal which duction capacity of their pre-

within

NO DETAILS

picson plans

1 said would be disclosed today.sent combined potentiality.

DAY-TO-DAY BASIS

Iron Age Magazine, taking note of the peak'sleci output of

No detalls of the agreement

There were some indications, about 96 per cent capacity, said were available here, but it was however, that

the Ford talks .understood to be in keeping

steel producers have pushed desire for could be continued on a day-to-production facilities about, and with the Afghan

day basis even after next Tues-

that steel production will back day, when the present labour a

⚫ alternate trade sources as a

result of the closing the his pact expirss, Preliminary strikes off from current near-capacity.

torie

trade route "through the Khyber Pass into the land+

• locked monarchy.

Afghanistan charged this week that Pakistan has blockaded the border to trade traffe. Pakistan denied it. Eut diplomatic and

ade

SOURCES here and at frontier" border. posts confirmed that movement of Afghan goods had come to a standstill as result of closure of Afghan trade cifices in Pakistan in mid-day. This seemed to have proved to be as effective 33 an outright blockade.- United Press.

Tokyo Stock Market

then have been already token; anytime after midnight Tuesday, according to one union

US-Australia

Locomotive

Agreement

New York, May, 29. Alco Products Inc. announced today it has entered inte an agreement for

the manu- facture of its

owever, the magacine said.

US MARKETS

CLOSED

New York, May 30. Principal financial and commodity markets arc closed today in observaANCE of Memorial Day through- pat the United States.--- United Press.

HONGKONG

STOCK EXCHANGE

SHARES BUYERS SELLERS SALES BANKS

HK Bank East Asli

Post War High

וי

Geneva, May 30.

The United Nations Economic Commission for Europe reported today East-West trade last year hit a postwar high and signs pointed to "a further appreciable increase” for 1955.

The UN economisis said: "East-West trade in Europe last year set a new postwar record, Exports from Western European countries to Eastern European countries reached a total value of 974 mailon dollars (fcb) in 1954, an increase of 23 per cent compared to 1953,

:

"Eastern European exports to Western countries last телг totalled 1,034 million dollars (elf). a 14 per cent increase,

FURTHER INCREASE

Preliminary information sug- gests a further increase in East- West trade in 1955,"

ever,

how

BAN ON

FOREIGN

VESSELS

Montreal, May 29. The Seafarers' International Union of North America today called for a ban on foreign ships in Canada's Great Laker and coastal trade.

A resolution presented to the urged that British vessels be re Union's convention here also classified so that they could not

act as Canadian

arships.

(From Our Correspondent)

"British imper's from Easter Business done on the Hong- European countries are, as usual kong Stock Exchange this morn- | difficult to foresee, since they ing amounted to $938,844.70. depend OTI the competitive

Th resolution said in part: Noon quotations and the morn- marketing of certai stapio

In order to seek legislation ing's transactions:

goods such as grain and, timber.

which would ban foreign-flag "British exports, can,

competition on the Great Lakes, be expected to increase on

the Candian intra-coastal 35 1673 further," the UN economists said trade and on the US-Canadian

and added “so far as the Eastern Lake port

trade-to help of British European countries are cocetrn- change the status ed,

increase vessels the prospective

so that they will be its British vessels stems to be mere evenly spread classed

instead of Canadian vessels. among them.-United Press.

and to enact legislation that would provide oll employed

INSURANCES

1670 1680 -216.

Union X ALIMIS Lombard XD 4811⁄2 Underwriters

DOCKS. ETC.

Wharf

Dock Provident

(Old) Wheelock

LAND, ETC.

HK Hotel

13

74. 7.20 1000

HK Land

Humphreys

闆

100 4 08

7005

16,70

MLS.

0.03

37 8,09

UTILITIES

Trat Star Y'mati

22.10 32.30

140

500 (.22.30

236 300

Light 101 20.30

117

150 ( 118 500

on the Canadian

1

ships

by

Foreign Aid intra-coastal trade be built

Amendment

Sen.

Washington, May 30. Homer Capehart an- nounced today that he will offer an amendment to the pending foreign aid bill to encourage ex- ports of mineral. forestry and

F.

farm promendment

would

authorise a Government guaran-

IN 18.30 16.40 500 G

1000 as 16.20 Electric .....

30%

810045 Telephone 337 33%

STORES, ETC.

Dairy

500 3334 200 to 33

1500 335

3000 29.70

21.10 35.40 3357 21.30 500 (21.30 2000 21 20

it, added, "there will INDUSTRIALS ----- --- be not much if any let-up in

Cement..... 29.70 order volume, which is currently running ahead of capacity" with the result that order backlogs "will continue to mount and broken delivery promises will continue to plague both producer and consumer." A major feature in the tight steel picture as been a tremendous demand from booming Europe,

diesel-elecite vi

GOOD

of the

Waison

13.20 13.10 I. Crawford 20.70-

COTTOMS Nanyang MISCELLANEOUS

Yangtze Allled

2000

7.0

6.35

-1000 2 0.40 4.90 2000 66 4.05

Singapore

Stock Market

5

PACE

Meanwhile, business activity continued at a good generally pace, although there were in- dications that the rate of ac- celeration in the business tempo to be slackening, In four months from locomotives, designed specially October, 1954 to January, 1955 for service overseas for the the Federal Reserve index

Singapore, May 31. South Australiari railways, industrial production rose

Brokers today quoted the fol- and which will be the first units two full points. In

February,lowing stock prices: but under the agreement. the index gained by only one Tokyo, May 29.

point. Another two-point rise Batu Lintang Rubber Co. Ltd.. 31.42 Trading on the Tokyo

Diesel engine for the unit

but Arish was indicated in March,

Borro Petrolour! at Alco's *Stock

plant

30% 6d Exchange declined will be built

April showed only a one-point here while the Australion

Consolidated * Smelters last week with at least five

advance.

308 6d Arm will make most of the

$1.75 issues dropping to

Fraser & Weave Ltd Ord. 1955 other components, according to

Hongkong & Shanghai Bank-

74% con pref. $3.55 he ancuncement.

$380 Hongkong Tin Ltd.

$147 Kempay Ltd.

Low.

This slowing down, according to one observer, was too incon-

clusive.

Political uncertainty and Diet i Alco, formerly American The Guaranty Trust Company, discussions on an interim bud- Locomotive. Co., now has 20 in comment on this aspect, said "get were blamed for the op- diesels in service in Australia,the first real test of the firm-

Fressed market condition,

it was pointed out, Unitedness of the present business Press. Tokyo Marine and Fire In- .surance, Mitsul Real Estate and the Bank also marked record low's.

Leading security firms also were inactive but purchases were seen in Yawala and 'Fusl Steel and Osaka Shosen Kaisha. The beer group also dropped to low levels in the face of threatened summer strikes, low sales and dividend cuts.

NIPPON. DOWN

.

Nippon declined to a new low

of 140 yen and Kirin beer to 189 Yen.

Pakistan

Cotton

Export

level is approaching."

a Speculation was

of

ing Corp.___....

Opening

$1.95

$3.50

His

Canadians, served by Canadläns. and smiled by Canadians."- United Press.

US-Italy

Trade Deal

Rome, May 30.

The United States will send

ice that foreign currencies re-Italy 50 million dollars' worth ceived for those products could of farm produce under an agree. be converted into dollars.

ment signed here.

The com- will include about tons of wheat

for

of

The Administration bill con-modities

to permit use 200,00 tains a provision to

to $200,000,000 to guarantee spaghetti, about 40,000 tons convertibility of foreign cur- cotton, and ac

and a quantity of tobacco

to

for the manufacture of cigarettes by the Italiars state-owned To- bacco Company.

received for capital in- unt abroad while adding by mineral, forestry and farm pro-

of the tunds provided Part ducts

this provision, Mr Capehart proposed that the under the agreement will be amount available for guarantees used in Italy to purchase goods be raised to $300,000,000 and services within the Ameri- United Press.

US Private And Public Debt

can Economic Aid Programme to other friendly countries. An- other part will be invested in the Italian

Government economic development pro

particularly in gramme,

the depressed area of south Italy.

Meanwhile, Italian Govern- ment quarters state that other agreement providing for extraordinary American econo

an-

Washington, May 30. The net private and public debt in the United States rose by 3% per cent last veur to amic aid worth about 20 million

total of $606,000,000,000, Commerce,

ported today.

Department

the

dollars will be completed In addition, Italy ex- re shortly.

pects to receive

a 70 million the World from dollar, loan from

Bonk in the near future, the the five per cent debt rise resources add. Chine Mall ported in 1953.

This was a reduction

The Government report said three-fifths of the total debt

wis

in

corporate liabilities,

Special.

home mortgages and Other WINNIPEG GRAIN

private obligations, Nearly two-

Afths of the

total was

making up the difference,

Lunas Rubber Estates Ltd. Malayan Breweries

New Serandah Rubber Co.

PRICES

Ltd.

$1.32

federal debt, with State and

ripe' on the

Petaling in Ltd. Raffles Rictel

$4,10

local government obligations

$2,40

Singapore Cold Storage

$1.75

South British Insurance Co.

Lad. Straits Tracuse Straits Steanthi United Engineers Ord, Wearne Bros.

Last year's expansion.

Winnipeg. May 30. Prices of grain futures closed in today in Canadian cents per

in long-letin

$13.75

$11.00 $2,10

and State and

-China Mall Special.

ments,

parted.

а strike. Stee! ex:cutives covened at the annual meeting of the American Iron and Steel Institute in New York indicated

without they were information on the progress of, the negotiations. However, one observer, Eugene Grace. his earlier predicti that no strike would take place this year. Mr Eugene Grace is one of the high officials of Bethlehem.

ELSEWHERE

$26.00

debt was concentrated chiefly bushel as follows:

by ats borrowing home purchasers, corporations, Jury

May local govern Oct.

Dec.

the Department" re. Rye debt, it may The Federal said; increased $2,000,000,000 to July a net total of $230,000,000,000. Dec.

World Cotton-United Press,

Production

TEA PRICES

REDUCED

Washington, May 30, Bethlehem is a large supplier Pakistan cotton exports of Ford Motors Co.

Washington, May 29. during the Arst seven months

The Agriculture Department The Dow-Jones average

of the (August to February on Monday

boosted Its estimate of world dropped steadily

1954-55 marketing year have through Thursday to 347.57 yer amounted, to only 236,200 bales

The oil industry, is under an cotton production in 1954-55, (500 Tbs gross), or less than expansion programme and look-placing the total at 30,800,000

world bares of 500 pounds each.

Auckland, May 30. quantity exported ing forward for better

The Standard

Leading ten merchants de- The new estimate is 600,000

elded at an emergency meeting Company of New Jersey, world's bales higher than the Depart-

today to reduce prices by one largest, is now having more than ment's

Sgure announced in

with shilling, to eight shillings, a 5 per cent in production, re-|January. It compares portedly will get nine per cent 38,000,000. bales,

final pound, on Tuesday. more consumption demand from estimate for the world's 1953-54 foreign countries,

a sag 3.46 yen! It recovered by (50 Foint 12 yen on Friday and by half of the Saturday was up to 348.58 but during the corresponding months demand. was still 2.03 yen below the

of 1953-54, according to an previous week,

Agriculture Department report, Kanegafucki Spinning sold in United Press, volume during the week for fear of a dividend cut. The Company announced a 20

per cent dividendi but it was not received too well because the dividend was made possible only by the return of corporate taxes.

Dal Nippon Spinning a nounced an 18 per cent dividend but that was drawn from the dividend reserve benic-United Press,

Washington, May 30, The outlock for the 1955 grain according to an Agriculture Department report..

output in Japan is promising,

Philippine Peanut

Production

Washington, May 30. Philippine production

crop.

the

the

A representative of a rival firm mid the others had to act

in self-defence. He added that Crude oil production in

The Agriculture Departmental would lose money because US was expected to increase

1955 report said that the upward none had yet received from per cent in about 412

high Ceylon since the recent price due to WAS foreign production between 10 revision

the northern slump--United Press. production in 10. 11 per cent,

hemisphere output.

The Company expects to have

Oct.

Barley

May

July

0514

101

Dec

3634

Flaxseed May July

348 34374-344

303-1

Wheat No. 3, Northern was quoted at 171 cents; No. 5 was at 149 cents per bushel-United Pregs.

Exchange Rates

Page

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL S.N, CO.

PASSENGER/FREIGHT SERVICE

Ontwards

**CORFU“

"CANTON" "CARTHAGE"

"CORFU“

Leaves London

Salted

2nd Jung

20th July

Dur Hongrong to Port

2th Jimbo

23 July

22nd August

Via Southampton, Port Said, Aden, Bombay, Colomba, Penang & Kingapore

Homewards.

"CORFU"

"CANTON"

Leaves Hanging Due London

3rd June

3th July

1st July

1st August

29th Aist

"CARTHAGE". 2 July

"CORFU"

·2011 Augus

27th September

Via, Altgapore, Penang, Colomde, Bombay, Aden, Port Sald & London

"SOUDAN"

"SUNDA"

FREIGHT SERVICE

due 3th June from UK & Straita loads 6th June for Moji, Kobe, Yoko-

hama

leads 27/28th June for · S'pore. P. Swetten- hart, Pinang. Colombo, Aden, Port Said, Genoa, Marseilles, Have. Lon- don, -Antwerp, Rotter- 'dam & Hamburg

With liberty to call at Belawan before or after Straits-

„Ports and at Bombay if inducement afers

Tanks available for carriage of Oil in Bulk, Space for refrigerated cargo. Limlied Passenger accommodation

"FULTALA"

"SANTHIA"

BRITISH INDIA S.N. CO., LTD.

due 8th June from Japan sali 8th June for Singapore, Rangoon

& Chittagong due 10th June from Calcutta, Rangoon

& Straits sails 11th June for Japan

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

etc.

dur oth June from Karichi & Bombay

sail 7th June for Japan

qué 123h June from Japan

12

palla 13th June for Singapore, Karachi,

Basrah, Khorramastatur & Kuwait

due 18th June from Japan salis 19th June for Singapore. Madras,

Cochin, Bombay Karachi

"OLINDA"

"ORNA"

"ORDIA"

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

"ARAFURA” das 21st June · from Japan

salls 23rd June for Sandakan, Brisbane.

Sydney & Melbourne

ต

All vessels have liberty to call at any ports on or off the route & the rents & 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

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

“REDEVERETT

"NOREVERETT"

"EBADEVERETT**

Chittagong.

Arr. Juno

4

Salls June 3

12

"LENEVERETT"

- June 27

11 July

www.m Justy 23

-- June 20 -July --- July 24

Loading for Kobo, Deska, Nagoya, Yokohama.

“NOBEVERETT”

“ERADEVERETT” (

"LENEVERETT"

"REDEVERETT

In Port Leading. Bails June

Arr. June

~~ June 20

--June 19

June

July 24 - July

LIMITED PASSENGER ACCOMMODATION,

All the above subject to alteration without notice.

14

STAR LINE

EVERETT STAR

FAST REGULAR FREIGHT REFRIGERATOR SERVICE

Loading for Singapore, Port Swettenham, Madras, Colombo, Bombay, Karachi & Persian Gulf Port →STAR ALCYONE!

Arr. June 16 July '13

Sails June 15:

Jolly 14

July 31 - Ami

Aug.

- Sept. 2

Sept 3,

--- Auz...

Loading for Kode, Osaka, Nagoya, Yokohama.

A. June 12 Sale June 13

Business was done in the local momBelal exchange market thu morning at the following rates!-m U.S. dollar per $1) Sterling notes per £3)

"BTÁR BETELGEUSE" *STAR ARCTURUS” "THA!".

5.8% 15.74

Indonesian rupiah (per 100) Siam tesla (per 100) Singapore (Straits)

12.30

24.50

1.2

"STAR BETELGEUSE"

Indo-China plastres, (per 100)

6.00

*STAR ARCTURUS"

*THAI"

*STAR ALCYONE

MESSAGERIES MARITIMES

It said that United States pro- a "good earnings year," although duction was 2,800,000 baies less sales and earrings rate for the

In 1953 & 17 per cent than balance of 1955 has not yet been decline attributable to Govern and known. export of peanuts are expected The Industry generally in ment acreage restrictions, In the to increase somewhat in fiscal ticipated a 5 per

cent rise in free world as a whole, output 1954-55, according to 40 earnings this year, although reached a record 15,100,000 Agriculture Department report. some companies are expected bales in 1954-55, a 10 per at

show wide variations increase over the preceding year The 1954-58 crop is forecast earnings comparisons with 1954 In Communist countries, the re

toms shelled

Ever in the event of some busi-port said, production was up by. nesa stackening, oil experts here about 250,000 baler, a 590,000- average oil business will be more than offsetting a 250,000 "BIR HAKTIM” seriously affected. United bale decline in Communist China “MEKONG" Press.

-United Press,

13,600

•short.

The Department said a total basis from 70,175 acres, com-

grain outturn approximating the paired with the preliminary do not anticipate that in the bale increase in the Soviet Union

rear-record: harvest indicated. If official, estimated in 1953-54 of

· WEATHER" "conditions (continue 13,500 tons from 69,880 acres. favourable-United Fress,

United Press

LAOS"

PO Box 53. Queen's Building - Tel: 28651

FAST PASSENGER/FREIGHT SERVICE --

sailing June 20th sailing July 17th

FAST FREIGHT SERVICE

“VIETNAME

July-2

-- July 20

Aug, S

Aug. 25*

July

July 27

sailing June 29th sailing July 9th

LIMITED PASSENGER ACCOMMODATION,

All the above subject to iteration without notice.

EVERETT STEAMSHIP CORPORATION SĨA (Incorporated in the Republic of Panama

with Limited Liability)__/___ Chinese Department: Telephone 28293. Queen's Building, ephone 31206.