1955-10-11 — Page 9

THE CHINA MAIL, TUESDAY, OCTOBER 11, 1955.

TRADE and COMMERCE SECTION

RECORD-SHATTERING AMERICAN ECONOMY

IN FINAL QUARTER Progress Should Carry Into Next Year

By JOHN MORKA

New York, Oct. 10.

of

The United States moved into its final quarter record-shattering 1955 with the most favourable prospects for continued high level of economic activity on both the domestic and international trade fronts.

With the exception of agriculture, the country's expansion this year appears to have been strong and fairly- well balanced, with new records achieved in just about all that this progress segments of the economy. Indications are will carry over into 1956.

1.

prz

แ

, ו - י ן

evens wise but in gaultiera

Trade fract GALERIA Feltins are fewer and less angel private enterprise markets are and coun; rtlive

klely respected,”

The ki milu træe

4

babusepes I

LOCA

#

་་

og

high, 1

11 41X

mentha wased mated

al

12..

1. v us

85.510,017

וז.

competed w

tte;t

1933. The mute!

Reinforced

These improvements in condi-

Cl

3.1

the

the malink countries greatest progress at those that f. cal have adopted orthotox and manolary policies, checked Infinito, al brought orders into their econumies.”

the trade of In contrast, countries outside of Europe and North America have not shown Bank The equal progress.

auded:

D

hustry just tumed out The 1th

with aulo,

for th L

1. broad have been quente praluction geared for a

ᎤᏁᎬ ' prosperity poble uput

Fotome" egarding to Mr Burns.

The extent to which the Euro-

1

Α nwhile.

two Intl

holding high at record levek |

With plent peruet-nutke, pren prosperity has affected the

.

In expraks

here's

how the

TAONG MY shapes

121

u industri.dania ut it Augt-end Wis

of

15 points higher than a year ug9, 52,000,000,000 worth of US goods

me used by the Freinrul

5

de es often

"While the most obvious prob- lem of many of these countries in one or is over specialisation two export commodities, their ben hindered by failure to free up to needed postwar readjustments. Reque

Internal in- rance to deal with

cases fat on hus 1 menny prevented balenced developments The overcoming of En trade.

this 16 of importance to whole world and not merely the countries directly concerned

TE

Lie W

is best illustrated 1 TRAN corded exes,lent, julging b

which show that zies statements of bu in besalers, 1 by

tw: Arst half of 1955. the experts Jk for anther hugsur ng

We-tom Europe served as the year in 1956.

United States largest

export shold o armikut, HOW 342/7

Amerien. Latin We wrn Europe Look over

ARTIK The Best half of 1955, theve Board index; employ imos 500 million more then ITF world trade is to continue the

Jus climber

to 65.5 Die same

perkal list year. 3.2 milion more va

mare Sval Beltain, West Germany. wks than year earher; nuwYagasinya

and the hart rods and 38 per. Nulbestands Exequnted for the bove the year-age level; ) bulk of the increase. During the the use of enumer spending st

of 1955, the United 16th at 20 billom above 1953.

Veus increased is exponta t fdur: bie WIN

Casada tuo some 130 million); ruuring 18 per cent and soft Reddy 3 per cent bore round 1013

.3

And

Stu

ידי

Best Prospects

Vig

that

pr sptels autumn and winter bus rss will be te bud over fet, raeli.

h: been th b. th. 4 government authori- Les have toward #cey A of rest ful hunder imp a

dada braking a vindt bor

d any arul.

As the Fist Nati City B

Li

The problem the US he ba feeling "have been

prob bly of too much paspor..

L.

F.edent Eleh wer's illness, whic Crecipitated drop of blins of dollars in socuri 25 values ppears to have been dis- counted considerably. from

It is now felt thei

1.dle 9.

the oversets sterling reza (up 210 will on); and to Southeast Asa and the Far East with the major exception of Japan Japa

: '

1 $300 000 000 from the U: Red Shier (excluding special the first hit of 1955, compared with $431 000,000 the erresponding pertos in 1954.

+1

Pro

In a project on of the future, now rppers that the reign rade pkture will be an even than Invourable

According to tipated.

the Fart

Netion: City Bank, be- en in the US and Pee of the

Europe, US Imports or the full year feem boaded for while 1 Dow all-time record, commercial exports will probably be higher thin in ony other year LXCpt 1947,

In

Significant

Imports

six

the for

first to the xt that the President's months were r an onnur rate in and other fuctors have of Lien. On the expoctalion he "entrate a male of caution that serd-half figures will be There was the psychology; it has even higher in busacsA

the full-year ient.ee 4)

various ability modery and credit rest int.pt will be substanti-lly above tal to b

neprer the time the 1954 figure and should even wah restrainty

is 1953 record of 10. be Lxceed can

villion.

Bk borve

tirely reminder that prices can

wn as well as up."

And So On

the the

That

Th's development, the Brak "ja all the moro signi-

soundly red growth of the 1st few years it is essential that the countries outside of North America and Europe share in the expansion."-United Press,

WORLD

RUBBER

PRICES

New York. Oct. 10. Rubber futures closed today 180 to 210 poln s lower with cales of 467 contracts.

Accumulated weekend liqui- dullen, touched off by weakness at London and Singapore, up- in the covered stop orders local market. December regained of the loss at the cust part but the la'er months were only a shade above the lows.

at

later

CEYLON-PEKING NOT IN

ACCORD

Colombo, Oct. 10.

An emergency meeting of the Cabinet today dis- cused certain proposals rarding the rubber and between rico agreement Ceylon and China.

In

Informed sources sald Ceylon's proposal to Peking that China should buy bher in Ceylon without obilgating Ceylon to pur- chase rico In return did favour- wit meet with

the able response Chinese capital, Ceylon made

The because ita rico gration supply at present did not warrant any rice purchases from China. In the mean- China, however. time offered tis rice at the same price A that asked by Burma.

informants Bald.

the

nig-

Burma does not favour move and points out this

by Ceylon that she lood when is need for rice was great, the sources added, Cabinet

meetlig The was called to work a way out

So of the deadlock. far there were no reporis of any solution.

-Uniled I'ress

WORLD COTTON MARKETS

Selling Wave Hits

New York Market

New York, Oct. 10.

HONGKONG STOCK EXCHANGE PRICES

The

A. Rubber 1.00 Trust

UTILITIES

Business done on the long-, RUBBER kong Stock Exchango This morning amounted to $220,000. Noon quota!ions and morning's transactions:

SHARES BUVENS AELLENS SALES

BANKS

HIK Bank

INSURANCES

Union

Selling hit the stock market with force again today-third Monday in a row-slashing another DOCKS, ETC. $4,000,000,000 from market valuations for $16,000,000,000 total loss since President Eisen- hower's illness.

1720

+

2 1723

DHO

a

K.. Wharf Dock

.. 7255 73%

Provident

13.70

Wheelbek

2.00 90 1000 @ 0.70

HK Hotel

The selling was universal with only 90 stocks | LAND, ETC. managing to close higher out of a total 1,222 traded while 989 were lower on the day-some of them by 4 or 5 points or more.

Wall Street again today as it | Int Harvester has since the President's illness International Nickel International Paper touched off the worst market

at Tel Fei break in history on Sept, 26 Jolin-Manyle Co. seemed to key trading to the bulletins on the President's con- dition.

Commentators today said that, white generally, favourable, 10- day's medical report by

Dr 15 I'l

Dudley White, that it Incorrect to say the President is ou of danger 100 per cent and reports that people around the the Presklent are resigned to probability he will bow out of

Kennecott Comper

19ggett Meyers Tob. Ca. Lockheed Aircraft Loewe IncoIP.

HK Land

R&

Realty

31

691

103

2034

7032

101

40

31:36

501

ב

Lone Star Cement Co. Louisville & Nashville R.

Lowenstein & Sons.

23

Merabl Icon Corp

Minnesota Mining

1003

Mission Development

Monsanto Chemical Co.

***

Montgomery Ward

to

Motorola Ine,

4515

National Casis Reg.

35

National Dairy Prod. National Distillers

30%

1014

203%

National Lead

The political scene as a competi-National Steel Corp. Dr. gave rise to further un- certainties.

ה!

Rails Back

These doubts were expressed a 13.27-point break ia the is custrial average-but for the 51.80 crack on Sept. 20, the widest since June, 1930, and one which pushed the average back to June 14 levels.

Ruils were cut back 4.63 pain lo March 22 levels and utilitles 0.87 point to their lows for the year,

Trading, which

citály a 3,102,523

average Inst week, regained the 3-million

ru-

New York, Oct. 10. Cotton prices today gained a foothold after

a larger sharp reaction on government crop estimate.

Conceding opening gains up to $1.05 a bale, the market dropped as muh as $2.10 a bale, then retraced a good part of the last ground,

The nearby months led a fate recovery while the list closing ote o 41 points lower. The mar ket opened up 2 to 21 points, New Orleans closed off 3 to 31 points.

The government Oct. 1 crop

13,028,000 climate for

bales ame abou 300 000 baley in exter of exte'allons, and about million bale more than the

veniber Callmate.

a

mark

fell of

to a

today at 3,100,000 shares.

Hardest hit were the top quality chemicals, steels, metals, motors and ells. Du Pont was flashed nearly 10 points, with the Supreme Court declsion oday lo review the govern- case against mont's anti-trust the company.

General Motors slumped more than 3 while in the same group Chrysler fell nearly 0 points,

With the nation's steel mills scheduling output at an all-time high to

meet steady demand secl Etocks nevertheless sold off sharply.

US Steel slumped nearly 3 points in the day's heaviest It was two pCr

cent more

Bethlehem Turnover.

fell m last

final harvest than t you.'s

Other heavy losers 14 per cunt cul bees as included: jespite a Усаг In the acreage under Facral controls.

Liquidation on report from

the Bureau drove the deliveries July forward

lows, pu hing all

ca-onal

them under the

Urgent

Into new

110

In chemicals Allied of more than 3.

and

Now York Central Olin Mnibleson ... Owen-nah Gloss Pacific Wexionas Oil Pan American Airwayya Paramcum Ploturen Penny J.C. Co. Prem Salt Co

Philip Morrja Procter & Gamble Co Pittsburgh Plate Glass Publicker Industries Pure Of

Metal Shell Oil Co Bent Rex. Paper

South Porto Rien Sugar Southern National Cas Southern Railway (Com.) Standard Branula Sinedard Ol ef Cal. Standard Oi of Ind. Standard Off of N.J Sterling Drug Co. Stokoly-Van_ Comp, Studebaker-Packard Corp. Swilt & Co.

Texas Co......

Tido Water Aran, Oil Twenty Century Fox Film Union Carbide

Union Povife Railway

United Aircrafi U.S. Gypsum

U. S. Line Co. US. Rubber U.S. Emolting U.S. Steel Warner Bros. Westinghouse Electric Woolworthi

40

4312

201

473

United Press,

London Stock Exchange

London, Oct. 10. British Government secur-

Union Carbide downftics scored wide gains while are then two.

other sections were un- Olis Jersey Standard Texas Co, off around 5, Call-settled or fractionally lower

on the London Exchange to-

fornia Standard four. 30 cents line.

Metals-Akoa, Magma ana-day. selling tapered

conda, Kennecoit, Inspiration, when trade buying and cover-

gppeared arowd the 31.50-American Smelting fell 2 to four

points. ent level for nearby Decem ber.

Sharp rises were recorded by government Issues, with War Rails Union Pacific more Loan up 37s üd to £80%, and However, the lower prizes

four per cent Copsols up 475 63. Interest in the

While some traders said the than 5, Texas & Paciile 4. attracted more

New York Stock Exchange spot market, mostly from larger

promise simply crop

Experis believed the gains tonnage means just that much more bond volume was $5,900,000.

American Stock Exchange stemmed partly from switching Cealers. A fair size

one she is cotton will wind up In the

by investors out of Industrial involved January

415% with

sellers

ob-volume was 120,009 shares. other loan. government

Dow-Jones

Recen! closing averages stocks.

government 10 they intended

declarations to around at 41% cents. January servers sald

maintain the were: three sheets were done at 4034 mark time for the present for a

pound and provent further in- and 41 and December tour

"now look" at the picture." 30 Industrials

Bailon were additional factors. sheets at 30 cents. Spot No. 1

and Trading volume

open 20 rails... Hes were offered at 42% cents.

Interest in the Exchange today 10 utilities

6 stocks Future closings were:

40 bonda Comm. future price Index Comm, spot price index Moody's index

441.14

Among industrials Unilever 98.74❘ and Bowater closed three shil- 101.00

lings lowe:.' Rolls-Royce tased ong shilling six panes, and Ford Motors closed higher

by a

101.03

405,3

CLOSING PRICES fraction.

Alden Inc. Acy

$ 22

101

36

Ólls were unsteady, with Royal £ and British Dutch off Petroleum shares were neglected. aftor the 63% Coppers, weakened

d The s'ovk merkot es the National City

"ermes

were:

35

[1

Dec.

42,05

Month

Volume

Dorm interest

per

cent consiting that import prices now average roughly 8

cent lower than in 1051."

Mar

30.73

Oot.

Dee.

4,400 G1.040

20,600

702,200

My

The physleat volume of imports is, cxecpt for brief period in 1951 end in 1953, never been higher, the Bank cdded,

July Sept

38.35

Mar.

42,100

378,700

30.20

May

40,300

110,100

Dec.

24.00

July

Ont

3,200 12,700

200,000

114,700

AMSTERDAM

Pre. MAT.

5,900

02,500

1900

7,000

Tetal

106,700

4,000,000 bates

Aliled Chemicals

The market

WRS

uncertain.

Allied Mila Inc.

peak in

NEW YORK

23%

American Cyanamide Co.

546 opening.

No. 1 rubber

No. 2 rubber

No, 3 rubber

3.40 nem. 3.35 nom.

ns follows:

5.48 nem.

Boot

October

American Metal American Smelting Am. Sugar Ref

53

46

03

No,

crepe

3.10 Do.

LONDON

December March May July

October

3185-87 American Tel

17042

Foreign bonds were mostly idic, although German Dawes and Young Loans slipped £45.

30.77

30.87

Anaconda Copper

29.33-35

Almour

Fass

20.00

Baldwin-Elma-Hamn.

12

The market was very steady

December

29.73

Baltimore & Ohio

March

20160

Bondix Aviation Corp.

Bothiehem Steel

140

New

EL

No. 1. R

30-301

house term:

NEW ORLEANS Prices of futures closed

Boeing Airplane

Borden (The) Co.

$32.25

13.70

3715 3722

2.30

142437 60

80 37.78

3.10

Tram ................ 24.30 24,70 1000 Yina Ferry. 138 137 100 C. Light (0) 22:00 23.10 360 100

C. Light (N) 17.70 18 250 17.00 Electriu 424 423 1453 46 423

Telephone .. 34 35

INDUSTRIALS

Cement

..... 37744

18

Поро .... 17.20 17.00

STORES, ETC.

Dairy XD .. 20.40 20.00 COTTONS

Tex Lisert.... Nanyang ****

630 016

1954 1 3433

500 30

37.16 200 450

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Onward

“CARTHAGE"

Leaves London

Satled

"CHUSAN”

"CORFU"

"CANTON"

J

12th October

Dth November

tur Hanghong

17th October

291 October

14th November

12th December

Via Southampton, Port Said, Aden, Bombay, Colombo,

Homeward "CARTHAGE"

“CHUSAN”

"CORFU"

"CANTON"

Pensor & Blogspot

Leaves HongKong 21xt Geluber

Tore Antich

231 Now dr

2nd November

29th Navensber

10th December

Fath November

1st December tnth January

Via Singapura, trenang, Calumbo, Humbay, Aden, Port Nald & London

FREIGHT SERVICE

due 16 Oct from UK vla Straits,

salle 16th Oct.

"SUNDA"

"SHILLONG" loads 27th Oct.

for Japan for 'pure. P. Swetten- ham, Penang. Colabo Aden. Port Said, Genos Spinellen.

Havre, Los- Rutter-

don, Antwerp. du&amburg

With liberty to call at Belawan before or after Stralla

Ports and at Bombay it inducement offers

Tanks available for carriage of Oll in Bulk. Space for refrigerated varen. Limited Pasionger accommodation

BRITISH INDIA S.N. CO., LTD.

"SANGOLA”

"SANTHIA"

"WARORA"

Kails zeth Oct.

for Singapore. Penang, Rangoon & Calcutta

due 5th Nov, from Calcutta, Penang

& Stralis nail 6th Nov. for Yekstamo, Nagoyn & Kobe

ralla 11th Nov. for Singapure,

tagong & Rangoon

P. & O./B. I. JOINT SERVICE

"ORNA"

"OLINDA”

"ORDIA"

"ORNA"

"OLINDA"

Chil

sue 11th Oct from Karachi & Bombay

all 12th Oct.

for Japan due 25th Oct.

Bails 26th Oct. calls 31st Oct.

Inaus 7th Nov.

from Karachi, Bombay & Cochm tor Japan

for Singapore. Cechin.

• Bartalt.

Khorramshaðır

a kuwatt

for Singapore, Colombo, Karachu arah. Khar- rashahr & Kuwait loads 25 Nev. for singapore, Bombay

& Karachi

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

"ARAFURA" loads 11/12th Oct.lor Sandakan. Belabane, Sydney, Melbourne & Adelaide Ioads 0/7th Nov. for Sandakan, Nabaul, Brisbane, Sydney, Mel- bourne & Adelaide

"NELLORE"

All vessels have liberty to call at any parts on or off the route & the route & salling are subject to change or amendment with or without notice.

And so il guce.

Busines men are in no way conv need

US commerciel exports, on Prices closed today in guilders fr it al cutsul is hand. the other hand, in the first six per kilogramme, elf October as They tre making big plans for months of the year ran at an follows:

experituris

kcop annual rito

billion of 14,0 Lbreast with a growing demand. against 12.7 billion in the like

perked of 1854.

Jew

Fem top gavernment channels Here's the foreign trade out yesterday came further affirma-lock, according to First National. Lione that the US had room for "Continued high imports in the evenomic expension,

second half of 1935 are indicated

Mr Arthur F. Burns, Chair by the domestic business situa- with spot quoted at 30% pence

and

man of Preзlient Eischowo:'s / 4ion. Industriel production | per lb. Prices:

Council of Economic Advisers, coumer spending have.roached

cnvisioned economy

$400,000,000,000 new peaks, inventories of raw

in the near future," materials are generally moderate Settlemen

Lnd in some over sling supply-demand ellustion Jan/Mar.

exists in non-ferrous metals and

That's about ten billion

the current annual rate.

Allis Chalmers Alnerican Airline

Prices of futures closed today Am. Mach. F dry,

as follows: 30-301 Spot crees expleted; a December

30-331⁄2 October

December Apr/June

March 33-33% July/Sept.

General markets, cif basis, ports: October November Ealale crepe thick Oct.

Mr Burns sold the prevail other key commodity and the evidence is that the current price trend is upward in many prosperity is sound. But

that "in ou wernet

the

of

cases

economy Coffee Imports are expected to like ours, neither the threat or be higher in the second half inflation or recession can ever

5594

May J's October 35%-33% } Deveinber

March

not Singaporo prices were

be distant. One reason for the titre to seasonal factors and the available-United Press. cument bright outlook, he said, to replenish inventoriça.

Is that the Elenhower Adminis-The possible exception to the

tretien begen applying restraints trend is petrokaum imports which

when

speculative

tendencias may be held moderate in favour

Iragan showing in the economy. of greater domestic production Exchange Rates

favourable

factor in

A most US prosperity, Mr Burns added,

hog been the

high

growing production

level of

મ

ant tmda

In Contrast

33.500

32.15

Tei

American Tob. "B"

today Burroughs Add Machine

30.01

30.31

29,41

Canadis Packie It.

Case (7.1) Co.

CIT. Financial Corp.

Cat. Trootur

31.76-78 Celanese Corp.

Chao Manjani, Banke |Chile. _Copper *** Chrysler Motors Commercial Credit Commonwealth Elec. Consolidated Ediaca Continental Oil of Del. Continental Bleel

29,75

220,69

30.00

United Press.

London Foreign

Exchange

New York Montrond this Amaterðam Copenhagen Frakturt

London Oct 10

273-2.77 10.50% 19.01 10.9295+10.33)

Cam Proditats Crone Co.

1Cubans Amer, Bögse

Curth Wright Diamond Alkall

Daw Chemicals

Gen. Pub. VI..

75 Japanese Liens were virtually

unchanged-United Press.

York Sugar Market

Now York, Oct. 10. World No. 4 sugar futures closed today unchanged to onc point with no sales reported.

Domestic No. U sugar futures closed unchanged to 2 points higher with sales of 25 con- tracts.

Trading lacked: definite feature in the domeatio tract, dealers sold. Futures:

́Contract No, € (world)

Dubeni de Nanárs

Mostman, Kodak

Erie, Raliro

March

Family Finance · Dorp. “

·May

General Electric

July

General Fooda

September

General Motor

1.77 | L'abCTÍ

Gilgite Safety Razor

10.27 | Milab

15.20. Stockholm 26.00.1 inch

14.4315-71.4915,

Goodtinių: (1), 11.0°, 'Goodyear The Heyden Chemical

A

1.00 New York towelen szentekst.

tea

Pross

Business was done in the Jocal unomalai exchange market It is noted here that trade has morning at the tulawing, rates world, in Westerit been expanding not only be U.S. dollar ($1. in the fro Europe, in particuler. European tween the United States and Sterling notes (par la1) production and incomes have Europa but also among the Australian notas, (per R$)

countries themselves. Indonesian rupiah (per 100) * been rising rapidly, he said. European Unemployment.

virtually Copmenting in this. connection,lamper 2003.

VenusporeTM" (Stralia) disappotrod In Britain,, and is the Bank said that "significantly, Iso-Chiam. pipewe (per 100)

haa

6.30 ́ wine not available.

80.00-20 3300 17.85-17.5400

Hemataks Mining „Cho,

niand Steel Co.

In'] Businam Machiber

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? :/Tel: 26651

FAST PASSENGER/FREIGHT SERVICE

con-"CAMBODGE”

"LAOS" "VIETNAM”

Balling Nov. 6th

sailing Dec. 3rd

Bailing Dec. 31st

Epot-(cents per the fob Cuba) 3.ED

"PEIHO" + "INDUS"

FAST FREIGHT SERVICE

...... sailing Oct. 17th Balling Nov, 7th

† accept cargo for Hataburg.

*Contract No, G

·November

March

ipót-fortits per fb,

ax-duty)