1955-11-07 — Page 9

NEW YORK COTTON

MARKET

REVIEW

By William T. Plunkett

New York, Nov. 6.

Cotton prices pulled in

opposite directions for the

second week

swinging over

$5 a bale,

in

11

row,

點 range of

At Frudova rkɛe the list ruled

net 37 pehla lughes le 24 permet

1

up $1 B at $1 201

bule trom the providing werk

Evening-up operationa

the government- forth C44

entráriuite of the sea by

for Turday, Nov

M

for a good part of the activity

Although election day t

'':

legal holiday it the tab of Nea York, the exchange de doct remain open fou this reprit que ku to t Live andustry To King Laterlilies

OFTIMINITO PROSPECTS

While

mor angly ng unistic rasp urepreke winged

2125 126

tead des

nnat by north

דיוֹן גּל

THE CHINA MAIL, MONDAY, NOVEMBER 7, 1955.

TRADE and

COMMERCE

SECTION

US Economy Overcomes Uncertainty

FOREIGN GOODS WILL HAVE

BIG SHARE OF

CHRISTMAS MARKETS

By JOHN MORKA

New York, Nov. 6.

An aura of contentment appears to have settled over the US economy.

many

Gone are

of the political and economic uncertainties which seemed so troublesome to many on news of President Eisenhower's illness several weeks ago.

Businessmen now continue to map huge expansion programmes, seemingly confident of the nation's growth in population and consumer demand.

Whe

Sorry

*

automation

manchastk W

Year

Brazil Coffee

Exports Up

Rio de Janeiro, Nov. 0. The Brazilian Coffee In- stituto Kindanood today that a total of 1,877,088 bags of coffee werd CX- ported from all Brasillan portą during the month of October,

This total raisen coffee export for the first four months of the coffee year, which began on July 1, to 5,857,000 aga compared to only 2,835,000 for the asang period last year-United

RESTORE US WOOL TARIFFS

LONDON MARKETS

Middle East Subdues Initial Rally

(FROM OUR OWN CORRESPONDENT)

London, Nov. 6.

The improved gold and dollar position and the sharp recovery of sterling provided the background to the London Stock Exchange rally in the middle of last week. Later, however, the Middle East out- break subdued the markets.

Business was thin and bear closing was at least partially responsible for the rally which followed the initial fall of prices.

on

On

Second thoughts

the inw

Wasto claims, kept the budget which reflection markets det for the rest of seemed less innocuous than the week. vestors had lost thought-ond nervinisne at the mounting Middle East crisis Caused shaky start,

There

Ц

They show more Bern with fast

both the third economy, however, the American market is the Temperusage Implications of joparter and nine months.

world leader, be wet and

Foreign stock prices are often Hearing out the trend towards affected by developments here. unes and sales

efficient operations, the Such a situation fehnlegues Ma

is likely to Fisse okre

Washington, Noy. 6. Bank found that the meten with wet-

improve- İcontinue, although perhaps to a

Representatives of domes- nent in dolar vervangs of these, lesser degree as (1)

the free Bane resulted

was a marked change largely from wort eronomy adjusts to new tie wool and wool yarn pro. stemming from opera-

greater dueers asked today that 1930 new account opened on Woes conditions and

in striiment however, when the (2) Come at virtually full operatjes. variation

evonomic trenda

ulting petibilite3,

howard on beha

pokephalities

Star Ind reat (18 business machine

with nerve lxhan in th

flere are some of the net per-between separate countries are tariff rates on the products. Amer julss continue at peak rentage changes of earnings for reflected in corporallon earnings, be restored rather than

thes #!

nine months of 1955, and dividends in those nations," allowing present tariffs to singsraad with 1954.

CONTRADOR WRITIN immkmends to Koema, ann 17 ily Spain and Yoguslavian daya

plentiful Jx1 w.the

tovring: People show bo signs of pulling Ogatust an expanding rate lexije sales, to prop the nearb Het uiters are looking aheat tri

months

Maney

1

prese

strings

the necrol JK1 mos!

7-8011

Spt December wel over 3314, & Protable Christmas

cents

ANTRY

pound. The FL government loan rate-to show #etar intlve reeuvery af then $15 a baje from the sensent's low of 30 43

grade cents Oct 3

01

A steady hrinkage as the stock of certificate) cotton ava i ible for start delivery, ed the speed-up in producer entries under the government loan pro Erunte, generated a Horsch part of the price-{][lng power in the neurby nonthe,

was

ul forenga imports will pre decidyapet the big share in the Yale the bonanza. culminating whid appears to have

Not Worried

h

111

Comparisons

Beverages, up 20: textiles and apparels up 88; paper and alled products, up 21: and rubber

lyres

obemical products, up 34; tron and steel, up 83; machinery, up 10: automobiles and trucks. up 56; mining and quarrying. up 44: railroads,' up" 38; tele- phone and telegraph, up 21.

There hins been in developing Interest among Ainerican in- vestors 111 the so called "foreigns" private

US invest ments abroad which rose nearly

in the first half of 1056.

10

be

be reduced.

und the

tu

(urther

Although Mr Butler had foreshadowed

01 improvement

in the gold and dollar position in his speech on

million.

Features of the inkfustrial share market during the week were the rise of paper shares on rumours of forthcoming increase in newsprint prices and netvlly

Junong steel Issues on xustry. reports of expansion in the

Monday, the on

Crossed Line

$3

Oils Buoyant

Olls were

Wednesday

buoyant market turned but

weak the next day

the Middle East

Norway Announces

New

Taxes

Ostb, Nov. 8. The

government Premier Einar Gerhardsen

of

imposed a new set of taxes on Norway's three million people yesterday in a more Expected to bring some 60,000,000 extra годет (US$8.500,000) into nation's coffers.

In

the

surprise πατο Finance Minister Mons Lid announced the changes in Parliament. They bare been introduced, informed Sources Kadd, to offret + mounting threat of inflation -caused by rising costs of living and a rash of ware demands from unions.

The most far-reaching of the new messures twe

the

per

lax

STRE

vent increase Ázs an Norwegian freight incomes from ship- ping.

The new tax, which will operate only from lo- day until July 1, 1956. Is

expected

to

nevertheless bring in an oxira 25,000,000 kronar (U8$3,500,000). — United Press.

Brainwaves Earn Big Money

Melbourne Nov. 6.

The setting up of a National Suggestion Bureau WIKI ALTIM This were strong on the price nounced in a broadcast by the Increase of the commodity, and Victorian EmployerY' Associa coppera also hardened,

Vague Feeling

United

Press

11on.

Mr S. Gilmour, the Association spokesman, spoke of valuable At the FUDO time sterling

odds:--Stock, benefits from employees' "brain- crossed the line of official parity markets all last week have waves" and of the tidy mame" with the doller for the Brst time reflected the disorderly economic collected for suggestions by since last May, indicating that climate, Industry is still boom-workers. whatever

ing. gentlemen: If you wet your He died £A40,000 paid to finger and hold it up, you will

members

General bo convinced of it. But it must staff

Motors-Holdene for production be admitted that there is a lot and efficiency ideas since 1980

"We

were he

the Morcover,"

home causing urge, added.

**that

consider budget measures

at least you seriously the necessity of a re-

having the desired effect on foreign opinion.

consternation they

They appeared during hear-

before

actual mitturm for October was markedly The US

Par better than the City had anti- on the Israel-Egypt clash with Commission

the inter 3 billion in 1954 to a total of Reciprocity Information.

Committed

cipated. The net kes of dollars is threat to departmental

Off which

was smaller bhan tase, amount of resources. 20.0 billion, and purchase of products, up 20:

pald during the month to the |are_investigating a long list of foreign stocks were stepped up products on which new reduc-

Liquidation in Johannesburg European Payments Union by

uyand the Amertenu res.

strength of sterling Exceluding Hions may be negotiated

Soon $82

were factors in the weakness whe:

Ovagy possible.

Whether or not this popularity under the General Agreements militon defence aid the starting will continue "remains tie test gadgets

on Tards and Trade.

orea's account with the dollar

of the South African gold share market. feels all over the world

aren wns, therefore, in surplus seen," Standard notes.

Mr JA, Crowder, represent- to e ture of 829 million fast In the Boston and Philadelphia menth. "Price declines

foreign rade, and iu Sone quarters worried

Textile Association more markets ne Accompanying Exports the not seem worried

National Trade Ass0- effect about efforts of gov-economic problems have damp- hout the vulnerability of

ernments elsewhere in the deal-ened

the Com- The

enthusiasm for European tition, asked both UV vrabony The strength of the Lit with

piralling indation, stocks, Future action by Ameri-miston and the Committee evonulny

Many felt this problem to be bothne- AJAJONIN

might can investors however, is likely recommend against any Hung more and more people are be mure neute abroad than in

to reflect (1) foreign prospects reductions in the tarif SPREAD WIDENS

taking for granted. There is the United States, as booming, and (2) the relative position of growing assurance that the US stuck urlees new wage demands, individual

Vital To Defence forelen equities While newby December and Government can, with its credit rising prices pose new and add!- versus American stocks as re- March were going up, the new

manipulate

difficulties bey

the tonal

for

many gards current and prospective December delivery

goling ecotuony

forestall any nations In West Europe and net returns. down The spread between the major inflationary-deflationary Asin. two posiluns wirdened to annud trend

"Although the speculativo storation of the tariff rutes im- $25 a bake commad with a

50 Tar. developments in enthusiasm of the recent boom posed by the Tariff Act of 1930 Spread of almost $17 a

Pineal of thinking today, another entries are not likely to is missing, foreign securities on wool textiles, if the woollen week age

that of many financial Institu- put

than a slight which have active markets and and worsted manufacturing that the government's

country is crimp

the favourable which offer relatively attractive dustry nti-Inflation moves ap- ཟུཛག ན Jkt

survive vronomie outlook for the

returns United

proft and/or

oppor Stutes. pear to be meeting with succisa

Some slowing down of tunities probably will continue Porter

"The textile industry of the the beam here is likely That these

the

This to be singled out for favourable United States, universally Figh level of business activity would 13. healthy It would attention here. Further growth

cognised as vital to the national same last week from the First

pave the way for greater for or private US investment in defence, is currently in a con- of New

ward strides later

The foreign securities is believed to dition of severe depression," he York

A special compilation of stock market hure

bebe in long-term prospect," sumar 749 corporate vorelage res (expected to reflect

such ports published to date gives a

Standard developments."

& Come net income of about Poors Reports said. * +71 $2,000,000,000 after taxes in the the New York third quarter, a devreuse Cotton Exelunge ist 14,845,000 per cent from the second quarter beles. The government's October but a boost of 33 per vent from estinate was 13,200,00 bades. the third quarter of 1954. Idet year's crop was 13,000,000 beles,

the

Technicians speculatest late in

week

the whether

[+]

1.ร Vaillat Intra-cip discount

öld not anticipate some of the yosebilities for a bower ment loan rate on the water op

Ioking uted to the geveen= ment

mp report on Tursday, the private su veys culged falen 14,300,000 up to 14,980,300 bale-

the avrioge Cibers

United Prize

The Toughest

Jerk

National

The

Ot

City

i

of $1

Any

more

in

on.

inay

The agency

that suggested any commitments ir: foreign stocks, should be a very small percentage of each portfolio.

testified.

of this

En-

er discomfort, 11 vegue

ZAI

that Governuntat securities regia-

The

boom is becoming a £A1,080 paid to two men uurcut.

in a paper mill for a simple Might be better to sell. tered gains of up to 128 Gd and

notion to prevent wrinkling and As for the past week, the chief Industrials to

a improved along

waste of paper. feature was undoubtedly the broad front, adding 1.8 to the gent selling of German bonds,

Brainwaves Financial Times index of in-

had saved selling at any price. Potash Victorian manufacturers dustrial ordinary shares.

per cent fell £12 10 €216 and million in ten years, he said Some of these gaine were lost the 7 per cent

£ 10 to

£238; the next day when the Middle beth have

sumu £20

A National Suggestion Bureau, East flare-up caused renewed higher carlier in the year. Young Mr Gilmour said would be a

Loan,

both essented and non-step in raising national pro- assented fell £5 and the Dawes duction art efficiency.China about £3. Japanese were most-Mail Special.

TE-

from

The influx of imports low wage foreign countries is a major cause of this depression. jalthough admittedly not the only tone. We believe that it is mani- to the national festly contrary

Noting that foreign security market trends are significant in- diesturs of important

economic Ample Opportunity nterest to adopt any govern- and political trends pulkude The | United States, and on occasion,

The average American

|mental policy which will,

even may place this industry in

Jap Competition

incorne fcar thecall the turn on events sooner | vestur," it added, "can and further jeopardy." Arst nine ponths totalled than the American market.umpic opportunities in the ST 700.000.000, an increase at 31 Standard & Poors continued: United States, he does not need per cent over the same period

in look outside for his Invest- "Because of the Importance ofments or speculation." ot 1954. Pour out of five reporting

the United States in the world Ecotrapatites registered gains over

Congressional Weekly US Textile

Battle

Washington, Nov. 6.

Chairman

James P. House

Richards of the

Foreign Affairs Committee

today said that one of the

Markets Review

New York, Nov. 6.

The reverse is moro likely. Standard notes, adding

"Nevertheless, when the tone

and

П

the

He wid the industry is DAR- ticularly

nbout Wortled threat of Japanese Import com. petition because of the "aston-

between 4shing disparity

out

of

in

NETVOUSDERS,

This, and tears of

West German

Stocks Slump

$1 Billion

|ly unchanged but Tokyo Electric and the 1980's ist around £2. Industriais closed moderately down except for a handful which showed gains of a shilling or

more.

Troubles in the Middle East Iowered the shares of National Bank of Eppt £4 to £20%- lowest for the year is £20- whlet Bank of the Middle East lost a shilling to 349, its 1955 low.

STRIKE PAY

FOR 1954 .

London, Nov. 6. British trade unions laid out £483,000 in strike pay to their members last year the highest

strike the general were active and highly since

of 1926.

The Communist-led Electrical Trades Union paid out more than any other" union--£191,- 000.--Reuter,

Olls Frankfurt, Nov. 6. West German

stockslar. Royal Dutch roso £2 to £37 and Shell is to 120s Od slumped more than

one but other lenders lost-British billlön dollars in the past Petroleumi down Ds Ed and two months

labour Burmah down 35 dd. As troubles and fears of in- dustrial over-expansion shook public confidence in and booming Industrials

A NEW COMPANY?

other securities, the Rhein- A

of economic dispatches, from wage costs and theirs." whole group of countries

execu- Mr Edwin Wilkinson, changes from glowing

the Vice-President en- tive thusiasm to worried criticism the National Association of Wool

This Manufacturers, sirid 29 SHO matter deserves attention. may be only a temporary phase, ciation sincerely endorses proper but if the economic diffleuitles effort to stimulate world trade,

the more cautious aro ex-but addedł tended, the International re- "At the same time we oppose percussions could be quite sub-not only further reductions

the dulles on wool yarNS, for Main Bank reported today. example, but also argue that the duty should be increased

Approximately 4,400,000,000 other measures taken in the marks in security values were national interest to avert further written off during that period contmelion in cur spinning plant as the market tumbled from its resulting in part from unfair highest postwar stand on Aug. competition from abroad." -- 31. Stocka dropped an average of United Press.

17.8 per cent in value during that time, the Bank added.

Indications

that WCIO

Cotton goods sellers last week said the stantial.-United Press. toughest congressional buying movement, under way for a month is or more, picked up in scope and speed

battles now shaping up

over efforts to impose quotas during the week when consumers found The Bank Of England) | supplies tightening on a longer list of

and higher fariffs on im- ports.

at constructions.

President

He said the issue strikes the foundations Eisenhower'n foreign policy.

uf

Statement

London, Nov. 6.

The Bank of England state-

2, rend ng follows:

Mill executives, reporting an extra-heavy extile interesa-presed by backlog of orders on print cloths, compared the ment for the week ended Nov. current delivery situation with that of the period flexible following the outbreak of hostilities in Korea,

OWI

district to impose restrictions on Japanese textile imports, said. however, the present

arrangement must

tarifT

maintained.

got

be

Kole in circulation Pubito deposita Private depostin Government securities other securities Receipts Fatia

Print cloth yarn fabrics, ca- Imarket lebicing for nearby goods. pecially 110 bellwether 80-This additional inquiry has acted US industry, which is build- squaro four-yard number, have to tighten the situation even ing up surpluses has

pivotal to been the

point of noro,

Spitinere also reported an ex- sizobio and

yom demarks. A high tarif policy. "That's where volume of buying in osmmburgs, panding Eisenhower is right," he sold. bag sheetings,

wide Industriai | number.

sell abroad, he said, but crunt, strength, But now the mills

do so by reverting to the old report "dendy

of salta yarn spinners

or

the

Singapore Rubber stump may be picking up speed.

Market

Sterling 1,770,270,670

Singapore, Nov. 6. 17,160,072

The market steadied on better 310,643,000 208,014,204 overkas advices with good

32,033,750 tumover, Futures: 32,310,079

7.3 No. 1 rubber per Ib. Nov, 11412-11495 Dec. 113-118% Jan, unquoted No. 2 rubber per ib. Nov., 113-114 No. 3 rubber per lb. Nov. 112-113 No. 4 rubber per lb. Nov, 107-200 Spot rubber unbeled 11455-114%

128-129 "United Press..

United Press,

"If they don't give and take. sheetings, drills, twilla, luck have been forced to turn down The Bank Of France repe

they're crazy."

food

substantial

orders because of

J

*Statement

ck-the, drapery and other fabrics inability to meet delivery dates. If quotas are imposed on one Some users, who have been High

of nearby cotton, itern, "all the lobbles will get holding back expecting a

lila d

minimum wage together, and the first thing you' of second-hand offerings, have rates, are expected to keep yarn

Paris, Nov. d. know were going to revert been caught short. These frame, prices Higher, opinners cisimod,

The Dark of Francs statement the oid cuthroat stuff." Me keeping a, side glanco on

the

Hard fibres textured- wondentsa for the week ended, Oct. 27, Richards said.

sagging raw cotion market, apsin sisals while burlap and hemp ronda as follows:

the buying holl steady. British US industry already has pro-parently regarded

African alan settled to lowor unfrir foron movement as a "Beth in the pan competition in "peril boine and and bankod on resales when the prices for the sixth, wook in a Thal gold held, 201

hehuying flurry passed. anti-dumping

row as buyer's remained with-otal other currencies provisions,

in EPU

Boy Fund

tection against

mafci,

Mr Nichords spearheadedl

Combing Market.

drawn.

East

*

No, I palo crepe

US RAW COTTON

EXPORTS

Last Wednesday, stocks dropped 300,000,000 marks in value on a shortly single day. This was after Ruhr Labour troubles reached a peak and one of West Germany's biggest automobile producers announcest production cutbacks of 12 and 20 per cent because of "export difcuflies."

CAPITAL INCREASE:

West German securities, SomG of which Have trebled in valud sirico the currency. reform · in 1948,

1 1,800,000,000 marica higher than at the end of 1904, but at least half of this

Wis

be attributed to increase in

in capitalisation,

The stock values drop TO- flocted Mhe general uncertainty New York, Nora 0:

In Flowk cotton exporta by of the industrial picture

Titė big metal workers tingo. the New York Cotton Ex-union is demanding by

pub- 10,862,291,000

destination re reported in bales booming Test Gorman of this phiangh for the 1935-56 season to stantial wage boost and tieren 2,000 Nov. 3 were as follows:

Mening to strike, the minera era dinentisfied with a wize contract they signed......... onlý - nỹ year - ogo, 158945 and piter unions, meni: complaine ing, about cost of lying and [koutarditist" bontalde, ** United

Prets

30,741 ILOUT Orignaler Peter - 19,701.

· balance shroud)

22073,800,000,000 |--Continental

Name Periba “Natal for seasons

emokuding fintars

In rayon gay goods, now 'Adymes to Blabili | business · devolopodiat: my male ratal bills discounted foreign policy legislation through But since thia failed to routine pads; although: printers wank note in circulab The House under Both Presidiarili | happeny brokers unida the did show some interest frequlak ilimia ONLINE ATTIP) Truman and Kleonhower United laggard buere hiyo been sepy-, delivőriós of Acétato til/ Prom

ing tmeady, arid and corbing the" United Press,

Mo Cherent mooounts and

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