1955-10-12 — Page 9

THE CHINA MAIL,

WEDNESDAY, OCTOBER 12, 1955.

TRADE and

COMMERCE

SECTION

INVESTIGATION OF AUTOMATON US FIRM OPENING

Business Leaders Attempt To Solve Problems

By Paul Southwick

Washington, Oct. 11. Congress yesterday called industrialists, labour leaders, economists, scientists, and government officials to help in an investigation of "automaton" and what it is doing to the United 'States.

Chairman Wright Patman of a House-Senate Economic Sub-Committee sal hearings, starting Friday, will try to determine what the rapid advance in work-saving devices mean to workers, plant owners, and consumers.

TWA Review

Of Year

Among

thore ncheduled testify during four days of hear- logs are Mr D. J. David, Vice-

BANK MERGER

mi Ditawa, Och.11.. Finance Minister Walter Harris today Approved plans for the amalgamation of the Imperial Bank Canada and Barolays Bank (Canada), two of tho country's major chartersa bank,

of

amalgamation

The Hew A

bank

of

will retain tie nähtë of the Imperial Bank Canada. The merger still requires Approval of

the shareholders of both banks, And following that ap-

Cabinet-United Press.

proval of the Federal

WORLD COTTON MARKETS

New York, Oct. 11. Cotton futures

after

President of the Ford Motor Co. steadied

Prest-

| Mr Walter P. Reuther,

today

a confused

dent of the C10; Mr Allen V.start with trading turning Astin, Director <xf the National to the quiet side as prices Bureau

of Standards; Labour moved higher. Secretary Mr James P. Mitchell; Mr Vannevor Busm, President

Kansas City, Oct. 11. The past year has been a of Carnegie Institution; and Mr and Edwin G., Nourse, former Chair- "good one" for TWA

man of the Counell of Economic 1956 can be the best year advers TWA has ever had. President

Damon Ralph told members of the Kansas

City Management club.

400

The Questions

Closing on a brisk rally the List Anished with net gains of 28 to 54 points.

World Industrial Production Up

United Nations, Oct. 11.

World Industrial production reached a new high in the first six months of 1955, the October issues of the United Nations monthly bulletin of statistics reported yesterday: Output was nine per cent higher than for the first kálf of last year. UN statisticians said gains in heavy industry were responsible. Production of metal-producing and metal-consuming components and of chemicals rose faster than textiles production and food processing.

More Bids For Synthetic

Rubber Plant

re-

its

at

Washington, Oct. 11. The government has

bids for The marketceived slx opened up 60 to off 15 points, synthetic rubber plants New Orleans closed up 33 to 53 Institute, West Virginia, it points.

Covering

the before loent was announced yesterday. holiday tomorrow, along with trade buying attracted by re- using

historics of vent case scleeled industries like metal

and mutomobiles, chemicals, electronics, trans- porta Wom and communciations, will attempt to find out:

Mr Palinan said the investiga- ; steep decline, and abated pose of the government's rutber

hedge selling helped to shape the trend.

Addressing niy management people at Le peas working ing of The club's 1955-1950 season,

Damion revlowed thu outstanding accomplishments of the

during the phot your and looked ahead to 1958 with confidence.

company

Among TWA's milestonos 1953, Damon saki, were:

1.

The start of construction

on TWA's new everhaul base n Kansas City which, whet com- pletes, will be one of the nest In the wo.id

2. The completion et hang: r- at S1 Lou's and Paris, the start co construction of a bargue isl Philadelphi and plans con- pleted for one in San Francisco,

1. The extent to which new automatic mid electronic processes are displacing workers.

2 Possible shifts distortions which may arise the distribution of mars chusing power.

were in

pur-

• 3 Hew the gains of in- ereused productivity should re- distribute between

Labour. owners and consuNEIR

effect

4. The business structure,

110

the

5. The effect upon volume and regularity of pri-

3. Acquisition ok Our 20 vate investinent.-United Press. Super-G Contes,

4 Completion

of plans

inaugurate Super - G

to

NOFVICU

averstas beginning Oel. 30.

5. The decision to

purchase

twenty-four Model 1840 Con- stellations scheduled for delivery In early 1957. These will he the nest of anything lying at that time,

Market

Holidays

New York, Oct. 11. The New York Stock Ex-

and

leading change

other financial markets will operate ns usual tomorrow, Columbus Day, but for many commodity day will be ab- markets the served as a holiday.

UK Company Reinstated

In America

Washington, Oct. 11.

New

While the New York Cotton Exchange will be closed tomor row for Columbus Day, the Orleans Collon Exchange remain open. Strength In nearby October dealings will contracts, where end on Thursday, was a con-

will

were

A commission set up to die-

p.oposals cailles sal prived Chemicals,

Gay car

from Goodrich-Gulf

C Inc.. Synthetic Corp., Akron, Ohio; Imperial Commodities Corp., New

YOTH; Edwin W. Poulty, Los Angeles; Unica Carbide & Carbon Corp. New York, and United Rubber Chemicals Co., Charleston. West Virginia.

Mirther

011

Industrial production in countries excepting those behind the Iron Curtain was said to be one afd one half times larger In the second quarter of 1955 than the average quarterly level of 1948.

The bulletin said that French steel production was 20 per cent higher.

than in the first six Western Ger- months of 1954. many's total production was only fractionally below its total out- put in 1930. Manufacture of

equipment In Western

It was 30 per cent above

the first half of 1954.

the

IN ENGLAND

to

New York, Ool, 11 Chemstrandl Corp., of Decatur, Ala plana foruta Bellish subsidiary and start pr¿duktina of ta acrilan

fibre in Razilo England within the next twa years, 16 was dis... closed here today.

The announcement was mado by Mr Henry H. Bitter, President now in London making prepars- Horm for the new nab Bidiary with a group

of Chemstrand omedals. Mr Bilder dia not disclose the location of the plant nor plained productive capacity

Chemstrand is. Jointly owned by Monsanto Chemical Co, and Ameri- 627

Viscose Carp. Its scrlian is a man-made fibre used in production of blankets, wweater #nd WOTIDIA's and men's wear fabrics-United Press.

HONGKONG

STOCK EXCHANGE

Itely showed a seven per ent (From Our Correspondent) production Increase for same period. Japanese produc- Business done on the Hong- on went up in the second kong Stock Exchange this quarter of 1955 to

morning amounted reverse +

to $520,000, previously declining trend. Noon quotations ond the United Press,

morning's transactions; SHARES BUTĒRS SELLERS SALES BANKS

WORLD

RUBBER

PRICES

#

Singapore. Oel. 11.

tributing influence locally, Octo- ber rose as much as $2.50 a brie Negotiations leading to a final

After and hel

of the salts contract will be completed

weak opening the a good part

within 75 days, the Commission rubber market steadied on short gain at the close.

and renewed buying Traders analysed the statis-sald. No bids were received covering tient pleture in the light or for the plant when it was first interest, Demand, for off grades Monday's big government crop advertised for sale but Congress Continues. Futures were:

No. 1 rubber pre ili. Oel. 124-121' July authorised es'imite. Adding the Indicated last

Nov. 12334-1zi Dee. to the 11.1 million bale negotiations.

unquoted стор

|No. 2 rubbe per It Oct. 12016-124 potential supply carryover, the

122-123 a te over 25 million

No. 3 No. runs

114-1154 Spot rubber unbated". 121-12412 bales.

laitet crepe

0915-10135 Trading volumes and open

No. 1 pole prepe

131-138 Interests in the Exchange 10-

NEW YORK day were:

Futures today closed 5 to 50 Month

points higher with sales of 243

Open interest

Det Dec, Mar

Volume ),500

24.000

03,200

703.100

37,800

370,000

Muy

43,400

415,000

July

27 600

210.400

Oct.

11,A)

114,000

Dre

4,300

89,300

Mar.

2,000

7800

Total

2,003,100 bales

NEW YORK

Prices of futures closed today

as follows:

Spot

Det.

Dec.

Mar

May

Co., of London,

England, per-

July

mission to

participate in US

Oct.

Dec,

export trade.

Маг.

The government today re- stored to Arbuckle, Smith

NEW ORLEANS

33.85T 33.00

The Institute picat, largest of the 27 government-built

syn thetic rubber facilities, will be the 26th sold. The other, at Louisville, Kentucky, has been losed for three years-United Press.

Chicago Grain

Market

Chicago, Oct. 11. which Soybeans

fctl. the market lower yesterday: 32.35-37 rallied today but failed to carry most of the other grains into higher ground on the Board of Trade

31.31 20.82-83

contracts.

M

The market see-sawed at trade and sporulative interests evened |

before the lachl accounts Holiday tomorrow

up

fik Bank

INSURANCES

Union

DOCKS, ETC K. Whart Duck Provident (Oi Wheelock

LAND, ETC.

HK Hotel

New York Stock Market Prices

New York, Oct. 11.

Market followers were hard put to keep track of the trend today as the list alternated spurts of heavy selling with recovery attempts.

The final move of the day was a rally, paced by aircrafts, metal, steel and motor shares, which served to restore about half the losses at the day's lows.

The overall decline, neverthe-El Paso National Cas

sliced nearly another Els Itailroad...

Family Finance Corp. $1,000,000,000 from valuations, General Electric

General Motor

and left the market at its lowest General Foods level since May 18, with a total loss of some $17,000,000,000 einco the President's illness

Gen, Pub, Utli. Gillette Safety Razor Qudden Co. Goodrich ti, F.) Co.

touched off the break on Septem- Goodyear Tire ber 20.

Although

Heyden Chemical Homsiake Mining Co.

trip considerably Ingersoll-Rand

from their lows a not decline of

Irland Steel Co.

Interchanical Corp.

3 points in Du Pont, 2 points or Int'l Business Machines morb in General Motors, and feti Harvester Jersey Standard, and a point or International Nickel International Paper moro in American Tobaceo, in Tel & Tel Bethlehem Steel,

Eastman John-Manville Co.

Kodak, Union Carbide, weighed

average,

on the Industrial

day.

leaving it off 2.55 points on the

Rails Down

Rails finished down, 0.74 with losses ronging to 1 points.

Point losses in Amerlean Gas

Kansa C. Power & Light Kennecat! Copper 14ggett Meyers Tou. Ch. Lockheed Agoraft

Loews Incorp.

Lone Star Cement Co. Louisville & Nashville i Lowenstein & Bon Meb Iron Corp. Minnesota Muninit Mission Development Monsanto Chemienl Cb. Montgomery Ward Motorola Inc. National Caon Reg. National Dairy Prod.

and Houston Lighting con- National Distillers tributed

largely to the 0.28 National Lead decline in the utility average.

National Bies Corp.

New York Central Olin Mathieson Of the 1,219 stres traded Ota Elevators today, 681 WETC lower, 322 Owen-linols Clin

Pacific Goa & Elec. higher.

Turnover picked up

Pacific Western Oll to 3,530,000 shares from 3,100, Pan American Airways

Paramount Pictures 000 yesterday with the market running late twice during the Parke Davis Co. Prany J. C. Co. day.

Penn, Balt Co. Aircrafts paced the inte rise Philip Morris with Douglas up

nore than 3 Philips Petroleum 1700 ndihts, Glees Martin and Bocing up more than 2 and North American and Lockheed up nearly 2 points each.

1765 5 1713

906 200

71 73

Steels, mude a good recovery with Pittsburgh Steel featuring 9.80 $500 0.50 01 a jump of more

10,70

10 500 or £5.70

1000 > 0.43

the

company

Procter & Gamble Co Flitsburgh Plate Class Publicker Industries Pure O

tadio Corporation

Republie Strei

Reynolds Metal

shell On Co.

than 2 às

good

n Issued 2000 0.40 carnings statement for the nine

18.70

ik Lond

03 04 3100

га

13

3716

2.30

Realty RUBBER

(RIA) 37

A. Hlubber 190 1.0725 Tu

UTILITIES

3.05 or 3

Tram. 24 20:24 80 Star Ferry

140 Ynumenil Ferry 118 in 100

off more

that a

months and an optimistic fore- cast.

US Steel, polhi at its low, finished frae- ilonally higher

in top spot as the day's most active issue,

New York Stock Exchange bond volume was $7,950,000.

Stock Exchange American

volume was 1,030,000 shares,

Dow-dores closing averages

17.00 were as follows

C. Light (0) 22.40 2220

A50

500 of ta

12.00

500

22.00

C. Light (N) 1715 17.50 Electric

300

41 424 30

500

T 42

42.00 30 industrials

20 rail

12

3-3

35 500

34.7015

tilities

Macro Elec Telephone INDUSTRIALS

Cement

165 stocks

170034240 bends

3 1000 or 371⁄2 Comm. future prien index

Comm. spot price Index 20.00 1000 20.40 | Moody's. Index 14.70

37

STORES, ETC.

Daity

Watsen

COTTONS

Textile Corp.

Alifed

0.10

5.70

In the spet market inderate Uusiness passed between dealers, MISCELLANEOUS December one sheets sold in the forenoon at 42% but later were down at 42 cents. January three 5hrels moved between 40% and 414 cents a pound. Spot No. 1 Ras were offered 43% cents.

Fulure, dosings were:

20.00

Dee,

30.06

Mar

20.98

29.93

Bran futures, which declinexi more than five cents yesterday, moved into steady ground

May

In

Dcc.

close today.

33.00 32.50

30.34 30.29

Priess of futures closed today evening up operations near the

Spot

to

Dee.

Mar.

May

July

Oct.

Dee.

Mor

LIVERPOOL

The Company's privileges to trade participate in US export hal been temporarily suspended lust July 1 in connection with as follows: unauthorised

shipment of US Oct. chemlents and paraffin wax China.

The Company had refused to answer Commerce Department questions about its participation as agent for Peter Meyns and The New York and American

Company, Hamburg, Germany, stock exchanges and other stock

in the shipment of postassium Future closings, American exchanges throughout the coun-

bichroma try, the New Oricans cotton ex-

sodium bichromate middling, in pence per fb, were as follows: change and the Chicago Board and paraffin.

The all will of Trade

Commerce Department Old contract Oct/Nov bo open for

said today that the British firm session. the Columbus Day

has furnished complete now The New York Cotton Ex- angivers to the questions "show- change, Wool Associates of the

RS acted ing that it merely New York

Exchange, the Coffee and Sugar Exchange, agent in the transactions and Karnak

that it was unaware" that the

in the Untied: New goods originated

Slates--United Press.

Cotton

New Inc..

Commodity Exchange, York Cocon Exchange, York Mercantle Exchange and most livestock markets will be closed. Foreign markets will operate as usual.-United Press.

US Unemployment Level Down

The mimbo: of

LONDON METAL

PRICES

London, Oct. 11, Prices of metals closed today in sterling per long ton as fol- lows:

port

Washington, Oct. 11.

Ti unemployed

3-month docino last month to the Copper spot

3-month lowest level k nimidst two years. Leng ist half diet.

There were 2,140,000--un-

the govtrient ro- Zine ist halt. Det omployed,

mumber persons also declined seasonally

Dec./inn, Mar/Apr May/June July/Aug.

July/Aug, Jan/Feb

Now contract May/Ju

- SAO PAULO"

Brokers reported some even- ing up of conintments in corn and soybeane prior to publica- tion cf the, government report later in the day.

#1

LONDON

No. 1 Ras spol.........

Settlement house term:

42.65

R85338

London Stock

Market

438.50

145.00

8130

138.44

90.00

112 40

181 C

404 50

Closing Prices

Alden Inc. Aty. Allied Chemicala Allied Mills Inc. Allis Chal3YFOSTE American Airline American Cyanamide Co, An. Mach. & F dry. American Metal

American Sinelting American Tel & Tel American Tob. "D" Anaconda Copper Annen Steel Armour

Baldwin-Lima-Ham.

Baltimore & Ohio

Bendix Aviation Corp

Bethlehem Steal

London, Oct. 11. Uncertainty clouded deal The market was very steadyingề ôh thé London: Ex- with spot quoted at 20-3/10 change today, with most enguet Cons pence per lb. Prices:

301-3814 Sections falling to show a Boeing Airplane

Borden (The) Co. definite trend.

Burroughs Add Machine 23%-30%

Canadian Pacific R. 35%-35%

British Government stocks on Caso . 1.) Co.

C. I. T. Financial Corp. 30%-20% - exception, tis prost-tiking drove | Cat. Tractor 323-3271 most issues down from yester- Celances Corp. General marketa, cit boats, ports:

doy's highs. Long-dated Issues Chare Mariliat. Dank 3546-53% Ock Nov.

331-3514 clased with losces of arouita Estate crepe thick Oct. 30 nollers | £%.

AMSTERDAM

стор

Nov. Dec. Jan./Mar.

Apr.June

July/Sept.

Wheat declined after it was revealed that Western Ger many had postponed a scheduled purchase of 2,800,000, bushels of US wheat until later date. 32.20

West Germany also postponed 226.70 buying 2,000,000 bushels of US 24.70 3450-00 corn until tomorrow.

Wheat closed off 1 to up cent; soybeans (new) off

cent.

20.30 50.00

3

Futuro closings, in cruz{cros per kilo were as follows:

Dec.

Mar

Belter London Foreign

200

74015

100% 100%

100 100

maj 2015 00% DOT

Exchange

CHICAGO GRAIN PRICES

The market was quiet, Prices Industrials were mixed, hut closed today in guilders per falshed with a good sprinkling Idiogramme cit November as of fractional gains, Hudson Bay and Unilever showed wedk- 3.45.nom. nesses.

follows:

to

No. rubber No. rubber No. 3 rubber

No, 1 crope

342 nomt,

3.30 net.

Oil

3.75 nom.

United Fress.

New York Sugar

Market

New York, Oct. 11.

but

Chrizler Motors Colgate-Palmolive Co Commercial Credit Commonwealth Elec. Consolidated Edon Continervial 01 od Del. Continental Steel

Corn Products Crane Co. Crown Zellerbach Cuban Amer. Bugar Curtis Wright Diamond Alkali opened weakly,

Dow Chemicals rallied under the inQuench of

Dupont de Nemours local and Confiriental büying. Eastman Kodak Lenders gained a few shilings, but Royal Dutch skidded £2 to

Gold & Copper

WCTU

· Gold and copper shares were World No. 4 sugar futures trendless. closed unchanged to 1 point

Foreign bonds, blso lower with no sale market remixed, with German Polish

The world raw mained inactive, although ftud- bois elesing £1 higher but cra understood busintes is pond Young Loan off 63 and Dawes down £1. Japeneso ing for later this month in Loan several directions.

Izuen were irregular. Domestic No, sugar futures

Dollars books, showed weak- 2 palută cloacd

Issues of 72 contracts. news, and higher-priced

to word amolig the hardest hit. of Adjustment to Wall Street raws and the Sudan for 10,000 prices, rather than local pros. Korean sure was flowed as causing 8436-6ons of reoned sugar.

ed unchanged to

With Beted to be

210 34.10

Prices per bushel in cente

33.05

Closing PTICOS

July

3330 When, No. 2, red

In the US the average price

of 15/10 middling cotton at 14 Spot designated spot markets Was Dec. 2004 (11) 204(L): 20412-38 32.70 cents. Sales at these Mar. centres totalled 45,001 bales.-3 United Press.

200n

May

Spl.

2051 2003-14 101%

1931

Corn, No. 2, yellow

Des.

13034-131

Маг.

MAY

July.

London, Oct... 11.

Kyo

10-2.70 Dec.

Mar.

Oats

Onio

Dec.

Kurich

12.01

Mar.

FUTURES

Others were unchangUnited Frem.

Boybean; No. 2, yellow

10,000 tons of raws Futures:

Contract No. 4. (world)

March

Now York, Oct. 11. 88,000 today in cents por ib, es follows

Spol

Mar

Prices of metal futures closed New York Foreign

Now.

Jart.

-243)

JUE

Mor.

·Boni-¿cente per Ib. 20

below ins. Augün levol and Lead Oct.

May

Cuba

July

Contrast: No, o

altrout. 1,000,000 ·lower

Kinti

Nov.

September, 1954. It was the Tiri

Harley Spot

Nov

204

130-140/1

March

NOV

unemployment stood at 1,200,000:

Todcast: since: Nov, 1953, // When | zina CU

Now York; ORE: 11.

Nov.

In August, 1953-United Pro89.

The postwar low was 1,200,000 Copper Cot.

Nov.

Добавет

$1.00 / New York flour

2016042 200 lb. cic

NY X-

United Prom.

-Unded Pr

United From

ported today.

The

of

employed

ia 04,733,000-that is because of

United Press.

porsans going back to school NEW YORK METAL

resto. But

both

and other Sotal employment and non-tarm employment, were at record high levels for the month of Sep- tombat.

dos total wes

New York Montreal Ammoraden Briuselo Milan

Exchange

11835-34 $16

the

Hilgeylon

fat market for 10,000 tons

also is expected to seek around the decline-United Press.

Exchange Rates

Frithbeváté wis done til "the" koçhi

ekcharins. market

moréene at the, trowiti zavestend [US, Donne (persi)-

indonesian rupiahs (per 100):294-1000

Danceporn (afrafels (new tôb)..

Indo-Chinha pinaires

Saint Rcg, Paper Sinclair Oi

Secony Vacuum

South Porto Rico Sugar

Southern National Gan Southern Railway (Com.) Standard Brande

Standard Oil of Cal. Standard Oil of Ind, Standard OB of NJ. Sterling Drug _Co. Slokel-Van, Camp Studebaker-Packard Corp. Swift & Co.

Texan Co.

Tide Water A. Ou Twenty Century Fox Flim

Union Carbidej

Union Pacific Failway

United Aircraft

U.S. Gypsum

V. B. Line Co.

U.S. Rubber

U.8. Smelting

U.S. Steel

Warner Bros.

Westinghouse Electric West Va. Pulp & Paper Woolworth

United Pa.

Singapore

Stock Market

quoted the

Singapore, Oct. 12, Brokers today following stock prices!

Opening

Batu Lintang Rubber Co

19

Lid,

$3.00

144

6715 Consolinated Tin

British Borneo Petroleum

Syndicate

42/-

Ord,

20/ba

Fraser & Neave Ltd, Ord. $1.25

24% Fraser

Neava 75% cum,

pref

4

$0.30

2014

Hongkong & Shanghai Bank-

ing Corp._.

$910

484 Hongkong Tin Lid.

7/00

Kempas Ltd.

11.42

$2.00

$3.50

£376

$1,60

H.35

Raffles Hotel

$2,34

Bingapore, Cold Storage,

South Britan Insurancs

$20,00

$24,00

113.30

110.70

$2.87

48 una roweries eroes

Rubber Estates Lid.

42 New Serandah Rubber

Ltd.

Petaling Tin Ltd,

Straits Trading

Straits Steamship

United Engineers' Ord. Wearne Bros.

✦ ed.~China Mnil Special

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