1955-06-20 — Page 9

THE CHINA MAIL,

MONDAY, JUNE · 20, 1955.

.

Page

NIXON'S NOMINATION

ALMOST

TRADE and COMMERCE SECTION

CERTAIN Britain Must Struggle Hard In London Investors

San Francisco, June 19.

Mr Richard Nixon of

California. the 42-year-old NEW YORK

Vice-President of the

United

States, is almost

certain to be re-nominated

for that office

publicans in 1936.

by Re-

"A civil war between mem- bers of his own party in California

kas ended with Senator William Knowland, of California, Trained for the

since chilihood, ap- bowing to the certainty of Mr Nixon's re-nomination.

The

by peace treaty written the heretofere warring fac

factors of the Republican Party In California is of major import- because this State is the -second largest in the nation and

acce

u

major

controls

bloc of nominating convention votes.

With both the Democrats and

the Republicans now actively

their 1956

preparing nominating Conventions and the following autumn campaign to is elect the next President, it obvious that President hower will be a candidate for .rc-clection.

SAN

FRANCISCO

NEW YORK The Months Ahead USAUSTRIA

STOCK

MARKET REVIEW

By Elmer WalzerTM

*New York, June 19. Fired by booming busi- ness reports and the inflationary implications of a new wage stocks moved higher during last week.

The advance was vigorous 'al limes. On Monday the indus- trials gained 2.45 points on average. They spurted 3.73 on Wednesday

and had a sub- Eisenstantial rally in the late trading on Friday. The average made a new high for all time each session except Tuesday.

The President's control of his graphically political party was

in manner illustrated by the which, the Republican National Committee picked San Francisco as the site of the 1956 vention.

The

he

knocked

In-

A fast-hour sellof prices down on Tuesday. dustrials quickly recovered but rails lagged. They closed the week at a gain of 60 cents at 161.16 in their average. trials

to rose 6.26 Utilities managed to net a one- cent rise.

STRIKES AGGRAVATE THE

...

NATION'S DIFFICULTIES

From Our Own Correspondent

London, June 19.

Those MP's and members of the Public who packed the House of Commons last week to hear the duel between the Chancellor of the Exchequer, Mr Butler, and Mr Gaitskell, ex- Chancellor, "were treated to a fine display of verbal fencing that one has come to expect of these occasions.

Both these speakers are adept at making complicated speeches hit the right matters seem simple and their combination of authority and wit. Indeeed, so alike are these two in their way of thinking they are often portrayed as a composite character under the name of "Butskell."

40N.Y. COTTON

Trading fell off to an average of 2,677,581 shares daily from

2,902,300 last week's

shares

daily.

Up AVERAGE

Compared with a year ago, the industrial average is up 118.17 points or 35 per while rails are up 49.14 points; or 44 per cent,

cent

MARKET REVIEW

By William T. Plankott

Con-

party wheel regular horses were trying to decide between Chicago and Philadel

was not phia. San Francisco even mentioned unt! President Eisenhower said

that "thought" San Francisco would be the ideal Convention city. advised to San Francisco was go through the motions of mak- ing a bish, and was chosen.

New York. June 19. selection of a Pacine The

ended Coast city indicates that there

Cotton futures will be little out of routing at

the week on higher ground the Republican neeting during be

But the market performed the first that has happen- August. The sessions will carefully geared to take the it often does when it is nearing aed in a month. fallest advantage of television temporary top. There was At Friday's close

hours tendency on the part of traders ruled 6 to 22 points - 30 and with the time three later in San Francisco than in to rotate various groups.

cents to $1.10 a bele higher ork, the Republicans New York,

Aircrafts were helped along than the preceding week. cannot afford to have floor lights

when the Senate Apropriations later than 7 pm (PST). Other- - wise, all the interested citizens Committee added $700,000,000 in the Middle West and along to "air force funds in the world." the Atlantic seaboard would be A big rall order sent Pullman upward sharply to lead the rail fast asleep,

There was talk equipments. other railroads would have to buy more heavily in equipment to cope with heavier traffic.

as

selec Immediately after the

the tion of San Francisco Republican Convention city had indicated that President Eisen- hower would probably be erudidate for re-election, the rift between the par

ir California was

factions

a

home

turni

the list

bearer.

стор

I

Was

!!

23

The rail and dock strikes, he Last week's debate on economic policy however, there warned, would aggravate the dif

been Industry had of "Butskal inculties. little evidence. Neither

speaker was living on its accumulated stocks up on the one hand and piling satisfied with the present situa-

other. tion but whereas Gaskell traced finished goods on the

production all present difficulties to faults Further, in so far in Government policy, Mr Butler had fallen, the effect would be sine incomes in claimed that without this policy inflationary the

would be far general would tall to the same situation

exten. And this would add worse.

the pressure on prices and to the There is no difference between pull of the home mærket against

the aims of exports and towards imports. the two sides on economic policy. They are to

click The Chancellor maintain full employment, safe- guard the balance of payments believe, however, that the rise steadily expanding in internal costs due to a dis- incomes production for the benefit of the propertinate rise in whole population. But there is could be checked by any artif a world of difference between cial.methods of Government such them on how these aims should as subsidising prices. be achieved.

and secure

not

The Bank Of England Statement

"In our freq system" he said, "we must restrain our demands MINIMUM CONTROLS

for greater rewards and see they not exceed productivity The Labour Party" belives that do Was of events

can bring about

L. unless certain minimum those greater rewards." before first badiy coupled with: 1. Covering in "the economic system functions which alone

(The

That is something that no one the July delivery

Professor are those of notice day June 24. Z. Dimi- controls are maintained.”" nishing prospects for new farm words

Lewis but they were the Socialist banches-least legislation as adjournment for Arthur

used by Mr Gaitskell as "a use of all Mr Gaitskell-would care The dificulty will Congress draws

acful statement" favourable

of the Labour to dispute. LESS

be to make it equally obvious to sections Party's views." counts from scattered

the rank and file trade union of the belt, with the idea that

The Conservative Party on the movement. This week was shortened by the plant now needs a spell of

believes the fewer weather for other hand n half-hour on Wednesday whes clear and warn

aided the restrictions there are on private the market closed for a New best development,

enterprise the better. It believes York City civil defence drill. recovery. For almost a generation Rere market had been rising up

Other background factors for in a policy of expansion; and this according to Mr The stock market can succeed, in California to the time the sirens blew, the upside: publican polities in have been run by Mr Earl War-t reached

downward when rise; a steady shrinkage in the Butler, "only through the dual ren, former Governor of Cali- fornia and now Chief Justice of trading was resumed for one certificated stock with the auto-policy of incentive and cis- matic suggestion for smaller cipline that discipline to be exercised chiefly through the tenders on the July contract,

use of credit controls. Market experts said the list

PENDING LEGISLATION still was in strong condition.

Traders reviewing the pend- Senator Knowland.. first ap- They admitted it was difficult pointed to the Senate by Mr to call stocks cheap at this time in cotton legislation recalled Warren, appeared to be the heir but they said many investment the Cooley bill which provides would prefer to do this by direct

restricted the bank rate. the Warren Re-opportunities remained, as well rigid 90 per cent of parity Sup-means rather than by the use of Fubt, to

bill despite his

Eastlar! 13 many speculative prospectsports combined with

acreage, the

Mr Gaitskell, who once taught which gives fammers the choice of continuation of the present economics to university students, programme, or 21,500,000 acres professes not to know how the with 90 per cent parity basis on bank rate works."The real pur- one-inch cotton; and the Ellen pose of this mystique," he said, der bill which proposes chang-"is to confuse everyone." ing the loan basis to one fach with no other changes in the present programme,

the United States.

FIRST APPOINTED

hour at 2.35 p.m.

crown, continual increasing support of United Press, Chiang Kai-shek which has won from him the title of "Senator Formosa" among California De

mocrats.

At the 1952 Republican Con- vention which nominated Presl- dent Eisenhower, Mr

Warren

was a candidate for the Presi

dental nomination. Both Mr

Nixon and Senator

Knowland

red him their

United

pledged

Bul Nixon,

Mr

then an

into

States Senator, slipped Chicago early, made a deal with the Eisenhower forces to give hla

to the General, and support to was rewarded with the nomina- tion Vice-President. Jon for

Bank Extends Capital Mark

Accounts

gress

in

....

London, June 19. The Bank of England. state- ment for the week ended June 115, reads as follows:

Note in circulation Public depoRİÇƏR Private deposits Government curities..

The Labour Party, too, believes credit but it controlling

Other securities Receipts Rako

TRADE DEAL

Vienna, June 19. Austria has agreed 5,900,000

buy worth

to

dollars

of maize, tobacco and cotton from the United Slates, paying in Austrian schilings,

This is the Bret sale here of US commodities under the Agricultural Trade

Amist Development and ance Act of 1954, which permits payment in eur- rency not convertible inlo Under American dollars.

the agreement, the US Government will finance the sale of the three com- modities in dollars. Aus- fria will then pay in schili- ings, which will be used to the benefit of both countrica.

The

of purchase

the three

commodities Is divided as follows: maize 4,500,000 dollars; inbacco 500.000 dollars; cotton 500,000 dollars; plus esti- mated cost of transport, 400.000 dollars. The US to issue Government is purchase authorisations for the entire amount before June 30, 1955.-China Mal Special,

HONGKONG STOCK EXCHANGE

Indulge In Buying Spree

From Our Own Correspondent

London, June 19.

The London Stock Exchange boom reached a climax last week with the settlement of the railway' footplatemen's strike.

Investors had behaved curiously while the strike was on, Economic consequences of the stoppage were almost completely ignored. Urged on by a spate of good company results investors went in full blooded pursuit of high class equities, driving prices to ever fresh peaks.

Wis

Everyone has been surprised outstanding with United Steel that industry

60 little up 3s bd 48s 3d though they affected by the strike-though fell later in the week to ciree

cost has still to beat 46s 7. the full

But the most

A more optimistic tone, pre- reckoned.

was that vailed on Tuesday as hopes of prising thing of all during the strike industrial or n early settlement spread

which normally through the markets dinary shares.

and next to anything likely today: with reaut

settlement actually affect carnings of industry, rose achieved industrial ordinary reached * new record by more then six and a half shares

high

though prot-taking per cent.

However, when peace-if not duced some of the day's gains.

Times prosperity-returned to the rail-

index The Financial to ke gained 37 to a new peak ways investors began stock of the general economic 213.7 on Tuesday and Wednes- situation. Rumours began to go day but fell bock slightly to around the City that Govern- $12.2 on Thursday.

ment were about to take fur- ther measures to combat infla- tion and

Prices

more

GILT-EDGED

سلاح ا

of

they

<X-

the

Gilt-coged usual Thursday

securites were bank rate announcement was little changed until the last two awaited with some trepidation days of the week when

There was, in fact, no change fell rather sharply.

The feature of the oil share in the rate but with Mr Butler due to speak in Parliament that market was the strength of afternoon investors were taking British Petroleum and Burmah.

on Friday Both shot, sheod no chances.

PRICES RECEDED

the former by is and the latter peaks receded that day as the by 5s--to close at new

and 1425 6d Te Look of 113s 6d nervous operators

cils (From Our Correspondent) bright and sold. But on Friday spectively. Otherwise

the same see-saw when it was learned that

experienced Business done on the Hong-pected disinflationary measures movements as industrial shares kong Stock Exchange this mort- were not forthcoming at least though their upward swing was ing amounted to $987,226.20. nat immediately-investors took more marked on Friday Moon quotations and the morn-a brighter

In other markets South Afri- view and plus signs to appear.

shares ing's transactions:

began to

gold

improved, SHARES BUYERS SELLERS SALES Prices had been marked down rubber shares wore strong

the delay in the price of the commodity: BANKS

41680 on Monday on

доб leas oppreciated in value: HK Bank. 180

20 as settling the rail strike but

selling pressure developed and coppers recovered SISURANCES

4964 prices

Armur profit-taking were generally 35 of 51

before the close. Steels were gains.

Ucion

SHIPPING DOCKS, ETC. K. Whart Dock Provident

(Old)

Waterbost

Lombard Underwriters 9.10

19.70

75

3.70

300 25.00

13 13.70

7.80

LAND, ETC. HK Hotel Land Humphreys

UTILITIES

Tram ....

Wheelock

16.90

16.00 6.40 RIE.

23.20

..

Star Ferry 143 148

38*38 900 888

3450

Ya Ferry 117 119 500

C. Light (0) 2032020.40 500

can

to

VT

sad from early show fresh

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Leading for Singapors, Penang, Rangoon, Calcutta and Chittagong.

Art. June 28 14 -July

-- July

--- July

Sails June 29 17 Jitly 30

-- Aug. 22

-- Aug.

→REBEVEKETT"

Loading for Kohn, Osaka, Nagoya, Yokohama.

In Port Loading

£1,787,513,990.

21,137,703

-NOREVERETT”

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C. Light IN} Zlectric

18 16.10 40

"LENEVERETT

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STORES, ETC."

Dairy Watson

30

21.40 13.90 14 Crawford 28.0

21 1850 01:

"LENEVERET-T"

"REBEVERETT"

United Prem.

Exchange Rates

Sterling notes per e Indonesian rupiah (per 100) 11.20

Centant

COTTONS

Textiles Nanying

34.90 2,22 7.43

Allied

Business was done in the local this According to Mr. Gaitskell the

unoficial exchange market dubious advantages of the "new morning at the following rates:-

ABG U.S. Collaz (per $1) policy are far out-

15.80 monetary Experts Sgured with C weighed by their disadvantages.

siming for adjournment When this policy was practised sim deals per 100) In July, changes for passage of before the 1914-18 war, he said, Singapore (Straits)

Indo-China plastres (per 100) the rest of the world was..con- any of the present programme have been lessening. And, it Frankfurt, June 18,

siderably in Britain's debt. But will 201 The Bank Deutscher Liender was noted, Congress

today Britain owes some £4,000 million to foreigners. has announced an extension of reconvene until January.

referendum Meawhile, the use of foreign-owned liberet beheld in December

COSTING DEARLY alised capital mark accounts for must Investment in West Germany under the present, law. Traders

So the rise in intenst rates assumption on the said that and West. Berlin.

farmers will vote for a con- consequent upon the Govern- benuation of the present pro-ment's policy was conting Britain Mr resisted effective

#

Senator Knowland was ap- proached by the late Senator Robert Taft, also a Presidential candidate, and promised the

These accounts can now Vice-Presidential nomination if used to acquire interests in gramme, they saw little chance dearly. Butler

Mr West German enterprises whose for any

legislation Gaitskell's invitation to explain be would abandon Mr Warren. He refused and lost with the capital is not in the form of being passed between reconven

*ui inflationary Governor.

securities and for the setting up ing of the 1958 Congress and exactly how

control A year ago, when Californian of similar enterprises. Invest planting time, Therefore," one situation is kept under

it this kind, however,

observed

sces by the use of the bank rate. He ments of state

are source Republicans held their

and limited to a

improbable that any pointed out, however, that it took maximum of 500,000 highly the Warren-Knowland | im meeting.

marks annually per capita, change

can be made to be some time for the effect of the forces were at daggers drawn

prior to the 1957-58 rise in the bank rate to make Special authorisation is needed effective

itsclt félt and he claimed that to exceed this upper limit, al crop."- United Press.

the facts already bear witness though no such restriction is

to this effective pressure which placed on the uses of Liberalised

is being exercised." capital mark accounts

and Mr Both Mr Butler permitted particularly for the

Gaitskell

ressed concern purchase of securities traded on

about the balance of payments stock markets:

situation and the present wave of labour trouble.

The balance of overseas pay- sald Mr Galtskell, was ments,

This to say the least precarious, year there may be a deficit and there was certainly little pros- pert of a surplus. At the same time Britain was in the middle of the worst crop of strikes she has had since before the war.

with the group which supports Mr Nixon. There was little bar- mony in the meeting despite the presence of a new titular leader of the party, Governor Godwin Knight,

who succeeded Mr Warzon

ONLY RECENTLY Only recently, Governor Knight enthusiastically endorsed President Eisenhower for "re- nomination but refused to com- ment on the validity of Mr Nixon's re-nomination. NOW, however, Governor Knight has issued orders to his Knowland

Warren faction to endorse - Mr Nixon and work for his re nomination.

Consequently, it appears at this time that the only cause for a fight in the 1956 Re

AL

hitherto

The use of these arccuinte for ther purchase of property is also extended by the Bank-China Mail Special,

The Bank Of France

Statement

Paris, June 19. The Bank of France statement for the week ended. June andreads as follow

publican nominating Convent has been eliminated

that the ticket will be the same last time Iacobower and Nixon.

cles M

Just where Senator Know Torial other cirryn

Sight Bolghoe broad

Land its into the picture of the future is uncertain. He may be one of the bright young men of politics who lost his guiden opportunity through the loyalty In 1952 to his mentor, Chalet Justice Warren China Mall Special

Singapore

Stock Market

Opening

Singapore, June 20, Brokers today quoted the following stock prices: Batu Lintang Rubber Co.,

Lad

$ 1.52 British Borneo. Petroleurs

35/bd Syndicate Consolidated Tin

32/64 · Ord

$ 2.70 Fraser & Weave Ltd., Ord. Truser & Neave Leld, 74%

Lunas Rubber Estates "LA£/

9,

cum, pref." Hongkong &

Shanghal

Banking Corp......

Hong icon This Locme Kempas Ltd.

$ 6.55

$386

1.80

Francs -201,281,901,420

2.10 ed

Maingan Breweries

3.40

New Serandan, Rin75.

13,761,207,0

Lid

Petaling Tin 114.

Hanes Hotel

Britala

Singapore Cold storage. Bouth

1246 $3.15.

139)

$18.00

In EPUSAT 171.190.28317 Advance in CORNELOS

Stabilisation

106,006,000,000

expe

$588288

5.70 $24 500

7.05

4.77% 4.5

MISCELLANEOUS

Yangisse

6% 1000 0.45

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From

the word "CO"

wwww

place your printing order where you are assured

of personal attention, expert designing, the finest materials and craftsmanship.

From Articles of Association, Share Certificates to Letter Headings and the many other essential items, consult the Printing Department of the South China Moming Post, Ltd.

And he blamed these things on Call in at any time

Government's

policy of

the trying to preserve tull employ- and examine specimens ment but removing the defences of quality printing which against inflation."

NO GLOSSING

Mr Butler did not attempt to gloss over the balance of pay- ments situation. There were, he sald, very considerable faced in the problems to be monika ahead: Britain would $14.00 to struggle hard to earn $10.00 United Engineers. Orde.........

6.2.20 an overscos curplus on the seale 130,041,322,273 Wearne Bros.

Mamin Mall Special

of the last two years. ket Press.

Total Wills disgusted. 1,06423 002 200 Bank note in circala-

·tion.

Current accounts and

„deposita por

Co., Ltd. sk Straits Trading

we shall be proud to show you..

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Spis June 20

Art. July

*

--- July

3

July

26

-- July

27

-- Aug.

-- Aug. 19 LIMITED PASSENGER ACCOMMODATION. "

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Sept. 1---- Bept. · Oct.

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LIMITED PASSENGER ACCOMMODATION,

All the above subject to alteration without notice.

S/S "YOUNG SHIN' Arr. 24th Juna from Japan Salls 26th June

for Pusan & Kumsan

Chinese Department: Telephone 28293. Queen's Building, Telephone 37206.

***

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P.O. Box 53 : Queen's Building Tel: 26551)

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salling June 19th "LAOS"

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