1955-07-27 — Page 9

■

Spanish Housewives

THE CHINA MAIL, WEDNESDAY, JULY 27, 1955.

TRADE

and COMMERCE SECTION

· Page 9

Now Have BANK BROUGHT INTO LINE British Restrictions

Problem

Madrid, July 26. "It can't happen here," Spanish housewives had Insisted when always foreigners talked of their "servant problem,"

Hut now it is happening here Madrid's weekly newspaper,

that 20 El Espanul, câmiate

DO

Tousewives in Shinin toray are looking for domestic help

The gradual indiestrialisation of Spain is absophing Jamur rapitly, although the tow

Ntumn of

esfumation

female

NEW YORK The British Treasury

STOCK

MARKET

New York, July 26, The stock market turned five in its first decline in

late sessions today when which profit-taking pared prices | for all but a handful of

special features.

Marks in Sin receive out thes get any at all, for gole figure

high swing the

children in Spam

shreat

The

authorities dim never

20

repair)

htt

school is still a houltcap

Domestic servants ageniors an

vueat each day

ey are unable to it, avsetting

to El Espatial

Madrid

places

Salaries

shures,

pace-setters

Steel through much of the session, turned hesitant near the close

The time

for approuched Steel directors tu toke dividend action.

อร่ US

2,000

which

2.

But servants Monthly care

JAY living Bete Fagg

300 pesetas (C to 13)

The eating hours of Spaniards make the tail's day a tolg one

Fores before

Parinee

1

welk ught at snima lumik later, so that the air sudy de tot lewe tot m right or 1.m But for its bor En be work

Brusewives Rive their THE CAR her aftertundis each

but star stisnuty com

insist Bognewly

argaha

Some

AMI that even on her after The and shall get back an to prepare and serve dinner

Whereas

woman workers Hi have the Spaan

315

ז

benefit Every vires as well as poor in attay! Beamestte

have ersanta

health or other seeind

or protection

FI Espanol

regarlei

Spanish girls are much t

smand th

דיי

LE1-

Has

Asserted Its Authority

London, July 26.

The British Treasury has asserted its authority over the Bank of England.

The latter, although

has been a nationalised institu- tion since 1945 and is in theory subordinate to the Treasury often shows a fair amount of independence.

In recent months it has been following a noticeably distinct line

been

small

US LIVING

COSTS UP

Washington, July 26. The cost of living rose In June for the first time Kinoo November, the Gov ernment reported today.

Mainly because of higher- food prices, the Bureau of Labour statistics index of consumer prices went up two-tenths of one per cent between mid-May and mid- June to 114.4 per cent of average 1047-49 prices. -- United Press.

HONGKONG STOCK

EXCHANGE

Hailed In US

By John Morka

New York, July 26.

The British Government's newly-imposed credit restrictions aimed at curbing the purchasing spree by gadget-hungry Britons was generally hailed as a constructive measure in US financial

circles here.

Although most experts feel that the British will succeed in slowing down the buying pace by lifting the down-payment to 33 1/3 per cent from 15 per cent on instalment purchases of certain items, there was some doubt noted about the degree of effectiveness of the new credit restraints.

here

BANK RATE

Some observers

cm- It was said the British move phasised that British banks, by comes at an opportune time, par showing more selectivity In on the important question of sterling convertibility.

tlularly amidst speculation that passing on new forn appileo-British Government is planning 疗器 abilond that only a is regarded But informed sources say that, vertibility

devaluate Its sterling by tions will probably play a more to But further step is required.

effective this division is new to end and remote contingency.

role in boosting ex- widening

limits between In although small The Board of that industriuk

But those more closely asso- this step, that the Bank has been told to

poris

imposing by

credit which the pound sterling can reported-eyrond net

line more cinlud

the dry with

to day substance, is Important in form, follow the Treasury

in relatioru to other brakes on consumer buying at fluctuate come for both the second quar carefully in future.

werking of foreign exchanges for when it is taken all sorts of

home.

currencies, first half of the and the

consequential measures, such as The Treasury's view is that tour to take a different ylow,

It was felt that Chancellor Insi

the

They say that in fact sterling the ending of the European- declared only

convertibility will be skerling

is almost convertible ot the Payments Union and the widen-

Butler's announcement yesterday* arak dividend. US Steel shares, possible only when certain con-

Some observers here were not that Britain planned present time: that only a very ing of the fluctuation limits for

further ditions have time, At one frictionally

nehleved

to be taken

Inclined to discount altogether | move on the exchange front On unchanged at 554

These are a freer United States small change is needed to make sterling, will ho

convertible and this 100.

the possibility that Great Britain would have the psychological Import polley, a higger gold and it fully

The Treasury does not con- reserve

sound change could easily be made at

(From Our Correspondent) might have to further increase effect of neutrallsing any ten- lar

for sider the time rive

the present discount

ofdency to expect a change in the condition in any time. internal Anuncial

This view has gained ground consequential measures and will Business done on the Hong-4% per cent at some future rate. rate at which the British Gov- Britain.

would support sive 11 was deelded in February therefore keep sterling formally kong Stock Exchange this morn- Last February, Chancellor Bullerernment

the CONTINGENCY REMOTE

the rate the Bank of pound sterling. This rate is now to extend the official support to inconvertible for some time yet,ing amounted to $2,007,623,40. boosted Not one of these conditions is

been the unofficial markets, in which although in practice it may be Noon quotations and the morn-England charges member banks between $2.70 and $2.82. 35 lost regarded

having

transferable sterling is traded ; regarded as convertible,

ing's transactions:

to the current level of 4% per achieved at the moment, so con-

cent and set the down-payment against dollars,

KHANER RUYRUS SELLERS SALES on all instalment purchases at HANKS

The West Coast, where markels will were open there was little Announce- after the

Bethlehem Steel, whose dirve- ters meet on Thursday, Armco

Inlund Steel around a point, an extra divi

lifted

Carpenter Fend Tonly 2 pirtis.

INDUSTRIALS NIGHER

Steel

24

The effect is that all foreign- held sterling is convertible at a very small

Mares, despite the World Rubber discount. Full conte

slightly ellug, finished Luke bagher on average and at a new

11-13 k

Strengths in fe us helped,, Standard 1 (NJ) ran up near- iv 3 points, Texas Co, around a irant

alan were lower on average 1 with lusses musity small.

Among the wide moving

Brings specials in industrials. and Strutton stood out with a Pre of more

points, than 7 with a drop

r*14

that

|

Pitalu t

Bulova Watch

1

France a ervants this Mad Special

Surveys Of

Beach Approaches

Ottawa, July 26. Canada's

Arctic newest patrol vessel. 1 MCS Labrador, already hus manN her "Brsts" Canadian record, but when she sailed from Halifax for northern the end of May, waters al she was the first Canadian naval vessel to carry under- water television equipment.

A new technique developed by the Royal Navy will be used to make surveys of underwater beach approaches in the Arctic and to study

reaction The

livers in the cool water end- funs of the Far North.

of

Markets

consist only in the elimination.

between the The difference views attributed to the Treasury England. and the Bank of

is really respectively,

of

onu

CONFUSION

these

A confusion between the two viows had led to some remark- able ramours on the Continent of Europe.

In Germany, particularly, It has been assumed that sterling will be made convertible suon and that thla will of the

opened form rather than of substanec. widening

Singapore July 26. The rubber market steady und eased later on profit- taking. All offerings were well absorbed with renewed buying Interest towards the close, Futures closings were:

No rubber per th

4 points the latter selecting dis- directors' with filvare

order a rumoured stock split,

irigܜ

Trading was at a slower pace

Al items

sessions with volume totalling 2,340.000 shares compared with 2.500.000 yesterday.

Of a total 1,200 issues traded. 366 were lower and 404 higher.

New York Stock Exchange bond volume was $4.323,000,

American Stock volum was 740,000 shares,

CLOSING PRICES

Aldea Ine AC Allied Chemicals

Allied Mu fee

Allis Chalmers

American Arrine Ansan yanamide Ca Am. Mach & 2 day Alerten Metal American Smelling American Tel & Tri American Tob. "D" Annenda Copper Armes Steel

ikaktwin-Lintui-25ams.

AUK.

Sept Det

$39!-1307% 1321-1321 equbted 120-127

110-120 #14-115 13394-1337%

ICD-10215 1331-34

20

It is true that sterling is

very near la conver- practice

World Cotton

Markets

No. Z rubber per 14 Aug. No rubber per th Aug. No. 4 rubber per i Aug. Spot rubber undated Blanket crepe No 1 pale crepe

NEW YORK Futures today: closed points lower to 10 points higher with sales of 144 contracts.

Prices snapped back vigorously at the close under a resumption

on from of speculative commission house buying and short covering. Opening prices were down 5 to

to

New York, July 28. Cotton futures today suffered a sharp opening setback then!

dull turned

narrowly and irregular.

Closing with small recoveries the extreme lows the list stil was 2 to 12 points lower.

uneasy Exchange Nervous beays became

12 points. New Orleans closed In- setback, when the opening Auenced by the lower London-of 8 to 3 points.

Weakness at Liverpool, plus markets, failed Singapore

continuing uncertanty

Over attract a wide: realising move-

Government plans for disposal ment after the recent sharp rise.

of the raw cotton surplus, kept however, The spot market.

the market on a defensive tack for the second day in a row, ruled quiet with, factory buyers rise. resisting the Renerally

$ 281y

07

745

28

2014

0324

1801

Same dealers said manufacturers' intes on prices ranged to 1 cent under the current market.

71% dealers

12 Reported small sales between threa included Sept.

sheets, sheets, Oct./Dec. tour each at 41 cents a pound Spot No. 1 Rss were quoted at 42 cents. Futures:

44

Armour

10

1496

Baltimore & Olu

Bendix Avuljen Corp

516

Benguet

Cons.

Bethlehem Steel

100%

Hept.

42.65-TO

Der.

Boeing Altplane

Mar

41.00 40.80-03

Borden The Co.

03/

1

Burroughs Aud Machine

317

May

39 05

Canthari Pacte t

34%

July

38.70

Case 43 .L) Co

173%

Sept.

37.70

C. I

T. Financial Corp. Cat Tractor

472%

LONDON

Celanese Corp

Chore Mantral Bank Chile Copper Chrysler Mutory

1 spot Res were

Colgate-Palmolive Co Comunerrint

0

Sept

Credit

44%

Oct./Dee,

Commonwealth) Eire.

44

Jon/Mar.

Conmolitiated Edison

Apr./June

Cantinental Oil of Del

Cantinental Steel

Corn Products

283

Grone Co.

41

Crown Zellerbach

Cuban Amer. Sugar

Lieutenant Commander J.11. Bathurst,

the no the staff of directe of Torpedo Anti-Sub-

and Mine Warfare matine Royal Canadian Navy head- quarters

in Ottawa, has had considerable experience In this feld

the while serving with Royal Navy and will conduct the experiments aboard the Labra- dor.

Portable Equipment

The equipment, owned by the Canadian

Research Defence

Board, is portable and can be operated

Irom one ot the Labrador's boats

inshore, fur shallow water work, It consiste of contral unit, including monitoring screen, to which the camera is altached by cable.

The camera is enclosed in u cylindrical caso, measuring 23 inches in length and 11 inches This unit ins a in diameter. alight positive buoyancy, making it easier to handle under water. The actual televizing is con- trolled from the ship or boat which is in radio communica tion with the diver,

4

who has only to point the camera directed. The unit operates on the

television closed circuit principle.

Curtis Wright

Dianand Askali

Dow Chemicala

Dupont de Nemours

Eastman Kodak

El Paso National Gas

Erie Rallroad

General Electric

General Foods

Hoyden Chemical

Ingersoll-Rand Inland Bleel Co. Interchemical Corp. Int'l Harvester .... International Nickel International Paper Int'l Tel & Tel' John-Mutwille Co. Kanzua C. Power & Light

Kenarcott Copper ...

No. 1 The market was easy.

quoted at 38 pence per lb. Prices: Settlement holwe tem

The opening rush of selling drove prices down as much as

units.

*NA

16

rate

SIMILARITY

Some observers noted

"

15 per cent of the purchase price. I was hoped that these similarity in the recent tremen- 310 restrictions would help exports dous buildup of bank loans and consumer credit in the United has evidently

States and Great Britain,

Jik Bank

XD

t

1835 1003

34 183

End Asto INSURANCES

Unlon

but the failed.

Lombard

ZJ 1075 100 50

...... 104 1070

S Underwriters El j SUIPPING

21 10

Involve fluctuation

IN

Waterbost DOCKS, ETC.

K. Wharf .. Dock

In the present wenk state of the exchange o widening of the fluctuation limits would mean

50 downward

the German newspapers have been forecast- ing that sterling wil be des valued in August.

From w has been said bove, it should be clear thal nothing of the kind is likely to haopen.

The formul, step to conver- vility will be taken when the ippear strong. 50 exchanges that wider fluctuations would mean an upward rather than a downward revelation sterling-China Mali Special.

London Stock Market

3}

London, July 26, Second day consideration

00 cents a bale, but below the of Chancellor of Exchequer

to 1L

quier

Provident (01

Wheelock

LAND, ETC

NK Elated IK Land Humphreys INI Realty

36 200 m 12

27 500 21 10 30 2000 10.30 500 10.25 1000 10,10 R.GO Den 10 BONO ....

300 * 9.03

18,70 18.00 800019.70

12

73 1800 73

20

1 10.40 260 1000

RUDBER

A. Rubber

B. Richter UTILITIES

Trau

2.30 2 35 35.000 10.000 3:00

2434.70 1600 ♬ 2411⁄2

1500 24.00

247 3000 2.430

2.33 2.323

Stay Ferry Vaunati Ferry

153 153 122 123

122

Bank loans in Britain rose in' Mest observers here take the

the first six months of 1955 by new British measures as further

440 million over the comparable evidence

that Great

Commercial In 1953, period cannot, in the immediate future bank loans to consumers in the

Britain

about

at least, undertake a return to

United States rose by currency convertibility, not even $1,000,000,000 during the same

on a partial basis.

any

It was emphasised here that move in the direction of hove 10 convertibility would awalt a further strengthening of the British economic position. United Press.

AGREEMENT -

There was no inclination here to view the British action as reflecting any serious deteriora

British tion in the

payments 180 123 position. 300 123 C Light 10 231, 23.70 0900211; 10 10.70 1300 18.10 442% 1288 or 4434

ין

Light 3 Electric

Aknrcns} Ye

Teleplate INDUSTRIALS

Coral Rope

10.00

00045

30 30

174536

32 22

9000# 32%

12

STORES, ETC

Dairy

43 24.10 3250 23.80

1000 21.00

1500

600

1000 / 24

Watson

13.20 13.40

300

13.30

There was considerable ugree- ment--in lue with the views

| expressed in the House of Com- mons announcement yesterday

period this year. În 1954 the volume of these loans changed very little.

It was felt here that Great Britain, because of the emphasis

exports It must place on sustain is economy, was under

to

more pressure than was the United States in diverting its production from consumer chan- nels to export markets-United Press.

New York Foreign Exchange

by Chancellor Butler-that the British Governntent economy Canada was fundamentally sound.

New Zealand

1. Observera here look upon the

British action as reflecting sound Australia 24 banking practices - which will South Africa 23.00 contribirte Immeasurably to

aliaa

New York, July 20.

23B1

England official

30-day futures

90-day futures

2.77 2.23-1/16

2.77-13/14

019

2003

3016

United Press.

a glim

further strengthening of the Indi

Pakiston

500 15.50 British position:

500 15.30

Textile Com. Nasvans MISCELLANEOUS

Yangtze Allied

#13

0.10

10,000 7.00

5.05

10,000 11.00

332-cent line for October the Butler's new credit curbs corTONS urgent pressure baled and the

brought mixed reaction in market reveried

London's financial com- trading affair.

Part of the initial selling also munity today. credited to hedging for Mexican accounts,

uncer-

New York Sugar Market

4

sugar

Except for gilt-edged British along with offering Government bonds which were against purchases at Liverpool, sold heavily again, prices were and irregulor, experts supposed mostly narrow which a few might be for the institution of reflecting widespread

New York, July 26. straddle position tainty. an American

News of tighter restrictions for

futures World No. in the British market. Liverpool

Instalment buying. proposed elcsed today 1 point lower to 2 closed off 20 to 38 points.

The Government policy on cuts in capital programmes of points higher with rates of 115

and nationall-Contracts. cotton for the local authorities exports of row

Domestic No. 8 sugar futures Auxsation industries and the re- new season, commencing

1 point unchanged to the uppermost quest to banks to reduce loons closed remained 1, market factor. However, other had touched off widespread sell-lower with sales of 44 contracts. Both markets ruled quiet and General markets, cit basin, urts: raders sturted paying moro ating en first reaction yesterday.

traders featureless while tention to the crop picture,

awaited developments, in the raw kceping in mind that the Gov

Contract No. (world)

737-30% 744-3724 342-36 9332-34

37-34

-

Aug. Sept. Estate crepe thick Aug.

thin 3714 AMSTERDAM- The market was quiet. Prices per 54 closed today. In gutlder: AUK.

231

kilogromme,

follows:

No. 1 rubber

No. 1 rubber

No. 3 rubber No.

crepe

CIF

open

LESS SEVERE

ernment's first crop estimate of On further thought, however, markets,

season will be published on the City saw the the

new eredit Sept. Aug. 8.

curbs as less severe than had Oct. Mar. Trading volume and

anticipated although still

May interest in the Exchange today? been

distinct deterrent to the July Open interest market rise had carried prices Sept.

all-time highs recently. to 408,100

Blue

15

3.70 nom

were: Month 3.03 nom. Oct. 3,40 nom. Dec 3.06 sellers.Mar. -Unlied Press.

Volume

26,000

23,100

693,605

16.300

294,500

May

13,800

230,000

Fuly Oct Dec.

4,300

139,200

Olls

B,400

100 200

higue chips Industrials

irregular. werp bought heavily on Mar.

Bpat-icents per, I fob Cuba)

Contract No. 6 wore Sept.

Núv

1200

14,700

Tetal

80 500

2,089,100 bales more than.

more

Rubber the

than 126.

In

Exchange Rates

Business was done in the local unoffofal exchange market this

مولدات

Family Finance Corp.

General Motors

Gillette Safety Razor

£

Glidden Co.

Goodrich (B, F.) Co.

Goodyear Tiro

Homatake: Mining Co.

7014

morning at the following rates:-

51%

US dollar (per $1)

as follows:

47

Sterline note iper £1)

18.63

Bool

779

Auririinn notes, (per £11

12.00

110

Indonesian rupiah (per 100)..

12.00

Doc.

2016

tam ticala (ver 1001

23.79

Mar.

841 Bingapore (Straita) j

1.80

May

433

10-China prinstzve (per 100)..

BAD

121%

Oct.

00%

Rea Motors

2314

Republle steel

41

Heynolds Metal

Shell 011 Co.

**

56

Saint Heg. Paper

107

Sinclair Oil

30

Socony Vacuuin a

Spol

130112

Sebil Porto Rico Sugar

Oct.

Southern. National Ga

Bouthern Railway (Com.)

Mar.

25212

Blandard Brands

MAY.

July

Ort.

Standard Oil of NJ.

Deo.

Stokely-Van Camp,

Budabaker-Packard Corp.

di Bwift & Co.

TU

„Texas_Ca,

"Tide - Water, Amen, Ul)

BE

Twenty Century Fox Film

451

Union Carbide

in

20

Union Pacific Railway

United Airneattesta

UB. Gypsumh

Liggett Meyers Tob. Ca. Laokhord Aircraft Loews Incorp...... Lone Star Cement Co. Louie & Nasal Lewensiei de Sons Alseabi Iron Corp.

Royal Minnesota Mining

The summer will be the first time that divers of tho Canadian Navy have operated underwater television equip- ment--China Mail Special.

Missing Soldiers

Washington, July 20, The tato of 470 Americht soldiers listed ስ። "missing" during the Korean war, is stiil unenown, the US Department of Defence announced today,

The Defence Department, in Jetter to Congress, said that the

474 other fate, of

soldieca originally Hiled as missing after. the war Was now knowIL Franco-ProsEU,

Minion Development Monsanto Chemionl Co. Montgomery Ward Motoroin Inc. National Cash les NMtorat Dairy Prod. National Distiller National Lead

National Steel Corp. New York Central Ofn Mathieson Quis Elevators Owen-likol Gloss Pacific Gas & Eleg. Pacine Western Of

Pan American Airways Paramount Pictures

Fark Davia Co. Penny J. C. Co Penn Ball Co. Philip Morri

Philips Patroleum Procte de Gamble Co. Pittsbure Plate Gla Punlicker Industries Pure Qua

Radio Corporation

雞

Atandard Oil of Cal,

Bandard Oil of Ind.

U. B. Line Co.

MG | V., Rubber are

1784 Bigst 2

100

Warner Bros.

Westinghoulen Miestria

Wort Van Puto

Woolworth

ד

34.481

33.04

33.70

34.16-00

3418

33 14

33.04

the

-United Press,

EVERETT

LINES

EVERETT ORIENT LINE

Fart Regalar Freight Befrigerator Passenger Service Loading for Singapore, Penang. Rangoon,' Calevita and Chittagong.

"LENEVERETT”

"REDEVERETT

"NOREVERETT"

Salle Aur. ; Aug.

"DRADEVERETT"

Loading for Kobe, Üsaka, Nagoya, Yokohama..

"REBEVERETT"

"NOREVERETT,

“DRADEVERETT"",

Art. -- Sept.

3

7

-- Sept.

-Sept. 27

- Sept. 28

- Oct

A

→ Oct.

10

Arr. Aug

30

Salla Aug.

11

- AUT

* Aug. 31

-

Sept. 11

-- Sept. 12

Rept. 24

30

Oot. 17

LINE

Oct.

Arr: Aug. 12

Baile Aug. 13

NEW YORK

MIRY

short covering lifting Burmah spot-teents per lb: eff NY

Bs, Royal Dutch ex-duty;

Prices of futures closed today following

NEW ORLEANS

Prices of futures closed today as follows:

SAO PAULO

Future closings, in cruzeiros, yor kilo were, as follows: A

30.10

shares did well on

earnings outlook

recent zirengthening London Foreign

commodity. Coppers,

too, improved on strength in

the metal.

Persistent weakness in British

Exchange

Government Issues reflected the New York

warnings Montreat und credit squeezo

end-of-July gold, re-amsterdam, that the serve statement wilf disclose a Brussels

Lisbon substantial drop in holdings. Drio bonds, Ger- Pari Among foreign mans moved up on continental stackhairi demand while Japanese eased, West, Marks

Zurich -United Press.

London. July

1.78-13/16-2.7816 2.74-5/18-2.745 10.0035-10.61 150.20-130.23 10.00-10.00

10.00-20.01 973-97314

14,40-14.4015 11.00-11.09*** 13.101-13.17 United Prest.

MESSAGERIES MARITIMES

PO. Box 33. - Queen'" Building ... Tel: 26831

FAST PASSENGER/FREIGHT SERVICE

•23110 | "CAMBODGE”-

May

0.00 "LAOS" In the United States, the average price of 18/10 snlädling atten designated spot markets war 38.50 cents. Bales at there centres, totalled 12,349 balas,

Liverpool cotton prices were unavailable.-United Press.

*DÓNAI". "MEINAM”!

"LENEVERETT"

---- RepL 23

LIMITED PASSENGER' ACCOMMODATION.

All the above subject to alteration withods boties.

EVERÉTT

STAR

FAST REGULAR FREIGHT REFRIGERATOR Bravion Loading for Singapore, Pork Swettenham, žľadras, Colombo, *Bombay, Karachi è Persian Gult Fork "ETAR BETELGEUSE". Att. Aug. 10

"STAR ARCTURUS"

THAL

"STAR ALCYONE"

Bails Aug. 16

Bept. 0· - Sept. D

- Sept. 23

and Blept. 24

Nov, 0 - Nov. 17

Loading for Kobe, Osaka, Nagoya," Yokohamaa:"

Aug. 29 Bept. 22 -Oct. 22 21 "STAR BETĖLGEUSE”. - Det

-- Aug. 30

Bøyt, 2· Oct.

'I IMITED" PASSENGER ACCOMMODATION, - į“ All the above subject to alteration without notion,

BRETT STEAMSHIP CORPORATION.S/A/

{{Incorporated in the Repabila af,

z Pańnimal with / Limited EdüDELITY) Chinese Department: Telephone 28293, Queen Building, Telephone 81206,

Clot

33.30 33.63-87

33.00

29.03

$1.50

, sailing. Aug. 18th-{ sailing Sept. 10th

FAST REIGHT" SERVICE

sailing Aug, 13th sailing Sept. 21mt

"BYAR ARCTURUS”

"THAI

*STAR ALCYONE"

Nov.