1955-08-31 — Page 9

1

THE CHINA MAIL, WEDNESDAY, AUGUST 31, 1955.

TRADE and

COMMERCE

SECTION

HONGKONG RUNAWAY INFLATION BEDEVILING

STOCK

EXCHANGE World Cotton PARTS OF WORLD

(From Our Correspondent)

Business done an the Hong- kong Stock Exchange this

morning amounted to $740,000.

Markets

New York, Aug. 30.

Colton Ailures today

FCC-

Noon "quotations and the morn-swed narrowly in a quiet deal-

ing's transactions;

BANKS

JK Baso.. 1720 1740

INSURANCES

Union...... 1010 1015

Underwritert

HI 20

DOCKS. ETC.

K. Whart .. 7324

Beck

28.20 Provident (á) 15,9 16,90

2004 76 700 GUO

28

!! at prices responded on

smini orters either way.

After # steady start, hedge selling and liquidation lowered nearby positions, but the

de-

40 1015eline met trade support around the 33.00 cent level for Decem- For forward positions

14.8D

Wheelock .. 9.40 9.53 0100 9.40

LAND. ETC.

18.45 1000

D.43 100 3.40

Der

I were relatively inactive,

Closing on a reaction the lis 15 Inished net unchanged to 11 180045 points lower, Opening prices 1 point. New were up 3.5 or 1 Orleone closed off 1 to 8 points. Month-end textile mill buy- and shipper covering against Export commitments to Formosa and Korea

centred in the December delivery. Troders estimated around the resistance point.

BK tel. 19 19.00 2200

10.00

100

360

1414 J

73 732 200

791

Humphrey (NI

Realty

.... 2.23 43

A. Ribber

22.15

*Frust

3 N

5000 1600

100

14/2

RUBBER

UTRITIES

Tram XD

Sur Ferry

3.15

New speculative Interest marked time. Traders trane

3.195 ferred attention to securities or other outside commodities while 215, they waited for fresh Incentives

in the cotton plcture.

Yauat Feny 116 117 100 117

L. Light (of 22.70 22 00 31412 6 22.00 i

With the market entering the 7122.00 narvesting period, traders wail- 2.70 cd to see whether hedge selling 614 22.80

would expand, or whether 7504 22.890

farmers would impound under 1000 23.70

the loan programme.

100 22.70

C. Light (N) 17.00 13.00 13:30 17.50

Mneau Elec Telephone

INDUSTRIALS

C'ement Harpe STORES ETC.

Daily

Watson

COTTONS

11.00

66317.60 300 17,

1500 17.70

33 235 500 4 33

100039,

The Government weekly crop Summary was mixed. Henvy showers were detrimental for about two days in south Atlan- Cast Gulf middle and coastal sections and in eastern parts of Texas and Oklahoma,

Otherwise,

mostly hol,

main sunny weather over the

LI

34 200 331

10%

22.00 1000 m 22.80

14.60 15.50

Textil Corp. 3.45

4.40 4.55

Nanyang MISCELLANEOUS

. Vibru

......$3.60

Yangtser.

Allied

dry

500 23.80 belt favoured erop development

checked 00h 23.80 #Ja

insect activity. 522.40 Txus reported harvesting almost 125 23 70

finished in the lower Rio Grande Valley. Arizona and New

[ Mexico reported better progress,

Cotton, generally

progressed 50021.40 atisfactorily in California. 100 23.80

Truding volume and open 100023

interest in the Exchange today 1405 11.30 were:

95 8,13 3000

1000

5.80 3.90 2000 585 Month

US Imports & Exports

from

Washington, Aug. 30. United States Imports from Japan in June Increased sightly May, but imports from the other Asiatic were moderately lower, according to Commerce Department Matistics released

today.

گردم

most countrios

Exports to Asintle countries in June

in most casts

were

smaller than in May.

General

valued

Oct.

Dec.

Mar.

May

July

Art,

The

Tolai

Volume

0,100 25,000

?א ?

7,000

Open Interest

315,300 762.300 347,500 383400 129,200 120,200 25,700

10

3.000

3,500

300

58,000

2.150.100 bales

NEW YORK

Prices of futures closed today us follows:

Soot

Del.

De.

Mur.

May

July

Del.

Dec.

34.35n

33.00-02

33.65

33.20

33.24

32.70

32.40

NEW ORLEANS Prices of futures closed today as follows:

Get.

Dec

all

Mar.

May

July

CO-

Oci

Uve

imports การ Astatic countries in June were pared

$161,500,000

to $174.600,000 in May.

LIVERPOOL

31.50 33.05

3334

23.24

32.77 32.34-30

Future etosings. American

Twinges Of Alarm

Felt In America

New York, Aug. 30.

Harsh winds of inflation are blowing around the world, and whirling prices to fantastic heights in some countries - causing the first twinges of alarm in the United States.

So far the inflationary lash has virtually by-passed this country in comparison with the havoc inflicted on other lands.

MEXICO

UP 667.

ROLOVIA V1226X

CHILE

653K

TEKNADA

UD 207:

UNITED STATES UP 71%

FINLAND-

UP 81X NORWAY

UP NS

UNITED KINGDŮM.

UP SEX

FRANCE

UP 14X AUSTRIA-T 27 HIY

UPIS

PARAGLIAY UP 1879 X

-ARGENTINA

UP 263 X

COST OF LIVING CHANGES SINCE 1948

Lower than 1948

Higher by up to 40 per cant

BUNION OF S AFRICA

UP 36X

Higher by 41 to 100 per cant

AMAN

UP49%

S.HOREA UP 10.311X \FORMOSA

# 4937

UP HTX

Copper Still Rising

London, Aug. 30. A question was reached

the

copper London market today, when cash copper changed hands at

400 ton during early; dealings.

B

Three months meta! fetched at £395 and £394 por tox,

Today's levels were approximately double what they

when ·the were market reopened in 1953. The background to the Ourrent

sirongib remain- ed the light supply position with aver

cents per pound being paid by the United States -for metal for delivery early next year-China Mall Specimi,

World Rubber

Markets

Singapore, Aug. 30.

Cotton Consumption Increases

Washington, Aug. 30. A

The Agriculture Marketing Service of the Agriculture Department said today that the total cotton consumption outside the United States has increased in every part of the world and if the trend continues it will favour larger United States cotton exports.

Foreign (non-US) consumption in 1955-56 may exceed the 26,600,000 bales of 1954-55 it said. The Department's cotton situation survey noted, however, that foreign cotton acreage in 1955 may be up by 1,500,000 to 2,000,000 Acres from the 60,400,- 000 acres of 1954. This would mean increase "in production by as much as 1,000,000 balos. Such in- crease would be disadvantageous to United · States exports.

The cotton situation survey | exports) of cotton on August was rather vague about pros- 1, 1956, will total slightly

the 11,100,000 pects for United States exports below

bales in the coming season. It re- carryover on August 1, 1935, peated Secretary Mr Benson's the survey said, announcement of August 12 The carryover has increased that no baste change in US each your since August 1, 1951, cotton export policy is in pros when it totalled 2,300,000 bales. The Agriculture. Department for the 1955-50 season, but that after January 1, 1956, also analysed United States ex- the Commodity Credit

Cer-ports and imports of cotton poration may gradually offer products.

than

Pect

for export sales not more

1,000,000 bales of low`quality 1947 Peak

•

short staple cotton from Its m The rubber market fluc-ventory on an open competitive In J0S4 such exports word equivalent to 542,000 bales of tuated narrowly

today. bid basis,

The Department commented cotton, or 8.4 per cent of the There was some off-take "although no shipments of total consumption of raw cot- shipment rubber and the cotton under the US export

switching of September to programme for special qualities ton in United States mills,

can be made until United States imports on October months.

Future of cotton

1950, the removal of some of cotton products, have increased elosings:

the uncertainty concerning US each year since 1947, when they cotton export policy may in- were equivalent to only 10,000 14135-141 duce a somewhat higher rate of balas et raw cotton armually.

During the 1954-55 fiscal year the United States Government Brance the used 321,000,000 to

Oci.

14094-14045 unquoted

No. 1 rubber per lb.

Sept.

Nov.

No. 2 rubber ber

Sept.

No. 4 rubber per lb.

Sept,

per lb.

No. 3 rubber per lb.

Sept.

riso

137-130

134-235

128-129 Spot rubber unbaled · 14135-14192 Blanket crepe .... No. 1 pale crepe

exporta in subsequent months than has prevailed in the re- cent past"

107-100 142-143

·AUSTRALIA UP ST

Higher by more than 100 per cent

Figures sot available

JAP Newsfeatures ..

where the cost of boast their living In Chile,

standards been soaring wages and govem- living has skyrocketed 70 per almost overnight. Overly ambi- ment presses working

round- cent in the last year, some tious, they have been borrowing the clock to print cheap money

makes prices workers have to work 25 days money even before the wheels that only

ever. Associated of new production start turning.higher to buy a pair of shoes and near-

The result in many cases has Press. ly an hour to buy a single

In Bolivia, the cost of living Ulmes what it has soared to 12

And in was in 1948.

South Когса -worst hit spot in the known global inflationary plc- ture-it costs 103 lines as much to live today as it did seven years

than

New York Stock

Market Prices

New York, Aug. 30.

Inilation figures for Iroe Cur- tain countries are not available, but Soviet Russia's policy of concentrating on the production of war-potential hard goods" A few wide-moving special issues were the Inevitably means growing shortage of the normal necessities only feature in an irregular and very narrow

and luxuries of life the so- shortages in turn lead rising prices.

called "soft goods" and sucht

Repeated Efforts

As the accompanying map in- dlcates, inflation is becoming an increasingly serious problem in most Latin American countries, some parts of the Far East and a few European nations notably England.

market today.

A gain of almost 8 points in United Aircraft fol. lowing its 50

per cent stock dividend proposal late

the industrial

average and yesterday, bolstered closed up 0.30 on the day.

Rolls closed in this session! Commercial Credit

and Commonwealth Elce. Gn average

Consolidated Edison unchanged utilities dipped 0.12 for a net Continental Oil of Det.

the general Continental Steel gain of

Com Products Crane Co.

.01 for market average.

Of a total 1,110 issues traded, 431 were lower, 422 higher on the day.

Trading dwindled again as traders look to the sidelines,

The British Government has male repented efforts to check u trend toward runaway prices,

record high there and the price in

⚫ and $141,000,000 in June, 1954. United States exports to all Asiatic countries were $102,300,- 000 compared to $177,400,000 in middling, in pence per lb. were but retail prices are now at a hesitant to extend recent gains

June May and $103.400,000 in 1054.

as follows:

Det/Nov.

Der/Jan.

Mar/Apr.

May/June July/Aux

31.41 30.73 28.95.07 28,50 28.31

Dee.

May

SAO PAULO Futures closings, In cruzeiros per kilo were as follows:

32.00 34.00

Mar,

July

the

United States Imports from Japan in June' were $34,400,000 apainst $33,900,000 the pre- vious month and $23,700,000 in June 1954. Exports to Japan in May were $44,800,000 against $51,800,000 in the previous Oct month and $66,000,000 in June 1054.

United States imports from other Asiatic countries in June compared to May included:

Against

Sauth Korea

Hongkong..... 1,100,000 1,400,000

India

20,090,000 25,100,000

of coul has been hiked 18 per not to 1,740,006

cent, to the dismay of millions|

Cuban Amer. Sugar Curus Wright Diamond Alkali Dow Chemicals Dupont de Nemours Eastman Kodak

El Paso National Cas

ie Raliroad....

the absence of any fresh Family Finance Corp.

incentive. Turnover General Electric

Ceteral Foods shares,

General Motors Gen. Pub. Uti Gillette Safety Razor

of Britons who rely on coal for compared with 1,910,000 yes- warmth in those chilly Isics. terday, and lightest in a week.

Amony recent anti-inflation Republic featured along with

the

than a

for

It was the day's bond istue. In

Goodricli B. F. Co. Goodyear Tire measures, British Chancellor of United in the aircrafts, rising Heyden Chemical the Exchequer Buller hu more then $2.

Homatake Mining Co. Bocing, Bendly

Inland Steel Co. raised Interest rates, put the and Douglas Improved frac-ist'? Business Machines squeeze on credit and clamped tionally.

Int'l Harvester....... buy 33.00 stift curbs on instalment

Among

olls, Philipps Inton Nickel

International Paper 33.70 ing.

Inti Tol. & Tel 33.00

United States in- Petroleum fell more

John-Manville Co. United States, the flation has made comparatively point as the company called in

Ketrecott Copper convertible debentures average price of 15/16 middling fitte headway in the

Liggett Moyers Tob. Co. post its

Loews Incorp at 14 designated spot market Korean war From

period of boom redemption.

Co. active Pakistan..

Lone Star Cement was $5.47 center; sales at these prosperity, but $2,000,000 $3,300,000

the first storm most Bruh Malaya.. 22,300,000 23,000,000 markets totalled 32,207 balcs.-

tapling, the convertible 3.70s Louisville & Nashville n.

Lowenstein & Sons signals are beginning to fly. Indonesia

14,500,000 10,000,000 The Puksinen 28.300,000 31,000,227 United Press.

And the Elsenhower ad- of 1983 lost heavily on volume Mesabi Iron Corp. Miancsola Mining 300,000 200,000

Mission Development ministration has begun a care-execeding 1,000,000,

Standard oil of California Monsanto Chemical Co. fully planned serice of actions designed to curb easy money lost a point while Shell and Mentgomery Ward

Motorola Inc, Lion Oll each rose almost one. speculation and credit.

National Cash Reg. These include raising

Steels and motors were nar- National Dairy Prod. the margin requirement for stack rowly mixed. Bethlehem rose National Pisilliers

National Lead exchange transactions from 50 1⁄2 US Steel held unchanged. National Steel Corp.

General New York Central to 80 and then to 70 per cent, | Chrysler dipped

Oil Mathiesen raising the bank discount rate Motors rose 4. London, Aug. 30.

New York Stock Exchange Oils Elevatora British Government bonds led from 14 to 2 per cent at federal 13,300,000 12,000,000

Owen-Illinois Glass Pacific Gas & Elec. the London stock market down reserve banks, and tightening bond volume was $4,610,000. 3,500,000 United Press.

up on mortgage credit.

American Stock Exchange Pacific Western Oll

Pan American Airways volume was 560,000 shares,

Paramount Pictures Dow-Jones closing averages | Penny J, C. Co.

Penn. Balt. Co. Phil Morris, ... 404.07 Philips PetroleumYL 156.50 Procter & Gamble Co. 60.00 Pittsburgh Plate Glass 160.88 Pubileker Industrice

United States exports to the same countries in June

pared to May were:

India

Pakistan

British Malayo..

Indonesia ......

com~

Against

11.500,000 $17,000000

6,400,000

2,300,000

2,400,000 5,790,000 4,000,000

The Philippines 23,300,000 28,400.000

South Korea ...

Hongkong.***** 3,550,000

Singapore Stock Market

London Stock Market

sharply today.

were heavily sold on

Gilis

All these are merely précku- the belief the bank rate will lonary moves, in a time of high

prosperity, to guard against in-were: Load was hard hit, lasing 20s, ilaflónary trends.

be jacked up on Thursday. War

Old Consala. Dalton and others off 155.

Stocks also felt the sting of

Cost Of Living

77 Inluutrlals

20 ralis

13 utiles

Blocks

40 bonds

Comm. future prier Index ....... 152.69

Closing Prices

the selling wave, Blue chip On the surface, at least, indian- has barely touched this issues were of 1 to 2 shillings,tion Singapore, Aug. 31.

most closing at the day's lows. country. Latest figures lasted Brokers today quoted the Oll shares lost 2 to 3 shillings at the cost of living in the by the United Nations show following stock prices:

with the exception of Royal United States has risen only 11 Opening W

Dutch which

the countered

Akon Ine. Acy, Dalu Lintang Rubber Co.

Ltd.

trend with a rise of £. Gold per cent in the past seven years, Allied Chemicals ***** 1.07.

Allled Mills Inc. Petroleum

sharen wer quiet. Coppers With 1948 equalling 100, the All Chalmers moved irregularly.

cost of living index for some of American Airline Foreign bonds also ran into the world's hardest-hit countries Am. Mach. de M dry,

American Cyznamide Cu.... selling 'and Germans tumbled reads like this: Paraguay 1,778, Amerloan Metal" 21% cod some Japanese liens Bolivia-1,320, Chile-763. and American Emeling as much as £2-United Press.

British Borneo

43/-

Ord.

20/00 Fraser & Neave Late Onl $1,70 Fraser & Neave Liú 71%

Byndicate Consolidated Tin Smelter

cum. pret

Hongkong &

Shanghai

Banktree Corn

Hongkong Tin Lid.

Кипра 40.

Molaymes Breweries

Lunes Rubber Estates Lid.

$0.40

$010 78343 $1.70 cd Lid. $2.25

New Berandah Rubber Co.

`Ltd.

$5.50

$1,00

Petaling Tin "Lld."

Raffles Hotei

Singapore Cold Bioenge

Alraits Trading

Soully British Insurance Co.

Lad

$1.00

$28.00

$33.05

Straits Broomallo

United Engineers Ord. Al

Warner Bros,

$13.00

$2.38

-China Mail Special.

Form-602,

Ameritra Tel & Amerion Tob, "B" Anteonda Copper Very few countries show any Armour slackening in the cost livingBaldwin-Lima-fam

Exchange Rates in the last seven pars, but there Halthmore .......

i was done in

TUNZ Aviation

Boeing Airpikle

Borden (1916): Condi Burcu Ada. Muchine Canadian Pacille N.

are a few bright spots, Burma Bethuntern. Steel the looul and Cuba have dropped four exclintige market

polata to 20, India and Yugo morning at the following rules:--- U.B. dollar (der $1)_oma

Balavia 82, Lebanon 82, Bierling noleg (per E1). 1000 Australian nates (per 41) ... 11.00 Indonesian rupiali (per 100).. Siam ticals per 100)..... Ringapore (Straite)

Indo-China plastres (per

Economic experia way one of 13.81 the bistent causes of Indation in 224.00

the under-developed countries Is that they have been trying to

a Financial- Dar

Cat. Tractor non Celanom Согр

2 Chile Copber Chrysler Mutari

Tadika Corporation Ren Metorn Repubile Stea Raynolde Notal Shell Oil Co

Boint Reg Paper Binclair Ol

$ 244 Bocory Vacuum

100% South Porto Rico Bigar

30 Bouthern National Gas

72x4 Routhern Railway (Com) 24) Standarde BrandE

60% Blanderd Oll of Cai.

Standard all of Ind.

60 Standard Olf of NJ

FT

55

Stokely-Van Camp

17834810debaker-Packard Corp.

Bwift & Co,

80%, | Demos Co.

11

*53

Tide Water Asen. Oil

Carryover

timl

prices.

August

export of about 1,600,000 bales of cotton. As of August 16, 1056, about 321,000,000 had been The Agriculture Department authorised or agreemente con- anid that present indications cluded for use in 1950-50 conson.. are for United States domestic This could finance about 1,700, mill consumption of somewhat 000 at

present On over 9,000,000 bales and United

1. 1955, the off- States exports probably in ex- cial Commodity Credit Car-

of 600,000 bales during poration agency's cotton stocks. the 1955-50 season.

were reported at 8,134,000 bales The Department said that compared to 7,095,000 bales ono May-disappearance (consumption plus ! year earlier.-United Press.

NEW YORK Futures today closed 25 to 45 points lower with sales of 108 contracts.

Intra-dealer switching opera- tions dominated the less delive terminal market twice.

Dec, contracts were exchanged at 250 points and Dee.-Sept. at 30 points. In addition, Septem- ber and December contracts were exchanged for physical

rubber.

The spot market ruled dull with No. 1 Rss quoted nominally 45 cents a pound.

46.20b

45.70-75

44.50

44.00

42.00

40.80m

Sopl.

Futures:

it

Ded.

Mar.

May

July

Sept.

5152

LONDON

STEX

The

4x.

10% 40% pence per ib. Piles:

market was barely 2011 steady with spot quoted

at

24

Settlement house tertn:

4194

Oct.

4036

671

Nov.

40-40%

Dec.

20

Oct./Dec.

Jpas./Mar.

Apr/June

400

General markets, cif basía, ports: Sept

Oct.

Nov.

4035-41 404-4011

%-40

thick Sept. 30%

Estate crepo thin Sept.

AMSTERDAM

The market was dull. Prices today closed in guilders per

3 kilogramme, Sept, as follows:

No. rubber

No. a rubber

No. 3 rubber

Na, 1 crepa

2.97 nom. 3.00 nom,

3.75 nom, 4.02 paid

United ProRS.

New York Sugar Market

New York, Aug. 30.

4 sugar. futures unchanged to 1 point higher with no sales re-

World No.

4015

closed today

2011

to

00%

ported.

Domestic No. 6 sugar futures closed unchanged to 2 points

with no sales reports,

Both contracts remained" i

pending IRW market

developments.

Future closings were:

Contract No. 4 (world)

003

121

lower with

529%

18 active

4+

器

43T+

72

Sept.

100

Oct.

85.0

Mar.

10

May

3812 July

Bopt.

15%

Spot-(conts Dor ib.

4035

fob Cuba)

3.28

2:20

Control No. 6

(02

Nov.

431 Mar.

EVERETT

LINES

EVERETT ORIENT LINE

Fast Regular Fieight netzigerator Passenger Service

Loading for Bingapore, Penang, Bangoon, Calcutts and Chittagong.

"REDEVERETT"

"NOREVERETT”

*BRADEVERETT""

"LENEVERETI"

Arr. Sept. 11

~*~ Oct;

3

Oct. 14

*** Oct. 20

Badis Sept. 13

- Oct. 4 -Oct, 13 3:0

- Oct.

Loading for Kobe, Osaka, Nagoya, Tokohama

"NONEVERETT“

"BRADEVERETT"

"LENEVERETT” *REĢEVERETT"

-Sept. 17

Solls Sept.

Arr. Sept. 8

-- Sept. 17

- Oct,

1

- Oct.

-,~ Oct

Oct, 2 LIMITED PASSENGER ACCOMMODATION

All the above subject to alteration without notice.

EVERETT STAR LINE

FAST REGULAR FERIGHT REFRIGERATOR SERVICE

Loading fpr Bingapore, Port Bwettenham, Colombo, Bombay, Karachi & Persian Gulf Ports.

"ITAR ARCTURUS" "THA!”

"STAR ALCYONE" "LAP"

"STAR DETELOEUSE"

Loading for Kobe,

"THAI **STARʼAĻUYONE”

"ATAN GETELGRUSE” "ITAB AROTURUB”

Air, Sept. 0 Sept. 27

Salls Bept.

Best, 28

Oot. Nov. - Nov, 30

my Oct. 14 -Nov. 11 -- Nov. 29 Omka, Nagoya, Xokohama'

Arr. Sept.

- Bept. 21

Oct 10

-- Nov.

- Sept. 23

Salts Sept.

→→ Oct.

20

- Nov,

•

→ TOW, 21

# -- Nov. 20 LIMITED PASSENGER ACCOMMODATION

All the above subject to alteration without notice.

EVERETT STEAMSHIP CORPORATION S/A

(Incorporated in the Republic of Panama with Limited Liability) Chinese Department: Telephonë 28293. Queen's Building, Telephone 31206.

May Spot-(cante por ib eif

[NY® ex-duty)

„United Press.

London Foreign Exchange

nadga

MESSAGERIES

P.O. Box 3

MARITIMES

"Queen"")Building|STA-UM

"E PASSINGEN/FREIGHT SERVICE BRO

*"*MEINAM”. United "PEIHO"

+4

salling Bept. 10th säiling. Oct. 8th

FAST, FREIGHT SERVICK

sailing Sept. 20th sailing Oct. 191

Twenty Century Fox Film Union Carbide ...

London. Aug. 30,

New York

45% Unston Pactile Railway

100% Baitadi, "Aircraft

1.8. Gypsum

DR. Line 00. ril us. Hubber

15 US. BEL

$12 barnemme Seok:

迎

Oslo

Itrank

· Hove Yark

„United" "Frem

rates were Prom

West Va. Pulp & Paper Woolworth

$/10