1955-11-28 — Page 9

TRADE

THE CHINA MAIL, MONDAY, NOVEMBER 28, 1955.

and

COMMERCE

WEEKLY AMERICAN ECONOMY

N.Y. COTTON

By William T. Plunkett

REVIEW Increased Borrowing Rate

May Act As Brake On Inflation Fears

Now York, Nov. 27. Cotton futuros climaxed a week of gradually rising prices with a spirited rally op the last day of the week.

New crop monthe kod the nal pewing. deriving HK- mentum on the upside

buyers became impressed.

when

the growing agitation le mans- fake righ le supports next year.

AL Friday's close Juried

10

5 to 31 points 23 certs

$ 55

hule higher

The prevedlang week.

'I'he

afebate

ONL

sex

verpum igid high price supports along with stubulliy in the De- pembe delivery, in the fare o light tenders. arse! the extra heavy rate of producer umgrand trags under the government Jam combined to modify the aspect of a grand-sized crop. azred

# fog-beats w

stat.sticas setualian Tradera sad

By JOHN MORKA

New York, Nov. 27.

Some types of credit turned costlier last week as a sequel to the discount rate rise imposed by the Federal Reserve Board.

The "Fed" increased the interest rate banks must pay to borrow from the Reserve from 21 per cent to 21⁄2 per cent. By making money harder to borrow, the government hopes to put a brake on what it fears is a growing inflation.

ti

WEEKLY

TEXTILE MARKETS

New York, Nov. 27. Cotton goods traders re- ported a business pause this week. The first break in a long period of activity.

But the slow-down was pltri- buted more to the Thanksgiving holiday interruption and the

fact that buyers have been And- it harder to get delivery on long list of constructions this side of the new year.

il

Brokers said the mills stil! huld perhand

control und pressed to write new business ni Majo

Anance Compantes porautis

relivity ment, raih od cor builders, heavy higher prices in order to com- buchas the l rale

- rather than at the stock maritet ink fabrications, and applianes,pensate for higher wage rates nereal paper by fractions A. [*pecillastly Wall Staveler, it Forecast: Steel production will (to be paid next year as well as 2nd open market dealers.

This th held, would

Father reách or exceed 116 millon Angel other Increased production costs. US

The basic 80-square four-yard, Ticasty meanwhile per operat IN

atur sphere of tons this year. But despite this, Luniness single rate- 2.44 ver cont

Cuboru .. thau producers have been unable to print, which has become 112- to its builtering Other types

amate wheres.. vem-cut back on their bucklogs. The creasingly source this side of O

showed firme: mvat is trying to pin business result: Heavy tomakes of February, moved

to 20% a yard on Standard contmar tu activity a banks

danuned-up demand going into renta Shu mung palvet, vetest in giant-

a new high for the year. Huber schedules also were the role for Elsewhere it both consumer and busines

rondetoths, sheeling, osnaburgs and a number of wide industrial fubries

"

114 pct.

However AgrænBure Sectel-

At Bensin sed et g

and int, PUN

90 per cent tippen. mated co...de l

ard!

Thr

given to woul conservation inventa e pevnens fa disetting

crops to grás, amid forage

Kscount zude Dansst nas hai

aligible effect on the muva- Gent vf security prices, however

Man market showed Altbrigh some arestances.

T

Then agrok, en 1oking ahead, mum sem gercally string he haviour perf met baker

Tay

F

hetwyn Thokage DS December 31

vitei

slam konge. "

Toad to signs of

elf manti 14 supply by p and round.

1950.

btom that

the

There so further statistical

US pivot the |¡wesum ble bark grounded

government's recent steffagionata

Fooves

The

Feel 1R€, -༈༤༣, ༈ Band, in

dispost last week,

Jap News Welcomed

News of Japan's deelston

was

SECTION

Page

American Sugar| LONDON STOCK.

Distribution MARKETS

7.000.000 short

Wanhlorten. Nov. 27. Supar distribution of the United Statesmaliland topped tahs last week and stood 300,000

tons ahead of the Nov. 19 gure' fór 1954. According to latest Agricul ture Department'statistiek. Deliveries totalled 140,000 tons-United Press.

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

QUIET

By C. T. HALLINAN

London, Nov. 27.

Stock markets have had week ending November 26.

a rather subdued

1

int

Hike

New

A. ! a week

Issues known to be popular American end-year selling in New York. What looked expected

start selling last minute buying from prompted by the desire to York lifted Bowater Paper As, absorb certain amount of stock Unilever 3s d and Great Uni- market losses in order to reduce versal Stores more than 2s. On the harsh income tax on their the other hand, what seemed 1955 stock market profils. In moderate selling towered Rolls December last year this knock Royee 2s and many others, in- ed the industrial average down eluding Imperial Chemicals,

some 3 points but this selling Ford Motors, du Havilland was in the midst of a strong about Is. bull market and as soon as the It was a bullish week for oils, selling seemed to be over, Brifting Royal Dutch £4 to

tish buying rushed in, 18lng the £63, Just under the 1955 peak industrial average a Kond of £31; taking point here is points in the last three weeks the market belief that the high- of the month.

ly expensive shares will shortly be split into smaller imite Transport eruing to a larger public. Shell Petroleum 4s and Burmah 38.- gained Ts, British United Press.

B. Back in July Mr But, Business done on the Hongler directed the pension funds kong Stock Exchange this for the nationalised Industries, morning amounted to $200,000. such as the Coal Board. to in- Noon quotations and the vest their incoming funds in morning's transations:

their own industry and not in SHARES BUYERS SELLERS SALES misses this type of buying.

the stock market; the markel

DANKS

HK Bank

INSURANCES

Untum

Lombard

**

(50

H$24 4401

$12.50

4 BIO

Vndlerwriters

Ama

K. Whart

Dock

to

of firmness jets as the Tron Age weekly said that the nat m's output obat entton textile exports to the Fabre at the week. een red li The December desitjaciu) Assites. Delce movements viscribes

gods and services this year will United States Jivery Covering in the tace

in the whole were largely 1,es, dating,

w record of 387 tall. but industry spokesmen a low defumy only

1054. per cunt gain over

354 skeptical, with one commentator Tied the sport insta

But the Board noted, priev ad-supposing the "Jupanicso vance since the midie af this "pulling a lull over the Ameri-

miferest

hollers colo

1. 34 38

¿

$140

cente a pound, establishing premtum of 88 points, of

a bule, ovey the current average

government for t

conta a pound fo, ao, ht

inch cotton

Bales

Not Lifting Margins

will

A survey by in Ago ahows that in the meat low years, the

expaud duty capacity by about 10 million tons. This will cost about $3,000,000,-

#W!

Seven

DOCKS ETC

CLE

27.70 20 20

Provident 021 14 40 14 60 Wheelock

1

P 100) 27 3

17 40 17.00 1000 174,

welcomed.

LANO, ETU

were

аге

IK Hotel HK Land

Humple Healty

10 01

Fits:

33

120.

20 1.0.3 TPO

1 year have been a more important can textile workers' protest and

factor in the rise than etrier industry opposition just before HUDDER At first this

rise was confined Congress Kela rendy Part I the expansion of a generally to materials, but lately laws on quotas will havs Come

from higher it spread to finished materials goods. prave - possibly

early in

also

33

.15/10

carlier DAN

tell erpetcled mus

does not in the the my hate fizture contemplate requirements. pceut level on purchases was feared Observes In the week. stres that the element of

steci 1830

Increase

The premian apparently tracted inore cotton for certifen- 1100

possible delivery.

arki

ויי

Nothing But Woe For Steel User

The steel consumat cat lo forward to thing but we"

On

to muke Japanese

A. Rubber Truel

UTILITIES

Wholesale prices of in- Leon Lawenstein, Chairman, dustrial commodities have ad-M. Lowenstein & Sons, proposed vanced considerably since mi-ar American and Japanese ad- year and averaged 4 per cent Visory committee to work outl higher than a year ago la mid-calendar year quotas subject to

revision three months prior

is

traders thought The contract price rather than any majo; stock reg te 4,382, u merenseney muve by the government

past, will have the greater effect on svemity prices henceforth

ut over 800 bules on the week

The get interest in Decem- ber an the week chued approxi mated 240,000 bales

HUI-

Reviewing the supply picture. the Department

of Agriculture estimated the end-seaNOTI plus next August 1 will reach 14,000,000 bales, on almost three million bales more than WIN carried over inle the present season.

Current figures show govern- ment holdings on tive 1955 loun ut 2,895,034 bules plus 1,848,380 bales taken over from the 1954 Jon programme United Press

Indian Govt Discussing

US Scheme

New Delhi, Nov. 23.

Mr C. D. Deshmukh, sald here that be expected a

The Indian Finance Minister, final decision

by the Government of India in month or two for ore against the American Investment Guar antee Scheme

the 26 other

a procurement standpoin: traduchouping.

manufacturers

mas

av

Tram

Star Ferry

א 1 110

20245

22.002.00 136 100

400

22.10 10.30

Ypali Ferry 102

C. Light (DÌ 21.10 23.30

C. Light (N) 10.20 1040 400 Electric

Macao Fire

Telephone

INDUSTRIALS

On

040

··

12 3412

Cement.. 33 10 34 1000 + 34

Rope STORES, ETC.

Dairy

201110JM

mort

COTTONS

Textile

Nanyang

MISCELLANEOUS

Yangtze Allied

5,00

170

1500 5.05 9000 5.00 250 68.23

| November, the Board salg.

Now that Thanksgiving Day the quotas for each year and America's shoppers for each quarter, with no carry- fton

begin their Christ. [over to be allowed on any part well into 1956, Trop Age reports.

And this pro- of an unused

quote. There's Aoting the factors nusking for

chance of relief mises to be the biggest

'The one-cent a pound, acTOSS buying In the future, according und the third quarter, if then, spree in history. Reports so the-board Increase in cotton sale

for indicate to mans exprats, is the expecta- it adds.

predicted that many stores yarn prices, The steel shortage meanwhile are having

Than trouble ton of good business alevad and

llning up

11 month ago, has generally gone into effect on carded types, Gifts this favourable přividendy and cure has forced many steel users to enough sales people.

rate earnings developments.

reported. rut back production. These in-ear are said to be more lavish Philadelphia spinners Many emphisise that the dis- clude

farm than ever. According to Business A definite pickup in first quarter of

activity for combined and card- rule

tein- equipment," "earthmoving equip Week Magazine, such items ag

Red yarns was reported, Knitting Cashmere eveniers

and $1.50

and weaving yarns have mink-covered beer

been can openers, In Cleveland, selling in good-sized business. are moving well

United Press. This year's Yule season boost will probably

average about 5 rent above the 1954 level. Buyers Broke All Records

December.

count

WEN

aimed

New York Stock

Market Review

By ELMER WALZER

new

New York, Nov. 27. Railroad shares advanced to highs for 26 years and took the market lead from industrials during the past week.

Rails gained 7.78 points on the week, their widest guin since June 27, 1931 when the average rose 9.38 points.

Last

pc

America's buyers brake all previous re- cords. Department starts sales were four per cem higher than in December 1933. Now there are even more people with jobs and they are making more and spending more.

on Friday and was up 18 points W

Lancashire Weaving Situation

0.40 3.60 3000 5.55

Singapore

Stock

Market

Singapore, Nov. 28. Brokers today quoted the fol- lowing stock prices;

Back Again

The second Geneva Confer- jence mean that the Western world is back again ว the Atrains and tensions of the cold

war, and the outlook makes for certsini wariness in both

眼

speculation and investment,

th

Back in July this year when bull market was going strong, stock exchange turnover renched (1 dally average of 17,000 bargains recorded

bargains.

com-

Blue chip

industrials were erratic. especially

completely

International

Council

Sugar Meets Today

London, Nov. 27. The International Sugar

pared with their week's 9,000 Council meets on Monday to examine the statistical

the prospects for

world sugar trade in 1956 and then decide on the size of the sugar quotas which the

allowed in the coming year under the International Sugar Agreement.

TWA Manager exporting countries will be

Elected Vice-President

Under the terms of the aprec- ment the Council is required to consider estimates of free mar- ket requirements and to estab- lish export quotas for the year at least 30 days

before

the Mr John H. Clemson, General

of the new beginning

quota Traffic Manager and veteran of period. Preparatory to the 26 years with Trans World Alr-general meeting of the Council lines, has

Vice-the statistical committee met on expanded Wednesday to prepare its final Service Department gures of the probable 1036 with responsibility for passenger needs of the world open market convenience

comfort over and the probable shipments of TWA's 89,000 miles of routes, itnou participating exporting

President

Passenger

was

been

of

und

elected

זנה

announced today by TWA countries.

Demon

President Ralph S

The figures were tabled before following a meeting of the board Friday's meeting of the execit of directors.

ilye committee which WAI making final decisions before the. "TWA's forward-looking een- Council meeting. cupi for

→ Passenger Service Department is one that will

PROBLEMS cater to the passenger's every 'The problems

the requirement

facing from the no hu first decides to telephone us for acute than this time last year. Council are considerably more a reservation until we have de-It meets in a period of glut in livered him and his haggage to the world

with

SUKAT trade his destination." Mr Damon said.prices as much as seven points

Opening

Bolu Lintang Rubber பே.

Ltd. British Burned

Syndiente

Petroleum

$1.00

42/-

29/30

and

Hongkong & Shanghai'

Banking Corp.

Kempan Ltd.

Hongkong Tin Lid.

$300 7/00

$11.0

of

Lunas Rubber Estates

Ltd.

$4,00

Malaya Breweries

New Serandah Rubber Co.

Lid.

$34215

$1.32

Petaling Tin Lid.

$4.20

Raffles Hotel

$2.45

$1.72*

$27,50

$24.00

#13.40 10.10

As a Senate anti-trust com-

Manchester, Nov. 27. uitlee continues its probe of the

Mr Lewis Wright, General Consolidated business operations of the giant Secretary

Tin Smeliera of the Northern Ord. Motora, reports he Counties Textile Trades Federa-Fraser & Neave 7% Cuin General

Fraser & Neave Lud, Drd. $1.73 emphasise the powing trend

tion toward business mengers in the representing 130,000 wear- pret

$0.00 ing operatives, said today that United States.

'The

between number of business despite the deadlock

weaving employers

and the mergers this year will probably On Friday the rails rose 4.41 time without too much market exceed 500, a new high for 25 unions over the

working!! points for their best gain in 22 effect.

in stars. closed Union years and the average

Pacific gained

The trend appears most round-the-clock

ving mills, 164

Lancashire weaving noticeable in mining and manu-

b the week af 187,83, d'new high points on the week to close

number of individual fimis had The United States Govern, since Oct. 22, 1929.

202. Santa Fe rose

and in banking. 11 points

dála

they were to

prepared of the indicated ment has invited India to Join Demand for the

rails

was on

Trade

to accept all the union Commission, Union on the week at $160. Souther

tions

word Bingapore Cold Storago on three-shift nembers of the sparked by split up of

Bouth British Insurance Co. Scheme, including the United Pucille on a five-for-one basis. Railway rose 814 and others of merger activity was stronger in

Joint

on the introduction Ltd. talks some segments than in others, Kingden, Yugoslavia and Pakis-That set up heavy buying Into the group rose 1 to 4 points.

Industries

shift system Stralis ruding railroad Issues on the

theory

showing marked of the three The whole market eased ofi

in evolutionary they, too, were candidates

Lancashire Bts Steamship merger irend Include the for Monday and rose for the

United Engineers Ord. '. textile,

npa-electrical broke down a week ago when Weare Bron Under the Scheine, an Ameri- splllup, Market men apparently mainder of the week, rails out dairy

auto-motive

the employers rejected a uniqit con investor in India is insured ignored high ralfrond income did the industrials. The latter machinery, to

and

ed.-China Mail. Special. demand that men called on to The trend against non-convertibility of and favourable dividend actions raftled after the 5.01 Point toward mergots and acquisitions work nights should all be union assels earned here, and expro-by carriers in progress a long Monday drop but finished the priation.

week with if loss of three cents appears to stem from a desire members. in their average, Utilities were on the part of these companies Mr Deshmukh

diversity and to acquire new up 42 cents on the week. spile of the industrial policy

Sales for the four-day, holl-new sources of supply or means resolution of 1048 dividing -

day-shortened" week totalita of distribution. The govern- dustries into private and public

8.977,245 sliares, a daily average ment now has the right to take sectors and the recent amend

of 2,244,311 shares. In the pre-action to prevent monopolies ment of the constitution relating

salea United Pres?. to compensation to be paid fi event of nationalisation, there has been a net increase in Investment of £1,300 million of foreign capital in the last seven years.

tan.

the

said that in

Colombo Plan

Lauded By Bank

vious

week

số cách

american

In the

TC-

totalled 12,430,057 shares of daily average of 2.480,011 shares. Öll shared produced some wide Continental, selling ex- gains.

lvldend, was up 10% points' on

week. Honolulu and Barber

Nationalisation of any Indus-

North

Aviation Montréal, Nov. 27. try as a means of increasing re-

The Bank of Montreal today gained

alrcrafts sources for the implementation auded the Colombo Plan as Where Douglas rose 4 and of the second five-year plan (1958/61) has not been serious. "one of the most muccessful" General Dynamics 3. ly considered Cr precisely and Corda tentational aid the shore Paper way up 434 5 thought out," Me Deslumukh and safd Carrada was third section where largest contributor.

Peper was up 3. Canada has earmarked more for assistance to

stated

Great

International

Special Issues the past

East German

Products In

Middle East

"The effect will be to extend so below the floor price laid

down by the further Improve TWA's Am

International Agreement, passenger service. In " year

As the world sugar trade is when TWA is eclebrating 30 at present, the basic quotas of Years of Service, it is particu- the exporting countries signatory karty fting that the board of to the international agreement directors have chosen a man who are about equal to the total free has grown up with the airline market outlet. Thus it will be practically from the beginning, necessary for initial cuts to bo from

Tri-Motor Forda 10 made order to make Super-G Constellations, for this for supplies from non-participat important new assignment." ing countries.-United Press.

Those

Christmas Gifts

MWright Indicated today The Bank Of England will look

that the firms which had opi- proached the unions were pre- pared to recept ins "closed shop" Pringle Central Board of the

Statement

Northern Counties

London, Nov. 27. Textile Trades Federation will meet in ment for the week

The Bank of England state- Manchester on Tuesday 'to de-

ended

cide its altitude towards there November 23, reads as follows: applications, some

which of

Sterling come from firms attached to Note, in eireidation

.... 1.780,534,714 13,084,069 the Colion Spinners and Many-Public deposit

Private deposits Association

the Government securities .. employers organisation which other securities******

Lacturers

rejected the "closed shop de- Receipts inand last week,

Batlo

"The unions and themselves in a dificult position," said Mr Wright. We would very much prefer a central agreement on

United. Press.

322,100,211 206 874.934

30,180,503 *22,230,483

United Prem

East German competition for three-shift working, of course! The Bank Of France

concluded

New York Cotton Exports

Stuttgart, Nov, 27. markets in the Near and Middle He went on to say that he ex-than

Bast was felt by West German pected the draft plan to be pre-five" sented to Parliament early it under-developed countries under several points. Olla

Many special issues were up exporters for the first time this Elevator autumn, Dr Reinhard Hueber the next sekalon and the find the Plon, which the Bank des kained 94 and advances of 6 to told the annual peeling of the plan to be published by the end jcribed of "self-help with a hold more that a points were tot by Germany Near and Middle East of the current dnancial year- ing""" bebd" "in" fl" motithly American Potash. B. Warren Association which Ching Mall Special.

business reylow

[Toundry, Woodward Iron, here today: Or Canda's total appropria. Cudahy preferred, and National

New York, Nov. 27. Dr. Huober sald that drst

Taw cottons by destiríation' as tion, $21,000,000 as d Tda,

trades of compotten drom the reported in bales by the New fo

Wee York Cotton Exchange" for the India to help

4hbt highly

he steel noticeable an

M19553

cason "13"Nav: 23 were capa fail.

Federal Republic can flaut meat this competition from ATHE made Last

Exchange Rates buy 120 locomotives Business news was soon as Commun at

Business

was done in the local country's Transportation

tinomciál exchange

morning, at ng following rqzeși

U.8. dollar (EL GY

market

Slevii polus" (per 41)

Aumacallan nited afperisy

mikuurs" klonin [(per 100)

Til Bank said BRUGARH juns la chay "pond to prosperity.

adonsely populat44

531 for

ffsprider adgveloped

Indonesian rupish, (per”. 100). "IL.

(Buraporə· · (Biraits)-

Lidia, the Colombo Pr #good, start?! in that direction:

10 The

year the Ozin

Fame perica) last years

Statement

Paris, Nov. 27. The Bank of France statement for the week' ended' Nov. roads as follows:

ייכני

petal gold holding a Total other currencies

advance bes{RULL]=** ja tšogy Fund, dayadi Total hill count Flank 'rivs KEFACETOCLA?

Current soooutta, kd

better

Personalised

We undertake gold lettering on Wallets Briefcases, Hand- bags, Camera Cases, Diaries. Shaving Kits, Manicure Sets, Books etc., etc., etc.

Commercial enquiries also invited for gold blocking on

small

articles of

plastic,

room

wood, leather, rexine etc.

South China Morning Post Ltd,

Printies Departmen