1955-10-31 — Page 9

THE CHINA MAIL,

MONDAY, OCTOBER 31, 1955.

Page

TRADE and

COMMERCE

SECTION

The Chancellor Is Vulnerable AUTOMATION

WEEKLY

TEXTILE MARKETS REVIEW

New York, Oel, 30, The cotton goods trade last week became too busy making deliveries and book. ing new orders to worry tool much about the ups and downs in the price of raw cotton.

Converters.

facturers, wholesalers und 10- tailers shareef egreement that

zalu sitiu -

the existing note of confidence

fu

has

carry

over

been to a "arllera marÞAU **

Supplementary Budget Leaves Position Wide

Open To Wage Demands

From Our Economic Correspondent

London, Oct. 30.

After Mr Butler's autumn budget the average Briton was feeling like a gourmet who had been forced onto

think of himself as stringent diet. Only he didn't gourmet and he saw no reason for the stringency. Naturally he felt baffled and annoyed.

was

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Business donja on the Hoig- kong Stock Exchange this marri ing amounted to $130,000. Noon quotations and the morning's transactions:

SILARES BUTERS SELLERS BALES

BANKS

a

1 Tank

INSURANCES

The public, conditioned to such phrases as "unpre- cedented prosperity" and "full employment," could not be about. tion right now is the set blamed for wondering what all the fuss

Prosperity for them is judged by the amount of money in their pocket and they don't as a rule concern themselves with such things as the external value of the pound and they be blamed for not understanding the washing machine bought on the instalment plan today may affect Britain's ability to pay its way abroad next week.

since the police action in Korea Supplies, deliveries, demand and prices all were favourable a claimed by the suiters

Wherever

collon

JIHOY

the price

settle,

Softs

1

zervers felt the order backlog

on Prey Robta

Lures 増える

Textiles with

* METE

big enough;

E

obscure uncertainties in the

row materai pyłce pictuEN

from loworing

cannot

ناد الشام) آمد

The ID.

Ja over Some of the budget propussals The vestimentare bound pamojalicution

to have this effec jhoom such as Brituur is expen- Locat meripal attathavities

IN a washing Leannol qwge the increase

prats par

Ikaw

In fact some mail exantivering claimed any advantage derivesă! in chine bonight tn erelit multi-r the quals of their borrow nig sevent minion Limes for housing purpOSEN as fore- would be Distt by Acensed over And mut only-ur even | shadowed in the budget. Any wagen Amad other bigher pro- | pumpally—wasting machines reduction in thete spending that ; duction custs. A few millawn | İt 14 a boom in new factories helps relieve the present over - j welconted cotton prize ents asjand machines and raw materiais loaded economy

opportuity in

j to feed them, new office blocks jooned. And industry loo, must profit on me of the good, we and houses and equipment to count the higher

of Cust

โม borrowing sok at cheap prices some tune furnish them

mi deciding

Xo

20."

abread with plun For vapital investment

UJ]

Wide List

#

Another colerle

fell

Britain is consuming so much at home that she hasn't Kot enough left over to sell utvud in payment for all the goods she that buys from other countries, Add opers Boos of the government to this fact that wages, in full colion loan programme would pursult of pric6,

are rising Be stabilse the raw material situa-faster than production-- thus British costa rela- tion as soon as peak harvesting increasing operations

over A tew Lively to those of other coun weeks hence and farmers keep tries and you have the situation putting

the loan in a nutshell.

ماديا cotton

at the current Beavy rate.

of

1-

were

Cheapens Pound

Texule business Just werk

wide list

At home it manifesta declf in covered structiona

"unprecedented prosperity." But Converters bctive buyers of the basic 80ad it cheapens the pounds SqULIT four-yard print as they gains other currencies.

moved to meet the quickening | demand

If this analysis is correct

will be wel-

Solar Radio Invented

In America

Chicago, Oct. 30. Admiral Corp. said today

Cause For Regret it has developed a radio that

This side of Mr Butler's bud-

derives its power from the

UNHAL

Lombard

DOCKS, ETC

Dick

1735

21710

000

5

Provident (0) Wheelock

20.10 10.00 925 9.30 3000

2000 6 9.30

9.30

LAND, ETC

(Rt:1

IK Hotel 17.70 10.30 1900 gr 1790 HK Lend 031% 64%

100 37% Humphreys

20'

RUER

A Blubber

Trimt

APILATIES

T': art

C

Younati Ferry Light (0) Light (N) Merule

Macao Elec Teleplume

INDUSTRIALS

Cement

STORES, ETC

Dairy Watson

Crawford

1925

24.20 100 111 114

24

100 112

22.70

1770

100 NE 17:00

41 421)

11.70

341%

Jy 37

20 BOD 19.90 14.70

100 # 3615

CUTTONS

Textile Corp 075 0.90 1000 0.00

3.40 Nanyang

| MISCELLANEOUS

Allbest

unexceptional. The only sun, requires no tubes or re- Dollar

Rive

the placeable batteries and con- cause for regret Is that

dki nol government

aceivably could last a life- mure positive lead to the rest of lime, the community by taking a lar- ger axe to its own vist spend- Ing programme.

more

The mental and but works Ane. the

radio is only experi-

isn't for

said,

thecabinet.

3.83 0.93 BOGO @ 3.20

Loan

To Jap

wadee Oil Company

company

A

Tokyo, Oct. 2B,

NONSENSE

Waskingina, Qof_28. Mr James Carey,” Prod- fest od

Electrical Workers' Union, 'har' mild that "a lot of non- pouse to say automation "well" route new "Jobs"

told

It's * deliberate way of fooling the public. he Seminte-House of Representatives with-com- alles sindring the Impact of the growing q `of automatie dovlece factories and offices.

Sp

Mr Carty, Secretary- Treasurer the Congress of Industrial Organimalions, sold outpat and sales in the electrical and

wero

related Ladnstries

ployment roca down." An automation increased, he said. more mobey

and its

www.y inte workers" pocketa от

Це nation

would the faccp with an "inevitable de- pression,"

Senator Ralph Flanders (Republican, Vermont)

said the introduction of mass or continuous—pru- duction about 30 years ago resutied in shorter hours and higher Wagcs. He Bald he would дог be "disturbed" If Automa- also contributed. во hours and burber

abori

wages at no higher prices. --Chips Mall Special

US FOREIGN

TRADE RECOVERY

New York, Oct. 30.

to

U.S. foreign trade has staged a dramatic recovery from the 1953-84 downturn with exports rebounding 10 per cent $14,000,000,000 annual rate and imports aboost on

a par, the Chase Chase Machalian Bank re- ported.

YODE.

The

was

LONDON MARKETS

Profits Tax Was A Gnat Bite

From Our Own Correspondent

London, Oct. 30. Perhaps the most telling commentary on public feeling towards Mr Butler's autumn budget measures was the sharp upswing of industrial share prices that followed immediately afterwards. Before the new measures were announced industrial shares had been edging slowly upwards from the low level to which they had dropped Then when the budget was first announced. when the market reopened' after the budget they fairly shot ahead and widespread small invest- ment buying took place in conditions of general shortage of stock.

cent

By the close on Thursday the pur

dropped 18s 9d to F.nancial Times industrial share 78 2 Od and other issues lost index had risen 3.4 points to up to 15%. 1936-fully ten points higher than the level to which it tell when the budget was announced,

This is true was an initial action. Time may prove inves- tors to have been wrong fa thei? The market's view of the new judgment of the officacy of the plainty de budget measures. But there was It was that as a little sign on Friday that many disinflationary milcine they of them

were having second ⚫ere pretty mild stuff.

thoughts.

11. CORUJAN monstrated.

wan

The five per cent Increase tex

distributed

whis

Some industrial

share prices

a few peace but

pronts-which shipped back intended to curb dividends was ascribed to profi-taking Payments-was hardly a factor weekend caution and the mixed

all. The rise was not confined opening on Wall Street. And to those atures on which earn-guins were at least as fequent

as falis. ings cover is so high that to use

The Economist's

pionts tax is

than 4

phrase

"the

15 no more potent

bite

of D gnat," It spread to all classes of shares. faeluding

household

Gilts Fell

goods, In the gilt-edged market rotor, hire purchase and build- Loan tos apother 2 6d. electrical equipment, stores, prices continued to fall and War

Chancellor's measures were ing Isajes, all of which the ID- tended to hit and hit hard.

Wide Range

most

Oils leapt ahead on Thursday, partly on dissipation of budget fears and partly on the surprise announcement

tax-free alividend by British Petroleum.

BP day

of

A

shares gained 11s 3d that

and a further is 77 TR

reached five shillings Friday. Other issues also made

A few of useful gains. outstanding

wezo

their

Singapore Rubber Market

Singapore, Oot, 30.

The Bank. in its quarterly noview, noted that

To Gains sales Europe bave risen 30 per cent over a wide range. while exports to Canada have the climbed 0 per cent over lust United Dominions Trust (hire purchase financiers) up 4a 9d, Metals, machinery and Rolls-Royce and Tube Invest- There is another side to the

vehicles, and coal and chemi-rent up is Ed each,

Hawker budget however. It seeks to cut

cale accounted for most of the Siddeley up 38 0d, Marks and down spending by making goods

Increases in exports with steel Spencers up 23. Associated Port- It is a conventional-style table expensive. The

Cement, means

which would be has a seven-cell The Bank of America in shipments to Europe rising 2 land chosen were allround increases radio which

the review one of the first hit i mesures solu battery mounted in Japan reported that discussions fold and coal 1.

2 of one-th in purchase tax.

to cut building took plastic strip (?T) top of the "were being carried on for a stated.

The market was steady at the Intended effect, rose 25 d. The flow in dollar loan of $10,000,000 to the Reducgi to its essentials

The solar battery can

Importa

prening" on "Satiáday' bút eased from manufacturers, reduction of demand at a home question it raises is this. Wh the be activated by the sun, or by Idemitsu Kosan Oll Company." stepped up In petroleum, tex- Who in turn were anxious in, should reverse the process and

tes Increase in tax,

The gilt-edged market was as off later pri tack of support with ranging from heat lamp or un ordinary 100-

paper and pulp, rubber get goods on the market for in time strengthen the external

rolling pins to motor curs, mean | watt light bulb.

bank official, however, and machinery, it was recorded, disappointed by the Chancellor's buying Interest, Future the spring scuson.

value of the pound The quee that fewer of these things will

denied that an agreement with Western European

countries reasures as the Industrial share closings were:

Govern- Bi 18:

Are Mr Buller's be bought? If it does Mr Ban- The radio also has a Bashlight-

the Japanese company had been which are

currently riding the market was elated. UNDU -

likely Daniels

have 10

ter's policies will be justified.

reactica Faize, “standby" buttery in case

the loan for the cast of a boom, have tightened ent securities, which had been No. 1 rubber per lb. Nov. 10 book- | effect??

construction of al! refining credit to head off inflation and rising steadily since budget

the the weather is cloudy or there Cloth!

Straight away 12 should be

But there is another view that, is по electric power source facilities at Tokuyama, a framer this polley will tend to squeeze was announced on the hope that No rubber per lb. Nov. said that the fact that there holds Ahat since fallation is pri-

avullable for a light bulb. But imperial navy bank.

off any further rise in US ex-at last something drastic was to No was an autuinn budget

be done to curb inflation, dippet Spot rutiber_uptalegi at uli martly due rising prices, the

ports, the Bank declared. Spinners

this bultery a recharged by the reported some yarit has an important psychological remedy must be sought in action

sun's rays.

The Bank noted Insignificant sharply when the measures orders for Inte December antį bearing on the silation.

aimed at reducing prices. Thus January delivery on carded and It box shown Mr Butler's

in Latin America and the Far combed knitting yas

Best determination to deal with the several countries faced with

have recently similar problem

East-United Press. interests came from knittere,ndation before it reaches crisis tried to solve it by lowering

style proportions. gut

lo subjected

If this convinces

taxation. Mr Butler has adopt- changes to the same degree as foreign businessmen that theed the exact opposite policy.

who cannot operate Chancellor means lo akc all the necessary measures-10 matter how unpopular or bow Rayon grey goods sellers re- | politically embarrassing they ported softening tendencies

on may betu 3 number of constructions external value of the pound the goods cost more people will buy While the movement of goods budget will have achieved one

Broadcloths, sheetings, burgs, saleens, ducks,

binding Hund Tobacco shared in the business,

who

weavers

too far in advance.

this

the maintain

a

Will Buy Fewer

According to his

view, if

them.

demand

The law

supports

of

fower of

in the overall has been sub of Ils purposes. But it will not supply and stantial, brokers sald many achieve its main purpose unless him. But experience does hot, types of goods are still fairly it leads to a reduction in de

If prices rise people are ot plentiful.-United Press.

mand at hotne.

least as likely to rebot by usk-

New York Cotton

Market Review

By WILLIAM T. PLUNKETT

New York, Oct. 30, Cotton prices pulled in opposite directions last week, with the nearby delivorics going up while the later months kept sagging to scasonal lows.

At Friday's close the list ruted foreign production continues, it be sufficient to meet 38 points higher to 108 points would Jower, or up $1.90 to off $0.40 | epimming needs of all countries

ក

No Tubes

Eight trandstore, instead of tubes, are used in the new radio,

on

A Japanese news report claim-

agreement on the

3

Blanks crepe

ed that the "negutktors had come changes in the trade emditioris became known, qar' Logh No. 1 pale crepe

to a general

loan."

The

refinery oil proposed fiant would have a daily capa- city of 20,000 barrels.

The nows

sold that report Bazo Idemitsu, president of the The standby battery can be

Idemitsu Company, and Hanso director, wil Jonve cut in by turning a knob, and Elima, the same knob is turned to re-shortly for "Dal talka" with charge the battery with energy Bank of America officials in the from the solar cells.

US-United Press.

Admiral said it is working on

3 refinement in which the

Ing for higher wages, thus standby battery would be cut perpetuating the Indationary In automatically whenever the

ik there is the process. And

solar cells lose power, such as

the slightest suspicion that political when

SUD

forces are at play in the rise of a cloud-United Press.

will prices their reaction

[both swift and stern.

bc

And this is precisely what has happened. The increase in the

behind

Singapore

American

Spinners Stocks

Charlode, NC., OA, 30.

United Press.

MESSAGERIES MARITIMES

| PO. Box 53 Queer?'")" Buildir) TOR JUST

FAST PASSENGER/FREIGHT SERVICE "CAMBODGE" F“LAOS”

"VIETNAM"

*INDUS"

Inventories of carded cotton "MEKONG" sales yarn spinners showed a further small reduction during

Stock Market September operations, the

Singapore, Oct. 31. Brokers today quoted the

bols tax had no effect what The Bank Of England stock price.

over. Within hours of the bud- gol proposals becoming known unions representing mine work- ers, railwaymen and tobacco workers all decided to put for- ward new wage claims. And in

the reason every case

Kiven was the same: the Budget would raise the cost of living.

The Danger

Britain

The danger is, therefore, that a bale from the preceding week. two or three years hence with-

Explaining

widening the

out the importation of a single the second part of the budget price gult, traders attributed in bale of US row cotton.

will undo all the good work of dependent Armness in nearbys Effect of the supply potential the first part. For it is likely to to the Sharp reaction in the increased with an upward re- have an inflationary effect that certificated stocic-cotton avait vision of private estimates to will cancel out whatever disin- able for contract delivery and above the 10,000,000-bade mark, dalion is achieved by the re- a reljef that the heavy rate of Dr more than а million bain duction in investment, producer loan Impoundings will hood of the government tighten the supply situation Bopiomber Agire. The next But as always when

Catinate coincident with end of the peak government crop

is runs into economic difficulties it harvesting season.

for November 1. scheduled

will be the foreigner who will Considerable mid-week selling have the last word. For in the Conversely, weakness in new followed the imposition of a end everything depends on his menthe reflected per rollroad embargo oh shipments opinión aboin sterling. And that стор sistent sailing from domestic of raw cotton to

and in turn depania very largely on gina

production and foreign sources, based do warehouses over a wide section he movement of the increasing uncertainty over the south truders foured this cuts in which the wastes

factorin compel producers, who the most important

relation to thosd other coun- to cotton bite the

put

Artës, rawn to sell it in the open

The domestic price support level for next year, mod" the dubious sendes

export outibok" "for" Uk Amr inverket at realcon tavola,

collon in "face of the worldwide" lint "surplusy" pe Some quarters FATE

And this is where Mr Butler's polley is most vulnerable. Tor Gloom over the export ple- location in storage may force in holding back foron of Irali- turo deepened with the Interna- {the government to sering some tion in one direction, the Chulje | Bonal) Copilot, Adultory" Comm social, dedenásticos to 150 callor has hastkalah? the? thước mliloo Indication that, if the duetes unable to find angeptance of their breaking through with present trend of Increased, space---United Prof."

faven ·gréaber,'the'be'sit' another.

Statement

London, Oct. 30. The Bank of England state- ment for the week ended Oct. 26, reads as follows:-

Notes circulation Pubile devorits Private deposita

་

Textile Information Service reports.

sailing Nor.

palling Dec.

asiling Dec. 81st

FAST FREIGHT SERVICE

pakling Moy. 7th Bailing Dec. 9th

Spinners stocks as of Oct. 1. PENINSULAR including yarn made for future deliveries against unglled orders, pro- Opening amounted to 121° week' Balų Linture. Rubber Co.

[duction. This Ltd.

compared with ... $1.00 British Borneo Petroleum

Sept. 3 inventories equal to 1,41 Syndicate

42/04

weeks' cutput twa 184 wecke' Consolidated Tin Smeliers

¡production et the end of Septem- Ord.

29/- Fraser & Neave Ltd, Ord. 31.80 xd ber last year. Fraser & Neave Ujd.. 11⁄2

oum, pref.

book

& ORIENTAL

STEAM NAVIGATION COMPANY

R. M. S. "CHUSAN"

• Unfilled orders on spinners on Oct. 21 amourited to 11.35

and wecks' production were 0.38 times' stocks on head. This compares with orders backlogs on Sept 3 equal to $400 od 11.03 week cutput

9.10 SAILS: times stocks,

Hongkong

&

Shanghai

Government wecurities

1,765,483,335 24,402,012 10.314.047 284,238,940

Banking Corp,

$8.20

$900

Hongkong in Ltd,

Compra Lid.

$1.32

Laas Rubber Estates LaG.

$2.56

Other curtier Reggipla

31,009,100 37,323,224

Ratio

10,9

- Malayan Breweries

New Beraldah Rubber Co.

Leidi.

$3.40 xd

$1.50

United Pr.....

Petaling Tin Lea

Raftica Hotel

Bingapore Cold Storage ..

£2.45 $1.68

South British

Inmirantu

Co. Ltd.

Straits TraÁMK

$28.00 $24.50 cd

$17.50 $10.50

The Bank Of France United neses Ord.

Steamfip

Wearns. BrOW.

Statement

Paris, Oct. 30. The Bank of France stata. ment for the work ended Oct. 20prends sàl'follows: ''%

US

Total gold hojding", Total other currencies |aight balanos abroad

NKFUTANA Advance to prijaz voll buna diapothee Bilik pp66 114 marquise

Alon Current 1000lthia: Wid

"deponlik”

China Mall Speciki,

RAW COTTON

EXPORTS

New York, Oct. 30.

* flaw cotion exports by degtinge

At the end, of September Jast unfiled orders amounted year,

NOTICE TO PASSENGERS

to 6.5 weeks' pufous and were ended Oct. 1 based on statistics | BAGGAGE: of the Carded Yarn Association from approximately 1,400,000 member spindles, conuisted of 88.4. per cent Juditing and 5172 34.4 þær Getit: Metaying yarn per cent all others Unlled | Press.

1991.480 ton as reported in boles by the Exchange Rates

New York Gation Exchange for

the 1990 M to Det. 25 wap pa 2,000 | 25 MoWM!

000 Britain

Wednesday, 2nd November, at 11.00 a.m. for the UNITED KINGDOM via Stradba, Colombo, Bombay, Aden & Port Said.

Passengers are requested to sand 'ALL. BAGGAGE to the Hongkong & Kow. loom Wharf Co.'s Godown at No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Tuesday, 1st November. SPECIAL NOTE: With the exception of band packages carried by passengers... thangelyns. ALL: BAGGAGE MUSE: POSI the Wharf. Co's Godown for

on board by ship's slings

trarn should

30 am on