1955-08-23 — Page 9

THE CHINA MAIL TUESDAY, AUGUST 23, 1955.

TRADE and COMMERCE SECTION

AMERICAN ECONOMY New York Stock

Stock Market Trading

Dwindled

But

No Letup Elsewhere

By JOHN MORKA

་

New York, Aug. 22.

Although stock market trading dwindled seriously last week, there was no letup elsewhere in the US economy as new production records continued to be set in just about every segment of the industrial picture.

Paced by a rise in consumer hard goods, the nation's industrial production index for July rose one point from June to 140 per cent of the 1947-49 average. This is a 14 per cent gain from the previous July. US income also soared to new highs in the second quarter, with every indication now that 1955 will go down as one of the best years in US history.

N.Y. COTTON

MARKET

Despite the boom, there were still soft spots in the economy, The blure of production con- finued this past week to place

strain a terrife

on American steel mills as backlogs continued to pile up with no signs of any easing.

If conditions in steel keep going the way they have in the past few weeks, there is certain to be a gray market in steel.

allotments Autumn delivery are being cut or cancelled and getting worries executives are about having enough steel on

hand.

1

In

Teme

West European countxles, especially Britain, in- fation is something to be dread- ed even more than it is in the United States.

Business Week magazine recognised the problem of in- flation now facing most nations in Europe in another.

one form or

May Follow

UK EXPORTS

DOWN

London, Aug. 22. United Kingdom exportE In July totalted £223 mil- ton, which was an in- create of 280.1 million over the exceptionally low June figure (due to dock strikes) but four per cent below the average month- ly rate for the first six months of 1955.

July Imports totalled £338.6 million, which was 244.8 million more than June and seven per cont more than the average monthly rate in the Brat half of the year.

Re-exports totalled 27.0 million. which

16 WAN per cent below the monthly rate for the first half of the year. China Mat! Special.

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morning amounted to $700,000,

Noting recent West German Noon quotations and the morn- and Belgian boosts in their reing's transactions: discount rates and credit clamps

New York, Aug. 22. The cotton market dwindled today

as traders awaited incentives.

Prices see-sawed narrowly with the distant deliveries still

by British Chancellor Mr Butler, BHARES BUYERS SELLERS SALES while nearby on the defenslyv

According

Iron Age the magazine commented: "Other months were braced by.evering Magazine, national metalworking European countries may have to in the October delivery coin-

in-weekly.

"heavy demand for follow suit whether they like it

KC eldent with further reduction SPA

_a

steel and the inability of many For 11:01. Money markets have in the certifiented stock.

siralmakers to moet theln become

come so closely interrelated in Distant deliveries fell the estimated production

schedules the past two or three years that weight of liquidation and

were only a taste of what coin- countries like the Netherlands ands hodging in

face after Labour or Italy, even if less threatened Salling in that sector was attriples wit

by Inilation,. can't afford to keep the abundant supply Day (Sept. 5).

thele interest rates down when others are rising. They would then face a drain on short-term international funds.

small

market.

and raw cotton prospect for chances that the price support programme for 1958 may be re-

vamped when Congress recon-

veries.

from

Copper Shortage

INSURANCES

Union Lombard Underwriters DOCKS, ETC.

K. Whar!.. Dock Provident

(Old) Wheelock

Market Prices

By JOSEPH MICHALSKI

New York, Aug. 22.

Rail shares carried their advance through the fourth session today in the face of a generally easier market and continued lagging Interest as evidenced by another small turnover.

The demand for rails lifted a number of in- dividual issues a point or more and left the group úp 0.66 on average. Industrials, while their losses were pared in late dealings, nevertheless were off more than a point on average, Utilities were firm.

FOBsion Owens-linois Gies

Volume for the totalled only 1,430,000 shares, compared with 1,400,000 011 Friday and with last Monday's ID-month low 1,230,000 shares, The day's big news the flood tragedy in the northeastern states -- occupied much of Wall Streets' attention and had some mai

arked effect. Stocks of companies damaged in the flood, reacted but most ohly fractionally. declined Amerlenn Optical, "one of the hardest hit with an Initial lost of more than 4 points, recovered bit 48 at appeared the damage might not be as ex- tensive as it seemed at first. Bigelow-Sanford, US Rubber, Underwood, Belding Heminway, ali

Rood reporting

damage closed fractionally lower.

Insurance Drops

Pacific Gas & Elec.

Pacific Western Oll Pan American Airways Paramount Pictures Parke Davis Co. Penny J. C. Co.

Penn. Belt Co.

Philip Morris Philips Petroleum Procter & Gamble Co. Pittsburgh_Phile Olies Publicker Industries

Pure Oll... Radio Corporators Kro Motore *** | Republse Steel

Reynolda Metal Rheit Oil Co. Saint Reg. Paper Sinclair Oil Boceny Vacuum South Porto Tipo Buger Southern National Qae Bouthern Railway (Com.) Standard Ou of Cal Standard Oil of Ind. Standard Oll of NJ, Stokely-Von Camp.

Blandard Brands

Page

P&O B.I. E&A ̃

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Outwardy "CORFU"

"CANTON"

""CARTHAGE"

"CORFU"

Leaver London Blue Mongkong

Halled

14th:- September sash October

3rd August

19th September

17th October

14th November

Via Southampton, Port Said, Aden, Bombay, Colombo, Penang & Bingapore

›Plómawarda "CORFU"* "CANTON"✶ "CARTHAGE" "CORFU"

Leaves Hongkong Das London

28th September 23rd September 24th October

27th August

21st October

18 November

21st November

19th December

Via Singapore Pening, Colombo, Rombay, Adan, Port Said London *Alto call at Malla.

118

4114

1515

"BURAT"

"SURAT"

2004

FREIGHT SERVICE

dye lat Sept, from UK. via Straite ipads 2nd Sept. For Japan

loads 22nd Beyt. for 'pone, P. Swelten- ham, Penang, Colombo, Aden, Port Bald, Genoa

•

Marseilles, Havre, Lo

don.. Antwerp, Rotter dam & Hamburg "SHILLONG" due 26th Sept. from UK. via Straits

loads 57th Sept. for Japan With Uberty to call at Belawan htfore or after Biraits Ports and at Bombay if Inducement offers Tanks available for carriage of Gli in Bulk. 8pace for refrigerated cargo. Limited Passenger. accommodation

BRITISH INDIA S.N. CO., LTD.

htt# 24th Aug.

"SANTHIA"

In Port A-1

Studebaker-Packard Corn. Swift & Co.

"WARORA"

due 7th Sept, wall 8th Sept.

"SANTHIA"

due 13th Sept.

Texas Co.

Tide Water Assn. Oil

Union Carbide

US Rubber

S. Smelting

Insurance shares slumped on Twenty Century Fox Film the heels of growing casually union Pacifte Railway igures and rising property United "Aleeratt losses although it was pointed out, much of the heavy loss will

U.S. Steel not be covered by Insurance Waner Bros. since flood insurance is not Westinghouse Electric

West Va. Pulp & Paper other Woolworth written on dwellings or buildings.

On the big boord, Fidelity- points and Phenix lost nearly Continental Insurance declared Over-the-counter, point. Aetara Cusually and Hardford points 5 Fire cach lost around while cther casualty companies declined' a point to 3 points.

Among industrials, steels had losses ranging around a point in Inland and national while US Steel dipped and Bethlehem held unchanged.

BANKS

HK 'Bank

.. 1729 1745

1003

101010

50 60

J

10.20

73

20.20

15.80 io

0.05 0.20 2000 **

1000 2000 9

3000

₤1.00

1000

9.40

LAND. ETC.

HK Hotel

HIK Land Humphrey

.19.20 19.80 2000 5 19.80 1000 g 10.40 7247315 000 173

20.70 20

Alden. Inc. Aty,

Allied Chemicalr

Allied Mills Inc.

are

RUBBER

A. Rubber 2.16 2.20 15,000 Trust ..... 3.03 310 15,000 UTILITIES

246

D.10. Of 1,118 Issues traded, 477

were lower, 301 higher.

New York Stock Exchange bond volume was $4,410,000.

CLOSING PRICES

Allis Chalmers

American Airline American Cyanamide Co. 2.075 Am. Mach, & Fdry

American Metal

Smelting

Tram 29.30 24.90 500 51 40ean Tel, & Tel.

..... 413

120

3900 68 24.30 American Tob, "B"

000 g 24.30 Anaconda Copper

Armeo Steel

2234 Armour

02.20 Baldwin:Lime-Ham. 17.00 Baltimore & Onio

2732 or 41**. Bendix Aviation Corp.

419

Many steel customers are going to be greatly disappointed when

"Economists here and in The certificated stocit drop- they fall to get expected tonnages Western Europe are encouraged way thw European ed to 24,623 bales, off 2,882 October or November, the by the

arc applying magazine sald.

governments bales from the previous report

Eleswhere, copper prices were modern stabilisation techniques anci u decline of 37,500 bales boosted last week. The

redIntervention during prosperity since Aug. 1.

Atlanta trade reports said the metal has been in short supply to restrain demand and forestal!

the danger of a bust. They as a result of the big buildup in inst week con- inti demand

demand

the from

electrical,

delighted that so far there has tinued good.

Users of 1-1/16ta and other major industries. been no i'course to the kind of

auto inch were cager buycts of high

that Britain's Copper has been selling in physical controls Arades

early South

Government used so high as 47 cents Labour Georgiu ginnings. Demand for Europe for short staple in the Texns pound. Recent strikes in the unsuccessfully in trying to check

Y'mati Ferry '116 G. Light (0) 21.50 23 334 growthe was good with mills United States helped cut down infiation.

"Some of them even feel the thinking of covering require on production.

As prices

of commodities con- present monetary technique is

C. Light (N) 17.00 nents through Orlober,

to the

Electrle classic gold Memphis reported numerous tinue to rise, there is new pres-superkar

when central bank mill inquiries for thort and fall sure evident for release of some standard.

came at a later shipments. Prices for high grades of the Government stockpile of action usually continued arm because of the vital materials. A major rubber stage in a boom and required a

wer recently urged the Govern- more severe deflation. lack of these qualities in new

ment, for example,

"US Government, economists to release crop the

glinings.

200,000 tons of its natural rub-who keep a close, eye on Euro- At the close the list ruled un-

ber

• 49 hoards

pean developments agree that rubber prices 11 points changed to

lower. Opening prices were up to off nearly doubled in the past year, there has been real progress to-

US efforts toward countering ward slability. But they don't STORES, ETC. 8 points. New Orleans off 5 to 10

any Inflationary trend by prompt agree that Europe's postwar ad- points.

Crawford on credit and higher | Ustment. Is anywhere near as The trading volumes and opsa interest rates appear be pay com as ours or at least not interests were available.

ing off to some extent.

in several countries. And they COTTONS Prices of futures closed today concern about inherent dangers alone, except

Sorac of the clamour and aren't sure that monetary policy perhaps in Ger- in the US economy appears to many, will remove the threat of think that They somewhat, down presumably B reflection of "see Government expenditures for the what happens" attitude. There welfare state need to be Is general feeling, however, that From Scandinavia down through

that West

Germany and France to the Government will not hositate

continued to take further restrictive action Italy they foreste

problems.

And they definitely

as follows:

Snot

Oct.

Dec.

Mar

May

July

Oct.

Dec.

NEW YORK

NEW ORLEANS

34.000

33.92

33.00

ERLAY

33.56

32.31

restraints

have

died

inflation.

Fut

Prices of futures closed today on credit as u safeguard against have their Angers crossed in!

as follows:

Spot

Oct.

Dec.

NOT.

May

July

Oct.

Dec.

LIVERPOOL

It may even a rise in interest rates. Britain." However, experts here feel that

inflation if needed. It call for

the Government will probably hesitate to upset the fine balance

33.68

33.91

3.60 37,70

32.02-02 of the

too much, The

Committed

widely-read

magazine,

32.34 32.27

Масло Elec, 11,40 12.00 1000 Telephone .. 33 33 100 3325 2000 332 252 3304

$ 25

33

57!

United PresN,

London Stock Market

London, Aug. 22, Blue chip stocks figured Im→ portantly in a downturn on the London Exchange today.

Losses of two and three shii- Ings were scattered all through Heavy the blue chip groups,

shares engineering und steel were off one shilling six pence to two shillings.

Among Government bonds, wor loan declined £1 to £75%, lowest since 1952. Daltons and tour per cent Cosols lost £%. Olls fell sharply at the start, Bat but showed

strength British Petroleum, at one point down four shillings, closed

6714

81

170

7415

12

34%%

BOL

net

loss of one

later,

with

chilling

Burmah was off three shillings at the end of the day's trading.

Gold and copper shares were off sharply at the close, although

10 gold looked strong at the outset,

Japanese bonds

Benguet Cons. Bethlehem Steel Boeing Airplane Borden (The) Ca. Burroughs Add Machine Canadian Pacific R. COBO J. 1.) Co.

132

1451%

0232

33

16

300 334 C. I. T. Financial Corp. Cat. Tractor

INDUSTRIALS

Coment

Rope

..... 3314 14,90

34

Dairy 22.80 Watson

17

500 / 23

15.60 JU

Texflies

5.58 Nanyang....... 045 8.00 MISCELLANEOUS

Entertainment 10.20 4832 Yangtzte

88.10 2000 Allied

6.70 5.83 3900 14

Celanese Corp.

Chase Manhat. Bank Chrysler Matory

Colgate-Palmolive Co.

Commercial Credit

Commonwealth Eloe.

Consolidated Edison

Continental Oil of Del.

Com Products

contributed

a happy note, with only one weaker, while other issues were

20% up as much as £1.- United

Press.

New York Sugar Market

New York, Aug. 22.

World No. 4 sugar futures closed 2 points higher.to 1 point

22% lower with sales of one con-

Continental Bleel

Crane CRE

3:0

tract.

Crown Zellerbach

70

8.05

Cubon Amer, Sugar

144

1.75

Curtis Wright

Diamond Alkall

41

Dow Chemicals ...

World Rubber

Markets.

economy

New York, Aug. 22. Rubber futures today closed especially, as the presidential commenting on British Inflation elections are coming in 1950. The sald: "...the real problem is unchanged to 6 points lower with Futures closings. American nation's prosperity is usually a that the British people and the sales of 198 contracts. middling. In pence per lb. were strong campaign issue.

as follows:

Oct/Nov.

Dec/Jan.

Mar/Apr.

May/June

July/Aug.

31.50

30.70

26.20 27.97

20.55.00

More Lenient

thupont de Nemours

Eastman Kodak

El Paso National Gm Erie Railroad.. Family, Finance Corp. General Electric General Foods General Motors Gen. Pub. Uu, Gillette Safety, Rozor Glidden Co. Goodrich (B.F.) Co. Goodyear Tire ... Hayton Chemical Hometnice Mining Co. ingersoll-Rand

Irsinrich "Ebesel Co. .... In't Humine Machines Conservative Government are

Enti farventer still too strongly wedded to, two Speculative covering and com-mternational Nickel of the main elements in the mission house buying brought a international Paper

as sellers turned imi Tel. & Tel. welfare state that Labour left closing rally

John-Manville Co, behind in, Britain. In the first cautious.

Kennecot Copper Lugelt Meyers Tob. Co. place, the country is still com- Dullness prevalled in the spot Lockheed Aircraft

to a polley of over-full market. Small salts Included] Loews Incorp. AN employment.

Whenever spots

un. No. 1 sheets for November de Lone Star Cemnant Co.

Wall Streeters generally are of the opinion that beginning in SAO PAULO

early 1955, Washington wol be a Futuro closings, in cruzeiros lot more lenient toward the per idio were as follows:

stock market that Delober

the Conservativos have sellers at that figure: Spot No. tend to eas, that there will be even December

to wipe them out March

36.30 les talk about margin increase, moved in

perhaps even a bit of casing in rather than let labour shift to Ras were quoted at 45 cents,

nominal. 34.70 margins.. The Government re-growing industries.

cently boosted

down- mangirani

"Second, the state is the most Futures:

Money will į unemployment have shown up.ivery at 451⁄21⁄2 cents with further } Louisville & Nashville R.

May

July

In

the United Statts

34.20

34.73

the

average price of 15/16 midking payments on purchases of stocks lavish spender in Britain, making september at ter cealgnated spot markets from 50 per cent to 60 per cent artisan of inflation. As part of May

it, in all probability, the chief December Sales at these and again from B0 per cent to was $9.66 conte. markets totalled 37,070 bales. per cent. This is a new minimum his latest anti-inflation. Pro-Jul

margin in order to curb what it gramme Mr Butler has promised September

La cut down Government spend- fall was excessive speculation.

look for a period of and to force the nationalised to trim their sales.

United Pro

Lowenstein & Sons,

Mesabi Tran Corp. Minnesota Mining

Mahmanto Chemical Co. Montgomery Ward Motorola Ing.

44,25

National Cash Reg. "A" National Dairy, Prod,

$5.50-55

National, Distiern

National, Lead

13.10

41.75

National Steel Corp.

New York Central

40.00

Olin, Maihlenos

LONDON

Utia ↑ ElovaLOTE.

The market was very stendy..

London Foreignac coddling in 1956. Tirare But probably something more prices closed today in pence per

Exchange

London, Aug. 22. Foreign exchange rates today closodi ne follows: !

New York

Amsterdam Netherlands W. Indies

qua

feeling also that the current drastic in the way of reducing lis. as follows; bull market in stocks will die Clovernment programme is needed only when Government press if monotary pollay, is to work," No. oot bocomes too strong. theory, therefore, those who look-United Pre

for a rise are convince ed

dovernment does not want to kill Exchange Rates

Todof the bull market and hence will

ble

усту

cautious in its restric»

'

unofficial

floris, Including credit controls.

This" - paat -- wamic" relative morning inactivity in the Block market was written ungin a period PETEGALITWAREời kuthooting kkno

first day Alro,” some of the hot wa

fizuridag) and vadatión "holidays.

settlement House, LEVITIJ

September

ADI

Domestic No. 6. sugar closed unchanged to 2 points higher with sales of 34 contracts. $114 Both contracts were dull and al without

particular trading 7715

Firmness

23

feature.

in dome- stle raws reflected an active reiner demand in the wake of

a continued hot weather. 12014 Futures:

Contract No. 4 (world)

TREK

3014

Bept.

Oct.

Starch

1715 May

July

Sept,

Bpot. (conits per lb. fob Cuba.

50% Nov.

03154

Mar.

09

May

Contract No. 4

Spot-(cents per lb. eif NY

ex-duly)

1.55

United Pros.

New York Foreign

Exchange

New York, Aug, 22. Foreign exchange rates clored |today, as follows:

England-omelet

2.78-11/10 2-09-2.55

salla 14th Sepi.

from Calcutta, Rangoon & Stralis

for Kobe & Yokohama from Japan

for Singapure, Rangona & Chittagong

from Japan

for Signpore, Penang itangoon & Calcutta

P. & O./B. I. JOINT SERVICE

"ORMARA"

"OZARDA"

"ITOLA"

In Port

from P. Gulf, Karachi & Bombay :

aalis 23rd Aug. for Koba

dne 20th Aug, from Karachi & Bombay xall 29th Aug. for Japan Cue 1th Sept. from Japan Balls 8th Sept. for Bingapore. Madras.

Bhavnagar,

Karachi Basralı, Abadan, Khor- ramshahr & Kuwait

'EASTERN & AUSTRALIAN S.S. CO., LTD. "EASTERN" loads 5th Sept. for Bandakan, Rabaul.

"ARAFURA”

"NELLORE", "

Brisbane, Bydney, Mel- bourne & Adelaida dus 5th Sept. Tram Australlo Loads th Sept. for Japan duo 1st Oct. from Australia loade 2nd Oct. for Japan

All vessels have liberty to call at any ports on or off the route & the roulo & saiting are subject to change or amendment with or without notice.

For full particulars apply to:- MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.

EVERETT

LINES

EVERETT ORIENT LINE

Fast Regular Freight Hefrigerator Passenger, Bervice Loading for Singapore, Penang, Rangoon, Calcatta und Chittagong.

"REDEVERETT"

"NOREVERETT"

"DRADEVERETT""

"LENEVERETT,

Arr. Sept. 11

+

Sall Sept. 13

-- OR.

;

- Oct.

- Oct. 13.

-- Oct., I

-,- Dot,

20

Oct. 27

Arr. Sept. 4

Sails Sept.

Bept. 18

-

Loading for Hoho, Osaka, Nagoya, Yokotazna

"NOREVERETT*

"BRADEVERETT"

"LENEVERETT"

*

Sept. 15

-- Sept. 29 Copt. 28

Bept → Nov. LIMITED PASSENGER ACCOMMODATIGN. -

**REDEVERETT“

All the above subject to alteration without notice.

EVERETT STAR LINE

FAST REGULAR FREIGHT REFRIGERATOR SERVICE

Loading

for, singapore. Port' 'Swettenham, Colombo, Bombay, Karachi & Persian Gulf, Forte,

-“ETAR ARCTURUS"

*TRAL”

Arr. Sept. 9.

- Bapt. 2

"STAR ALCYONS" **LAD"

Oct.14 Ney, 11

"STAR DETELOKUSE"

*-*,** Ngv, 430

Salla Sapt, 10 ° ***

Bept. 28

- Oct 15

- Nov., 11.

Looking for Kebe, Osaka, Nagoya, Yokohamá

Domicial

30-day futures 90-day futures

TEAI

-- 277-31/32)

“STAB ALCYONE"

were all

unchanged,

"LAO

Unsed PrE

pag

MESSAGERIES MARITIMES

IRONBOR BIN Queen)

LAOS" "VIETN

Salla Sept.

Art. Sept◄

Bapt. 10

Oct10 Nov. NOV. Nov. 28

Nov.

Sept 10th

"STAR BETELOBUSË”

"STAR AROTURUB“.

LIMITED PASSENGER ACCOMMODATION "

...t

All the above subjeed to alteration without notice.

EVERITY STEAMSH

"(Incorporated: Ja. Republic

السنارة

8th

887