1955-06-09 — Page 9

SEVEN-HOUR ONE-DAY

WEEK

THE CHINA MAIL, THURSDAY, JUNE 9, 1955.

TRADE

and

IN 2050AD UK-Australia

New York, June S.

A 7-hour one-day working week will by the year 2050, be sufficient to enable à worker to earn his keep for the week, in the opinion of a group of leading Ameri- can economists.

expressed

Thi Pref.

la t resently ruvised edition of a book on itled "America's Monda

Ed Resurse."

OX-

which Wats micinole rectare i by a group of 26 Aim cânım

Pts in 1917, 1 based

on the in the 120%

edpotivity of wirkers. Already

wach wpis or he remeds meets ¦

INDIA GETS

SURCHARGE

RESPITE

Londen, June 3. 1.an exportvis and im- pretes have been as a respite Dimmer heart rates to and in the tipy Minsdem

NEW YORK

STOCK MARKET

on

New York, June 8, Prices the stock ex- change surged forward again tecky, pushing industrial prices to new all-time peaks in the most active trading

ession in eight weeks.

MAN..

res sparked the Tary had gain range. pont with a few issues newing much wider goi

Buroved shares, however, can-

Pure tounge Reservatet von on the Uei. I Chatiment,

Danby In 1830 for example, one Fond Colputta Shipping Coupe-ul to lag. They were down mon working for one hour eng [ences decirfod at a meeting that 12 few cents on the day. The tributed 33.7 cents worth of they would defer an earlier, penis labour to the notional income.

set to impoen a surcharg en of technological their maker To progress. this had ammend to 1.93 delars in 1950 and the cconomists predict that it wil be 2.40 dollars by 1960,

10

STEADY EXPANSION

The decronse in the number

of 35 per cent..

In

2

statement after

marked the fifth consecu zesume that Industrial shares

advanced.

news

COMMERCE

SECTION

Page"

Freight Rates HUGE CANADIAN

Increase

British Exports

May Drop

One

Per Cent

London, June 8.

The value of British exports to Australia was expected to fall by about one per cent as a result

SUGAR ACT EXTENSION

Washington, June 8, The Eisenhower Ad ministration will back an Immediate six-year exten. sion of the Federal Surar "Ack, Mcluding quots con cessions to domestic producers, it was officially revealed today. -- United Press,

HONGKONG

STOCK

Feurs annet on the of the recent decision by UK/Australian Shipping EXCHANGE

Halance of the year stimulated

its that this might be the na an's best business year record also helped the market,

IRREGULAR OPENING

unsiderably today. Fere

From Our Correspondent)

IRON DEAL

WITH GERMANY

Mr John C. Doyle Canadian Javelin, Ltd,

Montreal, June 8.

Board Chairman of told a stockholders meeting yesterday that the Company has agreed to sell between 2,000,000 and 3,000,000 tons of high grade ore to the German steel industry.

Mr Doyle told the shareholders that he had arrived back from Germany "with the signed agreement in my pocket for your inspection."

He explained that three main ja composite average of current German HYOUDS comprising market prices for the ores eví fifteen industrial firms were Venezuela, the Lake Eric Re- participating in the contrast, Hegion and Sweden, with a fixed described them as the Erakon-price during the first three tor Group, (representing 55 per years. This is to give a fixed cent of German Steel), the Hut- protection to both parties." tenwerk Group, (representing

INITIAL CAPACITY

33 per cent of German steel),

and Oberhausen, (representing Mr Doyle told the sharehold-

featy resulting, from molars to j

verils at Bombay and Calcuttu. Favoumble side. Expectations.in

Earlier reports from Beanbag Sten taas prace will pre-Conference Lines to increase freight rates from put this surcharge in the rechte labour front for the Britain by 10 per cent from July, due to:

10 per cent of German steel). ers that the plant will have "increasing costs," according to trade circles here.

initial capacity of three million The agreement means, MT tons in a six months period and Mr R. L. Sandover, Chairman of the Australia

the Business done on the Hong-Doyle said: "that great million in a nine

months firm of Klockner- and New Zealand section of the London Chamber kong Stock Exchange this mom-German

period. ing amounted to $803,167.40.Humboldy-Beutlukg, will build Construction on the 42 mile

a complete plant of Commerce, said here that Australian import Noon quotations and the morn

for us.

atspur line to connect the Walrush Wabush Lake (Newfoundland) licences always included the cost of freight

mines which

with the Quebec north will be paid in three shore and Labrador Railway of and a half years earnings. The the Iron ore company will be-

the and of hours which rach person has meeting, the Conferences

connitions today Di Bombay work in a week reflects the

and Calcutta

showed steady expansion in the gross

"light improvement" national product

Leneral material pored with recent menths, improvement standard of living. In 1850, an

and the his

47

American farmer worked. on

72 hours the average, 72

a week a worker toed for 68.7 hours. B 1900 the farmer's work week shortened slightly to 67 hours

while the a week, worker's decreased to 559.

In the next 50 years the farmer's work work fell to hours a week and the worker's to 38.8. The economists predict that in 1980 the American farm- er will tail only 44 hours a week in the fields and the worker will spend only 36.5 hours week at his certipation.

One explanation steady expansion of productivity is, say the economists, the need nce with the demand I keep pace for goods and services made by

which increased 2 population from 23.200.000 in

1850 76000,000 in 1900 and to 152.- 000,000 in 1950. It is now past the 160,000,000 mark and probably

rench 177,000 000

1960.

ຕ

¿

for

this

■

of

com-

an

The market opened irregular 18 higher and moped in this

charges. In these circumstances and

in the full expectation that there will be no slackening Tort on the part of the Government and Fort Aultori ties to improve the turn round of ships the lines have decided to defer this question and will only reconsider it if and when conditions necessitate," Statiment said,

JUSTIFIED

the

fashion throughout most of the session, It made its best show-" ing in the last hour of dealings when volume picked up sharply. Transactions today totalled 3,300,000 shares, the incet since March

compared with 3,230,000 shares yesterday.

Of the 1,212 issues traded, 532 closed higher 431 finished lower and 252 held unchanged. Now highs were registered by 80 stocks and 1 new lows,

30,

World Cotton

Markets

The overall effect of the pro- posed increase must therefore be¦ to reduce the value of UK ex- DOTIS by full amount of the increased bill for freights.

He stressed, however, that there was bittle likelihood of any increase in the price of British goods in Australian shops. Freight rates represented New York, Jure 8. the Strength in

only ten per cent of the cost of recently Aloca sparked the metals. It weak far

forward deliveries the goods when landed in Aus- The Conferences added that spurted 6 points to $144. dominated

tralia, so that the increase would an otherwise

quiet add only one when they announceri their ! New York Central

per cant, to turned trading in cotton futures today. proposal in March to impose the strong just before the close. It

merchant's bills there. Now crop July and October surcharge there WRES everythed with a gain of 14 points scored rallies up to $1.25 a bate

SOME MORE THAN OTHERS usunication for it. But at the $434. Other carriers

Same export lines would be: same time they had announced

de- while nearby months held gains more affected than others by necdclined slightly. that the decision to implement

of less than half that much. A few bil

the increase. British manufac shares displayed the proposal would be deferred strength. Pure

Realising and New Orleans turers of fine textiles were ex- Oil until early June in the hope that

selling sharply pared extreme pected to suffer. In the ceramies points to $337% and Standard Oil gains at the close but the list industry, the cheaper type of 10 there

would be a substantial

Co. (NJ) tacked on a gain of still Anished 8 to 10 points improvement in conditions

i

paints to $116. the meantime which would

Merger

higher. Opening prices were could be hardest hit. stocks justify second thought.

unchanged to up 3 points: New active today. Island Creek Coal, Oricans closed up 8 to 18 responded to a merger proposal

The new October with

Pond Creek Pocahontas

delivery. It

which added 2 points to youn

around 5 dollars a bale, in the which carried past week, reversed the trend when a sold out situation ap- 354 peared in face of a good-sized demand from spot interest speculative covering on tech- nical reasons.

will

in

יה

There has always been shortage of "muscle cower" in the United States during,ita development, the econontists ex- plain, and machines had to be devised to take the place of "waves" man of immigration population between 1850 and 1900, and then doubled it again between 1900 and 1850, more machines were needed to pro- duce the ever-growing

in

"The warning given by the

atten-

Coal.

was

were also

CLOSING PRICES

Allied Chemienda

lines has served to fix tion en this problem and they ere satisfied that the Govem- $28. ment and Port Authorities im i India are now fully alive to the gravity of the situation and that they intend to take vigorous re-

stated. China

But, 22 Jed the medial measures without delay"

amount

of goods demanded by nn ever growing population.

supre-

HARD TO EXPLAIN "American economic macy, they declare. "cannot be explained by natural wealth alone. If it were, it would be hard to explain how Switzer- land with

resources has able to

achieve living:

or why

moзgre

standard of

Rumania with large 'sources makes little

motive

steam China

powers:

engine

in spite

pil

a high

or why

is a rarity

of

was

Special

Mail

Anaconda Copper Armco Steel Armour

Baldwin-Lima-Harn

LONDON STOCK Baltimore & Ohi

MARKET

London, June 8

Prices on the London Stock Exchange soared again, today because of confident buying in a market short of stocks.

Steel shares again mei de- mand, but profit-taking late in

of large coal were only

natural wealth were

reserves.

Bendix Aviation Corp. Benguet Cons. Bethlehem Steel

Being Airplane

plumraeted

Mr

|

ing's transactions:

East Asia INSURANCES

131880 and railroad will be built gin next month, Mr Doyle said.

SHARES BUYERS SELLERS SALES

BANKS

!

NK Bank

1630 1000

218

$10

52

9.20

2000

0.30

790

Union X All Lombart UnderwNters SHIPPING

Asia_Nav DOCKS. ETC.

10 100 101 K. Whart Dock

25.50 500 23.40 Provident (0) *13)1⁄2 13.30 75 13.00 1840315 10 1.75 4000 73% 1G 16.70 2000 -16.60

000514 1100

Wheelock LAND, ETC. HK Hotel TEX Land Humphreys

RLY Realty UTILITIES

Tam

260 h G

2.10 22.00 23.10 100 23.10

50: 23 2200 23.10

147 Star Ferry Yaumati Ferry 119 120 300 119 1125 120 C. Light (0) 29.10 20.20 1500 20.40 5002030 4500 20.20 10 Light (N) 15.00

38 15.00 Ecurie

491 392 CO 30 Telephone ..3 331 500 33% 1500 2311 INDUSTRIALS

Cement .... 29.00 STORES, ETC.

Dairy ...... 21.30 21.40 200 621)

21.30

300 27.00

Rope

1512

sections of the British

trade and' hardware

British would also be cement exports affected, These were all goods high proper- on of freight charges compared with their sales values, Sandover added.

Watson Some

L. Crawford 274 traders here said that and the

COTTONS most goods

likely

Textile Corp. 5.70 $.90 suffer as from July 1 are MISCELLANEOUS

Yangisze and semi-luxury goods.

Allied Trading volumes and open. These are "marginal" imports in interests in the Exchange today Australia, which could be push-

32,300

luxury

14

... 6.45 02

4.85

1625

ed out by increasing competition New York Sugar

interest for the reduced volume

British exports,

3113

Albed Mil Inc. Allis Chalmers

7512

American Airline

29

American Cynamide Co, American MMeal

.01%

American Tel & Tel

18343

American Tob. "B"

were:

Months Volume

Open

4822 July

500,500

Oc

18,400

490,300

Det

14,300

450.000

·MAT.

4,500

253.300

May

8.350

240,600

July

12,800

151,000

Oct

13,600

28.400

Total

103,800

49%

NEW YORK

as follows:

Spot

34.750

Suit

33.01-04

Oct.

34.06

34.12-13

Mar

34.02

34.00

July

1329

Oct,

32,85

Burroughs

Borden (The) Co.

Canadian Pacific R.

Case 13. 3.) Co.

C. I. T. Financial Corp. Chase Nat. & Man Chile Copper Chrysler Motors Colgate-Palmolive Co. Commercial Credit

: Conumerwealth Elec.

· Consolidated Edison

Cantinental Steel

Com Products

Crane Cn.

the the ression whittled gains con-

insiderably.

Closing ices here Crown Zellerbach

Cuban Amer. Sugar some two shillings Curtis Wright higher. Heavy

engineering Diamond Alkali issues registered

of 4s. Dupont de NemourS gains

Eastman Kodak sale or principal source of pro- The whole blue chip section ductive capacity we would ex-

showed improvements, mostly pect that a country like Bul-

the

garla would have a higher of a shilling or more.

and

standard of living than Den- mark; Poland to os more pros-

Holland: percus

then

ia be more produz- Yugoslavia tive than Sweden, whereas the

is true. In each case.

ORussia, as another example,

has

a population larger than our own, a land area

Avice

ay (x- tensive, and "rivals or surpasses

The British Government en joyed buying during the fore- advances. noon with pleasant

they also ran into However, some opposition and they nearly all closeri at their pre- vious levels..

Kefir failed to attract much atention. Coppers were steady

activity.

tacked or good gains.

us in the quantity and variety without much

and other natural of minerals

Yet Russia, through resources. the centuries of her existence, has remained a country with low labeur productivity and a low standard of living"

·CONCLUSION

Therefore, they conclude, high

Oils

German Potash bonds were the

General Electric Cuneral Foods

General Motors

Heyden Chemical

International Paper inti Tet & Tel

| John-Manville Co.

2,211,300 hales

cf

Other trade quarters consider-

ed that one, effect of the rises.

would be to increase the propor-

on of British car

Market

New York. June 8.

components World No. 4 sugar futures now being shipped, at the ex- closed today unchanged 10 6 pense of completed vehicles. This

would send to accelerate the Points lower with sales of 385

contracts. tendency for more and more Domestic No. 6 sugar futures 1 point lower to 1 point tralia. China Mail Special

higher

Prices of futures closed today i cars to be assembled in Aus-closeth sales of 132 con-

NEW ORLEANS

Prices of futures closed today

World Rubber

Markets

יי

tracts

Weakness in world futures reflected July liquidation which uncovered stop

W

orders on the

down. Selling was influenced by the beller that the upward revision

in world export quotas would tend to halt the rising trend in world prices.

News that the Washington Administration favours an in- creased share of the US market for domestic producers was buyers another factor. Dealers thought and hedge selling pushed the such a move would tend to put market into lower ground after pressure on Cube to sell sugar in

Intra-dealer the world market. steady start.

Future closings were!" switching operations including

Contract No. 4 (world) exchanges of Sept.-July and Mar./Scpl. contracts. Forty lots were exchanged of Sept, also for physical rubber.

by the autumn of 1956 and we United Press.

will definitely

begin shipping

Wabush ore to Europe by the

spring of 1957,"

NEGOTIATIONS

as

In addition to the German contracts, negotiaticas are under- way with steel industry interests in other countries follows: Italy, 600,000 tons to 1,000,000 tons; Benelux, 500,000 tons: others. including Holland and Austria, 300,000 tons.

Mr Doyle said that the exact contract price was not being disclosed at this time for com- petitive reasons, but that Canadian Javelin

.stockholders could definitely expect net company profits of about 4 dol- Lars per on.

The

prices in Germany are approximately the same as in the US," Mr Dyole said "We have tied our, rufe structure to

EVERETT

LONDON SILVER

PRICES

London, June 8, The price of silver was quot ed today at 784 pence per fine ounce for apot and 78 pence fine ounce for forward, (sgabist previously 78% and 78% pence), -United Press.

Exchange Rates

3.80

Business was done in the local unolicial exchange market this morning at the following rates:-

.S. dollar (per $1) Sterling notes (per £1) Indonesian rupiah (per 100)" Slam teals per 100) Singapore (Straita) Indo-China plastres (per 1001

LINES

EVERETT ORIENT LINE

Fast Regular Freight Refrigerator Passenger Service

Loading for Blagapore, Penang, Kangoon, Calcutta and

"NOREVERETT”

"BRADEVEKETT"

*LENEVERETT

"REBEVERETT"

Chittagong.

Arr. June 27

Sally June 23

July 15

July

-

*

July 26 Aug. 20

-- July

10 11

-- Aug

21

Loading for Kobe, Osaka, Nagoya, Tokohama.

"RNADEVERETT**

"LENEVERETT".

"REBEVERETT"

“NOREVERE'"*

Salles June

19

Aug. 19

Art. June 18 --- June 29 -- June "Jaly.24 -- July 25

-- Aug. 18 LIMITED PASJENGER ACCOMMODATION. All the above subject to alteration without notice.

EVERETT STAR

LINE

../ FAST_REGULAB FREIGHT REFRIGERATOR SERVICE

Loading for Singapere, Port swettenham, Madras, Colombo, Bombay, Karachi & Persian Gulf Port

"STAE ALCIONE"

Arr, June 14 Salis June

a

15

-- July

18

-July

19

"STAR HETELCEUSE” →STAB ARCTURUS”.

TBAIN

Aug.

-- Aug.

y

-- Aug. 20

- Aug. 23-

El Paso National Cas

*

as follows:

Gillette Safety Razor Glidden Co. Goodrich (B.F). Goodyear Tyre

Spot

33.25

July

13.89

Oct.

34.00

24:11

New York, June 8. Rubber futures today closed with 38 to 52 points lower sales of 214 contracts. Realising by recent

Homstake Mining. Co. Inland Steel InterChemical Corp. Lal! Business Machines Int'l Harvester

Mar.

34.20 34.10

Co.

July

Oct

32.37-01

д

International Nickel

LIVERPOOL

Future closings, in pence per Ib. were as follows;

July

Sept

Oct.

Mar

May

31.03

The spot market ruled quiet. 50.20-21 Factories reportedly bought a 20.00

small quantity in the forenoon 20.03.

below market prices, but later the situation was rather dull, dealers said. Spot No. 1 Rss were

July

Sept

Spot-cents per lb. fo

Cuba)

3.4

AIT.

June 17

Salle. June 18

Contract No.

"STAR BETELGEUSE”

July

4.53

Auk.

"ATAR ARCTURUS"

-- July 10 July 20

July

11

July 2

Sept

5.58

"THAI"

quoted at 334 cents a pound, nominal. Futures:

Nov.

5.60

"STAR ALCYONE"

Mer.

5.25

July

May

30.45

Sept

cents per lb. off.

- Aug 13

***- Aug. Aug. 31 -- Sept.

·LIMITED PASSENGER'ACCOMMODATION.

1

12.30

Oct.

NY ex-duty)

23.50

Dec,

5.50 -Uned Picss

74.40

33.20

Kannay C. Power & Light Kennecott Copper Linzett Meyers Toh. Co. Lockiced Alteraft Leews Incorp.....

Mornata Vering ... Menants Chemical Co.

features in the foreign bond one-one Star Cement Ca.

on with the 6 per cent up £5 to £220 and the geven per cent up three to £239.

Turnover today totalled 15,307

productivity makes for high transactionis, the third highest

standards of living,. productivity results nology, resource.

and high day this year.-United Press.

from tech-. which is the primary But, they add, there is an even greater factor behind these:

"Ultimately, of course, the dynamic form which capitalism has taken in the United States, must be traced back to the people who created it. America

Distribution By Wharf Co.

untromery Ward National Cash Her “A”

National Distillers National Lead

Nations! Steel Corp. New York Central Olin, Mathicron Olles Elevators Furifie Gas & plec. Pacifle Western Oil Pun American Airways Paramount Pictures Farke Davis Co. Penn. Salt Co. Penny J. C. Co. Philip Petroleum

Procter & Gamble Co.

| Pittsburg Pinte Ginas

Radio Corporation

The Directors of the Hongkong Reo Motors

was settled by people of almost and Kowloon Wharf every European strain. Most of Godown

Company,

and Republic Steel

Shell Oil Co. Lirnited Sinclair Oil

Secony Vacuum Southern Railway (Com) Standard Brands

them had in common a dissatis-announce that an agreement has faction with the tradition and

and been entered into for the sale of institutions of their homelands, the Company's Laichilole pro a willingness to experiment perty. with change that promised im

and the courage and

Standard all of Cal,

Press required to buy in the Chairman's statement at Studebaker-Packard Corp.

a one-way ticket to an unknown land Though immigration

U the new

was

arrivals

1 fact ä highly selected

Standard On of Ind. Standard Oil of N.J. As Intimated to shareholders Stockley-Van Comp. the last annual meeting, part of Swift & Co. the proceeds from this sale will Texas Co

Union Carbide be required by the Company to Union Pacife: Railway Hiquidate its draft and Hated Aircraft provide the funds reded for TS. Line Co.

31.5. Gypast. group selected.

other essential purposes.

U.S. Rubber "In the last analysis, it is the

The attributes and

attitudies On completion of the sale, US Smelting

TB Steel... Warner BroN, American which is scheduled for the end and Ideals of the

which account for the of August it is intended to make Westinghouse Electris people, dynamic character of the Amerio distribution to shareholders of West Va. Pulp & Paper

Woolworth con economie system "

$4.00 per share

self

113 July/AUR

Oct/Nov.

Dec/Jan.

1214 10514

Mar/Apr.

44 May/June

SAO PAULO

20.31

Future cicings, in cruzeiros per kDa were as follows:

July

544 October

10

December

431 March

Thursday will be a holiday in

412 May

Sao Paulo,

15!

AMSTERDAM

5856888

31.30

The market 103 stendy.

In the United States, the Prices closed today in guilders 974 average price of 15/16 middling per kilogramme, CIF

cotton at ten designated markets

isit was 33.88 cents."Sales at these

follows:

No. 1 rubber

No. 2 rubber 6% centres totalled 6,978 bales. No. 3 rubber 011% United Press,

170

Alexandria

Cotton Market Reopened

Va Cairo, June 8, The Egyptian Government 10- night apmomced the reopening of the Alexandria Cotton Futures | Market in September for trading of the December contract. -

1 Reuter,

No. 3 1 crepe

June 26

Doid M 2.75 buyers 2.93 buyers

Spot

5.40

London Foreign

Exchange

New York Montreal Amsterdam Brussels Copenhagen Lisbon

LONDON The market was easy. Prices Pari closed today in pence per lb. as follows:

No. 1 Has spot,

301-31

Settlement house term:

July Aug. Sept.

July/Sept.

Det/Dec.

ADT/JOOM

General market, cif hapy.

Julz Aus

Estäte, crepe thick June

Stockholm West Marks

London June à 2.799-2.79-7/14 2.74+1.8/2.0~2,73-1/16 | 10 06-10., 139.071%-130.06 19.403-193OYS 80.45-80.50

11.72-11731

Others were unepönged—United

New York Foreign Exchange

Canada

Sept g - Sept. 10

Loading for Kobs, Osaka, Nagoya, Yokohama.

All the above subject to alteration without notice.

EVERETT STEAMSHIP CORPORATION S/A

(Incorporated in the Republic of Panam

with Limited Liability),

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

MESSAGERIES MARITIMES

| PO. Bor 53: Queen's Building : Tel: 28831-

FAST PASSENGER/FREIGHT SERVICE

"LAOS" "VIETNAM”.

New York, June 8.

$1.01 10/32

2.79 13/16

30-day ---futures- 0-day

2.78 19/22 futures 2.28 3/52. "BIR HAKEIM”

"MEKONG"

Jalted Press.

and July ....... unquoted England-official

thin 30%

The Singapore rubber prices South Africa were not available. Dufted others were unchanged Press,

13.67

34.80

9.30

sailing June 19th “sailing, July 17th

FAST FREIGHT SERVICE GA

`sailing June 26th ***, sailing July: 9th-