1955-09-06 — Page 9

THE CHINA MAIL, TUESDAY, SEPTEMBER 6, 1955.

TRADE and COMMERCE SECTION

AMERICAN ECONOMY

North America Wheat Production

Washington, Sept. 5. Wheat production in the northern hemisphere will be somewhat larger in 1955 than in 1954, according to an Agriculture Department forecast today.

The 105 wheat erop in North America was estimated at 10 per cent above last year's, owing to expectations

Canadian of

bushels crop of 500,000,000

Though considerably below the large Canadian crous of 1952 1955 Canadian and 1953, the

estimate is 67 per cent above the very small outturn of 1954, and

It more than offsets the reduced in the United harvest expected States.

verenye.

What Lies In Months Ahead

-Prosperity Or Inflation?

By JOHN MORKA

New York, Sept. 5.

Prosperity or inflation? The acid test of the true nature of this record year of booming business in the US lies immediately ahead.

US MARKETS

CLOSED

Now York, Sept. 5. All financial and com- modity markets throughout the United States were closed today in observance of Labour Day holiday......... Unlied Press.

HONGKONG

STOCK

EXCHANGE

Business done on

ANTI - TRUST LEGISLATION

Judiciary Sub-Committe

Investigation

Washington, Sept. 5.

COPPER

FIRMER

IN LONDON

London, Sept. 5. Copper was Armer on the London Metal Exchange today.

copper closed wlin

Spol

A Senate judiciary sub-committee announced today it will turn next in its comprehensive in- buyers at £300% and seilers at vestigation of monopoly laws to the effect of anti-307

closing prices were £301 anel trust legislation on foreign trade and investments. 2002 respectively. Turnover was

950 tons.

Д ton. Three months

stendy with small

Tin was FOA suggested

were

Chairman Harlet M. Kilgore of the anti-trust laws Mr said in a statement it has been | Kilgore noted, a long-standing congressional there 18 need for somo turnover. Closing prices were policy "to encourage American procedure whereby they know buyers £7441⁄2 and sellers 745; businessmen to

trade whether

mooths threo

prices their plans are ap- engage and

Investments mako

in proved

£744% and 745 respectively. But state-

Turnover was 170 tons. foreign countries."

Mr Kilgore said the

sub- ments by Government agencies committee also plans to go into over the past three years on the Webb-Pamerone Act of 1918, 1919, the effect of anti-trust laws un

which exempts from anti-trust laws all associations engaged soley in export trade. The law was designed to help American Arms compete is foreign markels with more powerful rivals, os bargain on an equal footing with European cartels.-United and Press.

to be resolved by

This past week marked the end of the summer season for

time of trade American business traditionally a

(From Our Correspondent) foreign trade and investments doldrums to which this year is a startling exception.

the Hong-Indicate there is a conflict with kong Stock Exchange this this congressional policy which The automobile industry and amount of money the banks have morning amounted to $815,000. may have

and furniture to lend. Curbs have been institu- Noon quotations and the morn-Congress, he said. the uppliance

come out ted in stock market borrowing.ing's transactions;

In 1952, Mr Kilgore noted with new and

more The Federal Housing Adminis even gadget-laden models calculated tration and he Veterans Ad- SHARES BUYERS SELLERS SALES the Commerce Department, after n study ordered by Congress, grob their share of the ministration

lightened

reported that among Americani. annual autumn orgy of consumer

Investments abroad was a lack spending.

of understanding 1710 1720 55 1715 businessmen as to what is per-

missible under anti-trust laws.

Stock Issues manufacturers have

Without Authorisation

has

now

10

have

terms for mortgages.

Lending Rate

GOVT. LOANS

31% (10044-

190)

BANKS

HK Dank

Union

DOCKS, ETC. K. Wharf Dock

70

1000 90

r

1010

2 2010

70

DOOT 201

Two Types

among

The uncertainty, the Depart-

20 20:20 7700 se 20 mar said, might be the 2187.99 determining factor in barring

100 ur 20

types of foreign invest- ments-licensing arrangements

800 20.10 two Provident

(Otα) .... 15 80 15.90, 500 4+ 15.80 Viteclock

With the economic authorities in Washington already at least

But borrowing has been going INSURANCES worried about inflation- mildly Paris, Sept. 5. witness the recent increases in { at

record levels. Fortune week estimated The US crop was estimated at Freedom to issue stocks and ending rates and the tightening Magazine lust

"consumer credit has last debenturen without Governent of the basic credit-the big that 60,000,000 bushels below

been question is whether the autumn recently piled up at an annual year's six per cent drop re- authorisation

compared This was business upsurge will stay with-nte of 7,000 milioni Pulting from sharp cut in restored in France,

21

the first bounds or by the

to 4,500 million in disclosed

French in reasonable

go to Minister

which and spiraling of Finance

to dizzy brights

quarter of this year,

Aciding 45 the Inflationary hey bring Federal intervention. Economic Affairs when

the The mouths of September and pressure of consumer borrowing! spoke at the opening of

October will supply the answer. are the wage hikes which have Strasbourg European Fair.

Washington monetary chiefs occurred throughout big indus-

The

Chrysler Motor was already have made it clear that | try. Only the date of issue vary considerably from region till required by the Finance they do rul intend to stand idly Company-last of the big three region, but the forecast was for

ensure appropriate by if the present inflationary to rettle-brought a quick end to a total crop of about the same Ministry o

Trends get out of hand.

0-hour strike on Thursday by size as in 1954.

Already, the Federal Reserve granting 130,000 members of the

down

the CIO United Automobile Workers Board has cut

Union the some increases and wage guarantees the union won earlier from Ford and General Motors.

WEST EUROPE The outlook for the wheat

in Western Europe, crop in cluding Yugoslavia, was said to

antiming.

The begi con- ditions were reportd for Italy, France, Western Germany and Yugoslavia, while substantial re. ductions from the 1954 jevel were indiented for Spain, Portu- and gal, the United Kingdom Scandinavia.

Prospects for Eastern Europe were said to be somewhat better than the poor outturn there in 1954, unless substantial crop losses should result from heavy rains in many areas at harvest time.

The Minister also announced cut in the interest rate for long-term eredits granted by Government-sponsored the "Credit National" from seven to 101⁄2 per cent.

other

In future the Credit National credit without grant will imposing timits on applicanis. And the Finance Ministry may offer security if the investment for national economy, is good but is not covered by Kuaritlecs sufficiently secure Preliminary information from for the Crodit National.-China the Soviet Union points to Mall Special. larger wheat harvest this Better renson, the report said. yicida were said to be reported' from the winter wheat belts of the Ukraine and the northern Caucasus, where

serious drought reduced yields in 1034.

in Asia

Is

on

Economic Integration

In Europe

Amsterdam, Sept. 5,

ot in-

Under the pressure

and unreasonably greased

sed casts high consumer demand, prices of most consumer goods have been moving upward, although not at alarming pact, Now, however, most business analysts fear that

more

LAND, ETC.

HK Hotel HK Land

Humphreys

9.75 0.35 4000 9.75 and minority stock ownership

3300 980 in foreign companies.

This

500 0.88

1400 m 2,00

10 00

10 2000 m 10

73 73% 100

23

DONCETTI

20.30

(N) .. 18.00 19

year, as part of the Attorney-General's study of the anti-trust laws, the Commerce expressed Department again

uncertainty over the scope of anti-trust on

over the

Realty 22715 2 323 5000 m 234 foreign trade and investments.

The

Department recommended that consideration

RUBBER

A. Rubber 2.10 2.15 10,000 Trust

3000

750

UTILITIES

Tram XD

2.12

limited 3.18 granting ...... 3.10

3.40 from

lows such foreign investment merts.

given bo exemptions for private arrange-

500 #

210 The

..24.20 24.40 Star Ferry.. 143

Y mati Ferry 110 C. Light (0)

in

now-defunct Foreign Operations Administration, 2290 the Attorney-General's study, 17.00 also called for attention to the uncertainties in the application

1000 C. Light (N) 17.00-17.90 100 Electric.**

4132 42% 1000 Telephone.. 33 33% 500 332

chain reaction of sharp price boosts is in the immediate offing. It is too early to tell whether Tho Foreign Ministers of Washington's effort to

make difficult will Holland, Belgium, Italy, Luxem- borrowing burg and France and the State have any appreciable effect on Secretary for Western Germany buying as a whole, although it STORES, ETC.

did bring a slight drop in home- will meet here tomorrow for a

during The discuss buying

second the

and cause broadening

in-quarter of the year

the curtaining of public works tegration of Europe.

They will hear a "progress financing in several areas,

Foreign by Belgian

one-day conference to LONDON PEPPER

MARKET

3s 2d;

economie

Soul Henri Spank

•

on

Thus,

Paradox

The wheat crop

London, Sept. 5. the large expected to excced production of 1934,

The pepper market was dull. the work of a special study com- while

over the long holiday Black mitice that has been exploring Africa's total wheat production While Surawak

of transportation, weekend, Ananelal and business is likely to be somewhat Saruwak special, 2s 3d sellers, integration

pondered a Malabar Sept. was atomic energy, electric power leaders of the US

Is Business smaller than last year, the re- Black

at 340s hundred- and common European markets modern paradox: quoted port continued.

and investments.-United Press. weight, sellers-United Press.

The Department cited the following estimates of 1955 wheat crops in Western Euro- pem countries - Italy. 325,- 000,000 bushels; France 385,- 000,000; Spain 145,000,000; Greece 50,000,000; Sweden, 27,000,000; United Kingdom 86,000,000.-United Press,

World Wool Price Situation

Johannisburg, Sept. 5.

Mr J. H. Moolman, Chairman

a

International Trade

Obstacle

Removed

London, Sept. 5.

Hopes of a new move to dismantle strategic restrictions on trade with the Sino-Soviet bloc are rising as a result of the Geneva conference on atomic energy.

At Geneva, scientists from both East and West released a vast mass of information hitherto

of the South African Wool Board classified as secret and one of the main objections

and executive of the inter- national wool Secreturlat, said

today that if present wool prices

to freer trade seems to have been removed.

sald

too good. Most of the world shared their concern, for in this day and age infintion or de-

pressions everywhere.

Other developments:

The stock market remained

INDUSTRIALS

Cemen Rope

-331334 500 @ 33%

18.00

-

Dairy

22.70

20

$50 @ 22.80

Hom

32 41

160

COTTONS

Textiles

5.30

1000 6 5.00

MISCELLANEOUS

Yontaze Alld

0.20

... 5.00 6.30

London Stock Market

World Rubber

The

Markets

rubber

Singapore, Sept. 5.

market ruled quiet with not much trading. Future closings were:

No rubber per lb.

Bep!. Oct.

Nov. No, Z

Sept.

rubber per. Ib.

140-14014 24744-14772 unquoted

14292-143 No. 3 rubber per lb.

Sept.

140%-141 No, rubber per lb.

Sept. London, Sept. 5.

14331-13336 ber unbaled 1484-140 Generally dull conditions pot rubber

Blanket crepe

110-111 140-150 No. 1 jale crepe

in high ground, with advances have persisted in stock mar-

cí as much as 5 points in air-

Inkets today.

Fears of further

economic talk of

LONDON

The market

was quiet with at 42% pence per Jb.

the No. 1 Ris soot ................... 42%%-4776

out the

Settlement house term:

Oct,

crafts on Thuesday furnishing the highlight. Monday's session started out well, but profit measures und the taking hit the market near mid-higher bank rate have amin pot Fession, with the market closing

brought prices lower, but there Prices: mixed on fractional losses and was some recovery from Hains of

or two. kwest 11 point

levels reached Apparently sparked by a 50 per day. The speech by the Pre Nov. cent stock dividend declared by aident of the TUC on prices and Oct/Nov. United Aircraft. Wednesday was production assisted

to Jan./Mar,

A pr./June strictly a "blue chip" day, with

extent

July/Sept. shares representing the Gilt-edged

General markets, elf basis port after

Sept. ndustrial gimts moving higher opening lower, recovered Oct. led by the sireis,

closed mostly unchangedi, In Nov. chustrials were idic.

The main feature in foreign unquoted.-United Press. bonds was the sharp advance in the German and Japanese on

Steel Short

Steel became harder to got, strengthening expectation

prices

securities

of news of lifting restrictions on

areas in the cast increased | #11⁄2 pointer.

One of the British delegates (as obsolete in view of the great price rises. Inventories of many blocked sterling for investment. continue many growers through at Geneva said that the con-exchange of Information per-users were low, rehabilitation of Japanese jumped between 1 and

flooded

and German i to 412 -a wonderful mitted at Geneva, oui the world will run into ference had been

In financial dimeulties because of and uphioped for experience.

the Netherlands, the demand. major consuming! potute

for "Central Organ

Foreign industries showed no sign of Cils were erratic and closed heavy investments in land and

that Economic Relations" Another scientist

forecasts casing.

their

for pressure stock required during the past

British Petroleum was un- dull the ban on exchange of secrets in its latest report "a substantial deliveries, and the automobile changed at 1139 Gd and five years.

of fundamental

research

was reduction" in the strategic export companies have served notice Burmah's fell is to 73s 8d. Royal

that they will now completely removet only list

need Increased Dutch rose to £61.

Coppers and other base metals were dull. United Press,'

Mr Moolman, known in world

of wool," said that the subslan-

in-

in the Bolt of technology some This body, which represents tonnages for their new models. trading circles as "the Napoleon reticence was being mamitated leading branches of Dutch

that re- of commercial | dustry, also considere

strictions on exports to China should be relaxed.

tal crop of prices at the opening for

of sales in Australia and South rivalry.

Africa could not be justified

economically by

*caso:s

The conference has proved, a

it comparison French delegate wald, that

with the index price of other was absurd. to keep secret foots textilo Abres. "I

con see no that were in nature.

reason why prices should not harden before long," he said- United Press.

London Wooltop Market

The Point?

No Point

consumers

Singapore

Stock Market

The movement of steel across the Atlantic increased. Europe had an industrial boom also, with the strange result that steel supplies from Europe were being thipped to the US while hard-

Europon highly "It would be

desir-pressed

vrdering able," they say, "If at the same were

steel from time the difference in trade po- America. The American Iron Hey towards European Com-and Sical Institule said the two-

Singapore, Sept. 6, With the scientists talking somunist countries and the Chinese way steel trame between the

Brokera today quoted the freely about matters which until People's Republic

be US and Europe amounted to 3.7 following stock prices: could a short

top abolished.” while ago were

altion tony in the

Opening first six secret, traders ore beginning to The Dutch report also said months of this year, which is Batu Lintang - Rubber

$85.00. of

Ltd. wonder what is the point

the corres- British Borneo that on invitation to visit the 28 per cent above controls Netherlands extended to the ponding period of last year. Banciicata

42 sd China National Import and Ex- Automatalion, the Journal, Consolidated

of ¡port Agency had been rejected

maintaining strategic

on industrial products.

The list of strategic controls

in Pelting on the grounds. that Commerce reported, is not only the agency saw no point in such increasing the demand for basic on a visit as long as the strict em-metals, but for electrical equip

bargo on exports to China rement as well.

London, Sept. 5.

in its present form, as applied Wool tops futures

closed stendy with small turnover ́of only 21 Jols.

Closing prices were:

September

103-108

104

October

December JENTURY Marek

October

109-10135

103-104.

to exports to the Soviet bloc by Western nations, Is babod Itwo considerations,

Ori.

Fraser Neave Framer & Neavs

eum. praf.

Banking

Co Petroleum

20

Ltd.

$1.29

$8.40

Shangha

010

The term is used for the Honkong Tia Lid. Kempas ld. ........... techuique of substituting ag human stubbar Ematta. Li.

LAD

The first is the banning of mined in foren exports of munitions of war, and In London leo, negative electric brain" for human con- Malayan Bewerter the second is the restriction on attitude on the past ⠀ Of She trole in the mat production of New: Berendah Rubber products which, Through their Chinese fresh visite Hy business-

products. In many, factories technological interest, might men has been noticed, ap

ose, Į those days, such units, miniature files alotel prove helpful to the industrial ...It is thought that the Chinese, form of the; hugs y electrònic. | Singapore Cold Storage development

a. potential too, have,setted the change In

Souch: British Insurance the International atmosphere calculators, contro

entire

The second considerations and are holding their hands on production line automatically stratia Frading; responsible for the mester part commerciale polovil until the weeding out imperibot. «pulta «S of the control list and it is this situation, clarid China Mall and stopping the machinery, in m

KETA ORDU of trouble-United Press, part which is now being criticised,! Epecink

Lead prices were unchanged with buyers £1071⁄2 spot and sellers £107. Three months were C107 and £107, Turn- over was 50 tons,

Zinc Woa steady, closing at £00 buyers and £01 sellers, Three months prices were 1903% £00. Turnover was 375 tons.-United Press.

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

--PASSENGER/FREIGHT SERVICE

Outwards

"CANTON" "CARTHAGE" "CHUSAN" "CORFU"

· Leavag· London

Salled

14th Sepjamber, J0th September

12th October

Duo Hongkub 18th September 11th October 29th October 14th November

Via Bouthampton, Port Said, Aden, Bombay, Colombo, Popazz & Singapore

Leaves Mongkang Due London 23rd September

Homewards "CANTON"* "CARTHAGE" "CHUSAN" "CORFU"

Alst

October

2nd November

24th October

21st

November

20th November

10 November 19th December

Via Singapore, Penang, Colombo, Bombay, Aden, Fort Bald & Lauden

Also calls at Malla.

"SURAT""

FREIGHT SERVICE loads 25th Sept,

for S'pare, P. Swetten- ham, Penang, Colombo. Aden, Port Bald, Genon Marseller, Havie, Lon don, Antwerp, Rotter dam & Hamburg "SHILLONG" que 27th Sept. from UK. via Stralin

londs 28th Sept. for Japan

With Uberty to call at Belawan before or after Strulla Ports and at Bombay if inducement offers. Tanks available for carriage of Oil in Bulk. Space for refrigerated cargo. Limlled Passenger accommodation

BRITISH INDIA S.N. CO., LTD.

due 19th Sept. from Japan

"WARORA”

"BANTHIA”

salls 11th Sept. for Singapore, Rangood

& Colllärong

due 13th Sept. from Japan

salis 14th Sept. for Singapore, Penang

Itangjon & Calculta "SIRDHANA” đur, 13th Sept. from Calcutta via Ran-

soon & Straits ralle 14th Sept. for Japan

P. & 0./B. 1. JOINT SERVICE

"ITOLA"

"ORMARA”

Estate Crepe thin and thick

"ORDIA"

London Foreign Exchange

London, Sept. 5. Foreign exchange rates closed

as follows:

Montreal

New York

Amaterdum Brunsde Copenhagen Fenekfurt Lisbon

Peris Stockholm Zuriots N

Ottica were Prem

2.7816+2.70 0/10. 14741-274 11/10 10.5634-10.57 120.9711⁄2-3330,00

19.3314-10.33K 11.58-11 30% 79.95-60.00 19.99-10.00K 27272-673

14.387-24.381

unchanged-United

Exchange Rates

Ehe was done in the local tmomielelezolzanuje

king at the following rates:--- U19, dollar, (par 81) Sterling boken (per £1) Auriele nodes (per

indoasalan Tupiah (per 100)

Siarn ticals (per 100)

Bingapore (wit)

Indo-China plastres (per 100)

ESER 88

0,00

"ORNA"

dae 13th Sept. Fram Japan kills 14th Sept. for Singapore, Madras, Bhavnagar, Karachi.

Baaral, Abadan, Khor- ramshahr & Kuwait

Que 18th Sept. from Japan

sas 19th Sept. for s'pore, DOMBAT, Karschḥ, Basrah, Khori ramshahr & Kuwait due 21st Sept. from Karachi & Dombay talls 22nd Sept. for Japan

dub 27th Sept. from Karachi & Bombay salle 20th Sept. for Japan

EASTERN & AUSTRALIAN S.S. CO., LTD.

"ARAFURA"

"EASTERN"

“NELLORE"

Que

6th Sept. from Australia Leads 7th Sept. for Japan

Road 72 Sept. for Sandakan, Rabasi, Brisbane, Sydney, Mel- bourne & Adelaide

de l'Out.

loide 2nd Oct.

from Australia

for Japan

All vessels have liberty to call at any poris on or off the route & the route & sailing 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 .

MESSAGERIES MARITIMES

P.O. Box 53 -- Queen's Building Tal/T FAST- PASSENGER/FREIGHT SERVICE

LONDON SILVER | "LAOS"

"VIETNAM"

MARKET

London, Sept. 5, The price of alvor was quoted today at 70% ponce per dino

"MBİNAM" Dinco for spot and 78% pation forward (gained 281⁄2 pence "PETHO" préviously) MsUntled Press, 2

alling Bept, 10th - sailing Oct. 8th

FAST FREIGHT SERVI

[ling Sept. 21at

18th