1955-08-03 — Page 9

屁

In Spain Lord Bruce Repeats His Warning America's Monthly

Saragossa, Aug. 2.

Construction work has now started on the Saru- gossa defence base which the United States is pro- viding under the terms of the 1953 joint defenco agreement with Spaln.

Earth-movers and stratigre re at work on the 10,000-foot-long- runway and a vast "Honeycomb Spreader" is pouring cement with precision and steed to form the "apron," or parking area. where, within eighteen months, 147 Bambers, Strategie Air Command fighters and Interec- for pinney, will live up for

servicing.

Commander Murrell of the United States Nove and con- struction engineer Mr Richard (Dick) Young of Minnesite, ure in charge of the building of this great now bus for the defines of the West.

Under the terms of the bount defence agreement of 1953 it is planned that the frilled States shall spend 300,000 600 dollars (about

31 109,003) D sterling) Congres as authorised 130,-

0.000 dollars about £43,300 000 sterling) so far, while leser

childare thon 10.000 600

009

330,000 sterling) has been spent on netual construction to date.

Completed 1959

It is hoped to complete

programtoe by 1959

Apart from the base at Sara- Rose at

there will be major air hases for B47 heavy bombers at Torrejon. nen Madrid which Is already under construction, and Moron near Seville

The Lases will be by

protected winning system installed by the United States

A pipe line to bring fuel to the al fields will be bot

States

Navy The Walten planning a bare at Roła, neries the bay from Cadiz in southern

wil Sp

which

metule deep-water port for big ships, a Breakwate apler for felling

and a cureler pier.

The carrier plee" will enable pinnes to be poi ushore from an aircraft curri From the duck- skle, they wil be able to move down a taxi-way to the air strip

built to be nearby at Malogeria. Fuel tanks at Rats will store ull and petrol for air and navy will Powerful needs.

Pumps

rend jet fuel and aviation spirit along the 485 miles of pipe line from Rota to Saragossa. About 11.025.000 gallons of fuel have to be pumped into long line before a drop comes out at Baragessa.

|

NEW YORK

STOCK

MARKET

New York, Aug. 2. Stocks stendied today after yesterday's shakeout and some of the best quality issues rose a point or so on slightly increased volume.

Motor stocks were leaders on which camu after the upturn pilers had drifted tower In the early dealings 05 traders hesitated after the sell-out which cut market values nearly $2,000,000,000 yesteriny.

Chrysler, whose directors mett Thursday to report earnings and take dividend action, gained 2% poils to $92. General Motora, whose directors yesterday order. end an Increased dividend, closed

higher at $1359%. Both were up sharply from their lows,

Tosc

Sters had a number of good performers. Bethlehem we than a point and Youngs- lown Sheet and Tube more than

2

Aircrafts met support,

STANDARD (NJ) UP

Jenny Standard, whose direc. 1 mul ca Thursday also, rose nearly point to feature oils

long with Sorony-Mobil which more than a point, ex-

vend.

A

Telephone

kost

a than point as the Com- fled a registration stuto- its new 650,000,000

convertible

Evazes bentures.

dc-

Or the total 1,188 issues trad- ed, 484 were higher. 442 lower. Turpover

the for

session aquated

2,280,000 shares compared with 2,100,000 yester- clay.

to

CLOSING PRICES

-:

3633

Allied Mills 2e. Allis Chalmers American Cyanaiuide Co. Am. Mich. & § dry. American Metal ... American Snelling American Tel & Tel

Armour

UK MAY HAVE SERIOUS

ECONOMIC

TROUBLES

London, Aug. 2.

Britain may be heading for serious econonfic trouble, Lord Bruce of Melbourne said.

Addressing shareholders in the Finance Corporation for Industry, of which he is chairman, Lord Bruce said he would repeat a warning that he had delivered twelve months ago. In Britain, he said, costs and prices were rising faster than in the United States and Germany, and the consequences

would be serious.

Formosan Sugar Production

ar-

Talpel. Aug. 2. The Agriculture Depart- mont

today crtunated

far Formosa would pass its planted produc- Hon of sugar this year and 20,000 tons an estimated oxima of rice него ок- Decică.

Originally planned at 000,000 metric tons,

this year sugar crop is now ex- pected to hit 700,000 tons.

The rice crop may reach 005,000 metric tons,

on

was re-

Most of the surplus was caused by heavy Govern- mont nubsidies, ported. The Government sponds about US$23,000,000

fertiliser, 100,000 tons of bean cake and $100,- 000,000 Formosan monoy In direct loans to farmers,

Agriculture products on Formosa hap rison above

the peak roached during Japan's ownership of the island. United Press

for

London Stock

Market

Lord Bruce based his predie, only

when world trade as a

Fourth, neither

tlons on four inctors which whole was expanding. were, he said, the most important in relation to the

manufac economic and financial position:turing production nor producti- vity were rising as fost in Britain First, the gold and dollar as in Germany. reserves had dropped by 11 per, cent between Juna 1054 and June 1955,

⚫ Second, the precorious

position of the balance of puy- inents had again become evident In recent weeks.

Third, British seemed to be ablo to

exports expand

These foots, Lord Bruce sald, were not

the understood by

they general public. If

had been, the series of strikes would not have been tolerated.

LORD BRUCE

HONGKONG STOCK EXCHANGE

Noon

the

the

(From Our Correspondant?

quotations and These strikes "have not only morning's transactions оп held up our exports-with un- Hongkong Stock Exchange: calculable effects on the minds of our everseas customers as to SHARES BUYERS HELLERS SALES

to our capacity

futni orders BANKS placed with us on time but have brought in their train a weakoning of our competitive

World Cotton Power

Markets

to

the

HK Bank

XD

INSURANCES

Lombard DOCKS, ETC.

Duck

Provident (01 Wheelock

a

LAND, ETC.

The statement made in the House of Commons by Mr R. A. Butler, the Chancellor of the Exchequer, placed too great reliance on monetary policy and New York. Aug. 2. had too little appreciation of Cotton futures today

the REC.

necessity

arouse the to sawed

people narrowly on either side

dangers, Lord njoy of the previous close In

Bruce anid. dealings.

He suggested that the Prime Minister, Sir Anthony Eden, and the Minister of Labour, Mr Walter Monckton, should con- sult together with the of the employers and the trado unions and agree to a joint state ment that would bring the facts home to the people--China Mail Special.

route

Traders wandered away from new commitments, limiting activity mostly to market adjustments pending the adjournment of Congress and developments in the President's Cabinet on the export subsidy

policy.

on

Carm deferred

leaders

World Rubber

Markets

Secretary of State Mr Dulles today sald he had confèrred with Agriculture Secretary Mr Benson, but gave no hint of the outcome, if any, of the talk,

On the assumption that action legislation will be The steend session until of the 84th Congress, trader's turned more attention to crop developments and the Govern ment

стор London, Aug. 2.

estimate

Singaporo, Aug. 3. The rubber market was Armer Profit-taking and tighten-published on Monday.

The Government weekly crop c better toed credit combined to send summary

OVETZAIN advices. today

mixod. There was was

some profit-taking well' absorbed. atures and mostly dry sunny Future closings were: weather favoured development

American Tot. "D"

will

Baldwin-L-447

that

Bendix Aviation Corp.

sethlehem Steel

11012

30

349%

401%

The American Navy also plans fuck and munition fucilities fur bor ships in the existing Spanish nava! bases of Ferrol, Carta- цепа. Palma #nd, possibly. Mahon.

American, Aim

The Amerlenu aim in to set up three heavy-bomber bases from which B47's could, if need arose, hit hard at strategic targets in In addition, Eastern Europe.

at

she aims at having an adequate naval base in southern Europe, strategically loented

the Junction of the Atlantic and the Mediterranean.

American

oficials here are pleased with the steady although slow

progress which is being medo to realise this nim.

Spanish officinis

happy. They

dollar

aro

Boeing Alipione

Burden (Tue) Co.

Burroughs Add Machine

Canadian Pacife R,

CARE (J. 1.) (6.

E. IT Financial Corp.

Cat. Tractor

Celanese Corp.

Continental Ol of Del.

Dow Chemicuts

10

be

32 stocks lower on the London Seasonal to above normal tem- but it

Exchange today.

Oils und were hard hit as Investors de- to take profit. Others told their shares to meet bank pressure for ¤ reduction in overdrafts.

leading industrials

This was the first trading session this week, the market being closed yesterday for the bank holiday,

perat

was

1421-14295 Bept. 141-1459% Oct. unquoted No, a rubber per lb. Aug. 134-13415 No. 3

128-281 No. 4

121-123 1413-1427% 100-100 1415-14255

and checked insects In Texas, No. 1 rubber per 1b. Aug. Oklahoma, Arkansas, Tennessee and adjacent areas.

UK Hotel

HK Land Humphreys Really UTILITIES

Train

Investment Plan

New York, Aug: 2. Americans at the rate of 100 a week are signing up for a pay-as-you-go venture in the stock markot.

In a year and a half, since the New York Stock Exchange set up its "Monthly Investment Plan," these business and professional men, wage earners and housewives have paid $18,000,000 to become part-owners of some of America's biggest corporations.

And This type of investment, and Radio Corporation of sometimes mistakenly called the | Amerles are thele favourit "instalment plan" buying of Investments. Eight out of ten Įstocks, is only a part of n ̈big- of them are USI investments,

ger teture that shows the

BUYING MORE little man" knocking at the door of Wall Street in increasing numbers.

A week-long "how to invest" show staged in New York last month by a big brokerage firm

and some sot up to accommodate 50,000 visitors, more than 80,000 show. id up, and few of them arrived in Cadillacs, most came by sub- way.

Industrial firms was

NICKELS AND DIMES Wall Street experts say it is pot possible to tell to what ox- tent the "Ettle man" is getting into the stock market. However, o Survey by the Brokers Institute chowed there were 0,400,000 Individual 401070 poration stock in 1952, and the 201803 Stock Exchange estimates the number had risen to 7,500,000

•

1050 1070

B

400 r 28,80 16.04) 9.20 0.39 1000 1000

9.30

Eight out of ten of them are using their dividends to buy nore stock, bearing But Wall Street's claim that the big interest in the market today is investment rather than specula tion and quick profit.

Merril Lynch, Pierce, Fenner and Beane, America's biggest brokerage house and one which more than any other is intent on

Street

Strom

Wall

to Main recently surveyed 1,000 of its customers-500 new ones and 500 old ones-and found that three quartern were in the stock market for investment, purposes

and one quarter for speculation..

United Press,

owners of public cor- New York Foreign

Exchange

by the end of 1954,

There is no information about 17.10 who this additional 1,010,000 England official

9.40 shareowners

but many are known to persons who are 20.40 2016 3000 of 20.50 Investing in stocks for the first

1008 2060 time in their lives, and on

GOO 2015

2

New York, Aur. 2.

30-day futures. 90-day

futures

$2.70-1/10

2,70-0/32 2.77-3/10

Australia

2.232

New Zealand

1781

South Africa

2.7015

1

Belgium

Olobas

United Press.

7500 20.10 nickels-and-dimes basis.

The New York Stock Exchange

1500 or 20.30

1000 v 20.20 2400 20.10

000 20.20

1500 or 20.30

2000 20.40

74 221

100 6 75

2% 1000 * 21

23.30 23.90 1000 20,30 120 úr 20,30 1000 or 20.10

500 20

300 og 25.00 3900 46 28.80 500 150 -500 60 105

Star Ferry

Yaumati Ferry

154 137

146

200 a 17S

100 15

100 kr 121

300 cm 120

100 120

24

700 / 21.40

C. Light (0) 23.00

C. Light (N) 10,60 10.90 400

2000 23.00

1000

23.09 10.20

500 13.70

200 1920

its

monthly investment London Foreign

in January, 1954, and now

report that more than 34,00 men

and

women have

systematic

this

пс

begun. of programme

as $40 every

cumulating stocks. They Invest

as le

three months.

can

The Exchange sold these investors have picked up about 300,000 shares of common stock in 18 months. General Electric

Exchange

New York

Montreal Amsterdam Brussels

West Marks Zunch

London, Anx. 2.-

2.70-15/18-2.70 2.7414-2.34-1/16 10.02-10.6316 130.17-100.221%

11.703-11.70 12.175-13.17E -United Preka.

500 on 2415

000 24.40

4800

200 60 33.00 1000 or 23.00

2000 10.10

EVERETT

LINES

EVERETT ORIENT LINE

Fast Regular Freight Refrigerator Passenger Service Loading for Singapore, Penang, Bangoon, Calcutta and Chittagong.

"LENEVERETT""

Arr. Aug. 4 Solls Aur.

Electric

....

43 434

500 or 45

500

300 45

1600

40

Telophone

.. 3514

36 1700 3015

1600 3014

1000

3

000

3522

3300 3515

INDUSTRIALS

Cement

"REDEVEÞETT"

33 33 2500 or 341%

100034 2000. 334 1500 33

"NGREVERETT"

"DRADEVERETT”

1000

400 33

Calle Copper

Chrysler "Motors

<21

Contrast Steel

30

Corn Products

20

Cuban Amer. Sugar

Curtis Weight

10

0216

Dupont de Neindura

222

Eastinan Kodak

10

FP Pos National Gre

61

Erie Stallroad

2014

Kieneral Eretric

Family Finance Cup.

Gen. Puls, Um.

Gillette Safety Razor

7053

Goodrich (B.7.) Cu.

Goodyear en

Hometake Mining Co.

Ingersoll-Rand

+7

Interchenical Corp.

Int'l Harvester

Intemational Niket

301 77

International Paper

10034

less

John-Manville Co.

Liggett Meyers Tob. Co.

Lauisville & Nashville R.

6324

Lowenstein & Sons

2740

were: Month

However, frequent stuwers caused excess plant growth and favoured weevil infestation the middle and cast gulf region and Georgia.

In Texas, progress and con dition was

reported gand, though hot weather caused points higher with soles of 300

C.

premature opening of boils in contracts. A. Parsons Great some rear. California reported Profit-taking

and

selling Universal Stores were knocked

with warm drypared prices after the market good progress down 3s and Rolls Royce more sunny weather.

L. Crawford opened higher. It closed steady | COTTONS than 2 among the blue chips.

Trading volumes and open and the spot market was also Textile Corp. 934A string of leading industrials interests in the Exchange today steady. Spot No. 1

Naryung Rss were were off Bs or more:

[quoted at 44 cents. Futures:

in

Spot, rubber unbated ... Blanket repo No. I pale crepe

NEW YORK

Futures closed today 20 to 35

3000 3315

➡REDEVERETT"

STORES, ETC.

Dairy

""NOREVERSTT"

24 24.30 1500 gr 24.30

"DRADEVEKETT"

1000 24G

500 24.30

and

200 on 24

►

Walton

16 500 - 15.00

-37

સ

85 0.00 500 * 8.00

1000 8.55

Volume 20.100

Open interest

439,900

Sept

1014

with Royal

30,000

720,900

Dec.

45.15 44.00-00

MISCELLANEOUS

Yangtze Allied

4157

down 20s.

22

10

ond Burmah Oil

British Potroleum May'

Ju

Mar,

1,300

200.100

Mar.

20.100

324,300

MAY

43.55 42.70

Shell nearly 35.

felt Gs and Gold shares Oct.

8,000

100,000

July

41.85

0.000

100,600

Sept,

10.63

48%

finned.

Dec.

B00

12314

Total

117,500

17.400 2,183,100 Hales)

20

13

British

government bonda

NEW ХОЛК

1001

Publicker Industries

10%

United Presa.

Pure Cl

384

$0

4314

South Porto Rico Sugar Southern National Gas Southern Railway (Com.)

2416

Standard Oil of Ind

50

Standard Oll of N.J.

Ridehaker-Packard Corp. Tido Waler Asen, Oli 'Twenty Century Fox Film

Union Carbide

Union Pacifle Railway

that say

the aid received has been small. They point out, for in- stance, that Spain provides the

Mesabi Iron Corp. Motorola Inc. National Dairy Pend.

land for all these corners National Pistillers

and that some 10,000

have to be compensated for the pipe-fine alone.

They say further that Im- provements suggested by the Americans on the strategle rajl Cadiz to route running from Madrid will cost Spain 800,000,-

000 pesetas (£8,000,000),

Howaver, the new friendship with the United States has clearly had a favourable overall Influence on Spain's economy.---- China Mall Special,

LONDON METAL

PRICES

London, Aug. 2. The im market wap steady this afternoon

with spot rising

1 point, Other metals were uiso very steady, Prices closed today in sterling per long ton

us follows:

National Lead

National Steel Corp.

Now York. Centra) Owen-Jala Chas

an American Airways Penny J. C Cu. Philips Petroleum Procter & Gamble Co.

Shell Oil Co,

Saint Reg. Poper

United Aircraft

U.S. GypsuINTI

U. B. Line Cu.

U.S. Steel

Warner Bros.

Westinghouse Electric

West Va. Falp & Paper Woolworth

Ofis declined stendly all day, Det. Dutch Ainishing Dec

115 generally wers unchanged.——

-United Proga.

LONDON SILVER

PRICES

New York Sugar

Market

LONDON

“STAB ARCTURUS" "TBA"

**.*** Supt.

"

-- Sept. 10

Scpl. 21

*, Sept. 20

-..- Oct.

10

→

Oct.

11

Sept. 24

***** Sept,

13 - Oct.

LINE

Prices of futures closed today as follows:

The market was steady with spot at 41 ponce per lb. Prices:

Settlement house term:

300 0.50

$3$ 1000 g 0% 0.00 3000 6,65 2000 4.05

6000 #70

Chicago Grain Market

Chicago, Aug. 2 4036-4316

Grain futures also felt the $11-40%, effects of the heat today 304-30 apurled up firmly on the Board 371-374 3- of Trade as hol, dry weather

endangered the growing crops, General market, cif hasis, ports:

Com

led the advance with buying and short covering meet- ing light offerings.

The action

4074-41 40141 40-4014 Estate crepe this Aulfated Press.

401

Out,

Singapore Stock Market|

In corn brought scattered buy- ing to the balance of the grain list, bull dealings were not active,

Wheat closed up to 1% oents; soybonne (now) 2 10 34.

CLOSING PRICES Prices per bushel in cents:

Wheat No, 2, red

Loading for Kobe, Osaka, Nagoya, Yokobams.

"LENEVERETT"

Arr. Aug. 17

Sails Aug. 13

Aug. at - Sept. Sept, 12

Sept. 13 - Sept. 25

LIMITED PASSENGER ACCOMMODATION,

All the abova subject to alteration without noticn.

EVERETT

STAR

FAST BEGULAR FREIGHT REFRIGERATOR BERVICE

Loading for Blogapore, Port Swettenham, Madras, Colombo, Bombay, Karachi &- Paralan Golf Port.

"STAR BETELOEUSE"

"TAK ALCYONE" "LAO

Arr. Aug. 1

ย

Sulla Aug. 14

-- Sept. 10

-Sopt. 27 - Sept. 28

T ww Nov,

→ Oct

Loading for Kobo, Osaka, Nagoya, Nokohama.

“STAR ARCTURUS" "THAI

· EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republio of Padama with Kimited Liabilliy) Chinese Department: Tälephone 28293. Queen's Building, Telephone 31206.

3202870

Jan Ma

Nov.

Arr. Aug. 13

Sails Aug.

14

Bopt. 4

0

“STAR, ALETONE" "LA O

Bept. 13

- Sept. 19

Oct.

- Oct. 14

"ЯTAR DETELGEUSE" - Oct.

21

Oct.

28

***** Dept.

LIMITED PASSENGER ACCOMMODATION.

All the above subject to alteration without notice.

No. 1 RS3 spot

Spot

34.37

Sapit

Oct

Dao.

33.93

Deg.

34.13

Mar.

24.10

Am/June

Жду

July

34.18 33.05

Oct.

Aug. 33,34 Sept.

Dec.

207

20

601

a

New York, Aug 2. World No. 4 sugar futures today closed uncharged to 2 points lower with sales of 433 contracts...

NEW ORLEANS Prices of futuras closed today as follows:

Spol

34.65

Oct.

.Dec.

Маг.

50%

May

Domestic No. 6 sugar futures closed 3 to one point lower with enice of 360 contracts.

July

Oct.

Dec.

Future

DB follows.

Out/Nov.

Contract No. 4 (world)

Dec/Jon

Mar/Apr.

Sept.

May/June

321

Oct.

July/Aug.

Mar.

May

BAO PALO

LIVERPOOL

Spot Singapore, Aug. 3. Brokers today quoted the fol- Activity was too restricted in both way all to develop

closings, American lowing stock prices: trading fanture, dealers sald, middling, in pence per lh, were Futures:

Batu Lintang Rubber Co., Ltd. $1.70 British Bornëp Petroleum By-

dicate Consolidated Tin Binsiters Ord. Frapor & Neave Lld. Ord. Fraser & Neave Ltd.. 79%

cum, pral, song Hongkong & Shanghel Bank-

Aug. 2

ពេ

Sept. 1981 (1) 107L) Dec. Mar. May

198

2012-

2013.

1073

Opening Corn, No; 2, yellow

Spot

1403:

31:00

40/04

Sept.

30.30

22/

Dec.

1121-150

20.30

$1.07

MAT.

135

29,70

May

130

2012

$3.50

Sept.

#000 Nov,

1023

July

d/od

Quin

Hopt.

Kempen · Ltd. ammon

1.TO

Bept.-

Spot (cents per lb. fol

per kilo wire as follows:

Lunks Rubber Estates Ltd.

$2.37

Nov,

0142-96 0415

Cuun)

3.21

Maleyan Breweries Laakerajaa

$3.40

Boybeans, No. 2, yellow

Oct.

33.00

Now Borsadaḥ Rubber Co

Spot

Contract No.

24.03

DL14.

$1.00

Mwe

Petzling fin kid..

$4.00

Bopt.

Nov.

“CAMBODGE” 23133-14 "LAOS" 228-1

14.806

Berik.

11.82

Aug.

Supt.

Zino Aug.

$4,000 12.221

morning at the following zalos:— V.B. dollar (per 91). Sterling notes (per 41)

סת.

6.03 6.95

35.30

Australion notei, (per 1) 12.00

·

Bept.

Indonesian- rupiah (per 100)

33.20

8.03

Copper Aug.

Siam'ticals (6-100)

29.40

48 ots

Singapore. (Btralto)

3.40

United Prosa.

Indo-China plastres. (per 100)

~~Walled Press.

In the United States, the

| average price of 15/10 middling

Bouli Bilisti" Enmireide

23d, an fireita Trading

at ton designated spot, markets war 38,86 centa, Baies at these Sireli kisemwhip****

United. Tighears Ord. centros totalled 21,340 below Wemo Tiros. United Press.

Bloppers Cold Stores.

Jan.

Mar

•May

Harley

New York Gour

100 'Ib.'nack

China Mall Bpecjal.

123+140..

$14.10 »United "Press)

"DONAI". "MEINAM"

Tin spot

hayers rettors

701

7

3-monili

758

702

Copper spot'

230

2:00

3-month

241

Lead ist half aug.

1073200

107

10716

901

90%

det halt Nov. Zino lat linkt Aug.

NOV.

-United Press,

NEW YORK METAL

FUTURES

7

New York, Aug, 2. Priety of metal futures closed. today in cents per ib, as follows; Led. Aug.

London, Aug. 2. The price of silver was quoted tortay at 70 pence par ano ounce for spot and 70 pence for forward (against 70 pence and 78 ponce previously) .---United Press.

Exchange Rates

Business - was done in the Jocai unofficial exchange market B

Futuro closings, in cruzeiros fonkong Tin Lad."

Deo.

MARITIMES

MESSAGERIES

P.O. Box 33 Queen's Buildinger Tel: 25653||

FAST PASSENGER/FREIGHT SERVICE D

Balling Aug. 18th sailing Sept, 10th

| FAST FREIGHT SERVICE.

sailing Aug. 15thy! sailing Sept. 21at'