1955-06-27 — Page 9

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41

Jamaicans Celebrate

Tercentenary

Kingston, June 26, Jamaika's year-long. ter-) centenary celebrations, given a tremendous Allip by „Princess Margaret's visit, are now in full swing. Sporting events, state visits and a wide range of cultural and other activity have already marked this 300th anniversary Year

of Jumalen's association with Britain. Since January, When the programme Was formally launched with p big openair all-denominational meet- ing in Kingston. Princess Alice and President Paul Magloire. of Haiti, have paid state visits, The Australian cricket lour, the "English Football Association XI's visit, a visit by the Casuals hockey team from Trin.dad, an international bridge tournament between Jamaica and the United Sales.n

tcam

of four let by

THE CHINA MAIL, MONDAY, JUNE 27, 1955.

TRADE and COMMERCE

SECTION

Page

Lancashire Losing Labour To London Industrial

NEW YORK Other Industries

STOCK

MARKET

REVIEW

By Elmer Walzer

New York. June 26. Industrial shares closed

which a plast week on the stock ex-}

change at an all-time record high, just about 100 per cent higher than they were five years ago at the outbreak of the Korean war.

Goren, the great, was defeated, an international tennis tourna ment. the visit the

rifle team, have all contributen

to the celebrations on the sport-

in front.

NEW STAMPS

On May 10, four new postage stamps. frsued to mark the ter- centenary, were released to the public. They will remain

for six months or sale stocka

are exhausted - which

unta

The industrial average closed en Friday at 448.93, up 1.85 points; over the previous week, up

116-49 points over a year ago,

und up 224.58 points from the day before Korea.

The railroad average closed at

162.20, up 1.04: 48.44, and 106,35

seems likely to be earlier, judg-points respectively; utility gaina ing by the enthusiastic demand for first-day envers.

Issued in four denominations -20,

2, 3d, and 63-the Scenes from old stamps deplet Jamaica. They formed part of an exhibition of stamps, held in connection with the Jamaica 300 celebrations, which was opened by His Excertency the Govermory Sir Hugh, Fool,

May 10 is the anniversary of

Venables on Jumaica, day, in 1655. began the lang association of Jamaica with Britain which is being celebrat cd this

with such enthusiasm and sincerity.

year

0.05; 6,11, and 20.32 points respectively.

For eight straight sessions the" industrials registered

rucord tops.

For a time the rule a

Then on Wednesday, they turned in a brilliant yer-

formance

and reached a new

high since Oct. 26, 1929.

RIDING THE CREST

around

Baldwin-Lima-Hamilton which

HUGE IMPORTS OF INDIAN

CLOTH TO BLAME

FROM RONALD BOXALL

"London, June 26.

Troubles seem to pile up on the British Cotton industry. For months past Lancashire has been worried by the falling off of export demand coupled with sharp expansion. in imports of cloth for retention in the home market. Now on top of that it looks as though it will shortly have to contend with a reduction in the home demand.

All this is happening mo reover, at a time when there is widespread lack of confidence in the price of the raw material owing to the United States Government vacillation on an ex- port subsidy for policy for raw cotton..

N.Y. COTTON

MARKET REVIEW

By William T. Plunkett

New York, June 26.

Citton market" sctivity

"

..

fast that India-once In these circumstances it is the

blagost OVCISOJS not surpris.ng that Lancashire's | Britain's order books have continued to customer for cotton goods and decline and short time work- mainstay of Lancashire's

become ing has

more wide export trace is fast becoming spread. The rate of cotton cloth the world's biggest exporter.

in Outpat April was 11 per Last year it was second only to

with Britain in October Japan cent lower than When

production svas

the third. highest since 1952. Ta spinning, production at the end of May showed a drop of 14 per cent compared with last October.

I

poor

Australian Wool

Tokyo, June 26,

The Chairma cf the Australian Wool Bureza, Mr CB. Ball, said today his world tour had given him confidence that prospects tor ivoal are "very great,"

Mr Ball who is visiting Japan, said his tour of Europe and the- United States gave him the f- pressica of increasing confidence” among the wool indusky men

Press

Mr Ball told, a conference this was "parily

due to increasing prosperity and parily due to a return to wool fabrics,"

Mr Ball is a member of. the executive of the In ternational Wool Fublicly and Research Fund operated by the Interna. itonal Wool Secretariat, The purpose of his taur was to see how the funds were being spent--United Press,

HONGKONG STOCK EXCHANGE

Market Still Booming

From Our Own Correspondent

London, June 26. Industrial shares on the London Stock Exchange continued to boom. Last week they touched new peaks on three consecutive days.

Investors were again in hot pursuit of high- class industrial shares spurred on by the knowledge of prosperous home economy with its promise of even bigger profits to come.

Prices-particularily of some by mopping up

leading

some of the. shares like ICT which money,' Indeed there are signs

The glit-edged market has

have attracted American buy-that this flow may Begin shortly.. ing-rose spectacularly and the

Financial Times industrial share been completely

index bounded frem peak to by

by events

peak with almost

monotonous

market.

overshadowed

the

Industrial

Prices

Jast

weel

and the

regularity. In three business slipped love days up to Wednesday's close between industrial yields and it gained a further six points gilt-edged yields narrowed to to 219.8 new all-time record, almost disappearing point." The

authorities

cantat arrest the After. that prices.receded a

fall in gilt-edged prices with little on profit-talking and an

ATTE easing off of the previous buy out relaxing their tight

so it policy

seems as though ing rush which itaclf had

only a check in the industrial dreated new

At no boom can prevent the gap be- records. time in the present boom have

*** |tween the two yields closing "markings" touched the record

completely, daily Agure of 10,438 reached in of January 1947 but a number

In the oil share market. Bur- bargains marked over the five mahs and British Petroicum consecutive days up to Wednes- were particularly strong in the day was easily the highest ever. early part of the week on

DESPITÉ SETBACK | American by buying. BP's reach

ed a new peak of 124s ad but

ter fell back sharply

Despite the setback on the (From Our Correspondent) last two days of the weeks no liquidation by nervous specula- one in the market is prepared as they finished at 1146 d. shares .also last Business done on the Hong to predict when the boom will Other oil

Loss Of Labour tow prices. Soins cption leaders kong Stock Exchange this morn- end. One thing is certain bow-ground.

וי

and

con-

HK Bank

... 1713

25

965

This

Not so long ago the threat to Britain's overseas markets came from Japan. It Wis impos- sible, saich British cotton in- On Thursday the market "was

dustry, to compete with Japan's the landing 300 years ago, of riding the crest again when two

wanteding amounted to $1,221, 356.20. over; it bears no resemblance to unionists trade Admiral

shares South Afrilan gold Penn and General

adverse took companies dividend On that

action

rallied strongly on Thursday that snarled broadened last week, mainly

But what worries the in-Japanese goods kept out of the Noon quotations and the momthe unhealthy, boom of 1929.

Commonwealth while

There others fing's transactions: a under the influence of even-dustry most of all the loss

cannot be a replica of after having been overshadowed their stocks and brought

what occurred in 1929," says decline from the highs alling-up operations in

earlier in the week by the in- the of labour that these acpressed urged the industry to

OF SHARES BUYERS SELLERS SALES the Economist this week. centrate on the production

dustrial share With

boom. Оде Those companies were nearby July delivery asconditions have caused

is a boom confined to the home reason advanced for this was Japan could not compete?

1710 Industrial market and indeed to the belief that some of the halved its dividend and Ameri- traders prepared for first unemployment throughout the high quality fabrics with which BANKS

country down to less than one

leaders of that market based on funds released by profit-taking can Hawaiian Steamship which notice day.

in other per

Now the

has INSURANCES cent vacancies

situation

high gamings, cover and high elsewhere might be invested in suspended its

industries outmumbering job changed and it is India that Lombard ..

cost act values compared with gold shares. hunters more and more workers threatens Lancashire in

current dividends and current are leaving the cotton mills home and

overseas markets. SHIPPING ..

Asia Nav

prices! It is and And seek higher wages

not only

Lancashire, greater security elsewhere. Trordeally, tou, Japan is TOW-DOCKS, ETC.

The seriousness of this ing worried about the growth movement away from the of Indian exports. And Japa- cotton industry is shown by nese cottonmen Arc saying the

fact that

at the end. of about Indian prices what Lan- Japanese April there were 12,000 fewer cashire says about at work in mills than at the prices that they simply can- beginning of the year and 17~ | bot compete with them. 000 fewer than

To mark the day, a group of citizens of Spanish Town, the former capital of the, istand and Drie of its oldest towns, walked in pilgrimage to Fassage Fort, the spot on the coast about six the town, where ..miles from

men landed Oliver Cromwell's to march on St Jago de la Vega (as the Spaniards called Spanish Town),

CAPTURE THE

After stening to a brief ac-

count

of the capture of the island from the Speniards and taking part in a short religious service, the group of pilgrims returned to Spanish Town over the route taken by the British Army In its advance on the Spanish strongholdi.

The following night, the old Capital rounded with music and singing and the applause of a monster crowd as the Jamaica Bandwaggon, a travelling stage show planned to bring entertain. ment

to rural and culture Jamaica, rolled in to the ancient Georgian N Square of Spanish Town.

*]

=)

Under the shadow of the great Cathedral of St Jago de la Vega where lie buried some of the British heroes of that cam. paign-and right beneath statue

of. Rodney,

300

Jamaica's naval heroes

the

of

the

team of 150° singers, dancers, musicians and comedians on the Bandwaggon entertained cheer. ing thousands.

A steel band from Trinidad with their unique ping-pong music made from old oil drums, and a drummer from Haiti, playing the pulsating jungle rhythms which came to the West Indies ·from"Africa, were two Imported' acls in the show which has been described as "a carnival on wheels".

141

One stock alone saved the day for the industrials on Thursday. It was Du Pont which had risen a new high at 319, up 10% and closed at 217 up 834. By that

the industrials spurt managed to finish at a new tep: The saving group on Friday was the uil section which got into action, with a vengeance in the last hour of trading after a general decline. Standard O (NJ) soared 5 points and closed with a rise of 41⁄2.

Jersey's strength, based in

lifted her oils suficiently to art on rumours of a stock split, send industrials up a few cents on the day and thus maintain their eight-session orgy.

grammes

Motors.

new

high

Switching out of July posi tions into later months spread trading activity across the board which gathered momentum as the weck prorgessed.

July erratically over a range of $2 a tale, going to a premium over October at times. only to

lose all of the advantage and finish the week at a small discount.

contracta.swayed

to

the

to

Ironical

Urior.

28.30 500 628 194 19 323 27 131 8.20 8, 10000 r 8-20

2300 + 14

400

71

not an occasion

Rubber and tea shares con- Him until Thursday

when every would-be financier tinued

and

Can

every

cnn,

would-be inventor when profit-taking developed.

to the market for fully away money and 1oaded. Α

prosperous econciny, high profits and stable govern-i

"the

ment together provide the most plausible arguments · why boom should go further."

NEW ISSUES

U.S.

RAW COTTON EXPORTS

New York, June 26.

Raw cotton exports by destina-

tion as reported in bales by the

New York Cotton Exchange for But no boom can go on for the 1954-55 season to June 21 ever and thoughts are turning to were as follows: what could stop this one. "One Britax Tram 23.40 23.70 450 23.46 of the most logical possibilities Continent

Economist. Orlent

149

K. Whart Dock Providun: (0) Wheelock

IANO, ETC-

HK Holel RK Land

31.10 17 20 701% 71

2300 TO

1400 71% 128 40 71

Humphreys 17.00

RTS G Realty ...2.121 UTILITIES

5000 2.12!

on

Feety .. Y'mati. Ferry 119 C. Light (0) 30.00

c. Light (N) 18.40

200 @ 18.30,

200 16:

60 18

of

one

Electric

91 41

Macao Elect. 10.30 13.00 Telephone 044 INDUSTRIALS

Cement 31%

500 En 2500 41

700 @ 24%

32 2000 G31) 10400 $13

Robe STORES, ETC.

At Friday's close the list ruled 11 points lower to 15

a year pre- to upviously. points higher, or off 55

Lancashire industrialists" and 75 cents a bale compared with

have put the the preceding week.

labour leaders

still the The market mot an excited blante for the

More ironically depression in wave of short covering at Fri- their industry chiefly on the remedy now being urged upon

July rose

volume of the Japanese industry is the large and growing 34.37 day's opening.

cents

same as that recommended for a pound.

imports of Indian cloth. These highest level

since mid-May, imports rose from less than 20 Lancashire to concentrate on then dropped back to close the million square yards in 1953 to higher qually goods and week at 34.06 cents a pound.

more than 132 million yards in products with greater conver- CROP NEWS

1954 when they accounted for son value, Crop'

textile market

therefore, that seems, more than half of all Britain's news.

Lancashire may one day have developments, export prospects imports of ection piece goods,

loan redemp cotton.

leave

production for row

The rate of imports from to and the usual tions figures,

India, moreover,

continues to cheaper lines to India and com- better with pete run of price shaping influences grow quarter by quarter,

Japan in were lost sight of in the light the last three months of 1953 quality goods. Meanwhile, they were of the July situation.

nearly 38 million

in yards;

the first square quarter of this

year. 45

unexpected

Dr.

crop

Retained

In

It

the

faced the

ог

AUTOS IN DEMAND The automobile issues were in much better.demand this week us autobomile production re- sumed on a large scale after a series of wildcat strikes, High

hand with

ever-growing earnings are predicted for the The open position in July as

imports of Indian cloth into the. approximated major companies which are now the weck eibsed

home market--which cannot be launching new expantion pro. 280,000 bales. Technicians ex-million yards.

unlikely restricted except in the 10 a half peeted the spot month situation ranging

event of the British

Gove to continue to dominate the billion dollars for General de for the immediate future,

trade

ment ade

abandoning its policy attitude toward imports barring

Washington

from Commonwealth countries Unlike imports from Japan Hom Business news continued to developments

of whether

and on the other with the The autonews on the question of favour the market.

cloth does not need to compete Indian

cotton

with Japan's news was particularly favour-or not a subsidy will be allowed have to be re-exported after able with the week's output of on the new crap shipments.

cotton Industry is in one of the Стор

not been processing in Britain and a large low cost production, the British cars at 154,189, against 139.708 in the previous week and 113,- altogether favourable, although proportion is, in fact, retained worst predicaments it has ever on the home market where it experienced. - London Express the changes have not exercised

comes into direct competition

Service, much market influence.

with Lancashire cloth. The in Steel production for the Eastern and central belt sec-

tu have these restricted have boon week brcke a records. Can- tions complained of cool days dustry's efforts

more-than-imports nights and struction held around a record, and

rains which delayed firmly resisted by the Govern Retail trade continued to make needed

plant growth. The general need, ment who, however, have used bullish news,

is for hot, dry weather--United their influence to induce the

Indian Government to lower their import duty on Lancashire. cloth which

was dispropor- tionately higher than that levied

Indian cloth entering an

886, a year ago.

AL in all the market had Press, plenty of fuel for the bullish side. But, the experts pointed out,

the prolonged rise-16 gins in 14 sessions for the in-

the dustrials had left

jist Since then, the Bandwaggon has rolled on to some more of vulnerable for a corrective re- Jamalea's ancient towns, includ-action-United Press. ing Morant Bay, scene

of the famous 1865 rebellion': Port.

banana The Bank Of France

"Antonio, cradle of the

industry and Jamaica's first tourist town1.

WARSHIPS TO VISIT

Statement

Paris, June 26.

Two British warships are scheduled to visit the island to take part in the celebrations. One, HMS St Austell Bay, due in July, will are a salute to Jamaica from the Royal Navy.

Advance to Stabilisation HMS.Jamaica, the other. The Island's 'rame ship' of the Navy, Is due to come on or about July

11 and remain until July 20,

visiting Kingston, Montego Bay and Port Antonio.

The whole "inand will take

balance abroad -

in EPU

175.827 A$7.359

TOWB

has

American Industry Spending

on Britain....

"staggering sold in piece it

it

10

Singapore Rubber Market

"Singapore, June 26. The market advanced sharply trade and Saturday on speculation. Futures:

Exchange Rates

100

now" 33YS

the be an increased flow Canada

437 120 115 £0.70 would 1500 2230 20 reducing the head of

20.00[vi new "issues to the market same period last year

Dairy, 2130 21.40 2300 2 23.40 Watson

..... 13.30 14.10

Crawford 31 343114

COTIONS

Textile Corp 3.60.02% Nanyang 7.70 7.80 1000 @ 7.10 MISCELLANEOUS

Yangiste

Allied

2000 67

5 5.10 3000 or 4.95 2000, 67 4.833 1009 60 4.2733 35095

Singapore.

Stock Market

Singapore, June 27. Brokers today quoted the fol- lowing stock prices:

Opening

Batu Lintang Rubber

$ 1.32

Brilim Borneo Petroleum

Synd.

38/9

Consol. in Smelters

34/6

Fraser Neave ord.

Fraser & Neave 76% pref

$ 1.70 855

Hongkong

Shanghai

Bank

Hongkong Tio

Kempes

EVERETT

steam

413,077

Total for sensor

excluding linters-United Press

LINES

EVERETT ORIENT LINE

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

"NOREVERETT'

"BKADEVERETT“

"LENEVERETTU

Arr. July

1

Sally July

~July 18

-Juts

19

1

"REBEVERETT”.

- July 31 -- Asg.

-- Aug. 29 -- Aug

Loading for Kobe, Omaka, Nagoya, Yokohama.

Arr. July

“LÉNEVERETT

"REBEVERETT”

*NORRVERETT

"BRADEVERETT"

Sadler July

-- Aug. 1

- Ag

- Aug. 22 Sept. &

Sept.

A LIMITED PASSENGER ACCOMMODATION, Ma All, the above rubject to alteration without notice.

EVERETT STAR LINE

FAST REGULAR FREIGHT REFRIGERATOR SERVICH Loading for Singapore, Port Swettenham, `Madras, Colombo, Bombay, Karachi & Persian Gulf Put

Art. July 18- 'Sale July.

- Bept

1.80

52,10 cd

STAR BETELGEUSE" "ETAE ARCTURUS” "THAI"

- Atte 13

"STAR ALCYONE"/

Ang. 28 Sept. 15 Sept. 28

1.07

$22.7

Loading før Kobe, Ojaks, Nagoya, “STAR BEZELQEUSE" ""Am, July “STAR ÄRCTURES":

Aug.

325.40%

**THAI"

15

1. Aug. 20

Aug.22 17 --Sept 20 Yokehams.

Sells, July

Aug

Aug

("STAR ALCIONE""

Best 1

Sept

PEA'O

Oct

This, says the British Cotton No. 1 rubber per . July 114-1143% Aug. 110-1101 Board, should provide small

Sept. unquoted but welcome increase

No. 2 rubber per lb. July 108-109 business' for Lancashire,

Bet No. 3 rubber per t. July 102-103 No. 4 rubber per b. July 90-101

110-1167 the Board is much less im-Spet rubber unbaled

05-96 116-118 pressed with its own Govern-Blanket crepe

No. 1 para crepe

-United Press. ment's meagre help to the in New York, June 26. dustry. The removal of pur- Mr Keith Funston predicted chase tax on household textiles, and goods The Bank of France statement today American industry will furnishing fabrica for the week ended June 16, have to spend a reads as follows:

the $375,000,000,000 in

"will be benefit next drily, Total gold holdings

trane 201,281 591,462 decade to keep pace with the certain sections of the Sight outer currencies 13.281.055,994 demands of a growing economy, but does not touch the main

The President of the New bulk of apparel fabrics,

The Board sees one ray of York Stock Exchange said, this ************** 108,003,000,000 vast expenditure by industry hope in this otherwise gloomy Total bills discounted 1.512.380 593355 will be needed for the plants, picture. "A useful volume of

with

Paidatan is In 2008 270,000 predicts, tools and jobs required trade

levela to reach the economic

prospect," it says, as the result 121.315,430,420 projected for 1085

of American aid wing the Mr Funston said that the form of American raw cotton America of 1965 will have a snipped. to this country (and

of $535,- national

other exporting countries) as product sonal income of $380,000,000,000. shipped to Pakistan."

We will 200 corporate profits, rise

to $30,000,000,000 and dividends mount 82 per cent Ove 1954 10 $18,000,000,000

"But any relief granted by the he told the first Dartmouth, business conference.

reduction in Indian imports daty removal of "We will require, in the next on British cloth

Lunas Rubber Estates Malayza Breweries comments

New Serandah Rubber done in the local | Petaling Tin Business was industry

excuse market ‹ thin" {Rimea Hotel morning at the following rates:-

Singapore Cold Storage 78,00 South British. Insurance US. dollar (per 1).

18.67 Straits Trading Sterling notes (per £1

11.50 Straits Steamship ..... Indonesian rupiah (per 100)

$10.00 2440 United Engineers Ord Stam ticals (per 100)

1.82 Wearne Bros. singapore (Straits)

-China Mail Special. Indo-China plastres (per 1001

Fund

Bank notes in cir-

cutation Current accounts and

deposlis

-United Press,

port in a national Festival of The Bank Of England 000,000,000, and disposable per-payments for cotton textiles

Arts, which will include the first country-wide competition

in élocution, singing, dancing and drama,

As the grand finale to a year of relcicing and merry-making Kingston is to stage, probably in Sabina Park, a pageant depict- ing some of the highlights of the island's colourful and dramatic history through the 300 years China Mail Special.

Statement

*** London, June 20.7% The Bank of England state ment: for the week ended Juno 22 reads as follows

Note circulation sterling 1.783 93236 Publia deposits Private Coposita on korja Government securition Other securities

Ascetits

Fallo

23.

decade,

Insignificant

MESSAGERIES MARITIMES

P.O. Box 53 Queen's Building - Tel: 28851 FAST, PASSENGER/FREIGHT SERVICE

sailing July 17th sailing Aug. 13th

"VIETNAM!!! "CAMBODGE?

Bir Funston said, pusshare fax on certain fabRONG" "more new equity capital than and the indirect effect

during any comparable period American ad becomes indgri- DONAL: in our history." United Press, fiemt when viewed alone de

FAST FREIGHT SERVICE AM

sailing Julyth sailing Aug. 17th

LIMITED PASSENGER ACCOMMODATION. All the abors eubject to alteration withous nation,

5/S "YOUNG SHIN"

Loading Salle de June - 27

In Port

for Fusan & Kumsan

Chinese Departmenti Telephone 28293. Queen's Building, Telephone 31206,