1955-09-28 — Page 9

THE CHINA MAH

WEDNESDAY, SEPTEMBER 28, 1955.

TRADE and COMMERCE SECTION

CONCERN OVER LOWER WOOL PRICES Recovery Australia's Export Income Likely HONGKONG Singapore Rubber

To Fall Again This Year MORE IMPORT CUTS POSSIBLE

Melbourne, Sept. 27.

Early low wool prices in Australia this season and uncer tainty on future levels have forced economists and politicians to keep a close watch on the Australian economy.

Australian officials admit the next few weeks may be crucial. They say if wool prices do not settle at a favourable level, there is a likelihood that Australia may have to restrict its imports further so that it lives within its international means.

Political correspondents in Canberra say that national leaders hope that Australia's export incomes will stabilise. The Federal Cabinet, they declare, is acting on the assumption that wool, Australia's biggest over- seas currency earner, will not fall lower and that there may even be some recovery of lost ground.

Thero' would seem to be wool exports will be very pain- that ful to a nation with our trade ample ground for reports tho

Sirifeultjes,"

Federal Treasurer, Arthur Fadden, is to negotiate

|

all parts of the world. Even in the Unlied States, where com- petition from artificial fibres in increasing.

manufacturers and

Other writers suggested the public are showing a pre- a $30,000,000 loan from the In-

£A3D ference for mixed wool and j reduction of more than ternational Monetary Fund to

the Australian economy million (£28 million sterling) synthetic material, help

was possible. through the coming weeks,

A top Government official told a Reuter correspondent in Canberra he hoped the loan would enable Australia to "hold the line'.

The Australian

(2) Australia's wool clip this "squatter" bas said for years that "Aus-season promises to be an excel- The president of the sheep's lent one. video

the trulin

Rural Back. in New South Wales, said it would be the best since the record your of 1848. An extra 3,000,000 sheep would

back".

remote 10

be shorn this year.

The annual wool clip scems most Australians. The phrase "hold the liue" is who live in cities and work in industries or nt But indiention of the current services for it. concern which export income is when the sheep's back becomes some of the initial lower prices cousing.

B

in the

Inst. financial year, heavy Australian imports boosted

by heavy spending, far exceeded income from exports. To meet this threat, the Govermanent, in April of this year, announced import cuts tofalling about 20 per cent. The full effect of these cuts was just beginning, to take effect in September,

narrower and either the saddle slips or the girths are tighten- ed, every Australian feels the pinch.

(3) There is a possibility that

follow uncertainty brought about by British and European credit restrictions, Buying should pick up ar manufacturers' stocks fall. One of Australia's leading

(4) About 2% per cent of the economie writers, Mr John Eddy,

because of higher in the "Melbourne Herald", re-price fall is cently outlined the effect which shipping freights this year. This the lower prices would have infall was generally anticipated, the community.

(5) Japan, which was only a "Tighter credit is a cortainty."

minor participant in the early he said. "Bankers indicate over Australian sales may increase Government Reluctant drafts will be much harder to buying later because of the large

ket and

in some instances re-sterling funds she holds, The Cavernment hoped toduction in existing overdrafts meet the temporary deficit In-will be sought. curred before import restrictions

cut down spending with money Hire Purchase Next? from the International Monetary Fund, the official said. But to do this, it had to rely on a steady export income, and the early 10 to 15 per cent wool price fall threatened this equilibrium.

com-

"Hire purchase the poor mun's overdraft has so far es caped the squeeze, but it would be unwise to expect it to remain untouched.

(6) Russla may slant buying again in Australia. Soviet pur-

interrupted chases.

by the diplomatic rilt over the Petrov affair, were about £25 million

after a year

World War II. There are unconfianed reports buyers, acting on behalf of the

New Look For Farouk's Corrupt' Cotton Market

Aluzandita, Sept. 27.

The 100 - Year - old Alexandria cotton 'fltra® market reopened today after three years' suspen- alott.

on

the

Prebiler Gamaj Abdel Nasser of Egypt_who had closed the exchange charges of corrupt speculas tion practices under Farouk regime today wel. comed the reopening under new trading regulations as "methed of simulating a "m Egyptian bodion trade throughout the world and

the raising

poor peasants' income,"

of

The reopening ceremony, www attended by Govern- ment officials and repre- kentatives of many foreign markets---United Press.

500 To Attend

Far East

Economic Talks

*00

Wo

STOCK EXCHANGE

(From Our Correspondent)'

Business on the Hongkong Strock Exchange this morning amounted to $1,050,000. Noon quotations and the morning's dealings:-

SHARES BUYERS BELLENS 'sales

INSURANCES

Undert Underwriters

DOCKA, ETC.

K. Whart

72 7419 Provident (0) 13.80. 14 500 mm 15.20 Wheelock ... 9.70 9.35 4400 (9,9.80

LAND, ETC.

HK Hotel ... 18.60 18.02 2500 # 10.73 HK Land

05 100 0435 ... 0435

100041

2.35

Really

HUBBER

A. Rubber . 2.23 2.30 10000 @ 1.25 Tru...... 3.15 3.2214 21000

UTILITIES

24

2000

25000

350 3.175

23.80

230 24

Tram ....... Star Ferry141 Y'ms!! Ferry 114 110 300 @ 114

1050

C. Light (0) 2320 23,40 100

800

C. Light (N) 18.10 18.30 1500 Electric Macao Elec Telephone. 3415 3474 2200 a

INDUSTRIALS'

423% 43 3100

Cement..... 374

Rope STORES, ETC.

Dairy

Watson

COTTONS

17

38 2000 64373.

4800

... 311 21.70 3825 @ 21

1000 21.60 14.80

Toxila Corp 8.76 0.83 1800 580 Nanyang

YRULES

Allied

New York, Sept. 27, More than 500 government ofoals and businessmen from the United States and Asis will participate in the eighth annual Far East conference of the Far MISCELLANEOUS East-America Council of Com merer and Industry next month to

cronomic Dromote

the operation betworn arcas.

The Council also announced The that 20 delegates from Burma, Ceylon, India, Indonesia, Japan, Pakistan, the Philippines and Thailand are expected to join In the discussions on trade, in- vestment and economic develop- ment problems.

The conference will be held in New York from October 20-21. Among the speakers who will address the conference are as- slotant Secretary of Stale, for V. Allen:

Soviet Union, are booking ship- the U.S.. Mr Ombassador, Mr

The the

Виттеве James Barrington; Mr R. S. S Gunewordene, Am

Ambassador for Pakistan Pete Sarasin, Ambus- sador for Thailand, Senator Gu Puab of the Philippines and inta Lother leaders in business and

Industry-United Press.

dis- of the

for later in There will be fewer new ping space Political circles in Canberra model cars in country

towns. season.Reuler. say the Government would be This will react on sub-contrac- Ministers' Opinion reluctant

Lo tighten import

lors for components is city must keep quotas, although

Conberm, Sept. 3 such a step in mind because of factories.

Elggest

impact of smaller the uncertainty of wool prices.

Reports suggest that new Im-; the The noncla editor of

wool. receipts will be on our

port restrictions to come "Sydney Morning Herald", was trude balance, nirendy advere.

on October 1 were forca "It remains to be seen whether cussed at the meeting one of the many who mented that the first days of import restrictions, now be Federal Cabinet on September the males were not the soundest ginning to show results, will be 18. pointer to what the eventual enough on the present scale to

This followed a meeting bo- wool place level would be this stop the drtit.

tween the Prime Minister, Mr on spending Robert Menzies, and Australion усаг.

"A bank cut But, he wrote, "allowing for | seems a certainty," D slightly higher clip and

Lenders in the Industry and bankers, and Stock carry-over this year, the open-

the Government hope that thend hire purchase

carlier last week. ing price range might suggest future of wool prices is not us possible reduction of more than dark as infial price falls would £A20 million (210 million seem to Indicate. sterling) in wool export pro- ceeds. All we can say is tha!

(1) There is a strong any loss superimposed on last. year's

fall of £57,000,000 in growing demand for wool

a

They argue that:

MESSAGERIES MARITIMES

Exchange executiver

It is thought a policy of credit restrictions ought

WORLD RUBBER PRICES

New York, Sept. 27. Rubber futures today closed 10 to 60 points lower with sales of 376 contracts.

The market closed on a note of eusiness

after

L

8.30 1000 6 5.95

Prices Register

A Further Fall

Singapore. Sept. 27. The rubber price on the Singapore market maffered A · further ⠀⠀setback thla morning on heavy specula-

Liquidation following the weekend Federal Gor- ernment announcement of a scheme to encourage up- country producers to moti forward.

Lop-grada sheet October was down, to 13934 conta per pound, buyers, at the close of the morning session compared

with yesterday's close of 1481

cents,

On

New York

Stock

Market

New York, Sept. 27.

The New York stock market followed up its second sharpest break in history with a gain today that was the biggest for any session since October 6, 1951.

The market recovered more than $2,000,000,000 of the $11,000,000,000 lost yesterday in the market's reaction to the news of President Eisen- hower's illness.

The session today, while less rose around 14 on sales of active than yesterday, in some about 100,000 shares. Israel ways was more hectic. Lack- American added a large fraction ing the hugo docks which mark-fon volume of around 80,000,-

yesterday's trading, the United Press: numerous smaller transactiona forced reporting tickers to fall

od pre-

Weak conditions valled

throughout the morning, with sellery main- ly from up-country centres predominating. In two days alnos, the announcement of the Federation Govern- ment scheme for registra tion af forward contracte the price on the Singapore

fallon market has cents per

Mall Special,

B弭在

5s much as 19 minutes behind floor transactions for a period

Closing Prices

of three hours after the open- Alden Inc. Aoy.

Ing.

Allied Chemienia Allled Mili Ine. Turnover was 5,500,000 shares All Chalmers compared with yesterday's Amartoun Airline 7,730,000 shares which was the Am. Mash, dry American Cyenamide

heaviest since July 21, 1933. pound,China

AMERICAN

COTTON

MARKETS

New York, Sept. 27, Cotton prices today steadied after a mixed start but overall activity was on the slow side.

American Metal

American Smetting Industrial stocks, with in- Am Bugar_Ref. dividual

American Tet. & Tel. gains ranging, neat Amerians Tob. ““”“. five points in leaders, regained Anaconda Copper one-third of yesterday's deeline Armeo Stoel

sharpest one-day loss Baldwin-Lima-llam. since October 28, 1020. The Baltimore de Dhio gain of 10.37 in the industrial Bendix Aviation Corp.

Benguet Cons. £verage was the biggest since Bethlehem Steel

October 6, 1031 when it spurted 12.80.

Raily Recover Rails regained 1.21 of the 11.15 pointa lost yesterday

ulties were up

0.30 after falling 2.46 yesterday.

and

Borden (The) Co,

Burroughs Add Marino Canadian Paciño R, Case (7. 1.) co. C. I. T. Financial Corp. Cat. Tractor

Celanese Corp.

Chare, Manhal,- Bank Chrysler Motors Colgate Palmolive Co. Commercial Credit Commonwealth Elec. Consolidated Eston Apart from some nervousness Continental Oil of Del apparent when tickers were Continental Steel

Carn. Products running way behind, with only Crane Co. At the close the list ruled unchanged to & points higher. Bath prices at intervals to give Crown Zollerbach

| Curtls_Wright_ all action today was

on the Dow Chemicals Eastman Kodak Eric Railroad

Only $2 Million Opening prices were up 7 to off a current picture of the market, cuhan Amer. Sugar

@ points. New Orleans closed upside right from the opening Fago National das

Down!

London, Sept. 27. Oricial Brures farned tonight showed that Bri- tain's finances are barely £2 million down on the corresponding stage of the previous feianola!_year,

But fast week alone brought an ordinary sur- plus

almost of millions, as agninsi a de- Belt of over £83 millions In the corresponding week a year ago.

・

Kong

Ja Family Finance Carp. General Electzle 50

up 5 to off 1 point.

The speculative element was absent, having transferred al- The last few minutes brought tention and

Cen, Pub. 02,

to the stock market a buying rush which pushed General Foods the other faster-moving prices to the day's highs in General Motors commodities like rubber, hides, many cases and put the market grain and coffee,

late at the close. Professional traders accounted

ofis,

Car issues, chemicals, for

most of the day's business. steels were among the Indus- Shippers, and spot firms either trials,

Gillette Safety Razor.

Glidden Co. in Goodach [13,

1.) Co.

Goodyear Tire Hematake Mining Co.

Ingersoll-Rand

Inland Bleel Co.

Interchemical Corp.

liquidated tr the expiring Today's recovery bore out the October delivery or transferred predictions of veteran Wall Intl Business Machines to later months

volume Trading Interest in the Exchange today "emotional splash" and empha- Int'l Tel # Tol

Streeters who

outlook

International Nickel International Paper tor John-Manville Co,

Kansas C. Power & Light economy

Kennecott - Copper sufi Liggott Meyer Tob. Co. Lockheed Aircraft Loews Incorp

the and generally was still strong,

and open yesterday's

were:

Month

Oct

Volume 10,000

Det.

13,200

DG,000 714,000

characterised | Inti Harvester

ая selling

sised that the Open Interest business

in

Mar

19.100

380,200

May

29,300

481,300

July

0,100

Oct.

17.100

Bed.

4,000

Mor.

500

revenue

They show an ordinary deficit-Including

Total

140,100

Uriled Press.

Tonight's tresaury ro- toms take the national accounts up to last Satur. day-six days before the first half of the financial year.

sinking funds and self- balancing liems—of £200,- 449,888 compared with of £198,545,121 at September 25 last year.

the ост Figures for

will plete half your

опе

moving New York Sugar

In general they looked for a

210.000 continued recovery and further advance to new highs, although this trend would possibly interrupted by further selling at Intervals.

125,700 39,000 3,300 2,020,500 bales

NEW YORK PRICES

Now York, Sept. 27. Prices of cotton futures closed today as follows:-

32.75-70

37.21

be

The rise today brought out more issues than yesterday's decline-1,251 against 1,242 and it was the broadest market since April 22. There were 798 stocks higher, 273 lower.

Among the individual good performers, Du Pont, recovered

of yesterday's 16% poline,

Union Carbide

paint

*

8% of its 8% loss.

General Motors, down 8% regained 4%. Chrysler restored 22% of an 84 loss.

10

Most Active

The 10 most active stocks traded on the New Block EX-

Dec.

Mar

May

be

July

37.18

to

and

in

drastic import restrictions, it is thought in official

circles that ministers are not in favour of cuts of more than five or ten per cont.

Meanwhile, the British Seore- tary of State for Commonwealth erratically over a pound.

avert and

available next Friday night.-Renter.

Oct.

22.13

Deo,

Mar.

32.13

United Press.

NEW ORLEANS PRICES.

sailing Oct. 8th

sailing Nov. 5th

sailing Dec. 3rd

Relations,

the Earl of Home, who is on a visit here for dis- trade interests and Wall Street pro- cursions with Australian minis-commission houses ters, told a press conference he minent sellers, with dealers and

taking hoped there would be no import local speculators restrictions, though it was of the contracts.

to the Dullness continued course, a matter for the Aus-

with outside market

spot No. tralian Government."

at 47 He added that restrictions 1 Rss quoted nominally would have an effect on the cents a pound. Futures: British textile trade on account.

a rango "of a At the close,

Market

New Orleans, Sept. 27. Prices of cotton futures closed foday as follows:-

Spot

Oct.

32.11

Des.

WETE

New York, Sept. 27.

Mar,

33.13

World No. 4' sugar futures Up closed unchanged to one point tower with sales of seven coll-

May

32,30

July

change today:

Oct,

TEJA

Dec.

52.th

Stock

Mar.

$2.00

U.S. Steel

“United Press.

General Motors

when sued. Chrysler

Dec.

40.03

Mat.

of conditions in Lancashire,

May

43.95 42.89

July

41.50

FAST FREIGHT SERVICE

Sept

40.40

"PEIHO" "INDUS"

safling Oct. 17th

Des

39.20

salling Nov. 7th

AMSTERDAM MARKET

Amsterdam, Sept. 27. The rubber market was quiet.

Oct.

follows:-

P.O. Box 53 Queen's Building Tel; 28651 | FAST PASSENGER/FREIGHT SERVICE

"VIETNAM" "CAMBODGE" "LAOS"

Die Stamping

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

REGIMENTAL, SOCIETY and CLUB

CRESTS & EMBLEMS. TRADE MARKS.

it

FAMILY COATS OF ARMS

· and MONOGRAMS. etc., etc..

Call and inspect our samples

Orders accepted for Steel Dies and Copper Plates.,

Ring 20002-ask for Mr. R, Labrum

SOUTH CHINA MORNING POST. LTD.

Freight Charges

The Australian Minister of Commerce and Agriculture, Mr

cit

03

John McEwen, has been dis-Prices closed today in guliders cussing another aspect of the inflation problem freighter kilogram, charges-with representatives of the shipping lines.

No. 1 rubber. No, a rubber

3.96 paill 3.54 paid The ship-owners want to raise No. 3 rubber

1. buyers ******** 1.00 pald their rates by ten per cent. The No. 1 ctepe

LONDON MARKET Australian Government. $5

London, Sept. 27 seriously concerned with the The rubber market was steady effack freight rates are having with spot quoted at 41% pence on Australian exports in com per lb. Price:

markets in Britain and peiliive

ons between wool-

shippers and ship-owners broke down last month after the owners had refused to accept the 1⁄2 per cent increase offered by the shippers. F

When the wool contract ran out on September 1 the owners charged an extra, ten per cent, and exporters of other goods fouz

tracta

6 Migger The domestic No. futures closed unchanged to one point lower with sales of 33 contracts.

BAO PAULO MARKET S

Net

Sales Clone change

.... 108,500 bats up t

General Motor closings in Sperry Rand

Sao Paulo, Sept. 27. Cotton wcruzeiros

follows:---

In world rews, deniers under- alood Israel' has been secking 10,000 tons of refined, which it was thought might be bought through Germany.

futuro

were per kilo

Oct.

26.40

34.00 34.4

- Dec.

:

MAY

ad Republle Steel.

NY Central Int. Tel. & T61 Penn Rt American AUN

lines

In The United States, the The domestic raw situation average price 18/18 mining remained firm. Dosters expected cotton at 1 designated spot that situation to continue usi markels was 82.70 cents Sales of at these markets totalled 36,282 such time as the SecIDÉRKY Agriculture may increase the tales United Fresa: 1958 marketing quote. Futures:

Contrata No. 4 (worthy

Oct

Mar MAY

jerm:

414-4134-

·4116-4114

40

Spot-teenly per fb.

tob Cuba) Contract No. 6

No. 1 Rao spot

·Beillement ; Holaso,

Nov. Ded, Jan/Mar. Apr/June July/Bept. General markets, cif basis,

Oct Noy.

Estate crepe thin

thick Det

Fritted Press.

Exchange Rates

the same treatment wher, their New York Foreign

contracts run out at the end of.

the month

·It" ia" uxbected

that Mr

Ewen will urge the ship-oun

to agres 10..some compro

“al: to" continud"ib.

Rand European Inas

Australian expor and Europaschlo

Exchange

Singapore

$1.800 4814 up 13

Long Blar. Cement Co. Louisville & Nashville Lowenstein & Sons. Mesabi Iron Corp. Minnesota Molna Masion Development Monsanto Chemical Co. Montromery Ward Motorals Inc. (xd.). National Cash Reg. National Dairy Prod. National Distillers National Lehe

National Bicel Corb New York Central Otis Elgvators Owen-Illinois Clam Pacifle Gas & Elec. Fan American Airways Paramount Pictures Farke. Davis Co, Penny J, C. Co. Philip Morris ....... Philips Petroleum Procter & Gamble Co. Pittsburgh Plate Class Publicker Industries Purs. Oil

Radin Corporation Rea Motors

Repubile Steel

Reynolds Metal Shell Oil Co.

Saint Reg. Piper Dinclair Di M

Bocony Va

Bouth Porto Rico Bugar 17,900 $36 up Southern National Gas

1.100 185 up Southern Railway (Com.) 53 200 234 up 18tandard Brands

up 1% | Blandard O1) of Cal. 61,700 50

49,400 271, up 48,200 251% up

45,500. 2016 up 1⁄4

|

Standard Of of Ind,

Standard 'Ön of N.J

sterling Drug Co.

Blokely-Van Camp. Studebaker-Packard Swift & Co;

New York Stock Exchange Texas Co.

Tide Water Assn. Öll Twenty Century Fox Film Ambrican Stock Exchange Union Carbide bond volume was $8,070,000,

United Aircraft Dow-Jones, closing averages, 1,8. GypsumTI volume was 1,580,000 shares, Union Pacino Raliway

1 1.8, Lane Co.

were;

· 50 · industriais

16-utilities

40 -bond

Comm. future price index

index

154.54

U.B. Rubber

128, Sangit

1.6, Steel

-64.2438 Warnar: Bros. 105.

08.40

Weinhausa Kireima West, Va. Pulp & Paper

156,62 Woolworth

Stock Market American Stock Market

Singapore, Sept. 28...

·Brokers Lodno quinted the fol- lowing stock, prices:

Batsa: LäerthisIE

Opening

New York, Sept. 21.

The London Block Exchange cornment was not received to-

Oll shares led stock frrezus day. larly higher in active dealings on the Amerigan Stock change: today,ka

Pan- Imel Oil, Isral-Amel

Petroleum and

and

continued the higher a Fridas

marted

wher

four tom

London Foreign

Exchange