1955-09-15 — Page 9

SWEDEN'S TRADE

DEFICIT

But Exports Are On Upgrade

Stockholm, Sept. 14. Sweden's foreign trade in the first half of 1955 re- sulted in an import sur- plus of Kr.985,000,000 (£68,000,000), as compared with Kr.600,000,000 in January-June last year. Im-

THE CHINA MAIL,

THURSDAY, SEPTEMBER 15, 1955.

SECTION

TRADE and

JAPANESE GIANT MERGERS EZRA BENSON New Oil Formula

ERIC LOUW.

INCREASE

ports, which showed a peak GOLD

of Kr. 926,000,000 in March

and since then have gradual SAYS

ly

dwindled,

Kr.5,109,000,000 (£352,300,-

000),

1 A against

Kr.4,395,000,000 for the first

000),

000,000,

a s

躲

New Trading Power

Rises From

The Empire's Ashes

New York, Sept. 14.

WORLD

COTTON MARKETS

RETURNS For Middle East

New York, Sept. 14

Mr Era Taft Benso), United States Secretary of Agriculture, flew here today from a 16-day con- ference

នៅទ

in Europe, an

the disposal of American' farm surpluses,

Ho conferred with agricultural

蔓越 leaders Britain, Holland, Den- mark, France, Italy and Switzerland.

He told reporters he feli ihe trip as a whole was "very fruliful," There

further

pon- ferences about

certain proposals, he added, alour which was an increase in exports of wheat-Renter.

New York, Sept. 14. Cotton prices switched over to the recovery track Business Week magazine says that Dalichi after dropping into lower Busson Kaisha, principal successor of the giant ground for four sessions in

would be a.row. Replacement buying Mitsui organisation, is a "new trading power on technical reason emanat rising phoenix-like out of the ashes of an old ing from outside commission empire" and predicted that increased efficiency houses and local traders, will make US business feel the pinch of Japanese joined a broader trade de- mand. The combination was more than enough to absorb hedge selling and liquidation,

PRICE competition.

LOUW

The magazine said the trading company's planned meeting to change its name of Shin Mitsui Bussan Kaisha, to be known abroad as Mitsui Trading Company, "expresses the new character of the company since its merger in July with other former merchants of the giant prewar Mitsui combine."

It

First Step

The mergers,

recreation

in the company,

Sald

Anticipation of o substantial increase in producer Impound. Ings under the loan programme, tion estimate acted to shape market senti-

and

ment.

higher domestic consump

for August, also

66 season.

HONGKONG

STOCK EXCHANGE

234

und

New York, Sept. 14.

A new oil profit-sharing formula for the

Middle East-still officially secret, according to Petrolcum Week magazine--is about to unfold in Kuwait.

Three low-priced large-volume buyers of crude

oil as distinct from producers-will have to submit to 50-50 profit-taxation by the government of the producing country from which they buy.

Up until now, oll companies with concession rights abroad have generally

the accepted principle of sharing equally with the local producing company their profits on actual produc- But tion within that country. The new taxation plan, accord- ing to the magazine, marks the first time the idea of 60-50 taxation is being extended to

WORLD RUBBER MARKETS

Singapore, Sept. 14.. The subber market was very large-volume outside buyers steady on

оуствейв, higher who have no olt production or United Kingdom and Continen any actual share in oll opera-tal enquiries, trade support and tions within that country. speculative buying. There was

some profit-taking. Futures: Kuwait profit-sharing pact No. 1 rubber per lb. with the olf companies owning tho Kuwait concession Gulf Oli Corp. and the British board Petroleum Co. has been on their "rea" income--i.c., on actual realisations on total sales,

... 1730 1743

32 1745

Tie

1010

East Asia a

INSURANCES

Union Lombard ***

K. What

X. Bonus

Wheelock

DOCHS, ETC.

53 54

173 72 7234 Provident (0) 18 16.40 500 47 16.30 ... 0.55 10.10 7000 10.10

800 10

Istanbul, Sept. 14. Mr Erie Louw, South six months of 1954. Ex-African Finance Minister, ports on the upgrade since urged an increase in the

Chart readers were moderate Murch, registered a peak of price of gold when he ad-

The Dallchi Bussan Kaisha per cent of its business done buyers, although a few techni- (From Our Correspondent) International the Kr.774,000,000 in June and dressed

now trades in 30 countries with overseas. The US takes 18 per clans thought the market's re-

Business done on the Hong reached

total of Monetary Fund conference more than 1,000 products for cont of the firm's exports, more covery power ould depend on

Exchange this the kong Stock Kr.4,124,000,000 (£284,300,- here today.

exports and imports more than than double that is shipped to new speculative interest.

controls 40 He said that no other single 400 products. against

r country, and is also the return of traders who recently morning amounted to $800,000. any other

quotations

the leading factor could contribute more to industrial

corporations.

to importer

Dalicki transferred attention to securi- Noon Kr.3,795,000,000 last year.

It said its recent mergers "are Bussan with 38 per cent of the ties and the wow York Cotton SHARES BUYERS SELLERS BALES

the other commodity morning's transactions: a strengthening of reserves in

tatal. The Out of the increase of about the non-dollar world. It would part of a general post-occupation

combine's strongest markets. The

Exchange Service Bureau today Kr.700,000,000 registered for im- give a "tremendous impetus" In und in Japan back to prewar competitor, Business Week

free world trade methods of doing

business, is the new Mitsubishi Shoji estimated domestic consumption BAN ports this year os compared helping to

HK Bank of of all raw cotton during August transactions of of with with January-June 1954 appro-from the hackles of impori and especially in the field of foreign

monthly trade."

$47,000,000. The magazine said at 695,000 bales, This compara ximately Kr.200,000,000 refers to payments restrictions.

price of gold,

Milzeki and those in the Govern- with 508,000 bales used in If the dollar duels. Imports of base metals

40 per cent

mient who think ko him

and 668,000 bales consumed in also went up by-about Kr.200,-which represented

believe 100,000, automobiles

Japan's 2,000 Kr.- of South Africa's exports, had by

smail August last year. August marks trading operations 100,000,000 and other groups of been increased by 50 per cent

Business Week

which can ex- goods, including machines, food- the equivalent reduction since stuffs and chemicals, by Kr.200,- the late 1930's---South Africa's sald, "looked like the first step healthy influences whent un- the first month of the new 1965-

of a Mitsui port Interior goods and harm (deficit of £30 million last year

not like the old one Japan's foreign markets. imports of cost and enke rose would have been converted into but still one of the most im

of at least £60 from 1,000,000 tons to 2,700,000 a surplus

of the Portant

ant components Japanese dons, of mineral oils, excluding million.

economy lubricants, from 3,000,000 to

Business Weck foresaw no true year. Japanese have no doubt that this 3,700,000 tons. of commercial Mr Louw said other gold pro- reconcentration of industry will rebuilding of the

old Mitsul Iron and steel from 328,000 tons

Closing within striking dis- more increase the country's efficiency empire, however, because in to 470,000 Lons and of auto-ducing

tr nee If they are Japan's trading

of the day's best levels growth manu- South in world markets. mobiles from 40,287 40 50,202 Beriously affected than

US exporters and manufacturers will be less dependent the list ruled 7 to 17 points Fight, con- vehicles.

Textile imports have Africa. He

goon may feel the 01 traditional trating companies, higher at the Anal gong. The of increasing Japanese the Mitsul family cannot reclaim market remained practically unchanged ference that the Interests of one facturers

opened up to off of countries could not be at Kr.589,000,000.

is old empire, the Mitsui bank

New Orleans closed ored indefinitely without competition.

8 points. Dalichi Busson's new company if in a weak financlal position, unchanged to up 14 points. co- endangering International

is not healthy financially as and the detriment

the managers of former of operation to

Trading volume and open first glanco indicates". Business Mitsut firms like independence, world trade.

interest in the Exchange today "The contention of the gold Weck said, because 90 per cent United Fress.

operating Lunds are

were: of producing countries is that the bed, it has, no headquarters its overseas staff is price of gold should be read- justed for the very reason that untiermanned and it has only 230 vast inlation has already taken foreign employees compared with

and that fallure to effect the old Mitsui's Shipments of sawn and planed place

several thou- of sands. timber rose from 1,390,000

Cu. Euch readjustment is one metres to 1,734,000 eu, metres i the important causes of con- The Company's current (61,200,000 cu. ft.) and of paper ti. uing internatione disequili-monthly turnover is $50,000,000, und board from 381,000 tons to brlum," he concluded-Reuter, 30 per cent over 1954, with 30 409.000 tons, while exports of chemical pulp declined

Forest Products

on

overall up-

Exports showed increase of Kr.330,000,000, proximately Kr.200,000,000 which refers to forest products, This is partly attributable higher prices this year.

to

from

942.000 tons to 838,000 tons. Exports of iron ore increased by 400,000 tons to 9,500,000 tons lower -although prices wero than last year-and shipments of commercial iron and steel by 24,000 tons to R8,000 tons,

VIN

A considerable upswing noted for exports of engineering products in spite of the fact that deliveries of vessels were small- er than in the first half of 1054.

Warning

countries were

warned the

of its

New York

the

Stock

Market

New York, Sept. 14.

Less Dependent

The daily rate. of use last month averaged 34,800 bales against 28,300 bales in July and 33,400 bales

in August last LAND, ETC.

Open Interest f

18.30 18.00

The Stem

two

Sept. 161-181

Oct. 181-1521 Nov, thquoted

No. 2 rubber per lb. Sept. 146)4-14735 No. 3 *

"

No. 4

16

Spot rubber unbaled

14535-14 1448 1501

Blanket crepe......

114-110

131-103

No. 1 pale crepo

NEW YORK 'Futures closed today 30 to 43 points higher with sales of

contracts.

concessionaires 410 long-term, low- sales contracts new outlets

made three prieed

provi oll. Gulf reached

an

A continued strong undertone to with the nearby months climb- foring to new five-year highs, re- trend. at flected the higher London and renewed commis-

Higher sice house buying. ship- meet offerings proved another uplifting factor.

agreement with Royal Dutch Shell, BF with Jersey Standard and Socony. Last year, they provided for about 45 per cent of Kuwait's outlets.

HK Hotel... 18.80 19.00 1000 23500

The new Kuwalt tax plan HK, Lond 7312 14 330 74

100 co stems, according to the maga H'phreys (N)

similar agreements ... 3.30 2.35 2000 2.3214 zine, from Realty

in Saudi-Arabia, Iraq,

RUBBER

A. Rubber 2.2211⁄2 27711⁄2 15000

2.273

11000

2.25

Trust

3.5 3.35 371

3.25

1200

3.45

UTILITIES

Tram

12: 283424.80 750 Y'anati Ferry 116 117 825 C. Light (0) 23.60 23.30 420 1000

2415

200

2000

C. Light (N) 10% 10.70 1000

Electric

3150 #

mindle

and Iran, whereby the Govern- is based on full ment'o toke posted prices (minus some dis- counts.)

and

Business in the spot market, however, continued slow, Dealers said current high prices were becoming more of a handicap. Buyers reportedly do not want to get too much money tied up in high

prices inventories were operating cautiously, Spot No. 1 sheets were offered at 40% cents a pound, Futures: December Under the terms of the still March "secret"

Kuwait's May agreement, total 50 per cent share will now July

September 22.50 be based on full posted prices Decembor 13.50 (1.72 for 31 gravity cil) minus a 2 18.20 per cent "brokerage" allowance,

the magazine reported. In addi 45tion, a special incentive" dis 11.96 count of a 1/3 per cent is pro- H4%vided on volumes bot

between 2 and 60 million tons 3015

23.70

4312 434 4315 000 400 Macko Elec. 115 11.80

Telephone 344 3415 1500 INDUSTRIALS

37 1675. 17 17.30

London Stock Market

Month

Oct.

Dee.

Volume 42.300 CO.400

230,000

820,100

Mer.

21.200

358,100

May

20,200

420,000

July

76.500

203,300

Oct.

0000

126,000

Dec.

3,400

126,000

Total

190.700

2.313.600

Rope

Coment ..... 3014

balca.

STORES, ETC.

32.90 23.10 900 Dary Watson ...... 14 14 00 1. Crawford 31

30

Nonvang MISCELLANE

Yanktoze

8.50

us

Allied

0.10 6.25 0.80 0.00

London, Sept. 14.

Stocks made further head-

NEW YORK

Prices of futures closed today | COTTONS

way on the London Exchange today, although advances as follows; were highly selective and generally confined to indus- trial shares and Government bonds.

Brot

Oct.

Dec.

Маг

May

July

Det. Dec.

Sentiment was helped by favourable corporate news, in- cluding some good earnings re-

Wall Street,

Rails, in a late surge of buying, finally pushed turns, red overnight strength in Finally, exports of foodstuffs through to new quarter-century highs today.

have shown a decline as a re- sult of decreased shipments of butter and cereals.

An analysis

The demand for carriers came after the group had idled while industrials moved up to new all-were in demand. Specialties in

of the Botime highs in their average.

phical distribution of Sweden's foreign trade during the period January-May this year shows

Somewhat

Confirmation by rails of the

Alden Inc. Ary,

Allied Mills Inc. American Airline

American Cyanomide Co.

Am. Mach. & 7 dry. Armco Яe ...... Baldwin-Lima (Farm.

NEW ORLEANS

33.23.25

34.00 33.12

23.06-07

33.10

Prices of futures closed to- Fday ns follows:

Singapore

[million U

to a maximum discount of 5 per cent on the 23.10 entire production. With a flat 2

Stock Market

Singapore, Sept. 15. Brokers today. quoted the following stock prices:

Batu Lintang Rubber

Sydicate

Smeilters Ort,

Fraser & Neave Lid Ord.

Froer & Neave Ltd.

7% cum. pref

Hongkong & Shanghai

7 per

brokerage allowance, per cent this means a maximum cent off the posted price on the entire volume.

con-

Gulf and BP are to pay taxes on this basis on all sales except the three big long-term tracts. On these their tax will continue on actual realisations. The three buyers will have pay taxes based on the differ- ence between their purchase the posted price price and (minus the permlited discount), the Mogazinė reported.

A Violation?

LONDON

49,45

47.30

44.60

45,35

44.05

42.75

The market was quiet after a firm start with spot at 43% pence per ib. Prices:

Seillementa hound" terim:

Oct Nov.

Des

Oct./Dec.

Jan./Mar.

Apr/June

July/Bapt.

General marketą, cif

Sept.

Oct......

Extate crepe thin Oct

thick Oct

42-44

4231 United Pres.

London Foreign

Exchange

New York Montreal Amsterdam3 Brussels Copenhagen Lisbon

Under the old deal, Karwait Oslo will have realised about 216 Paris

Stockholmt million, however Kirwast In Zurich.... 20 d come may jump to about $280

million this year.

Closing Prices

$ 2014

3415

Among the industrials heavy engineering and shipping shares

favour, included English China Сіду,

Courtaulds, and British Aluminium,i

Store taking.

On shares lost

Boot

31.30

Oct.

33.15-10

Beo.

33.24-23

Mar,

19.12

May

33.00

July

32.54

Oct.

shares also en prodt-

Dec.

32.11

Co. Ltd.....

British Borneo Petroleum

Opening

$1.03

40/-

LIVERPOOL

Consolidated Tin

ground on

23 news

621% ports of oil

that United States im-

Future closings,

American

$1.77

Vielding up to

pence per

two shillings, were as follows:

$0.40

exto

50% and Royal Dutch.

Oct/Nov.

30.9

Hongkong Tin Lad

75 14

1

mid-session

| Mar/Apr. fractional gains,May June

retained DeeJan.

30.17

Kempas Ltd. (cd)

$1.02

None of the companies volved appear to agree implications of the deal,

In- on the

the

Lunas Rubber Estates

some

28.37

Malayan Browerles....

$3.45

37.81

10

471

tional activity.

New Berandah Hubbar

Co. Lid.

$1.65

BLIS

Dollar stocks mirrored higher

SAO PAULO

Petaling Tin Ltd.

$4.00

Rames Holet

$7.34

04

overnight levels in Wall Street

Future closings, in cruzeiros

Singapore Cold

Storage

$1.80

Bouth Britiske,

Insurance Co. Ltd. ............

$78.00

Straits Trading

$24.30

32.00

34.55

Straits Sleemalp

$13.00

35.69

United Engineers Ord. .....

$10.00

23.00

Woarne Brow

$2.92

33.01

China Mall Special.

Benguet Cots,

Bendix Aviation Corp. Boeing Alpiane

that more than 60 per cent of rise in industrials was seen by the country's total import sur-traders as an encouraging sign pius of Kr.949,000,000 was ac-of continued market strength. counted for by trade with

While the rails took the spot Western Germany. less than 30 per cent related to light from industrials today as the latter felt the effects of trade with the United States.

modest profit-taking, the aver- the defickt In absolute figure vis-a-vis Western Germany was age for the group nevertheless as against Kr.- set another new high at 482.90, Kr.677,000,000,

1.07

to Borden (The) Co. fret 338,000,000 for the

five up 8.07. Rails alge rose

since Burroughs Add Machine 103,36, their best level 1934, the months of

Case (J. sponding

vis-avis the Oct. 20, 1929. Utilities dipped Cocia figures

of Chi. Tractor United States being Kr.270,000-at a pace with turnover 000 and Kr.126,000,000 respec- 2,070,000 shares only 10,000

low yesterday's volume the tively.

Trade with the sterling area, best since July 12, which last year showed a de- ficit of Kr.104,000,000, register-

COTC-

beelance Corp

Colgate-Palmolive. Ca. Commercial Credit | Comanonnvealth, Elec,

Continental Of of Del. Crane Co......... Lifting the industrials average Crown Zellerbach

Sears Roebuck, El Paso National Gas points,

Allied Railroad .... Texas Co., 3.

Family Finance Corp.

Co

ed a surplus of Kr.44,000,000 for such blue chips as Du Pont, upDow Chemon January-May this year.

The nearly 3 non-up 2;

trade deficit vis-a-vis dollar South American coun- Chemical up over 2 and Ameri-Gen, Pin, Uul. tries has remained practically unchanged at Kr.30,000,000.

Chicago Grain Prices

Chicago, Sept. 34.

Closing prices Prices per bushel in cents:

Wheat No. 2, rod

Spot

Sept. 1061411) 1971912),

Dec.

Mar

10:36

1 more than can Telephone, point higher. A few favourites Heydew Chemical were hit by profit-taking. Autos, Homstake Mining Co.

Ingersoll-Hind strong earlier this week, rose Inkaka steel Co. sharply in early trading but hold interchemical Corp. only fractional gains at the International Paper

close.

Steels declined around point in Bethlehem and National,

point in US Steel.

Jersey Standard Oll, Procter & Gamble, Westinghouse, all recent gainers,

retraced some groumt.

Reynolds Motals fell nearly 5, Aluminium and Alcoa more than

1 in the metals.

Of a total 1,180 issues traded, 480 were higher, 440 lower. 2.

John-Marville" Co. Ranson C. Power de Light Liggott Meyers Tob, Co. Louville de Montevilo · II. Lowenstein & Boris. Memebi Iron Corp. Mesote Mindow ... Minions, Davelopment Moronto Chemios Co. Motorcia In National Dairy Prod. | National · Steel Corp

in thion Chrenekinois Glaes Parine Western Chi Parks Devie 05.

Penn Bult Co. Thilip Morri

Procter & Gamble Co. Bond

the NY Publicker Irkutrie volume on

Furo-Oil Stock Exchange was $7,110,000. | Heynolds Metal Volume on the American Stock Shell Ou Co Exchange was 070,000 shares,

MAY

July

Com, No. 2, yellow

Spot

199.1987 2004-94

130

Bapt.

10100

Doc.

Mar

May

Ryo

Supt.

Nov.

Bupt.

Now

Barlay

Spor

NEW TOOK Hour

200 16, bap

$13.800

30 industrinia

Press,

| Coinm. Dukurs price, fotos

Bouthe

Dow Jones bloeing averages Boule were as follows:

are to be reduced. middling cotton, in

werd British Petroleum, Burmah

Gilt-edged bonds

261 despite a low level of institu- July/Au

with General Motors and Stan- per kilo were as follows: dard Oil (NJ) featuring.

December

Rubber and gold shares lacked October support. Foreign bonds also March were featureless,—United Press. May

New York Sugar Market

New York, Sept. 14

July

In the United States, the average price of 15/16 middling cotton at 14 designated spot markels was 33.17 cents. Bales at these centres totalled 36,771 Balos.

KARACHI

Banking Corp,

magazine noted. While feel it is a reasonable settlement of the Kuwait situation, others taxing were said to feel that

London, Sept. 14,

2.7634-2.78.13/16 2.75%-9.76%

10.574-10.6716 103.00-183,05 19.33-19.3314

79,90-80.05 199915-19.0974

973-9731

14.393-14.394

12.151-13.10

Others were unchanged. - United Press,

New York Foreign Market

New York, Sept. 16.

$101.5/10

2.78.11/16

3.78.7/39

buyers not actually doing busi- ness in Kuwait is a violation of Canada

|England- basic principles, and have ex-

30-day futures move that the pressed fears

90-day futures 2.77,7/37 miny set a dangerous precedent Australia

ax-New Zealand for producing countries to

Belgium tend taxes to other buyers- (Uraguay

United Press.

LONDON METALDie Stamping

PRICES

London Sept. 14. The tin market was very World No. 4 sugar futures

steddy with a turnover of 50 closed today 1 point lower to The market tumbled today to Other metals were frm. 1 point higher with sales of 115 owing to bearish oversees cables Prices closed today in sterling contracts.

and Indian Government released per long ton as follows: Domotic No. 6 sugar. Fatures a further 250,000 bales, of ex closed unchanged with sales of port quotas. Prices closed lo- Tin Book two contracts

day in rupees per meand as Copper pot Increased activity in the follows: world contract reflected a wider

67) | participation by trade houses on jan. Sind roller-ginised

both sides of the market..

The steady undertone wOF coupled with firmances in world raws and a good inquiry. In the

.96

44 qutside market. Futures;

Contract No. 6 (world).

2004FNT Bund

ENT Pun

Exchange Rates

buyor

74032 740

3-month

240

sellera

TAB 389

4-mont Lend 1st half Sept. 1974 Lead Ht half Dec. Zina It hat

304

1074

107

1973

Zine

1st half

United Pret

NEW YORK METAL FUTURES

New York, Sept. 14.

of cosión, fitures: closed

In banatu por 1b, na dal

United Press.

The South China Morning Post, Printing Department is equipped with modern dió-stamping facilities.

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TRADE MARKS. T

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and MONOGRAMS,

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