1955-06-07 — Page 9

TRADE and

THE CHINA MAIL, TUESDAY, JUNE 7, 1955.

COMMERCE

US LABOUR UNREST

Economy Could Be Thrown Off Balance

NEW YORK Economy

STOCK

MARKET

New York, June 6. Under the impetus of the settlement of the Ford wage negotiations, indus- trial shares set an all-time: average high today.

Gains in the industrial stocks ranged to more than 2 points with a number of issues much wider gains,

Railroad shares, however, į failed to join in the rise, This gruup was depressed satnewhat because of the negotiations with the Interstate Commerce Com- mission over freight rates,

By JOHN MORKA

New York, June 6.

A bullish US continued to roll up new production records last week against a backdrop of mounting labour unrest and possible strikes which could easily throw the economy off-balance.

SECTION

OIL CONGRESS

Rame. Jane 6

The fourth world petro- leum congress was formally opened here today when a record wumber of more than 3.000 of

experts from £5 countries Including.. Japan, India and Russia- gathered to hear the latest news about oll-Reuter.

Strike Hits Iron & Steel

Industry

London, June 6.

The extended rail strike has reduced drastically the volume of trading in iron and steel.

In some cases, notably the northeast coast, the impact of the strike has been less severe than

Home building, instalment buying, retail sales, steel output-major bulwarks of the economy-are now at or near all-time peaks. Indications continue to grow that 1955 might the mobilisation of large Acets well turn out to be the best in US history.

گناه

course.

originally anticipated. By

of lorries supplies of coal, limestone and scrap have been assembled to keep most of the furnaces and mills working normally.

Some planss have even been able to maintain full production.

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Business done, on the Hong- kong Stock Exchange this morn- ing amounted to $1,208,811.50, Noon quotations and the morn- ing's transactions:

SHARKS BUYERS SELLERS SALKS

BANKS_

101008

Page

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL S.N, CO.

PASSENGER/FREIGHT SERVICE

Outwarda "CANTON"

Leaves London Salled

"CARTHAGE" 22nd June

"CORFU“

"CANTON"

30th July

17th August

One Hangkang

27th June

JBL

July

nd Angust

19th September

Via Southampton, Port Said, Aden, Bombny, Colombo, Penang & Singapórs

Homewards ·

"CANTON" "CARTHAGE"

"CORFU”. "CANTON"

Leaves. Hongkong Dua Londen.

1st July

Ist August

29th July

20th August

28th August

27th September

23rd September

24th October“

Via Bingupnew, Penang, Colombo, Bombay, Adem,

HkBank 1685 1693

10 » 1700

10 1200

120 mm 1600 no 1603

East Asia

INSURANCES

Union ... Lombard Underwriters

216

13 53714

49

"SOMALT*

914

DOCKS, ETC.

K. Wharf Dock

24,50

300

200

"SOUDAN"

200 ve 13.70 13.70 100 7.70 73% 500 in 7.54

1000

Provident

Told.... 13

Wheelock

LAND., ETC.

HK Hotel HK Land

DOWN 60 PER CENT Elsewhere, however, output of coke ovens, blast furnaces and melting shops was down to 60 per cent of normal.

and With supplies of fuel

materials restricted, coke avens and blast furnaces were? UTILITIES

Tram to keep utilising fuel stocks

raw

18.80

17

20

"1500 7:033

-1000 7.74

1000 in 7,76

53000 7,70 12000 770

ជំងឺ

Market sentiment improve considerably after the Ford

of facticeable falling off in prices, But for the moment, at least, provides jobs for millions announcement shortly past mid-

criucal worke.s in allied and depon- and some resistance to specula- session. Before this news, the the US watched the

the. unvolving

A prolongedi industries. some dent

live trading in May, but merket moved aimlessly and with begotiations

this IM

all-important market showed some life never- investors tenderly holding to the 500,000 auto work::s and two of strike

theless... Industrials gained 15.16 auto makers-Ford industry would in time mean a sidelines. With place in the the nation's

in the averages on the month. automobile industry, Wall Street Motor, C. and General Motors, definite slowdown. in the exist.

Fax A settlement

since been

ing high level business rails 9.55 and utilities six cents. besting that steel wage

activity negotiations, which get underway eached between the Ford Com-

and the union, but so fur So far this year, the US has What the market will do a

ai of anybody's

guess, tomorrow, will be settled amic-

not had any labour strikes there is

agreement.. with Two ably,

Most observers predict that the such The steel wage contract: (eneral Motors whose workers nation-wide importanc?

that expires on Jun; 10.

threaten to strike at m.dnight as the steel strike several sum-bull market is not over,

for BRIGHT SPOT

is due

some have, the market Strike losses mers ago. Tuesday,

technical readjustment and will sharply. turned up according to latest Government move in a "sidewise" pattern,

at least for the time being. tabulations.

somr There were 500 strikes

Apri wita

· MAGAZINE'S VIEW 301,000 workers affected

for loss of 2,600,000 work

few Wall reason This comparts with 450 zine,

as from today has to" c. Light (0) 20.40 30.00 5500 @ 2014 strikes in March involving Streeters have become truly

meet a rise in railway freight 220,000 workers for 1.600.000 berish is that they don't think

the FRB (Federal Reserve charges-China Afail Special man-days,

Beard) will

on tighten up noney enough to offset

Steel snares paced industrial stucks.

Armeo Steti was the bright spol. points

3

It moved up $31. Bethlehen: feature with

Sice was another

at improvement nf 2 points to $135

Mators improved generally, Monsanto Chemical sparked

its section. 1 ran up 574 points)

"to

$144

Elsewhere, Zenith.

vision ran

ad-

vocate of pay-as-you-go tele-

into some profit taking. It · Fell 6 points to

shares

$118.

Tobacc

fractionally,

however. The auto industry is a major use of the country's output of stel, metal and rubber. It also

World Cotton

Markets

New York, June 6. Cotton prices today switched improved to the downgrade with old crop

deliveries leading the way.

Losses exceeded $1.29 a baje Of the 1,182 issues tradedt ̧ ́ 563 closed higher, 366 closed on deferred contract as sellers considered possibilities for lower lower and 8 made new lows.

and The New York Stock Ex-Government price supports chang: bend volume was $5,- more liberal acreage controls a

year hence.

100,000..

The

Ex- 1,100,000

American Stock change volume Wis shares.

YESTERDAY'S PRICES

Aiden Ins Act.

American Cyanamide co

Allied Chemicals

Allied Mills Ite.

Allis Chalmers

American Airline

American Metal

American Smelling

Amencan Tel & Tel

American Tch, B

Anaconda Copper

Armco Steel

Armour

Baldwin Lina-Ham.

Poltimore & Ohio

Bendix Aviation Corp

Benguet Cons.

Bethlehem Steel

Borden (Ther Co.

Closing on a reaction the list finished with losses of 11 to 43 Opening prices were points. off 3 to 7 points. New Orleans closed off 11 to 12 points. relating Uncertainties Government policy en cotton ex- ports and the gradual slowdown in lint shipments overseas were 42%ether handicaps,

1115

$23

351

$5

5814

531

185

65

to

Brokers with Liverpool con- nections sold the later months in the forenoon; along with com- mission house and other trade interests. Mills and exporters 524 bought on the decline,

J

23.10 23.30

Port Said &, London

FREIGHT SERVICE

due 28th June from UKC & Straits. loads Mth June for Moji. Kobe *

Yokohama

loads 1/2nd July for S'pore. P. Swesten- ham, Penang, Colombo, Aden, Port Saidi, Genoa, Marseilles, FLATE. Lon

Botter. don. Antwerp. dam & Hamburg

With liberty to call at Belawan before or after. Sizzata Ports and at Bombay if inducement offers.

Tanks avaliable for carriage of Oil in Bulk. Space for refrigerated cargo. Limited Passenger accommodation

BRITISH INDIA S.N. CO., LTD.

Sin June from Japan sails Hh June for Singapore. Rangoon

& CLIEN dhe 10th June from Calcutta, Rangoon

& Straits for Japan

sail 11th June

Humphreys..

Rts. Really

8.30

2.10 2.15 3000 2.10 10,0002.11a

"FULTALA”· due

working at a reduced tempo but deliveries of pig iron and Anished steel were almost com- pletely halted.

450 23 100023.2

100 7 23.33 1300 @ 2.20

“SANTHIA"

Star Ferry.

147

100 143

"SANTHIA"

dur 1st July

Y mati Ferry 117

119.100

118

100

100

113

119

200

118

"ORDIA"

In addition to the heavy

man-days of According to Fortune Magacirzet Bnancial losses the in-

ELSEWHERE

it!

"the

dustry

the New York Sugar

Market

1000

S-Light (8) 10.20 18.4 Electric

Telephodie

.. 331 3324

with

INDUSTRIALS

Cement

Dairy

Lfice on the stock market of Americans are showing No

the rising trends in profits and on dividends over the next year inclination of cutting down spending and borrowing:

New York, June 6. or two. April climbed to a new monthly Meanwhile, the nation's steel' World No,

sugar futures the summer closed today unchanged cord, the Federal Reserve re-milis moved into ported.

months with orders continuing

sales of contracts. AL Al month-end, the instalment to exceed shipments. Operations Domestic No. 6 sugar futures credit total was $23,513,000,000 last week were set at 96.7 per closed unchanged to 1 paint/ STORES, ETC.

almost hair of it on purchasescent of rated capacity, equiva- lower with sales of 1,039 con- of automobiles.

Int to a production of 2.334.000 racis Pressure activity, on the stock tons. Some slackening is anti-

World- futures lacked degnite more recipated this summer. chiefly feature. Most of the activity in market has become stricted. Prices for the past because of vacations and main-domestic futures were repre month or so have been generally tenance requirements. Some mixed, and have moved at times industry circles see a price rise large blocks of contracts against sented in exchanges of several in a somewhat more narrow

has been Fattern.

There

3%

39.70 29.90 2000 v. 20.30

300 29,30

21.00 500

含苕官萄蓉茗

1000 €

L

Waison sword

14.20 145

COTTONS

on

transactions Futures:

in raw sugar,

Contract No. 4 (world)

in the offing as steel labour negotialichs get underway

2017. Observers forecast

June

World Rubber hedging buying

Markets

New style October contract

Singapore, June 6, went to a discount under July,

The rubber market opened 1956 before trading started last steady on short covering but erratic on strike_news week, some dealers thought the became October delivery would sell at a from the United States. Future premium of around 14 cents a closings were! pound.

Trading volumes and open No. 1 rubber per lb. June 1961 interests in the Exchange today.

Boeing Ariane

32

Burroughs

Canadian Pacific R.

Case J. Co.

CIT. Financial Cor.

Chun Hat, de Man.

50%

Chile Copper

511

Chryser Motery

Cilgate-Palmolive "Cu.

Commercial Crevit'

563%

Cammonwealth Elec.

421...

were:

Consolidated Edit

4015

Chatimentul 0:1 of Del.

Month

434

Contaerial Steel

30%

July

Corn Producta

Ort.

44

04 Mar.

2,000

July

Dec.

Crane Ca.

****

Crown Zelierbach

Cuban Amer. Suzas. Curtis Wright

1022 May

1974 Oct,

40

Volume Open interest

18.800 523,300

July "ALE. No. 2 rubber per lb. June No. 3 No. 4 Snot rubber 'unbaled Blanket crepe

43.94** unquoted 3324 ..94 *

8,000 400,800 3.600 355.000 230,000 5,800 238,300

No. pale crepe

91-91 B3-09 96-97 E-85

a peace- July ful settlement, although some Oct

has already | March become noticeable. Other users, Max according to Iron

July Age Maga- Sept. zine.

are pressing for delivery Spot-cents per lh. fob Cuza) 3.30

to beat an expected steci pries rize that many feel will follow (July

a wage settlement.

CONFIDENCE

of

In New York, the National Association of Purchasing Agents convened at their an- nual meeting last week were ginerally confident about busi- ness prospects for the rest 1955. A roundup consensus re- port by the Journal of Com- merce showed, however, that this condence was tempered" with caution. There were warn- ings about the long-range im- plications of the current busi- ness boom. In general, the men. Futures today closed 65 to 91 who buy for American Industry higher with sales of 360 forecast as follows, according to

the Journal of Commerce Peaceful settlement od the "Demand for

Industrial Labour negotiations with Ford materials generally

rally will be well and hopes that it would set a maintained during the balance 34.00.01 pattem for agreement with other of this year. Prices are expected.

manufacturers touched

to hold comparatively firm. And, broadscale buying and covering supplies will be adequate movement

terminal most cases, market.

3,700 144,400

3,500

20,800 53.100 2.198.000 bales NEW YORK

points Prices of futures closed today contrasts.

Dupont de Nemours

Diamond Alkali

Total

Eastman Kodak

BO

El Paso National Gas

40

General Electric

5342

General Fooda

HE

as follows:

9614 Spot

General Mors

Gillette Safety Razor

Glidden Co.... Goodrich (B..F.) Co

Goodyear Tire

Heyden Chemical

Homstake Mining Co.

Inland Steel Co.

nax July

40%

October

.002 December

64 March

4012

16 May

July

7421

October

424

NEW ORLEANS

34.650 33.82 33.97

33.90

34.01

33.19

32.33.

30. Prices of futures closed today

as follows:

Int Business Machines

100

24

Tall Harver Nickel International Paper

International

In Tel & Tel

John-Manville Co.

Kansas C. Power & Light

Kennecott Copper ..

Liggett Meyers Tob. Co.

Lockheed Aircraft

Loews Incorp...... Lone Star Cement Co. Louisville & Nadville R. Minnesota Mining yan Moamento Chemical Co. Montgomery Ward National Cash Reg. "A" National Distillers National Lead National Steel Corp. New York Central Olin. Mathieson Ous Elevators

Pacife Gas & Mico. Pacific Western Oil Pan American Airways Paramount Pictures Parke Davis Co.

Penn, Salt Co.

Penny J. C. Co.

Philips Petroleum

Procter & Gamble Co.

Pittsburgh Plate Glaser

Radio Corporation

Heo Motors

Republic Steel

Shell Ol Co. (xd.)

Sinclair OL

Socotty Vactrum.

Southern Hallway (Com.)

Standard Brands

Standard Oil of til

Standard Oll of Ind. Standard OH OZ ETJ. Stockley-Vin Camp, Studebaker-Packard

Swift & Co. Texas Co. •••• Union Carbide Union Pacific Railway

United-Aircraft--

1.S. Le Co.

·U.S. Rubber

U.S. Smelting

U.S. SteeI Warner Bros. Westinghouse Electrio

West Va. Pula

Woolworth

Paper

45%

5.63%

10005

33.75 33.80 33.94

34.00

31.07

33.99

32.91

NEW YORK

ct the

off

Strength at London and re- ports that Russian agents bought 15,000 tons recently in the Lea don and Amsterdam markets,

market

Some expressed concern about

tightening in supplies of copper aluminium and

AUK.

Sept.

Nov.

March

May

Contract No. 6

Spot-(cents per lb. cif

NY-ex-duty)

3.33

5.55

5.38

4.59

5.65 Textiles..... MISCELLANEOUS

Yanglaze

Allied

1000 5.70,

8.40 6.50 500

1000 in 0.14 4.20 4.025%

6.15

Exchange Rates

Business was done in the local unofficial exchange market this morning at the following rates:- U.S. dollar per $1) .......... 3.36 Sterling notes (per £1

5.40

Indonesian rupiah (per 1001 Stern tiens (per 100) 5.55 Singapore (Straits)

-United Press.

Indo-China piastres. (per 100)

5.31

8.05

Int'l Sugar Council

Lifts

Export Restrictions

London, June 6.

Because of the shortage of sugar supplies on the world market the International Sugar Council has decided to lift restrictions on all export quotas placed on producing sugar nations last year.

ป

The chief nation to benefit will be Cuba who will be permitted to ship supplies held up previously under the agreement.

LONDON STOCKg was attended by 32.95

12.60

nickel. There was comment on the expanding Spot July

market for almost all types of paper and paperboard for the 4014 October

gave prices an extra push, 1084

December

However, the local

spot long-range, uptrend in demand March 85

with for quiet May

remained

chemicals of almost all A communique from the Inter-effect and also taking. into July

33.15-15 buyers 224 sellers stubbornly types, and for the bright pros national Sugar Council saide account the quantity of sugar October

anti holding about 4. rent apart in pects for beth industrial LIVERPOOL

allotted "The Council met in London previously

50

Brazil Rss residual fuel oils-United Press, from the first to third of June, decided to realot these their views, Spot No. 1 Future closings, in pence per

quotas 144 lb.. American middling, were as

sheets were quoted at 33 cents

1955 under the chairmanship of totalling about, 372,000 metric a pourri nominal. Futures:

Mr Lawrence Myers. The meet tons 12 follows:

July/Aug

31.19 July

delegates The Council also decided to Oct/Nov.

30.2 Decemb

from 23 countries, observers from release · participating exporting 30.10

other, March

fcur

countries add from countries with a basic export 30,00

tonnage of more than 25,000 tons Counell took note of a from their chligation under London, June 6. revised estimate of free market article 8 (2) of the agreement not Stocks opened lower on the rents for 1955 made by to export more than 80 per cent The market was quietly Erm, London Exchange Loday, but an its

committee, a total of their intial export quotas be 1250 No. 1 Hss spot were quoted at afternoon rally wiped out most of which is 4,850,000 metric tons, fore August 31, 1985.

29 pence per lb. Prices:

of the losses. Trading

ARTICLE 19

Council decided that the active.

circumstances The Council acting under unless unforeseen No. 1 as apot ...... 2915-2014

Early trading

prices article 19 (2) of the agreement | make: An earlier meeting down 23-2844 pounded

steadily as determined that certain countries necessary the next traders reacted to the worsen would be unable to use all or would be held on 20 September

part of their export quotas in 1955.”—United Press, res

06% Dec/Jan

4% Mar/Apr.

54 May/June

然

20.38 May

July

Futures closings, in cruzeiros

SAO PAULO

4812

43%

per kilo were as follows:

$2 July

44

OM.

4914 Dec.

31 Mar

734% May

092

30.50

34.00 33.20 33.75

LONDON

the United States, the settlement, house term:

75 average price of 15/16 middling

July

45

cotton at ten designated spot Sales markets was 33.81 cents.

Aug.

Sept.

at these centres totalled 3,871 bales.--United Press.

July/Sept.

Oct./Dec.

Jan./May.

Apr/June

June

July Aug.

London Foreign

Exchange

Montreal,

Amsterdain Copenhagen

224 Labor :-

New York

1703%

293

48 Paris:

19

0812

ADY Calo

Stockholm Werl Mark'

2500

-United FreES.

London, June 1. 2.75-3/16-279

- 2.7444-2.7433

~100144-10.61%

~19,40%*19:41}"

80.50-8070

- 20.013-20.01.

978-9783%

Zurich

31.7255-11.733S

Others were unchanged. United

125

31.15

2814-2835

2133-24

2812-2815 2815-26

2734-277%

·26-28% | General markets, cif basia, porta;

25-28

Estate crepe thick June

thin

"AMSTERDAM

MARKET

savr

was

ing strike situation. But around noon orders to buy began flitering into the market.

The buy orders,

some from the "little investor

gave the market a lift and prices began to inch higher.

At the close, leading indus- trial siceks· · were " down only slightly after being off as much 27. 35. more. A few blue chips such as Rolls-Royce, man~ The market was steady. Prices aged to counter the trend Ford closed today in gilders per Motor was down a shifting and kilogramme, CIF June as fol- Vickers and Bowater more an lows:

2.70 sellers

da shilling each.

British

Government bonds 2135 sellers closed with losses of £31⁄2. At one time the glith were down around 2%-United Press.

No. 1'rubber

No.

rubber

No.

rubber

2,70 sellers,

ited. Prem

FAQ Me

-

...

talls 2nd July

from Japan

for Singapore, Pening. Rangoon & Calcutta

P. & O./B.. I, JOINT SERVICE

due 14th June

sails 13th June

"ÓRNA"

due 18th June

sails 17th June

"OBRA"

from Japan.

for Singapore, Madras, Cochin Bombay Karachi

from Japar

*

for Singapore. Karachi. Basrah, Khorramushane de Kuwait

due 27th June · from Karachi de Bombay

etc. galls 28th June for Japan

EASTERN & AUSTRALIAN 5.5. CO., LTD..

"NELLORE"

"ARAFURA"

dye 14th June from Australia.

salik 15th June for Japan

due 21st June from Japan

salis 23rd June for Sandakan, Brisbane;

Sydney & Melbourne

All vessels have liberty to call at any ports on ar" off the route & the route & salling are subject to change or amendment with or without notice.

For full particulars apply tu MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.

EVERETT

LINES

EVERETT ORIENT LINE

Fast Regular Freight Refrigerator Passenger Service Loading for Bingapore, Penang, Bangion. Calentia and Chittagong

Arr. June 27 July 13

"NOREVERETT

"ERADEVERETT"

"LENEVERET***

"RESEVERETT"

Sails June 2

-- July 14

- July

Aug. 21

- July 25, - Aug. 20 Loading For Kobe, Osaks, Nagoya, Yokohama.

"ERADEVIRETT",

"LENEVERPETU

"ARBEVEKETT“

"NOREVERETT A

Arr. June 18 Salz June, 17

June 21 -- June

July 24-Jug Aug. 18

-Ang

LIMITED PASSENGER ACCOMMODATION,

All the above subject to alteration without notice..

EVERETT STAR

LINE

FAST REGULAR FREIGHT "REYHIGERATOR: SERVICE Loading for Singapore, Port Sweitenham, Madzis, Colombo, Bombay; Karachi à Persian Gulf Port

Arr. June 14. Salla Jug 15 July 15 July 24

"STAR ALUTONE”

“STAZ BETELGEUSE", "STAR ARCTURUS” *THAT”.

ADE. 2

-- Aug. 25

Sept. 7

Loading for Kobe, Ozaki, Nagoya, Yokohama.

meeting

"STAR BETELGEUSE".

STAR ARCTURUS” THAI !

MESSAGERIES MARITIMES

R.O. Box 33 Queen's Building Tel: 28651

LAOS"

FAST PASSENGER/FREIGHT SERVICE

safling June 19th ealling July 17th

VIETNAM”

FAST FREIGHT SERVICE

BIR HAKEIM” "MEKONG"

sailing June 26th

sailing July 9th

"STAR ALCYONE"

Arr. June 18

July

July 26

Aug, 2

Sept 8

Balls June 18)

July

July 2

www.Aug. 11 - Aug. 12

-- Aug. 31 'Sept

LIMITED PASSENGER ACCOMMODATION.

At the above subject to alteration without netles.

EVERETT STEAMSHIP CORPORATION S/A

(inéorporated in the Reyphils of Panasua Bakker with Limited Liability)

Chinese Department: Telephone 28293.

que y Queen's Building, Telephone 31206,