1955-08-17 — Page 9

THE CHINA MAIL, WEDNESDAY, AUGUST 17, 1955..

TRADE

and COMMERCE

SECTION

NEW YORK BRITAIN'S COMPETITIVE POWER

STOCK

MARKET

New York, Aug. 16. Several top grade in- dustrial stocks, gave up a point or more in an easier, still dull market today.

Turnover picked up to 1,520,- 000 shares from yesterday's 10- month low of 1,230,000 bit sull was far from heavy,

Sears Enter Substantial Threat

Australian

Market

Chicago, Aug. 10. Sears, Roebuck and Co. an-

Industrini stocks fell 283nounced today that it is enter points on average with Du Ponting the Australian retail mar-

ket through su sfintion with

off 2 points, Bethlehem down Waltons Ltd. of Sydney. 21% American Telephone

point

Jower, General Mators

Mr Theodre V. Houser, Sears said the big mail

down 1%: Standard Oil of Call Chaman, fornia down 2% and Standard | order and Oll (NJ) down 1.

Roll Josses ranged lu

point or more.

Villities

average,

were up a bit

retuit chat has bought a substantiat” stock one interest in Waltons, a depart

ment store ek chain store operation.

There was strength in cooper, with Antenora a point and Kennecott almost 2.

لاخرة

the

The purchase price was not revealed, but under terms of the agreement Sears will have AIRCRAFTS

equal representation North American Aviation, | board of Wallons. bolstered by favourable market comment, added more than 12

im, point and Curtiss-Wright proved fractionpity in active trading. pince

In Major World Markets

By K. C. Thaler-

London, Aug. 16.

Skyrocketing labour costs are gravely threatening Britain's competitive power in world markets, the Treasury warned yesterday,

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong-

kong Stock Exchange this

morning amounted to $1,040,000. Noon quotations and the morn- Ing's transactions:

AILARES BUYERS BELLERK KALER

The disclosure came as Sir Anthony Eden's Cabinet met to consider the threat posed by BANKS

inflationary pressures to growing

Britain's booming economy.

Mank

INSURANCES

Union

Lombard

.. 1730 1735 13 h 1750 10 1740

DOCKS, ETC. Houser said Sears has

Mr been impressed with Australia's growth and prosperity and has been awaiting a good oppe, Bunity to enter the Australian market.

exports

of Exchequer Mr Additional Pressure

Tising wages are among the duction, causing a fall in exports are and an increase in imports with principal problems which plasting Britain's economy inevitably harmful effects on uneasy payments hose stability is endangered by Britain's falling imports.

rising balance. and

Chancellor R. A. Butler, Waltons, One of Australia's watching he fatest trends with! strongest

and most aggresive growing uneasiness, intends to retail organisations, will change combat inflation with a con- Fits name to Waltons-Sears Ltd,tinued squeeze on credits, and

Mr Houser sald-United Press.

loans to private individua's and industry.

Curtiss-Wright was in recond on the active list, topped by low prices Riudestre Selves, tion Trust.

Zehith, à 8 point gaiter yes- terday, fost half at this High priced US Gyp um fell 7 points.

1,147 Issues were 556 lower,

Out of a total tracted, there

322 higher,

New

York. Stock

who has been

Additional

pressure

comes

K. Whart Dock

1025

04

7326

20.11

Provident (0) 15.40 Wherluck

20

LAND, ETC,

8.03 0.0 2500 se 1,70

HR Hute!.. 19.50 19.70 3000 or 19.60) IER Land

7215

201 72

100 125

100 73

Realty

HUDDER

Trust

.... 2.23 2.30

to

in

UTILITIES

Fram

from high Government spending in which defence and social ser- vices figure prominently.

"The

two main threats British ecmpetitive power was understood to world markets are excessive dismissed suggestions to home demand, absorbing goods Feltrociure restrictions on im- that should be experted, and ports or consumption which the money incomes growing faster Labour Party has been advera-than output causing costs and Hing for some time, as a remedy

prices to rise," IL Treasury

have Exchange New York Foreign

Brad velumme was $2,550,000.

American Stock Exclunge volume was 630,000 shares.

Dow-Jones

were:

20 Industriale

to rally.

15 utlen

closing Averages

IGN 20

65 stocks

1630

Comm. future lep Endex

Allied Chemicals

151.81

$107

T

Allied Mills Ine,

Allis Chalmers

CLOSING PRICES

American Airline

Ameriena Cyanmisle Ca

Am. Much, & F dry.

American Metal

American Snelling Ain. Sugur tel. American Fol & Fel American Tab. Anaconda Copper Armoir

Hallwin-flon-Itam.

Batmare & Ohio

Bendix Aviation Carpi,

Benguet Cons

Bethlehem Steel

Borden (The) Co.

Burroughs Add Machine

Canadian Pacille R.

Casts (3.1.3

CIT. Financial Corp.

Cal. Tractar

Celanese Corp.

Clute Copper

Curler Motors

Colinte-Palmolivé Co

Commerela Credit

Commonwealth Elce.

Consobelated Edison

Continental Suced

Continental on of Det.

Corn Produela

Crate Cu.....

Crown Zellerbach

Cuban Amer, Sugar

Curtis Wright,

Dupont de Nemours

Dow Chemicals

Etmant Kulak

El Par National Gas

Erie Railroad .....

Family Finance Corp. General Electric

Ficneral Fol

General Motor

Gem Pub, UM,

Gielle Safely Razor

Glidden C..

Goodrich 1.F.) Co.

Goodyear The

Hayden Chemical

Ingersoll-Ran

International Nickel

ial Paper

Tel

Julin-Manville Cu.

Kansas C. Power & Light

28%

78

Exchange

New York, Aug. 16 England Melal ....... $3.70-11/te

30.ny futures.. 2.7814 90-4lay futures 2,77-5/16

2002 United Press.

he

to combat creeping Inflation, bulletin said.

The problem in iritain today

The Treasury stated that la- is that as a result of the boom bour costs in Brills]; industry

home demand · for

have risen overall from 100 n consump- tion, investment and stocks 1s 1948 to 156 In 1945 and wages running DWAY

ahead of pro-

per unit of output from 100 to

27 per cent.

Koreans Concede

To Americans

ECONOMIC-ARMS AID

By Stewart Hensley

Washington, Aug. 16.

121

ot

in mining labour costs

A. Rubber 2.10 24,000 × 2.123 .... 3.10 3.1211⁄2 10,097 or "3.18

1500 M

24.28 24

3.10

100 6 24.40 100w 24.50 500 24.30 Star Ferry.. 140 Yauail Ferry 110 116 250 110

C. Light (0) 22.30)

550 F 117

400 22.10 200 22.20 1100 v4 22.30 500 M 22.40

C. Light (N) 17.20 17.60 300 3720 Electric

91% 41% 3800 41 Telephone

33.62006 32%

INDUSTRIALS

Cement

33 33% 2300 33

per

STORES, ETC.

Dalry 12214

unit of output rose even more- from 100 to 130,

Morcover, the Treasury stated, the rate of increase social services has

of COTTONS

Textiles Corp. recently

that ASCELLANEOUS

Entertain.

inent Yunglaze

probably been warning extra social service demands can only be met from a further growth of the domestic product. Industrial production In Bri- tain this year so far has been six per cent higher than a year agot but overall spending and demand Ja outpacing this development.

Assessment

This is how experts today the assessed the current situation:

rising but not enough to keep

• 1. Production is high and with the rate of spending by

Diplomatic authorities here regarded outcome of the United States-Korean economic and military negotiations, announced yesterday

Aliled

2000 e 2412

0:25 24.80

Czarist Bonds

Cause Stir

New York, Aug. 18. Ruslan Cxarist

bonds have been speenlative

Bill

causing some stir in Wali Street lately, but a payvit by the Russians is almost as far as ever,

But if the Ruslans pay off the Czarist liens, there would be powerful pres-

· suro' exerted on her to Kettle elsewhere.

It is estimated she owes the French $3,800,000,000 and the British more than $3,000,000,000 in principal alone. Not taking into no- count

lend lease, the US portlon is small, with full recognition of accrued in- terest Russia's tofal debt stands at

whopping $38,000,000,000.. T no in-

terest debt 000,000,

Is recognised, the tumbles to $20,000,-

Experts point out that Russia doesn't have the dollar exchange to make a sellemeat and that its improbable she would use her gold-Unlied Press.

World Cotton

Markets

New York, Aug. 10. Cotton futures today became 500 1 22.70 500 2.50ess active and more two-sided. While nearby deliveries scored small gains, several

raw crop contracts dippe:l to seasonal lows.

3.70 2000 ( 5.50

7.05

105 100 1.20 1000 G 735

2000 or

5.00 0.70

OBJECTION TO COTTON POLICY

Washington, Aug. 16.

Senator C. Stennis of Mississippi said the Administration's new cotton export policy does not "come to grips with our serious surplus problem."

assurance of

He said the programme, nn-ments," Sen. Stennis said. "In nounced on Saturday, postpones many cases, acreage will bo any action until January,

too and entirely

small to provide gives 110

an even minimum family neces- adequate programme even then. sitles."

Secretary of Agriculture Mr Ezra T. Benson has announced

He said the formers need

A

the Government would not cut plan to move cotton into the Its price on low quality cotton export market at prices permit- used in export before Jan. 1.ting a fair share of the world Then, he said, the Government market, "my" try to sell up to 1,000,000 bales at reduced prices.

Smaller Acreage

"In the meantime, our farmers are faced with a growing sur plus of cotton which is forcing them to smaller acreage allot-

London Stock Market

London, Aug. 16. Stocks drifted lower again leday after opening bullishtly.

Profit-taking lowered many of the gains in the industrials

replacing them Steels, Department stores

int some cases with small losses.

and Iower,

brewery shares were

"I feel the fallure of the Ad- ministration to cope with this problem is crippling our entiro farm programine," he said. He added that quotus on textile Imports are needed. United Press.

New York Sugar Market

New York, Aug. 10. World No. 4 sugar futures closed today 1 point higher to 2 points lower with sales of 117 contracts.

Domestle No, 6 sugar fuluros closed unchanged with sales of 408 contracts,

contracts

Trading In both was largely around the nearby Blue chips moved narrowly, September delivery with trado Oils were

and ended interest on both sides. Futures:

erratic

found little support and eased by stages all day.

Losses ranged from £% to £6.

with few changes, although Shell and Royal Dutch were

Contract No. 4 (world)

caster.

British Government issues

Sept.

get.

Mar.

May

July

Sept,

Gold and copper shares made a good showing on demand froin the Continent.

Itubber shares were easier, but tca issues held steady.

Foreign bonds were mixed Germans Casier. and

Spot-cents per lb. fob

Cuba)

20

Contract No. 6

Sept.

4.49

Nay,

Mar.

4.50

May

Spot-cents per ih. ell

NY ex-duty)

850

United Press

Closing prices ruled 6 points with 1000 7 higher to 5 points lower. The Japanese higher. Dollar stocks

7.90 market opened unchanged to were firmer-United Press. 2000 ( 7.00 up 4 points. New Orleans

closed up to off 2 points,

Nearby October and Decem- ber responded to covering and Liverpool buying, reflecting the In the certificated stock and the Government's recent decision not to sell row cotton bverseas at cut ruic prices for the time being.

World Rubber sharp drop

Markets

Rubber

New York, Aug. 10,

futures closed today ing industry and the economy's sales of 380 contracts. need for exports.

Conversely, new crop months felt the weight of liquidation and (hedging on the generally favour-

spects that the Government may

by the State Department, as indicating that the private individuals and invest 225 to 270 points higher with fable aspect of crop news and pro-

Koreans had made a considerable concession to 14 the American point of view.

APL

230

7794

221%

new

year,

2. The payments balance Buying crédited to speculative pross the sale of surplus cotton has changed froin a surplus to account and a recovery at Lon-overscos after the new

of last year to a defeit this sonic £100,000,000 in the first don plus factory buying, all besides secking to tower price

to turn, prices up supports. ward after year so far,

a mixed start. Traders also regarded the tum-

• 3. Personal consumption about

following as technical

The only specific decision disclosed in the announcement-the decision to set ટી exchange rate 500 Korean hwan to the dollar- was a "compromise" which came much closer to alone this year has been about the original American position than to the Korean five per cent above that of the 3 stand.

to

to

investment

same period of last year, chiefly as a result of high earnings due full employment and rising And the cominunique, in the approved government 173.

Iransa wages. language Jak general

concerning tious in Korea were carried on 764xd. continued Amerlen help

4. Industrlat at 180 to one, resale of Ameri- stabilise the Korean economy ean aid goods at somewhat needs have been about one-tenth "within the limits of resources gher made available," made it clear actions still a bit higher. The

rate, and export Lans-above last year. that the Seoul Government had highest rate was obtained failed to make

any impression a with its request for an increase

in US aid during year,

All this has caused the cur-

combined.

the recent declines.

Liverpool nccounts sold the March and

deliveries May against the nearby, purchases. Other traders exchanged con- In the spot market, factories tracts in the process of evening- were reported buyers of a fair up the market position pending amount of rubber from dealers new developments.

on a delivered basis. In addi- tion, a fair shipment was done from Indonesia Amsterdam.

Sept.

Dec.

Mar

May

and

July

Sept.

byent inflationary pressures which at 484 cents. Futures: the American military establish-in turn are causing growing un- meat which auctioned its dol-casiness to the Government.

The experis predicted that Goverment credit squeeze will have to continue possibly be Intensified if major trouble is to be averied.--United Press.

the current

Far

current malatenance expenses on the open market and at times resale at a rate

the

ore.

Final Reply close to 800 to

Dr Y. C. Yang, Korean Am- The final compromise on the

500 to one rate means that in all 40bassader to the US, told the

United Press that "the arrange-general transactions the Korcan. ment is not what we would currency has been considerably have liked, but, frankly speak-heapened of a fixed rate for

totransaction to the dollar." ing, the Americans tried

However,

Singapore

the setting of a Stock Market

Trading volume und open business Interest in the Exchange today

and were:

Month

781,000

EVERETT

LINES

EVERETT ORIENT LINE

Fast Regalar Freight Refrigerator Passenger Service

Landing for Bingapore, Penang, Rangoon, Calcuita and Chittagong.

“HRUEVERETT” "NOREVELLETT"

"BRADEVERETT"

"LENEVEREIT"

Arr. Sept. 11

2 Oct. -- Oct. 13 20 -- Oct.

Sails Sept, 12

- Det.

3 Det. 14

-- Oct.

27

Arr. Sept.

4

'Sails Sept.

4

-- Sept. 15

Sept. 14

- Sept. 20 Sept. 3

Loading for Kobe, Osaka, Nagoya, Yokohama

"NOREVENETT"

BRADEVERETT

"LENEVERETT ,"RENEVER EXTT**

Sept. 20 --- Nov. 2

LIMITED PASSENGER ACCOMMODATION

All the above subject to alteration without notice.

EVERETT STAR LINE

FAST REGULAR FREIGHT REFRIGERATOR, SERVICE

Loading for Singapore.

Part

Swettenham,

Colombo, Bombay, Karachi & Persian Gulf Forts,

Salls Aug. 10

-- Sept. 10

Sept. 28 Oct. --Nov. 12

Loading for Kobo, Osaka, Nagoya, Yokohama

Jonsdake Muring Co.

Inlund Steel Co.

Interchinten Corp

4012

Ill Business Machines Int Harvester

J0Bxxi.

71%

Spot No. 1 Rss were quoted Oct.

Volume

20,000

Open Interest

317,400

Dec.

41,000

10-1

377%

Mar.

23,600

374,000

42

43.15

40.93-4000 July

Мах

17,300

3522,000

28:305

198,000

Kennecott Copper

Liggett. Meyers Tub, Co.

£2016 0742

43.95

Oct. Dec,

10,500

121,200

17,800

42.00

24.000

Total

Lockheed Aircraft

170,300 2,100300 bales

415x0.

41.00

་

Loews Incarn

23

40.80

Lone Star Cement Co.

5815

NEW YORK

Loulaville & Nashville R.

Lowenstein & Sons,

02 26

AMSTERDAM

Mesabi Iron Corp.

Minnesota Mining

Mission Development

201

Monsanto Chemical Co.

413

Montgomery Ward

705%

Motorola Ine,

The market was quiet. Prices as follows: closed today. in guilders per kilogramme, elf Sept. were as follows:

Prices of futures closed today

"STAR BETELAKUSE”

· "STAE AKCTURUS"

Spot

34,55n

"BTAR ALCYONE",

Arr. Aug. 13 -- Sept. 9 - Sept. 27

-- Det.

Oct.

33.79

--- Nov.

14 11

mw, ***

Dec.

33.85-86.

40

Mar.

33.50

National Col Reg. "A"

30k

National Dairy Prod.

41 make concessions and we tried

No. 1 rubber

3.40 non-

May

23.02.

20

to make concessions."

No. 2 rubber

3.70 nom.

July

33.04.

No. 3 rubber

3.58 nom

Oct,

32.40

7012

No. 1 crepe

3,43 nom.

Dec,

32.200

"STAR ALCYONE"

07%

44 Mr Palk Too-chin, who handled that the inflationary effects 574 most of the negotiations for his the

of

Current

11846

country,

Pacific Western Oil

40

Pan American Altways ixd)

Paramount Pictures

10

401

34

about 080 million.

800 to one, will be lessened,

Open market Brokers today quoted the came to the US in quellon system, under which following stock prices: June with a request that the the US has been transferring American Government - increase about $1,000,000 per week into Batu Lintang Rubber Co. its economic

aid to Korea to yen n! rates between 700 and

Singapore, Aug. 17.

LONDON

NEW ORLEANS1..

"STAR DETELGEUSA"

Opening

Borneo

92.

4912

A. Failure

cum, pref...

30%

cuts in the

16 Gramme.

4414

007

01

Hongkong & ...

1.id. Briti

Syndicate Consolidated

Smelters Ont. Fraser & Neave Ltd. Ord, Fraser & Neave Lid, 7

Petroleum

נים

$1.00

47/-

30/34 $1.07

The market closed very steady after a substantial drop: ag follows: Spot was 30-11/16 pence com- pared with yesterday's : 40:" Prices:

Prices of futures closed today

Spot

Dot,

Dee,

No. 1, spot Rss ............***** Belticinent house ferm:

3016-397%

Mac.

May

Sept.

July

3044-40

Oct,

$1,50

Ogt.

Dec.

Oct/Dec.

3034-3932

3929

Jan/Mar.

i

7/01

Apr/June

LIVERPOOL

$170

General markets, cif basis, ports:

$2.20

Sept.

$3.32

Oct.

Estate crpo

393-30 30%-2014 unquoted

as' follows:

OOL/Nov.

Future

National Distillers

National Lead ....

National Steel Corp.

New York Central

Olin Mathieson Otis Elevators Owen-Illinois Glas

·Pacific Gas & Elec.

fixed rate for transactions

by.

071 Korean economie co-ordinator (the American military means

Parke Davis Co.

Penny J. C. Co.

Penn, Salt Co. Philip Morris Phillpe Petroleum Pittatural Plate Glos Pubileker Industries Pure O....... Hladio Corporation Reo Motors

Republe Steel

Reynolds Metal

Shell Oil Co.

Baint Reg. Paper

Binclair Oil

Socony Vretium'

Bouth Porto Rico Sugar

Southern National Gan

Southern Railway (Com.)

Standard Oll of Cel,

Standard Brands

Standard Oil of Ind.

Standart 1 of NJ

Stokley-Var Carp

Studebaker Packard Corp. Swift & Co.

Twenty Contury Fox Film

Texas Co,

|| Tide Water Amn. Oší

Union. Carbide,

Union Puele Railway

Selimited Alperaft

B1.8, Gypsum

SUB, LION=CO.

MLB Rubber, in

DIA 175. Brettin'

Mestisbonne Electri

{West Vm, Pulp & Paper

The final reply was that the 41 Kerauns would be fortunate to 716

ziget

the budgeted 560 million, 10% since Congress had made some 40%

American

authorities made.

to. foreign aid pro-one considerable concession

ing Corp. the Koreans on the exchange. Hengkong Tin Ltd... rote system. They agreed that | Kempas Lid. The US during the lengthy cool and Cortillser could con- Lunas Bubber Estates Ltd. talks demanded agreement ontinue to be handled.

Malayan Breweries al lower

New Serandah Rubber Co. 5412 a higher and "more_realistle" {exchange rates in order to spur Li crate of exchangé. between the industrial production and agri-

Petaling Tin Ltd. hwan and the dollar, contending cultural development, However, ngapore Cold Storage

Raffles Hotel 341 that

the Korean Government | it is expected that these two South Drills Issurance Co. 3015 wus resoling American aid Items eventually will be cover-d Ballgoods for hwan at too low D ed by the higher rate.

30

1331

IO

1024

rale and thus failing to realise as much revenue as it could.

Final Compromise The Koreans contended that raising the rate would increase inflation but offered to increase it to 271 to one. The US said:il should be "between! 300. 600"

Millary discussions wore carried on here by Korean. De-

Straits Trading Biralis. Steamship. Tinted Engineers Ord. Wearne Bros.

Exchange Rates

fence Minister Sohn Won-il He failed to secure any promigo, of increased American military id to his country for this year. However, Increased. American military ald to his country over Busine was done in the Ingal the estimated 230-million was nomatal and

already planned for this year morning at the followi However, hat did win" Ferstagon sterling notes (per

market, this

2014. The final agreement was on a promises in exord up, deliveries.) Austen lan zootor tipec TEEN

rate of 500, to ondi This "mip-of equipment, stili, due under Bedanadan rupiahy plania the former multiple rate | Just your's Aprogramme, United Bam Dosis per

system under: which offisially. Přess.

Arr. Sept.'

4

Sails Sept.

Sept. 20 Oct.

20

4

closings, American middling. In pence per 1. were.

"STAR ARCTURUS"

10

3-Nov

20 Nov. 27

- Sept. 19 --- Oct. -- Nov. www, Nov. LIMITED PASSENGER ACCOMMODATION

All the shove subject to altoration without notice,

EVERETT STEAMSHIP CORPORATION S/A ̈

(Incorporated in the Republle of Panama with- Limited Liability) Chinese Department: Telephono 28293, Queen's Buliding, Telephone | 31206,

300

Dea/Jan

May/June July/Aug.

$1.70

$4,00

$1.07

$27,00. $23.00

· The Singapâre rubber prices United [wère-' not:, resolved.

Press,

Mur/Am.

$15.00 $2.723

China Mall Special.

London Foreign

SAO PAULO

per kilo were ha followNE?-

Exchange

CREAZ

Futuros closing in cruzeirosi

An id ક

30,010%

PRESA

middling at Leri

MESSAGERIES MARITIMES

P.O. Box 53.5 Queen'es Building A Tel: 306651

· FAST PASSENGER/FREIGHT: SERVICE #LAOS"!

VIETNAMA

“DGNAI"

MEINAMA

sailing Sept. 10th

sailings Oct. 8th

Balling Aug. 19th Sailing Bapt. 21st