1955-11-21 — Page 9

THE CHINA MAIL, MONDAY, NOVEMBER 21, 1955.

TRADE and COMMERCE SECTION

Page 9.

US Economic Expansion Likely LONDON STOCKS

To Continue

}

BUT MORE LIBERAL FOREIGN TRADE POLICY IS URGED

By JOHN MORKA

New York, Nov. 20.

The business spotlight turned last week on oil, rubber and foreign trade.

Thousands of business leaders in these fields assemblød in convention last week heard generally optimistic forecasts heralding new visits of production and economic growth on national as well as international levels.

in New York, interest velitred of pushing through quola Tegle-

on the National Trade Convene (lation through Congress, tion, where some 2,400

gales participated

in a three-, fin relief to the US Tariff Com-

soon for possible new

day and of theus REITIN torrign trade,

however,

me disturbed The prensional oral

ADVANCE

HONGKONG Austria Should Increase -BUT QUIETLY

STOCK EXCHANGE

Trade

With East

By C. T. HALLINAN

London, Nov. 20. Vienna, Nov. 20,

Another one of those crazy weeks, markets Directives given to Austrian businessmen at advancing without enthusiasm. The Financial a "Foreign Trade Meeting on Eastern Europe," Times index of leading industrials rose three full ¡From Our Correspondent) held here recently, were to continue their efforts points to 190.4 and the index of government Business done on the Hong-to gain any possible advantage from the exchange securities rose a full point to 90. These are very

Stock Exchange this Morning mounted to $550,000. of goods with the Eastern European bloc, but not substantial gains. Come on, everybody, one-two- Noon quotallone and the to have any exaggerated expectations, and above three cheers--not a peep..

all not to risk anything.

It is possible that the buying is virtually all The official trade representatives of Austria institutional-buying by the

pension in the countries of the Eastern bloc assembled in funds which collectively now collect several Vienna for this meeting to inform importers and millions sterling per week. And it is also possible exporters about the possibilities for an increase in that Mr Butler's warnings-repeated two or three East-West European trade.

times every week-that things are going to be

morning's transactions;

SHADES BUYERA SELLERS SALES

BANKA

BR BAK

INSURANCES

Unkn Lombard

DOCKS ETC

K Wharf

Dock

Wterlock

1070

1 or 1070

030 820

03

to

27 201

$9.000 1,000

numerous

These experts have, over some, countries, goods which so far very disagreeable in the near future have at last 8.85 years, collected wide experience had to be bought for dollars, sunk in.

on of Eastern European markets. in cash.

For them "trade with the Enst" Nevertheless, the experts be-

LAND. ETU

Fl+

1 **BANK

WOO TATO.

that i by

UK Hotel

Ik and

#

dele urged the blouse makers to turn

Yet serious I reverences for Indance, tarif Dcreases under The excupe

. บ

Humplires Realty Xb

RUBBER

77 30 $700

1213

1075

the

20 40

A

Trukt

UTILITIES

Team

Rubber 1 775 1.05 20,000 /

22

Inve-truent and striebon taxation problems and economie in Hey.

*They heard

President

Ple-a

Eisenhower

from

From asking Hovernment dent of

them

to join the programme in promgting no ex-Tribune.

Concessions

Postrehve applica-

Clans of the Buy American Act which contradict

national philosophy of expandin world trade.

competition

non-discriminator

by

Mr Ogden Reid, Proxi-

the New York Herald.

cathe a plea for panded and more liberal inter- "broader pusat of view" national trade as being In the member nations of GATT in ex

Y5L83ch and national terest

the tending

571

interest of American allies

This theme was echoed

Tariff

to

rket stongly the lower- part with varying emphasis by ring of US Briffs where not in- other speakers

consistent with national defence on which the US re- Neveles cently rosed

duties "presum

in point."

Strong Appeals

Jably wrw at a

he sand

case

of

and which Your Rovernment and people are dedicated." Under

Buy American Act.

Havernmeni preference agencies

10 stive American ems on contract bids

Mr Brosa suld there devin- tions from proclamed American pality of reducing trade barriers "even if they might be called episodical, constitute

neverthe- less a tharent be a normal and satisfactory few of business be- tween this country and Europe." Rubber Supplies

former

trans-

British Government stocks

1.9 not a political propaganda leve that the additional legal

rise Ute Flogan but an economic reality, trade with the Communist bloc have enjoyed a brig

stock and disadvant- I will still not reach the extentransport nationalisation advantages

has risen 25s, old Consols and ages of which have to be care of the

Illegal fully considered.

actions by the Russians. Thoy War Loan 20s and most other long-daleds by shillings and In 1937, some 27.5 per cent of said that the Austrian Importers

shillings. Austria's total exports went to would have to be more critical

Among the blue chips buyers Hungary, 180 Poland,

Rumania, of prices, quality and presenta of Ford Motors and Rolls-Royce Bulgaria, Czechoslovakia andtion of goods from the East

have had to pay some 4s more the Soviet Union. About 31.8 European countries than

were while Unilever

and Associated per cent of Austria's total Im the Soviet Importers.

Electrics have risen 3 shillings The volume of Imports must and plenty of others were up a ports came from these countries.

continue to regulate the extent shilling or more. of Austrin's total trade with the In 1954, the share of the Easern blog, the experts Ensturn

countries, plained. Еигореан

Austria cannot afford the Soviet Zone of to export to the East goods including Germany. In Austrian was only 7.7 per cent.

27 50 23 10 1000 + 22.70 100 M 22.80 1000 m 22,5U

Younati Ferry 105 100 100 105

V. Lig 101 22

[ { 1.000 it za

C. Light (N) 10:30 10,70 Retrie

5011⁄2 4014 1,000 12 391) 32

33

Telephone

INDUSTRIALS

Viment

3416

35 1,000 ve 34

No Golden Age

of

Oils Irregular

Oils were irregular all week. of the most

145 gained

eccentric--Analty

Singapore

Stock Market

Singapore, Nov. 21. Brokers today quoted the fol- towing stock prices:

export greater value than those which Royal Dutch-one

In the she can buy from the Eust or

and Shell 56.

Quilo a

gold

Hongkong Tin Lad. shares developed this week-Kempas Ltd. the first real break they have Lunas Rubber had in several months. Anglo

rat half of 1855, it was only 7 per cent. At the same time, 1.000 34.70 the share in Imports decreased to 7.0 and 7.7 per cent respec- tively.

STORES

Dairy Watson

ETC

11 00

1.

Craw forsl

11.000 g 10.80 14 30%

COTTONS

Textile Corp. 0.30 6.60 MISCELLANEOUS

Yangtare Allied

31% 0.05 300 10,000

3.00

0.55

WEEKLY

N.Y. COTTON

golden

at any rate, the trade debts of the Eastern bloc must be kept within certain limita

Impossible

demand

for

Opening

Batu Lintang Rubber Co.

Lid

$1.00

British Borneo Petroleum

Syndicato

42/6

Consolidated Tin @melters

Ord.

29/-

Fraser Neave Ltd. Ord. $1.73 Fraser & Neave 71% cum.

pret

$8.00

Hongkong

Banking Corp.

$595

7/8d

21.60

$3.95

Milayan Breweries

Now Serendah Rubber

144.

$3.45

Singapore Cold Storage

$1.72*

Insuranco

$27.50

$24.00

the 0%

and

this

Straits Bleanthip United Engineers Ord," Woare Bros.

***** $3.06 *ed-China Mínil Specia),

$10.00

de-

Petaling Tin Lid,

Nanies Hotel

South British

Co. Ltd.

The conclusion of the Aus- It would also be impossible American hestrated the Arian

Staic Treaty and the to liberalise imports from the mand with a riso at 7s 6d. future neutral Ktatua

of the East according to the pattern of Coppers were also strong with country does not yet mean, asliberalization in the Western rises of 48 and 39.

Last week Continentals were one of the Austrian trade dele-world. Austria cannot afford to gates said, "the beginning of the have her noch while her own two German Polash 7 per cent Straits Treding

market flooded!

with apparently heavy sellers of the age in trade with the Eastern

countries East."

These exparts did, however, meln curtailed because of the per cent 12 sterling to 249 In general predlet an increase rigidly planned economy of the 228 sterling, respectively:

the mutual exchange of Communist nations,

has brought them back to where goods - with the Euptern states.” The experts rednimelided the they were at the beginning of The

new opportunities, they continuation of efforts to win the month-United PreM. odded, should be fully utilised new markets in Eastern Europe

in

There were strong appeals for promoting trade with Western

A tep US Government of al Europe, Asia and Latin America

also emphasised importance from a number of speakers

imports in US exporters hope to United Increase their exports abroad At a time when the Slates is bending every effort to Foreign nations, saidi Under-

Meanwhile, also in New York, gel

14 countries to give Japan Secretary

State Henry F.

some 200 rubber manufacturers the same

International trading Holland can buy only insofar as

were told that rubber supplies to pay privileges they now grant other they have the dollars

will be ample to 1980. Shuurp countries under the General for such purchases. In a direct

rubber pro- Agreement on Tariffs and Trade, reference to Latin-Amerien-the Kains in synthetic

duction over the next five years Japanese Ambassador Sodeo largest market for US goods

will prevent any shortages, for Igucht took sharp laste with Holland said that a serious cut-

at least the next five years. In- growing demand's by

back in US imports from sume

that dustry lenders forecast a 27 per American Intereats for new 10- area, could mean "economic and

cent increase in synthetle rubber strictions on Javanese importa to political chuce" for some nations.

capacity and a gain of more the United States,

Most outspoken proponent for than 40 per cent in 1950, and

Republican a freer trade was

natural rubber production is Governor Thodore McKeldin of expected to Increase only 4 per Maryland, who said that the cent. Mr J, Ward Keener, Vice- "high so-called protective tariff President of the B. F. Goodrich on imported goods is the mout C, said that the expected rise and drawbridge of international in would use of synthetic rub- commerce, and is just about as he can stop the roller coaster effective or ineffective ITT The rides on which cride rubber promotion of today's prosperity

taking By William T. Plunkett mercial have been Isperulators as would be the ditch and mov able spss of the Middle Ages

New York, Nov, 20. in the wrging of wor."

Dr W.E. Cake, Vice-President

Cotton traders last week As the Japanese Ambassador He called for an

Rubber immediate of the United States

watched the futures market spoke:

only a few short streets review of President Eisenhower's Company, reviewed the output away, the American blouse In- decision last year imposing a 50 potential of natural rubber pro- work up irregularly to the

imducing countries in South-east highest price since dustry made strong demands for per cent duty increase on

Asia and elsewhere in the quolas un Japanese blouse imports of cerlain Swiss watches, ports. Congressman Francis Italian Ambassador Manioworld. Or the 114 million acres

acknowledging Walter.

theBrosin said that closer economie planted in natural rubber,

comes threat of Japanese blouse

and ultimately im-co-operation

per cent of the rubber

Of from the Far East.

that poria, discounted the possibility integration would help Europe.

amount 70 per cent comes from

countries. two

Malaya and Indonesia.

He said Japan hopes that by quality controls and other ex- port controls, it will not dis- turb American markets He emphasised that Japan WIN as the second only to Canada best customer of the United States. And he insisted Japa

as a democratic very existence mallon is endangered unless she Is able to And suflets for products.

her

N.Y. Stock Market

At Near Peak

By ELMER C. WALZER

New York, Nov. 18.

54

about 850,000 long tons per year

Stocks climbed back toward their bull by 1960. market highs last week, and the industrial average all but made a new top.

It came within seven cents of the record high set on Sept. 23, the session before President Eisenhower's illness.

REVIEW

summer.

some

exports to those

resome 13 sterling and

al

tile

trade

Singapore Rubber

Market

to combat the unfavourable while maintaining trade relo-

the which tions with

West Austrian trade balance, Is expected to reach the enor= | present level. mous deficit of

4,000 Austria's foreign million #chillings (over | balance, they declared, is so bad £55,000,000 sterling) by the that everything bosilble must

Singapore, Nov. 20. end of this year.

be tried to improve it even if The market was rather Uxt- All speakers at the Vienna tho result expected is com-certain and nervous on Satur- mecting stressed, however, that paratively small. — China Mail day. Future closings were: the expansion Austria's com- Special,

No. 1 rubber per lb. Dec. 1234-124 relations with the Eastern bloc must under no cir- affect cumstances unfavourably her existing trade

with Western Europe.

Eastern

If Austria curtailed her trade with the West, for the sake of

the mid- more trade with

European countries, there would be a danger of her foreign trade system becoming too dependent on the Communist bloc.

Boycott Danger

Tho Impact of extra-heavy producer impoundings under the kan plus covering governmen!

While

Prospects Raised

S.

when the

On last Buncay day, Nov. 3 treaty which

'government, report

came

#

WEEKLY

TEXTILE

MARKET

REVIEW

:

in December before first notice An import or export boycott by the Communist day on Wednesday and the ex-onforced parting rate of activity in the states some day for economic or bextile market, generated price-even political reasons would in Malaya, he said, because of its

New York, Nóv. 20. circumstances Dut the "enlightened replanting pro-lifting power from three diroe-

New business in grey and entire Austrion foreign trade gramme," will register a "modest | Lions.

production gain" over present

At Friday's close the list auled system into a difault situation finished cotton goods de. which they would have veloped at a faster pace this between now and 1860. Because 41 to 157 points-$2.05 to $7.85 from of the uncertain political situa-n balo higher than the preceding trouble to escape.

Therefore, tho Austrian week in the Worth Street tion and the present investment climate, Dr Cake said that In-

nearby December foreign trade experts stressed trade. donesian

week of The production crossed well beyond rubber

the 34 that more exports and imports

Afth straight

Inquiries revealed would decline from Its 1950 delivery-for the first time since to and from Easter Europe broadening

becoming KITC peak of 800.000 long tons to lust August, the July delivery must only be additional exports buyers were

anxious to cover as they noted last of the 1954-65 crop season and Imports.

The realistle hope for pushed ahead with tüdependent

an tightening situation on goods determination.

of trade expansion

between for nearby delivery on an cross- Rubber Hoard

Austria and the Eastern bloethe-go basis. mainly countries is based

on The stock market recovery, Meanwhile, Mc Arthur

two factors:

plug steadier raw cotton prices, Flemming, director of the Office

1. The Austro-Soviet trade and the anticipation that textile of Defence Mobilisation, mini-

into mills will be forced to raise mised the possibility that the raised the crop prospect to near force in October and envisages selling schedules to offset highe United States would sell * 10,000,000 bales, the July delivery an exchange of goods worth wages and other increased pro- part of its rubber hoard in the gold et a discount of a little 50,000,000 dollars a year; and

duction costs, all acted to shape car future,

of all market sentiment. more than four cents a pound 2. The desire now Then the market backed down loading dipped on the week but Many US interests have been under the average loan of 331⁄2 Communist countries legally Converters sald Bnished goods moderately, Influenced to some were sharply higher than a year urging" such

a programme 10 cents 0 pound for middling to buy from and sell to Austria being sold now are about three- extent by firming money rates ago.

counter rising prices for natural 15/16 inch Cottori On last all those goods which they have quarter cent a yard behind re- which included a rise in the re- Several stocks made wide rubber,

With, the in- work's rise the discount had been so far bought and sold Ulegally placement costs. discount rate in some regional gains, Johna-Manville

their creased volume of spies at the banks.

He pointed out that under US narrowed to about 14 cents a through the Soviets in

The Austrian occupation zone.

retail level, brokers felt a good

discount The rise in the rate had been on a stock split. Woodward Ironstockpiling regulations once rub-pound,

would be December contracts

trada representatives part of the mean-Austrian anticipated and hence

critical materials twas gained 7, US Gypsum 6. Union be or other

clearly narrowed before too long. believed to have furnished an Prelac 0, Zenith 5. Visking

are placed in the stockpile, they while looked up to the 344 cent reported that they saw

of trado

BELLWETHER to show a cumulative re-in the latest lists excuse to sell stock rather than 44. Clark Equipment 64. cannot be used for the relief of line

wishes presented to them by

Print cloth yarn

fabrics con- any other market influence. Philipps-Jones 24, and Inter-the civilian economy.

covery of 282 points$14,10 a bale-from tho serson's low the Eastern European countrica tinued to bo the

market bella In San Francisco, delegates to national Paper 5%.

commercial authorities, that wether,

but there also has been the annual meeting of the made last Oct. 3.

contained chiefly thore a sustained increase in the sales American Petroleum Institutu,

Spot manthuction in the goods Strong Spot

which the Soviet UBIA on twills, drills, banaburg's and The not result for the week

heard forecasts predicting that

with a wendy

Austria has wide Industrial was d rise all around-large for

fabrics. The out of the basic 80-QUATU

four yard sold Indurkiols and amall for the Sears Roebuck put on a good demand for fuels by 1975 would cortilented stocks. Cotton avall trust in Eastern

be double that of present,

blo

for delivery on contract was smuggled into other major.

Trading show in several sessions, I sold

to a new high of 20% conta groups.

years of averaged 2.488,011 shares daily, exdividend, and netted rise of team and natural gas industries now low for 1000 me, who the

Meanwhile, It was felt, petro whittled down to 5,800 bales, a country during the

Occupation. and com-

a yord. However, buyer need- against a daily average of 8 points on the week,

bright future pared with 02,000.

Some Advantageing top quality goods for im 2,337,847 fpst week.

Chrysler was a strong spot too face a continued

Es sources of the nation's power season operet on Aug. 1.

This desire of the Eastern mediale use have put up to 324 the and it gained 44 points. Gen-

Denta yard. On dril At the close on Friday,

drill construc that even in the experts sald

Traders and it will be interestsstelle states to buy Austrian industrial average stood at 482.91 eral Motors, most active stock on yon 2,000, twice.

tions much elec-Ing to reɑ how much if any, of goods la of some advantago to buyers paid firm prices for up 6.37 points on the week; rall, the Board was up 1% on

the

for shipment in the tric power will come from con- the certificated stock will be Austria because it will enable goods 100.00, 0.48; utilities, 04.89, week, General Electric, respond-ventional fuels from nuclear tendered. Open contracts in the formerly Soviet administers cond quarter of next year.

Spinmars

reported December as the week closed od USIA plants to continge de

liveries to their Torner steadily improving call for card- entries into the loan customers in the East blog on a od wewylog and induritia

farms. hosis. These plante will A one-cont a pound increase in for the week ended Nov. 11 Tepal her

belge, reached 450,936

the largest

thus be relieved of economic the price of colton sale ́yérn for any work thin botabelulties, because they would expect to be an accomplisited

The Consdes: Burgos Toportad kasal be lijm domestic consumption of raw Wanted Baa polton Quirion October totaled

Net Result

featured the leaders by rising nine points

out Southern Railway stood

splits with a not lose of five › points. International Bait declined near- only 3 points. International Busi- the bright aldo, notably in the noss Machines lost 4.

o rise early in the ing to a higher dividend, gained power United Press. up 0.51, week reflected a further dove-34 points. Increased dividends lopment of and

Several

stock and high earnings figures.

Bustrious news continued

In

Exchange Rates

ד. י

poincided

182,006-running bales ourpacked

auto industry where the 0,000,-

the coppers

Bumem was done in the local Kennecott

{unoffisial axallándo bbcket 000th vetlicle of 1905 left the gained, 2% while Phelps Dodge morning at The clowkn

fost 24, Suparier Oil of Call-U9. dollar (per $11 ossembly to.

Other Ihes' moved higher or ¡fornia was fairly active for that | Bierling, notam, ipari held theady at their nights. Totalt | Loutre, it gained 20 points on the Australian notes trade run at a Novedber rate of wook to clo 16.8. Billion, 4 record : high. Car Pr

Indonesian rupiah'

kime period doat yest måUnited

wh

700,930,' bales - used in the

at $820 United Bium teala (per 100)

20,00

BiNSADÓ. (Stra{bo)

1.79

to

or

་

[compots; in-- Sect within ten days to two European markets wacks Philadelphia dealers 29

gle oukiased equipe ported Currant prices are firm (SEMENTARA NOVA de trodées -Andi. (more, interesi krv othic, bandy, Austria bugilog for delivery in the fimi.

on a compensatibri quarter of the now year-United

from the Eastern

12115-12174

No.

Jam Feb. rubber per to. Dec.

unquoted

120-121

No. 3

No, 4

Spot rubber unbaled

No, pair čreze

Blanket crepe

£1835-17033 113-114 12734-1294 0014-100 135-130

-United Press,

US RAW COTTON

Raw

EXPORTS

The Bank Of England Statement

London, Nov. 20.

The Bank of England state- ment for the week ended Nov.

18, reads as follows:

Note in circulation

Pubile deposils

Private deposits Gavernment securities Other securities Receipts

Ratio

Sterling

1,777,218,008

16.241.878

317,328.708

296.189,954

31,240,300

2:5,030,05€

United Press.

The Bank Of France

Statement

Paris, Nov, 20.

stala. The Bank of France ment for the week ended Nov.

New York, Nov, 20. cotton exports by 19, reads as follows:

destination as reported in bales

| Total other currencies

by the New York Cotton Ex-Total gold holding..... change for the 1955-56 season to Nov. 15 were as follows:

Britain

Orient

Conureni

Салаба

35.650

138,560

200,209

40,478

447,047

Total for season" Same period last year. 923,000

excluding illusters.

A

-United PirES.

Sight balance abroad

In EPU

tion. Juna

Advance to Stabilim

Frano 201,281,301,462 10,843,045,056

200,000,000,000

2105.600.000.000

Total bilin discounted 1,982,257,634,109 Bank note in circula.

tion

.................................. 2,706,814.903,350

Current accounts and

deposita

119,127,791,329. United Press.

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