1955-10-03 — Page 9

THE CHINA MAIL, MONDAY, OCTOBER 3, 1955.

TRADE and

COMMERCE

SECTION

Reaction To Eisenhower's Illness

TREASURY WARNING ON TRADE LONDON SHARE

Exporters Told To Concentrate

On Expanding Markets

TARGETS: EUROPE & AMERICA

From Our Own Correspondent

London, Oct. 2.

The Treasury has warned exporters that if Britain is to solve her balance of payments problem they must give more attention to markets which are expanding most rapidly. And this will mean greater efforts to break into European and North American markets-if necessary at the expense of further increases in exports to the rest of the Sterling area.

The Treasury's "Bulletin for Industry" shows that ! trade between manufacturing countries has been growing much more rapidly than trade between manufacturing coun- tries and primary producing countries,

to live per 1948 cent ins States and a third per It follows, therefore, that the United

we shall set get cont st year when it was only Krowth of trade between the for Germany

before the less than Ughtly our full share of expansion B world

trade unless we make

war headway in exporte to - fecturing areas

for

The Treasury

between tracke Wert

out

14 per

manufacturing countries in i- recent years has not

a proportionate in- volved crease in the demand primary products and, there fore, in-fucomes of primary producers.

There are a number of rea- sons for this says the Treasury. Agricultural productivity J[1 Industrial countries

has Fren,

there has been a growing ten- deney to substitute synthette ter

onlural materers tynibell: detergents repla.

:-

cyttun

obvious

anel

ing song Mar m place

Ewu wool

the examples; and

Industrial countries has been towards en- gineering products

product content

trend in demand

primary

11

which

a small part of the total value.

This 11-5 Jmportant

sequences for Britain's

trade, On

Con- export means one harel It

In less danger

Brilain stands

from the worsening ternis of trade. "But

other The CITY band,"

the Says

Treasury "since two third of U.K. experts go to primary producing coun- tries compared with half for

total manufacturing

Britnin bolletin points between

Europe

for bernunted That other countries are uvertaking Britain the excent last your compared with 28 дог Face Even the value of i per cent for trade among West

European primary producing countries-mustrily in the Commonwelth-has grown tessing hily than her rivals.

Trade

within

enutrits themselves 2-5 per rent tor trade and

North Amerlen and between West European countries for 30 between cent and trade North Amerlen

West Europe for 28 per ceni.

But the important thing is not what is happening now as con- pared with before the war but

Beine the war, Britain hael 35 per cent of total trade between mararfacturing Countries and

In 1948 her jorgmary adfumers. share hud ft Hen to 32 per cent and

down to last year it was 20 per cent. The American, the #hare of this

has also trade fallen since 1948 but it is still subs artially be, thin it was,

before the way.

Increased Share

Other manufacturing Coun tries, however, have managed merene their share of trade with the primary producers, West Europe had 30 per cent of this trade last year, compared with 28 per cent in 1848 and 35 per cent before the war, Jupan's share has also grown-iram one

Nehru's Government

Seeks More

More Control

Of Big

Business

By BERTRAM JONES

New Delhi, Oct. 2. Behind the scenes in New Delhi, Mr Nehru's financial and legal experts are working on a plan to give his government more control of Big Business in India.

For

Nehru's

soclulist t

Private

enterprise does not M

- into the socialist pattern at

which the New India is alming,

So it must go.

new

agreements

}

Lietad of these spective. shares since 1948.

The story of the change in world trade," says the Trensury the economic " the story of recovery of Europe."

"IL would

be dangerous to tit our prospects therefore continues) to assume that the continent of Europe is not our but Germany's; in the market last yours the Europe: n market has expanded much more than the Sterling area and

seems likely to

It

six

Atomic Energy For Industry Talks In U.S.

New York, Oct. 2. International exports in the field of atomic energy will partielpate in a three- day conference

the late:! developments and in/lustrial applications atomic energy being held

October 26-28, from cording to the National In- Conference Board presentativ

of

A gentina, Canada, France. Great Britain, Hal

Italy, Japan, Netherlands. Mexico, the Norway. Russia, Switzer-

lant Western Germany

and

Yugoslavia will ad- which dress the salons will pro include 16 round. table discussions.

The speakers will report in the progress being made In their countries.

The re-

virw of Russian develop- ments In atomic energy will be the first of its kind before

American audience.

แค

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

Business

on the Stock Ex- change this morning amounted to $310,000. Noun quotations and the morning's dealings:-

SHARES BUYERS SELLERS SALEB GOVT. LOANS

Egyptians End

Restrictions

Cairo, Oct, 2.

The Egyptian Minister of Finance Mr A. M. Kal- Nouri announced today

elimination of

the

remtrialious from the from

onler to

an Imports dollar area in stablilac prices

between the Alexandria

and

1/01

and Liverpool cotton markola

Under the former regula- cotton prices were Lower

In dollars than in

This sterling

lack of balance, he said, tended to deprem prices of Egyptian cotton.

Tho HOW government move will, in effect, ratso the value of the Egyptian pound abroad and thus ene able Egyptian consumers to purchase commoditica from the dollar area cheaper, ho said. United Press.

12

30,000 9ats

19 (1034-401 JIANKS

HK Bank

1750

1000

0

03

17.30

ID 17.30 1017.30

INSURANCES

Unten

057

20 004

10 i 08715 10 005 at 108

Lombard

03

Undes Writers

10.10

DOCKS, ETC

K. Whnef Jock

7

10

2012

aviden! (0) 15.B 10,20

Wheelock

300 4 10

125 9.70 0.85 2000 24 0.75

10

LAND, ETC.

HK JON

10.00 500

18.00

1000

tic Land

4412 134 200

3715 35 10

1000 345 3744

Humphreys

20.50

(N) 10.60

Renity

21

2.35

RUBBER

10 3.25

24.10 24.50

300

202

24.40 24.40

105

7 24.40

141

mcat

100

23.30

Note, in cireutation

200 F 43

300 43

Private depoel te

500 or 42.75

500 or 42.78

Other securities

169 42.79

Ratio

33 35 500

A. Stubber xd 2.03 Prost UTILITIES

Among the panel speakers will

Lord Citrine. Chairman, Central Electri- city

Great Authority of Britain-United Press.

Tan

AMERICAN

TEXTILE MARKETS

140

Star Ferry

Yaumati Ferry 110 117 C Light (0) 23.10 23.40. C. Light INI 18 18.30 Electric

42% 43

Macau Telephone

Rope

Elec 11.00 12

200

INDUSTRIALS

Cement

30 38 1000

17.30

Dairy

COTTONS

21.00 21.80 300

500

MISCELLANEOUS

Yankisze

Allied

1000 21.70

Textile Corp 4.70 3.65 350 3.78 Nanyang

0%

8.03 3000 B 2000 68 5,80

New York, Oct. 2. The cotton goods trade STORES, ETC. last week took time out top

the ponder, wateb. and

(1 events int sudden turn Wall Street.

crush, I The stock murke: following

President news Elsenhower's Liness, tended to chill buying Interest, but when securities regained a foothold,

*

do so again tension in the cloth market cased NEW YORK

In 1885. If we are to finance fur rising import bill we must take every opportunity of ex- pinding our share of growing markets for manufactured goods among which, if present trends continue, North America and and Western Europe are likely to show the mest rapid rates of | increase.

10

from the Between 1952

Ger-

months of

and buyers were scouting the market for more supply as this wick ended.

In fact, most mill executives roy their major dimeully at the moment is to meeting dicavery schedules on previously booked Some mills raid their contracts. ord Ta for print cloths were the best since the Korean war, Veteran traders estimated the

a

raw

com-

stay

COTTON

MARKET

with

The Bank Of England

Statement

London, Oct. 2. The Bank of England state- week ended September 27, reads as follows:

for

Puhile deposi

the

Government securities.

Receipts

PRICES SLIP THEN RECOVER

From OUR OWN CORRESPONDENT

London, Oct. 2. President Eisenhower's illness cast its shadow over the London Stock Exchange as well as Wall Street at the beginning of last week.

Anticipating Wall Street's reaction, industrial shares in London fell quite sharply on Monday and slightly further the next day. Shares which owe their recent firmness to American buying were most severely affected. But the decline was nothing like as spectacular as that on Wall Street, and after the initial shock of the news, buyers reappeared and prices made a good recovery.

After foring three and a half, firmness of electrieni equipment points to 191 In the rat two issues on the encouraging re- nationalised days of the week, the Financial port of Britain's

share index electrical undertaking. Times Industrial recovered day.

on Thurs-

The industriai share market was also cheered by the success the Simon-Carves new

to 102.4

Features of this market have of

recent rights Issues; Armness of ship-issue. The engineering Brin e-

5) 0167 on continuing

bcon

£1,706,440,63

17,060,788 307,562,731

the demand for

offers amounting to ten for the 850,000

273,074.066 strength of the freight market; Ave shilling share on

on kaue at

23,357,279 30,353,210 21.1

-Ünited Press.

ping

midweek lossca among motor 22

£10,000, shillings ench. The shares on Australian and New 000 debenture issue, by P. & O.

Zoland

inport

cuts: and

New York Stock

Market Review

New York, Oct. 2.

was a technical failure. Nearly all the stock ended up in the hands of

to whom the issue confirmed, showed

Hittle Interest a fact which has led

stocicho underwriters Existing

WO9

to some criticism of the com-

pany

were

a private place.

Several

&

for not opening the offer to the pubile. But as the issue was aimed primarily at the in- stitutions who we

the prin- cipal sub-underwriters, the regarded almost 13 America's biggest bull market which cele-issue was brated its sixth birthday on June 13 got its first

pounds worth five per cent deben- major shock on Monday on a rush of selling of P.

stock changed hands at turo touched off by President Eisenhower's illness.

30 shillings to one pound dis- Wall Street termed it an "emotional splash" count when dealing began on

Thursday and the price not likely to last long. It didn't. Next day there went up to 15 shillings dis- was a rally. There was further improvement on count. Wednesday. And then, like similar situations in! the past, there was a secondary reaction-a de- cline that wiped out part of the recovery.

high,

market. In

that

news of the

in stock splitups

many

Improvement

soon

The gill-edged market ex- perienced an. appreciable volume of investment demand

particularly

short and modium dated stocks and

shower!

for

רבון

all-round

Averages closed the week asprovement. Any day now the

A

government will announce its

for dealing plans

with the £624,000,000 of three per cent

funding stock which

serial

NEW COMPANY?

From the word "CO"

In the six year, this bull for New York, Oct. 2.

market has been growing, it 159.05. Optimistic crop reports,¡ rese from 161.80 in the Dow- milis were booked about 85 per in face of uncertainty about Jones No Use Waiting

Industrial

to averoge

follows: cent through the fourth quarter "We must be flexible chougth and about 80 per cent for the government plans for dis-487.45

on September 23, a gain af 315.85 points or 202 pcr

The Week's Loss to move with the expanding, fest period of 1950

Wille posal of the existing surplus, cent. markets quickly and not merely cloths

Industrial, were predominant,

406.02, off 20.83 constant kept a Good

pressure Rails rose 300 per cent in the wait for prospects in our

sized sales continued to

market this same period and utilities. 93 traditional markets to improve." !

polots from the previous week bc made on bay sheetings, on the cotton

and the widest decline since due for redemption in Novem Britain's biggen rival in the broadcloths, drills,

per cent. twils, week.

back May 18, 1940, when it declined ber and this had put an

end Monday's crash cut struggle for export markets is

for the tobucen cloths and

22.42 points. seme wide

being at least to In the fourth period of re Industrials by 0 per cent.

talks, of another Germany and headway made by Industrial fabrics,

rise in the Railroad. 156.05, off 9.23 and bank rato, that country-largely at Brl-

Ability to secure higher price cessions all deliveries dropped and the whole market by about

Lo reasonal lows.

widest decline since July 23. Nearby | 0 per cent.

Signs that the credit squeeze some numbers, despite 'tin's expense-emerges clearly

October resisted best in face of

1933 when it lost 10.37 points. "Eisenhower Market'

is doing its work-len clearing bulletin. falling price for Treasury

colton,

Utility, 03.05, off 2.36 points banks report reductions total- smail delivery notices. and 1954

suggested that sellers were in a

Wall Street termed the period At Friday's close the 1st

ling

£123,000,000 In their many managed to increase her favourable position.

ruled 8 points higher to 80 since the ection of 1952 as the 88 stocks, 185.50, off 7.95.

Donlar variation in the Tues- advances in the month to mid- to every main market The fear of Japanese

Eisenhower exports

lower

hints or up 20 cents,

that in the world. The incrense in

petition continued to be the points

bale to down $3,45 e baie from period until a new bull market day-Wednesday rally, the value Septembe

of all stocks came back $4,500,-government is planning cuts in to other West Meme blur on the horizon," one

high was set on September 23,000,000 from their $11,000,000,- public spending to combat in- They are preparing legislation to regulate its exports

couree commented. European countries was much

That situa-the preceding week. Stock Exchanges. Just what sort of regulation bigger than Britain's ($579,000,- tion may come to a

Weakness in the Liverpoot the industrial average rose 217.22

000 loss on Monday. They gave flation has point, he

have helped sentiment market exercised considerable points or 80 per cent from 270.23.

up $1,500,000,000 of the recovery in gilt-edged market, Industrial average ruse 217.22 they have in mind is something that company 000 against $170,000,000), and said "where drastle action may

over local

and other influence

closed market

the week down! No definite trends emerged although even the increase in its exports' be necessary,

sentiment. Informed

points or 80 per cent from 270.23 directors and shareholders would like to know.

trade

the latter a record $8,000,000,000-United Press. In other markets. to the rest of the Sterling area sources noted cloth exports from

greater ($141,000,000 Japan to the U.S. showed a 20 sources coupled weakness over 487.45, way Mr

In the end some come to own.

against hedging In August coin- per cent drop

Having achieved sensational minded planners have just taken | the companies they had been against Britain's $101,000,000).

foreign groups, plus continuing Comparison of more recent pared with July, their first grip on a system of engaged to manage. Sometimes

about the possibility gains, the market was in what However, spinners maintained rumours trends is less unfavourable to

no

of a U.S. Government export technical

the experts called a weakened private

established a managing agent held stock in enterprise

the two

of optimism, Quile a of note

position, subject to by British traders.

several bittr-woven Industries. Britain. Comparing

Various countries

wide declines on selling. Hence exports to trious few reported orders for fourth subsidy.

Specific mention was made of when the financial district was Under *the

Bill. all areas in April-May this year quarter delivery and that come existing

between and the same two

of manufacturers have been forced a pound, study a fost ces shocked by the

but official. Washington President's illness over the managing agents and joint stock 1934, the Treasury makes these to turn down business because a

of heavy commitments placed sources knew nothing of the weekend the first reaction wis companies will become void by three points, European pur- cartler. Prices remained firm Liverpool rumour. However, it to

stocks. dump chases from the two countries August 15, 1060, As a politician said today: "I

expanded

all the on all categories.--United Press, was pointed out that at the pre- as fast 09

sent

Orders to sell plied up in the time there is a three lo witt rkl company management

On Monday, others put together, Germany

four cents gap between the US. brokerage offices,

lists grouped these of abuses particularly by pendence Day. After that, any took 88 per cent of this increase

spot market levels and world special amending the managing agency [new

between

orders into huge blocks, ranging Agreement

and Britain only 12 per cení.

prices

United aystem."

75,000 managing agent and

shores in a joint

Sellers ciso counted on a big to stock company will be subject of the smaller increase in ex-

States Stcc). boost in to the Sterling

the private стор ports A New Bill

Government approval.

Reassuring statements from Britain provided 74 per cent

estimates expected to be issued

businessmen, Managing agente are firms Before approving, the Govern- and Germeny 20 per cent.

next week prior to the govern market experts, ment report scheduled for economists and government oil- which eptente-and sometimes ment says, it must satisfy itself Little Consolation

Singapore, Oct. 3. October 10.

clads he

darify the situa helped control-most of the joint stock that the proposed arrangement

British Unfortunately,

Brokers today quoted the Preliminary

in- tion and resulted in a return to auggestions companies in India. A. new is fair and reasonable, that the

dicated a figure between 13 normal in the trading. No Im Companies Bill just passed by agent is it and proper and that porters can draw little consola- following stock prices;

Opening and possibly 14 million bales pediment was reen for business the Lower House

all conditions tion from the last point. For of Indian he has fulfilled

to set new Bat Intang Rubber

$1.70 .... 43/- Parilament alme to bring them required of him.

increase in imports by British Borneo Petroleum ..

compared with the Government's which is expected

high records In production, Conspildated Tin Smeltern 20/0

estimpte of 10,007,800 balon.- countries Commonwealth

mid under Government control by

dividends carning

for Froger & Neavo

$1.77 Unlted Press. 1960.

Three Cheers mainly from Britain has land- Franer & Neave 7% pe pref. $0.40

1955 with big demand for major ed at least two of them-Aus- Hongkong & Shanghai Bank 3928

lines going well into 1958. 7/8 and New Zealand-iu Kempas

Industrials Fall serious balance of payments Luna Rubber Estates

Malayan Breweries

Businessmen announced readi New Seramah Rubber

ness to carry forward expansions pont cuts which will hurt Bri- inin

then much more

programmes ranging to $100,- 000,000 for the, Ford Motor rivals.

Singapore, Oct. 2. Company.

industrials The market opened steady on

average Tho Saturday but later cased on lack dropped 31.89 points on Monday, of support with sellers. premost for a single day since October 20, 1920, when it 201 dominating. Fulures: No rubber per- Ib.

38.33 points, and the second Oct.

Jargest decline in history rubber bar, . ib. No. 1 Burim was done in the focal

Oct. oxchange market' - ihle

rubber per, Ib. at the following rates No U.B. dollar; (dør. 81).

10.3 No.4

(rubber' per· lb. Oct: Sterling boten per 212.

inng Spot rubber unbal 21.00 -Blanket TEDD

11136 | No. 1 pale prepo

August

Then...

15 is Indin's Indy-

the

area,

CX-

-

Giving the Government great The Bill also provides that no tralia control over almost every aspect managing agent may represent | serie of private company activity. It more than ten firms or may trouble necessitating drastic im- requires every private Arm to nominate mare than one-third "Private, Ltd." of a company's board of

hdd the words

to its name.

directors.

of managing, agencies as they roughly three-quartas of cor- now operate.

Singapore

Share Prices

$1.05

$3,32 cd $1.07 ea

Potalink Tin... .......

$4.67

her

Raffles Hotel Bingapore Cold Storage South British Insurance

Stenmuhip

$2.39

$1.72

$24.75

$13.00

€10.00

United Engineers

Waarne Bm-China Mail Special. Exchange Rates

But the big things, say India's 'There are about 1,300 manag- There divergent export | Straits Tending Socialist experts, is to get riding

India, running market agents

the prospects, says Treasury, are very important porate Indian business. Four for Britain "whose main need Those agencies' began, as or-hundred and fifty of these are at the moment is to increase ganisations

her exports sufficiently to re- Tho business interests of Britons who

068 containing establish an adequate surplus in invested mandy In India butelausca, is the longest ever

her balance of payments and to stayed at home themselves. For introduced in the Indian Parit set gold dollar.resPTV CS Their services they got a share ment. And it was passed with

a or more, rising prein.

looking #er the stown

of profits. One agont might spite of opponents' warnings that

As the system, grew they won 1 will have

0

"The weight of the United

bad effect Kingdom's export drive," It the right to nominate directors on industry. The debate on i conclude "must change, with

tu. the boards of companios,

Izatod a month,

the changing markets,”

| Australisa, notes (pre, 21).. indonesian rupiahper 2005 fiam tical, per, 1963. Bingapore (Balta)"

5.76

Indo-China, plastres (par 1005 · 035:

Singapore Rubber

Market

137-13714 1382-137

134-138 11-12

This did not mean each stock in the 30 in

Industriala used foll 81.89. Actually the averago decline was 0.00. The high average in wide, declines in a product of weighting to mako the average comparable over the years. It is adjusted to account

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