1955-10-06 — Page 9

THE CHINA MAIL, THURSDAY, OCTOBER 6, 1955.

TRADE and

COMMERCE SECTION

LANCASHIRE STILL HAS ITS PROBLEMS American Plans To

Further Falls In Output And More Men Leave

HK EXPORTS INCREASING

London, Oct. 5.

The British cotton industry is still a long way from solving its current problems posed by diminishing export markets and increasing imports of cotton goods from India and Hongkong.

According to the British Cotton Board, a buoyant home demand has failed to prevent further falls in output and losses of manpower. Many mills' order books, it says, have fallen below the level necessary to sustain full-time operation,

some

A number of mills have closed down permanently and in others short-time working has become “more widespread and intense". As a re- sult, the industry's labour force continues to "dwindle rapidly". At the end of July, the number of workers in all sections of the industry was 27,000 fewer than at the same date last year, a fall of eight per cent.

export' despite this, Exports of cotton plece goods Prospects for future

shipments from encourag Hongkong reached from Britain fell sharply from are only moderately,

new peak 165 million square yards in the Ing

likelihood of in the second quarter. Imports There is a first quarter of this year to 117

Increased

with from India dueluted markedly trade million yards in the second Indin as a result of that coun- from month to month, but the quarter. The dock sirike affect try's tariff reduction, and it is Cotton Board discerns a slight that negotiation of decrease since the early months In Juno bul, even understood pd exports

with Pakistan. In of this without this interruption, ship-contracts

Imports from men would have been only

with the American Japan have also fallen since connection

well programme, is

ad-the beginning of the year. Demand from most of i vanced.

France Also Hit lon Board, that in July--after the other overseas markets re- the strike-xports recovered mains small, however.

Then 41 mille

The clock strike also had

Britain a i

not alone falt of textile cx- marked effect on imports but, suffering a

ports. In the first six months of this year world trude in cotton fabrics was about 12 per cent less than in the first half of 1954, and at no more than the low 105% and 1053 level.

With the exception of India,

Germany, Hongkong and

all

15 or 20 million yards greater. It is significant, says the Co- van

1o no more

yards.

New

York Stock

Market Prices

New York, Oct. 5.

Share prices on the New York Stock Market continued their recovery today with only a little late profit-taking. A lighter volume marred the advance, however.

усаг

the principal exporting countries appear to have lost trade in the i second quarter, shipments from

Britain and France being most severely affected.

World trade

synthetic fibre other hand,

the

JAPANESE SEEK HONGKONG |New Tyres To

OPENINGS FOR INVESTMENT IN CEYLON

Colombo, Oct. 5, Japaneso industrialista have conveyed to the Ceylon Government a de- sire to invest capital in Ceylon Industries as gulok- iy as possible,

Was learned today.

The Japanese expressed special Interest in textiles, rubber, fishing, and ship- ping,

Ceylon's Ambassador to Japan, Mr Susantą. In fon- reka, relayed this informa- tion to the

Premier Str John Kotelawala. He said Japan's leading Industria). lats were prepared to in- vest

capital and praylde equipment and Personnel but wanted to have a clear- cut policy cullined by Ceylon.

Sir John and the Minis- ter for Industries, Sir Kantblan Vathianathan told Mr Defonska that Japanese capital would be welcome as long as it did not "eat lato the local in- dustrialisis."-Unlted Press.

'AMERICAN

COTTON

MARKETS

New York, Oct. 5. Cotton prices tuated over a range of $1.50 today fluc-

a bale, but showed an over- tone of steadiness most of the time.

11 rayon and goods, on was 10 per cent greater in the first six months

At the close the list was up of this year then in

the first 7 to 27 points. Opening prices 02 1954. But the biggest were up to 18 points. share of this rise went to Orleans closed up 6 to 23 or more from the highs, industrials still closed up Japan Exports from Britain, points.

Germany and France declined. Two sessions of advances 2.29 points on average.

While the late selling cut many prices a point

The profit-taking hit steel and ¦ Int'l Harvester

car shares herdest. These shares International Nickel

had led the rise yesterday and

earlier today, Bethlehem and

International Paper

a Tel & To

John-Manville Co.

US. Steel recorded rises of Kansas C. Power & Light

point each. National and Crucible rose around 4.

General Motors finished Fraction lower rose

while Chrysler

Aircrafts showed big gams at the close. United and Douglas were up around 2 points each Glenn Mar- while

Lockheed, tin and North American were up

point to 14%. Oils

Kennecott Спррет

Liggett Meyers Tob, Co.

Lockheer! Alrcraft

Loews Incorp.

Lone Star Ceinent Co.

Lowonton & Sung Louleville Nasvit R.

Mesabi Iron Corp. Minnesota Mining Mixton Development Montgomery Ward Motorais Inc.. National Dairy Prod. National Daulters National Lead National Steel Corp.

A New York Central also festu:cd ki the re-

Olin Mathieson Socony up 1-kous Elevators covery, with Jersey

Standard 1-4. Gulf a Owen-fitinols Ging

point and Continental and Pure

Oll

nearly a a point.

In chemicals, Du Pont rose point or inore.

Activity centred in New York

followest

Central, Martin.

ity

Parifie las & Elec

Pacific Western Ou

Pan American Airways Paramount Pictures

Parke Davis Co. Penny JC. Co. Penu. Salt Co.

Glenn Philip Morri

Phil Petroleum

New York Stock Exchange Procter & Gamble Co.

bond volume was $3,510,000,

American Stock Exchang

volume was 850,000 shares.

Pittsburgh Plate Glass Pabileker Industries Pure Olt

Radio Corporation

leo Motory

37

Like Lancashire, the Japanese 17 cotton industry is going through 1976 a period of great difficulty. But 20% efforts to and alternative Export 10 outlets have had some success 108 With shipments to the big three

704 Southcast

Aslan market

13 Indonesia, Slam and Burma-op the decline, Japan has managed to step up shipments of colton goods to the United States and Australia-and these wore her largest markets In the second quarter of this year,

10

(225 BAYA main

534

102

2

881

40

U.S. Concern.

some

Government is encouraging the production of quality textiles by preferential allocations of raw cotton, while exports of 301P Atypes of fabric to the U.S. are 47 being forbidden unless they come 10 up to certain quality standards. U.S. cotton manufacturers are

909

03

8 becoming seriously

30 by this Japanee competition in 4315 their home market.

New

following Monday's sharp break kept traders busy consolidating positions while.

STOCK EXCHANGE

(From Our Correspondent)

Business on the Stock Ex- phango this morning amounted to $1,010,000. Noon quotations and the morning's dealings.

| BHARES DUYERS SELLERS BALES

BANKS

Jik Bank East'Alla

INSURANCES

1ian Lombard

1720 1780

233

141

20.00

51730

100 or 03

100.73% 200 735

NOCKS, ETC.

K. Whack

Dock Provident (0) 18.0 Wheelock

73 7346

0.00 10 000

2000 u

1000 10

1.00 0.93

3000 1D

10.50 18.00

100 10.70

G4 044 400

LAND, ETC IUC Motef

HK Land

Ittu 37.70

Humphreys 20.40

Hralty RUMBER

A. Rubber UTILITIES

Trani

Star Ferry

..10.60

རྟཉྙཝཱཙཱཎྷཱནྟཱིཏི།

2.30 3000 x 2.278

2.30

24.60 600 1500 144

24.60

Ynumati Ferry 116 117

C. Light (O) 22.90 23.10 200

Eicet (N) 17.80 16.20

Telephone

INDUSTRIALS

Cement

Hope:

34 35%

24.00

A

..... 3794 301 3180 30

17.20

STORES, ETC.

88 29 AR

Dairy xd ... 20.70 21 1000 20.00 Watson COTTONS

14.70

Have Steel Wire In Them

По

New York, Oct. 3. The United States Rub- ber Co. announced, today production of a new line of ear and truck tyres all, containing from

to eight

of Dexible high strength steel wire.

Truck tyres containing wire are common on the market at the pressing time, but is these cases the wire is used in place of textiles, The U.S. Rubber company's now product uses wire as well as toxiles

Steel wire, according to company officials, makes a tyre tread rapture-proof, doubles out resistance and· eliminates tread cut growth.

The wire in mado Of steel as strong sa that in bridge cable, and is used In flaments slightly larger than a human hair. These filaments twisted into strands and

laid in layers to give the effect of a fine inesh steel cloth, United Press.

Sth. Vietnam May Join Dollar Area

South

Paris, Oct. 5.

Open Cotton Factories In India

New York, Oct. 5.

An American clothing manufacturer today announced plans to establish two new export industries in India which he expects will create jobs for "at least 50,000 Indian artisans within a year's time."-

The manufacturer, Mr Martin Cole, will set up headquarters there, with branch offices in New Delhi and Benares, under the name "Fashion Research Bureau."

Mr Cole, for 25 yearṇ a manu- drawn up by leading American facturer of women's coats and manufacturers. sults in the US, said:

Within

a year India's hand- loom cotton workers should, he 1. ho would utläise the believed, reneh peak production "unique talents" of India's with enough fabṛle for tens of hand-loom cotton workers thousands of American bathing to produce fabrics for ox-suits,

walking shorts, shirts, to America port

whore akirts and dresses. they would be manufac- tured into beachwear ond sportswear:

"The first

from'

shipments Indla should reach the US by

be in me

for spring... mer.

2. he would manufacture in the first of next year and thus

India shoes made entirely chandising." he said. of Indian cotton for export: to the Americon markef;

3. he would organise the new

enterprises

in association

Elaborating

on his plans for making shoes entirely of colton, he said it would perhaps be the

with an American retailing time that a 100 per cent authority,

cotton shoe had ever been made Mr

Harold Samucis,

anywhere. who would handle,merchandising In

the US.

"As we create a domand for these fabrics in America we will expand our operations, not only in the three key cities of Bom- bay. New Delhi and Benares, but in other areng as welk" Mr Cole said.

"Catton grown in India," he cold, "is perfect for the play shoes and lounging shoes I havo in mind, and India has all the manufacturing equipment and planta necessary for immediate production.”—Ünited Pregs,

Vietnam contem Jobs For Thousands West Germany

plates adhering to the dollar Textile Corp. 8.80 5.83 0320 6 3.75 area, according to the official 2000 680 local news agency "Vietnam-

Nanyang MISCELLANEOUS

Yangtze Allied

7.00

B 2000

WORLD RUBBER

PRICES they looked

ahead to the government's third crop estimate of the season on Monday.

delivery at

The December today's high showed a recovery of almost $10 a bale. The rally altracted renewed hedge sell- ing and some

realising with mills and other trade interests on the buying side.

and Trading volume

open Interest in the. Exchange today wero:

press."

in

To Reduce

Import Duties

He hoped that eventually jobs fox "hundreds of thousands" of Indians would be created by

with these factories

perhaps "millions of dollars" of addi- tional revenue for India.

Mr Cole said his hopes for

be the two enterprises could measured by the fact that he was coming out of retirement to establish it.

"I'm doing so," he explain- The Vietnam has given a guarantee against any cd. "in the belief that the Minister, said today

contribution greatest future devaluation of the plastre

I could

The agency slated that, the case of a separation of the Vietnam plastre from the franc area, the currency would au- tomatically be adjuste dto the dallar at the present rate of 35 piastres por dollar.

Central Bank :

Bonn, Oct. 5. Professor Ludwig Erhard, West German

Economics he

on a

by informing local barks that the make with my own capabulties, planned to back his lower exchange rate of the dollar will Income and background would Prices campaign by reducing Singapore, Oct. $.

be consolidated at its present

bo to

to start new Industries in import duties

large rubber market

was rate for all imports handled Indio, a colourful and exciting scale "In the near future” steadier on botter oversens ad- under the American ald vices with sellers more reserved. gramme. Futures:

The

+

ז'

raw

ample where pro- country

materials and skilled labour These reductions would ba exist, but which is plagued by temporary in order to conform

with GATT (General Agreement unemployment."

on Tariffe and Trado) regula- |tions, he told a news conference,

No, rubber per ib.Oct. 10015-10834

$300 MILLION AID Nov. 134-186 No. 3 rubber per Ib. Oct. 1

This ald will 350-131 No. 3

exceed $308 The No. 4

12312435 million for 1956.

agency spot rubber unbaled

Central Bank 1341/4-38445 | added that the Blanket crepe

104-100

would also issue new banknotes No. 1 pale crepe

which would look like the US dollar.

146-141 United Press.

NEW YORK MARKET

Now York, Oct. 5, Rubber futures today closed

185 to 240 points lower with sales of 461 contracts,

Spot No. 1 Res were quoted nominally at 44% cents a pound. Futures:

43-10-80

He said he first got the idea for bath of the projects during stopover in Bombay last year.

Became Intrigued

was on

Replying to questions he said the import duties for motor cars, now averaging 22 per pent, werd 3

among the points his Mindstry was considering.

APPEALS SUCCEED

Professor Extard sid

response.

his

At the time ho It also has been announced | round-the-world trip. He was that monetary

with transfere be- then associated

the US bween Laos, Cambodia and textile firm of Flicol, Inc.' Vietham will from now on bo "I became intrigued with the submitted to exchange con- supor quality of Indian silk," he recent appeal for moderation trols. Hitherto transfers have said. "I was also struck by the in fixing prices had found! been unlimited.

tremendous

idle

Several Orms pro- hand-loom workers It is unklerstood that this

ducing machinery for consumer result, he added, be ar- goods industries had already As a measure. is preliminary to the ranged with Indian Industrialisis cancelled planned price in- withdrawal from circulation of

In Benares to put 5,000 weavers

creages. There was ample room all Bank of Indo-China notes.

to work manufacturing the allk cloth The three states have now Enough was made to manufac

used in saris for Pilcol. for price reductions,

He said he had also directly atarted negotiations to readjust fure 30,000 dresses in the US. appealed to West German town were quickly sold, ho administrations to lower prices

3944

201

Month

Volume

Open interest

to

20,300

41,200

70%

4522

Special efforts are being made

Déc.

100,200

70-4,000

8532

to inercase Japan's share of the Mar.

$4,900

370,000

MBY

2.600

520,700

05 valuabic U.S. market, The July

3.000

210,000

12314

oct

24,300

117,500

Dec.

40.200

100,000

301%

Atar.

0,100

17

Total

305,000

2,039,300 bales

-United Prosa,

NEW YORK PRICES

perturbed

New York, Oct. 6. Prices of cotton futures closed today as follows

Mar.

May

July

40.08

2180

Sept.

Apot

$3.55

Dec.

Oct.

33.35

United

Dec.

22.01

736

GA

572)

2216

4035 India is also making a deter- mined bld for new overseas mar- 40kets. A visit to Southeast Asia by a trade delegation sponsored 203 by the Indian Cotton Textiles

Export

Council

Mar

LONDON MARKET

May

20.02

their

July

30.40

act.

30.40

Dec.

30.41

Mar,

-United Press.

London Oct. §. The rubber market was erratic with, spot quoted at 88% pence per lb. Prices:

Promotion

NEW ORLEANS PRICES

No. 1. B spot

Standard Brands

New Orleans, Oct. 8.

***** 3336-3831 Settlement house term:

November

Standard Oil of Cal

Prices of cation futures closed

December

Standard Oll of. Ind

Jan/Mar.

Standard Oil of N.J

521

Europe where India has signed

Apr/June

Spot

33.00

July/Sept.

Oct. &

Stokely-Van "Camp.

17 an agreement to supply cotton

Oct.

21.30

General markets, cit basÍN,

Alien Inc. Acy.

23

Studebaker-Packard Corp.

goods to Norway.-London Ex-

Dec.

31.01

October

Mar

21.30

Allied Chemicals

108

Allis Chalman

American Airline

23

2714

04 Texas Co.

Swift & Co.

November

47% press Servicė,

May

30.36

United Press.

July

30.34

Be Dearer?

American Cyanamide Co.

Tide Water Aan. Olt

30,48

Twenty Century Fox Film

Déc.

Am. Mach. & 7 dry.

American Mainl

BT

Union Carbido

by

Mar

United Presd,

Dow Jones closing averages| Republic Steel

ware:

Industriai

20 cats

15 utilities

03 stocks

40 bonds

Comm. future price index

Neynolds Metal

401.14 Shell où Co. 153,10 Sálma Reg. Poper Bo Sinoler đi T

103.00 Gocony Vacuum.

B050 Bouth Porto Rico Sugar 161,72 Southam National Gar

Southern Railway (Co

Closing Prices

American Smetting American Tri & Toi American Tob. "B" Anaconda Copper Armoo Stool Armour

Baldwin-Lima-tam. Baltimore & Ohla

Bendix Aylation Corp.

Benguel Coria

Bethlehem Strei

Boeing Airplane

Borden (The) Co.

Burroughs Add Machine

Coguritan Pacino R,

Cove (4, 1) (6.

Inancial Corp.

Cat. Tractor

Ontanon Chaya

Chrysler Modire

Colgate-Palmoliy

Commercial Credit

Commonwealth Fier.

Consolidated Edison

Continental Of of Det.

Continental Bleed

Cranachuo

Crown Sellerbach

Cuban Amier, Bugme

Carta WrNDA

Diamond AIKAN Dow Chemdendar Dupont de Namposite

Kontak

Krie Railroad ‘2793, Talatice Corp.

Electric

General Motors

Gen. Fub, Ütü. dilects safety: Kiator (new). Gladen Co. ** Goodrich (B. 7.) C. Goodyear Kim Korse. Komite le Mining (5.

2ijand Steel Co.

Sterling Drug Co.

Union Pacific Railway

United Aircraft

170 U.S. Gypmun

20. s. Line Co. 6.B. Bubber 451 U.S. Smiling

U.S. Steel Warner Bros. Westinghouse Electric Woolworth

30

90% followed a similar mission to the

1515

Middle East, and a beginning

40% has been made in Western today as follows:-

132

Unites From

Singapore

New York Sugar Market

New York, Oct. .5.

futures World No. 4 sugar closed today unchanged to 1 point higher with no sales re- parted.

Domestic No. 6 sugar futures closed 2 points higher with naler of 64 contracts,

30.37

AMSTERDAM MARKET

Amsterdam, Oct. 5. The rubber market was quiet closed today in guilders per kilogram, elf Oct. ao follows

Other Cotton Markets ang um Prices

LIVERPOOL PRICES

Liverpool, Oct. 1. Aller two days of nervousness and tumbling prices the spot cotton market recovered quite sharply today."

No. 1 rubber No. 2 Hubbar No. 3 rubber

No. 1 crepe

3.7% nom. 17.09 natn.. 2.40 bom. 2.63 hom. United Press.

respective currencies- plastre, kip and riel, which are all three pegged at the same 10 trancs parity

present.- China Mail Special.

Newsprint To

They

sald,

tor gas, electricity and water.

Mr Cole's intention now to do with Indian cotton in

is 羈

Professor Erhard said the

big way what he did to a campaign also had a "psycho-

logical miner degree with silk saris.

dim"--to deprive the

He predicted that Indian cot-trade unions of their arguments lon fabrics would give a "lift" for higher wages. An upward to the American clothing market wage price spiral could do great to the West Germán and open up new merchandising harm

economy, he said.

areas for manufacturers.

Mr Cole cospects to eliminato

The present economle situa-

the main obstacle to US imports tion in Weat Germany allowed

of Indinh cotton fabrics

workers to recelvo a greater

New York, Oct. 5. Hip Exle Vanitart Bowsier,establishing uniform standards share, of industrial profits with- chairman of the Bowater Paper as to length and

of out raising wages, he added.—

width

Corporalan, today predicted an woven material. These would be China Mall Special.

Increase in tho

price of EWS-

print in the foreseeable future.

He told a proes conference Die Stamping

that since the last general price increase in the United States took place in 1852, coals of pro- duction had risen appreciably

Official values in spot cotton London Foreign for newprint manufacturers.

Stock Market during the last low days to be Ashmol

43.30 nem.

35.60 nom.

Exchange

included: Egyptian Karnak In world raws, dealera good/pally/good estimated Japanese purchases Giza 30

good/fully/good

good/fully/good

34.10 nom, New York in excess of 60,000 tone.

Montreal Karnak advanced 130 pointe

Amsterdam Some dealers expresfied the white Giza 30 and Ashmouni

Bruno the ballet that Cuba has less than both advanced 50 points. One

Frankfurt ago, on September Lisbah 50,000 tons of its world quota month

5, the Milan thego Egyptian cottons, for this yope, still unsold.

Paris Stockholm good/fully good grades, were mess in the domestic quoted as Harende: 49.00; Clian 30, Zurtels

raw 30.90 Ashmount 30.25 (all ti

Singapore, Oct. 6. Brokers today quoted following stock prices:

Closing Batu Laitang Rubber Co. 1.05 British Borneo, Patroleum 43/2 Canolidated Tin maltes 20/0 2151 Arm & Noave Neave Tik po, preť

construct

reflected

the

Other official values were: NA

Laftuation the higher busin for pence por lb.).

4.30 refined sugar. Futures:,

Construok No... 4 -- (world)

214% Danakonur. K Shanghai

Hongong Ti

46

Keip

Luna Rubber Fatatow

વાત એમ

New Gerencial Tipher

1 Petaling Th

1911 Bingapore Cold Stora

Bouth Brillan zauringo

Wearpe Bron,

March

Dur Beptember ipsy (cinta per ib, folCuba)

Contract No. 6.

November March May Bpot fewnia per: ib. cit NY

Landart, Oct. 5.

can't

"In my opinion, 'we continue to absorb these mount- ing costs," he said. Ho es timates" that during the period wages in the industry had risen about 15 per cent and othin costs had gone up mare,

Asked if he thought any in- the bo In crease would heighbourhood of 15 per cent, *120% he "Bzizwered: “I would expect to be a then that.”—China Mail Special,

American misaline inch New York Foreign

Price of cotton futures penon per 18, were as follais

American middling 15/18th contract: ==

Oct/Nov

Mar/Apt.

May/June

Ded/Jan.

3.34.53

Now contract

July/A

July/Aug

30.08 20.01.

Exchange

Exchange · Rates

Businem was done in the local tnofilčiai: exotianga market this

horning at the following rates:

dollit," (per (1)

libaspors (ICCSO)

“čnina: piartres (per,

The South, China Morning Post, Printing Department la equipped with modern dic-stamping fasllition.

REGIMENTAL, SOCIETY and CLUB

CRESTS & EMBLEMS.

TRADE MARKS..

FAMILY COATS OF ARMS

and MONOGRAMS.

etc., etc.

Call and inspect our samples Orders accepted for, Steel bles

and Copper Plates.

Ring 20002 ask for Mr. R. Kuferapy,

SOUTH CHINA MORNING POST, LTD.

Wyndham Street, :