THE CHINA MAIL, FRIDAY, DECEMBER
1955.
J
TRADE and
COMMERCE
SECTION
Britain To Discuss Cotton Policy
With U.S.
PRESENT ATTITUDE
DISTURBING TO
TEXTILE INDUSTRY
London, Dec. 1.
A British Government official is to discuss American cotton export policy with of Department States United the Agriculture next week, the House of Commons was told today.
Mr Peter Thorneycroft, President of the Board of Trade, revealed this when questioned on the "prolonged uncertainty about United States cotton export policy" which a member said was having a serious effect on the British textile industry.
1-b
Kong 15 Wa long t If
of Tade
1. The pe In the Papaian'
NEW YORK
COTTON
FUTURES HARDEN
Mi Thucheyeroft sale! a special the Maning - the International Advisory Communitiee had allt n Washington to- mokers To connier the world Dollar Brandon.
! Cut's a
Importance Of Readjustment
★ The Share Market
Share
IIK Bank Unions IK Wharf Whestocks
At A Glance★
Nov 10 Nov 17 Nov 14 Deo 1
8.00
-Up or down
steady stendy
5.05 1.30xd +200 14.00 20.80 27.80
300
908-****
1000. 935 OB
1663
015xd
07
1663 1660 *915
915
·
13
Providenta
14.00
8.80 14.60
JK Docka
28.00%
-100 14.80 27.80 steady
IIclel
10.40
10.80b
17.40
17.10
Land
67
ва
TOW
00
Tram
23.60%
22.20 22.90
-500
22.00
Ya
Yeumati
101
101
103
102
Lights (0)
21.10
21
22.80
22.10
(n)
17
15.80
10.60
10.40
Elcoirie
3714
3814
3911
3014
steady
Telephone
3115
8144
3214 314
--500
34
14
3414
18.80
7,15n
1814 He
18.80
18
Cementa Dairy Farm Yanglaze
steady 20
391 ---500 -300 480n-200
Leading New York Stocks Decline
New York, Dec. 1.
Stocks erased the gains of the past two sessions today when leading issues lost a point or more in an irregular, less active market,
Industrial stocks declined 187 on average as issues such as Du Pont, Allied Chemical, Union Carbide, Eastman Kodak, Westinghouse Electric, Sears Roebuck lost around a point to 2 points.
Halls were hit harder, with | Moffomai Dairy Prod
average decline of 1.37tional Distillers
National Lead National Steel Curp New York Centrul Din Motiteron Oth Elevators
He added that the British He Teentative would draw atten- their
here they atting to the effect | muen United States support basis.
i
༢པ་
at the
and the
whiter on a percentage
Missouri-Kangus-Texas imeferred, however, run up more
of than
points outski 4 a readjustment world prices
reports the with animum average KRONE, OD
and company wild ask for tendere to maiustry
on the stock. Cuffs elox to votton farmers.
New York, Dec. 1. futures Cotton
today Also the British Industry on
Olls also stood out on the strengthened after a mixed
Konding a small upside with gaine
start
اد
201
71
45
Policy
SHARES EASE SLIGHTLY IN
DULL MARKET
BY A SPECIAL CORRESPONDENT The share market turnover fell to a record low this week-$2,610,000—and with interest almost negligible, shares drifted to slightly lower levels,
Chief interest was centred on Wheelocks and Cottons. Wheelocks ex-dividend yesterday climbed to $8.80, up 15 cents on the day and up 20 cents on the week.
-
Position
Is
Their balance sheet which This year Alc is duc next week should, I different. Not only is there very much less money coming a from understand, show a fairly overseas but is horrowing is steady profit for the year. much dearer and harder follow- In 1954 it wOR $3,707,120.ing the recent credit restrictions. But while brokers feel that The annual meeting is On the dullness will continue, they the 16th and the Chair-bellave there will be no pro- man's remarks on operations nounced silde.
in the first eight months of the 1955-50 financial year should prove interesting.
Cotions were again in de mand this week largely
reports that many texte arms in the Colony have Overseas order booits full unlil April year. Many are ΠΟΥ next operating with jower priced and Ice House Street
o
men predict a good year for Textiles and Nanyangs.
Brokers say Nanyang whi Announce a 40 cents Interim
TODAY'S SHARE PRICES
From Our Correspondent)
dividend shortly. The expects- Business done on the Hong-
Stock Exchange tion is that the final will again | kong. 003; be 00 cents making an un- morning amounted to $380,000.
Noon quotations 4changed #1 for the year.
morning's transactions;
and
this
the
Intriguing Remark SHARES BUYERS SELLKOS SALES
pre-
Owen-Ulipois Glass
G
the
Pulhe ** he. Pacile Wretern Ou
Pan American Airways
1724
Paramount Pictures
3714
10%
10442
Hongkong Realty bad their | BANKS
The main meeting this week.
44
points of interest in this report,
apart from
Company's
0144
HK Duk
INSURANCES
Uniton Lombard two
1480 1075
20+
13
07
Bat
DOCKS. ETC.
974
K. Wharf
71
to
Dock
..... 27.00 20.70
Provident
(Old)
Parke Davis Co. Penny J. C. Co. Fenn, Balt Co. ranging to Philip Morris
Crescent Philips Petroleum
Procter& Oomble Co. Pittsburgh Plate Glass Publicker Industries Pure Oll Radio Corportion Republic Steel
| his advice was
* with the deferred, dekgation representing all sides | Bimusa
trade, to discuss the Corp. deliveries lending the way of the
Of total 1,109
issues ap- whole matter with the American Rending paced extreme gaita
including peuting on the tape, 490 were Intereste concerned. the close but the t
lower on the day, 432 higher. faished net unhinged to 18
Turnover for the day totalled 2,370,000 shares.
BL
polnis higher Opening were up op UIT 1 point. eloved Orleans points.
the
the Geared States Government,
Mr Thorneycroft and Antylean Departments of State and Agriculture had welcomed them to the views of the lenders
lives.
New
3 to
19
loan
the opportunity given
AI%
in steels, Bethiche dipped
hear im-
Motors moved narrowly, Heavy producer
the British colion textle
texthe (Ieneral Motors was the day's poundings, plus light December
followed scord largest active stock. deliveries and foreign buying, itkus,
Electric importer of United States cot-westinghouse Put re combined to
Sperry Rand. Politicul prazme for a ton, th upgrade. higher
price suport next year jerealed by the ned a sustained demand in the supply textile
other
background metams.
to
Nearby kevinber edged close level, 34
the
establishin a premium
་་
most a cat an
Byerag
The se
other
supplies.
11.0
WILL
pout over the
loan rate.
reflected 13
in deliverable stocks Certifiented
mvet up anther 672 bales to
bales.
0,429reu emmnission haFC,
buying
作者
Now
Roynolda Motal
4514
the were these operations, statements by Mr G. E. Marden: "The strength of the property Se market has continued
be a feature of the, Colony's 30% trading activity and
во
Shell Olt Co.
01
Saint Her Paper
Binclair Ou...
37
4371
Bocony Vacuum
G0%
Southern National Gos
cuth Parts Rico Sugar
20
30
by
Southern Railway (Com.) and Standard Brands
30834
30%
Blanchard DI CỨ Cit
a
Exchange
Standard Ou of Ind Standard Où oi NJ. Sterling Drug Co. Stokely-Van Camp. Studebaker-Packard Corp.
DAN
10
10
Swilt & Co.
60
averages
Texas Co.....
the probleins cotton
York Stock Exchange present and price situation in und volume was 2,020,000. the inned States. Reuter.
Алил кал Stuck volume was 040,000 shares.
WORLD RUBBER
MARKETS
New York, Dec. 1. Rubber futures today de- closed
rod keal profesional
deferred in the
Dow-Jones
were:
39 industrials
20 rails
15 uities
05 stocks
-12 bunds
closing
Com, faire price index. Cum pot price index Moody's index
Closing Prices
Alden Ine. Ary Allied Chemieath Altled Mils Inc.
100 to 165 points Allis Chalmers
Bveric also was attracted by higher with Rules of
their wide discount under the
SLO month.
High private crop estimates had atle apyaret
influence.
contracts.
332
December contraris sold at a new high of bi vents a pound. the spot One survey today placed the pers contracts in
were estinated around yield at 15,209,000 bites. would be 308,000 bulcs over the 200 lots at the close.
The thiented gure. governinent
ficat
This moth
American Airline American Cynhamnido Co. Am. Mach. V dry. American Metal
American Sinelting American Tol & fel American Tob. "g"
Copper Aecond Armco Steel The cer- Armour 1.1k amovisted to Baktwin-Lieve-flam Baltimore & Ollo best low, with sume 15 or Bendix Aviation Corp.
loto reported pending eri-Benguet Cons
Bethlehem Steel Boeing Airplane
20 lot
next government report will be published on Dec. 8.
The ICA (International Co-icator. opotation Administration) an- nounced
cotton pur-1 was two now chuses authorisations to mo-a totalled 7,285,000 dollars.
Volumes and open interests figures were unavailable today. NEW YORK
In the spot market, activity Borden (The) Co.
Principal interest Burroughs Add Machine Flow. For was in three amber sheets for Canadian Packle .
factory recounts. Good weights Case (J. L) Co.
C. I. T. Financial Corp. Loid to mama- reportedly
Cat. Tractor facturers for February arrival, fob New York of 32 centa ៨ Spot No. 1 Rss were pound quoted nominally at
Futures; n unund.
Dec.
Prices of lutures chored today as follows:
Spot
Dec.
Mnr.
May
July
Oct
Det.
. Mar.
May
NEW ORLEANS
34.000
3034
33,09
Mar
32.90
May
33.22 30.13
July
Sopt.
30.00 29.79
Dec.
20.00
"SINGAPORE'
Celanese, Corp. ... Chase Manhat, Bank
hile Copper
Chrysler MONOTE
51 cents Colgate-Palmolive Co.
Commercial Credit Commonwealth Elec.
50.20
30.00
38.50
43,40-60 | Consolidated Elson
Continental Oil of Del. Continental Steel Com Products
OTTLE
36,45
Crane Co.open Crown Zellerbadi
The market steadied on short | Cuban Amor. Bugar covering and good demand for Curtis Wright
Palcos. of futurca claved today lower grades today, Futures:
as follows:
Spot
*Dec.
Mar.
May
July
Oct.
Dec.
beat.
May
33.40
34.39
39.57
33.99-33.01 32.30-22
30.01
20.81
д
30.10-22
Future closings, ils pence per
LIVERPOOL
Ib. wore as follows:
Dec/Jan
New contract
May/Juna
•:' July/Aug.
Oct/Nov.
Old contract
Мат/Арг.
May/June
July/Aug.
Egyptian Karnak Jan/Feb.
ĐẠO TÀI L
No 1 rubber por 1.
.LEE.
Jnt, Fel
No. 2. rúbber per lb, Dec. No. 3 rubber per h Dec, No. 4 rubber per 13. Dec. Spot rubber bales Blanket crepe szeg No. 1 phlo eres
LONDON
32074-127
123-124
unquoted 122-12214 121-12135-
Diamond Aikall
Dow Chemicals Dupont de Nemours Elman Kodak......
El Paso National Cas Erle Rafood
Family Finance Corp. General Electric 11416-1183k |General Foods 1273%-1203% General Motors 0712-0014 Gen. Pub. L. 147-130 Geito Entely Itazor
Glidden Co. with Godrich (B. F.)
Croodyear Tire penco per | Hayden Chemical
Homerlake Mining Co. Ingwrwo-Hand
The market was quiet spot quoted al 37 16. Prices:
No. 1 Rss mot Bettlement house termi 23.00
JATI,
22.27
20.50-65
Future closiņus. In: cruzeiros
per kito ware as follows: March
•May
Jan./Mar,
Apr./Jume
July/Sept.
7711-39
2734-3736
General markets, cif basis, porta:
301-301
3630
Terato crepu thick, and thin: ali
AMSTERDAM
Inland Steel Co
Interchemical Corp.
Int. Budno, Machines Int'l Harvestár International „Nickel- International Paper
John-Manville Co.
Kennéceft opper izseli Meyms Tob. Lockheed Afrorett
29.00 The market was quist today. In For Coronet to the United 20.00 Pricon closed today in guilders
Statca, the per kilogram, elf, Doc. as folla ile de iarna,
No. 14 rubber
average, pries of 18/13. middling towa
Cotted at 14 designated spot, MATRAIN WAS. 83.04 Denta: Bales cat, these contres totallal. 42.108
balas-United.
rubber LYSSA 348 nöm.
Tide Water Asm. Oll Twenty Century Fox Film 481.30 Union Carbide
108.20 Union Pacifle Ballway
65.84 United Aircraft
173.71 0.8. Cyprum
96.04 US. Line Co. 133.34 9. Rubber
[LS. Smeltin 402.30 US Steel
Warner Bros
Westinghouse Electric West Va, Pulp & Paper 2014 Woolworth
35%
2441
40
574%
even the restriction on credit which has affected the security market has mado little
impression
either
upon demand or upon the tempo of building operations.",
He also said there was a trend towards lower
rents in
now
11 properties and there had been a 1482K
welcome falling off in the ex- action of key money under its various guisos."
Mr Marden went to make an
33intriguing statement
important 203 "Very
about fransaction
in the central dis-
trict,'
At this stage I camiot
that the
more than
owner กา prominent
1004
(pending)
07
203
訂桶
5
building
20
BEK
481
from an
United 'Prem
SUPPORT FOR UK
INDUSTRIALS
and
a world-famous American Hotel company planning to buy a valuable site old-established 'com-
14 40:14.00 Wheelock XD 0.10 6.30
LAND, ETC.
HR flotel
17.20 17.60 2000 q 17.20 HK Land .. 393 001 100 00
33 [Htm) Humphreyn
Sir Leonard Says: 'Output Can Be Sold'
London, Det..1.
Another powerful voice joins the growing chorus of warning by British industrial leaders that further wage increases must be conditional on greater efficiency and output.
It is that of Sir Leonard Lord, chairman of the £100,000,000 British Motor Corporation, who, in his annual statement gave his answer to the big question being debated by the motor industry.
Tho
"Can the question is:
BM.C., he says, has so far planned expanding output of the kept its selling price unchanged, to maintain motor industry be sold, and if mud has decided reason of taxation or saturation This means that savings made
by Improved methods and
the home märket contracts by present prices as long as possible.
can the export market take the balance?"
Sir Leonard believes that the machinery are being passed on to customers, although savings answer as far as D.M.C. is con-
are not sufficient to cover the cerned is "Yes," but he does not rise in costs. minimize the difficulties.
The greatest hope of keeping "We have to contend," he says,
prices
istable Hes in increased "with the growing strength of
production. foreign competition and the ad-
Sir Leonard plans an output verše effect of continually rising
of 12,000 vehicles î week by austs of wages and materials.
next
summer; compared with alightly mone than 10,000, at Keeping Price Down
present.
increases
of
"Any further wages anywhere in this country must therefore be accompanied by an equivalent increase In efficiency and greater output."
Siz Leonard is determined that B.M.C. shall do everything possible in the fight against rising prices,
He says "It is obvious that If production does not rise and costs of supplies do incrense, wo shall have to raise our prices."
Then he repeats what he told Scottish motor traders last week that, even with increased out- put, keeping selling prices stablo could mean reduced profits.
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL 5.N, CO.
PASSENGER/FREIGHT, SERVICE
Outwards "CANTON" "CARTHAGE"
"CHUSAN"
"CORFU"
Leaves London Die Flongkong
Sailed
12th
December
7th December 18th December
Oth January
14th JanuarY
4:11 January
Gth February
Via Southampton, Port said, Agen, Bombay, Colombo,
Penang & Singapore
Realty
RUBBER
A Rubber 1.773
Tytrot....
10.00 Lazy, 150 000 4 185
29,700 1,00 333 240
Homewards "CANTON”
UTILITIES
TTAM
22.30 0.10
500
2250 102
"CARTHAGE"
*CHUSAN" "CORFU"
Y'mat! Ferry 101 103 300
C. Light (0)
X.D.
21.30 211 1300 € 21,40 C. Light (N) 16:50 18.10 Electric. 391430 200 e 3914 100 30% 1000 39%
Leaves Hongkong Duo London,
16th December
13th January
Wih January
18h January
13th February
27th February
10th February 12th March
Via Singapore, Penang. Colombo, Bombay, Aden,
Port Bald & London
*Also Calls Marseilles.
say
Chinese
elty
art
Mac#o Telephone INDUSTRIALS
Cechent STORES, ETC.
Dairy Watron
Elec.
31%
3315
1100 $ 33%
10% 100 101
1500
13. 19 13.30 4000
200 13.10 600 5.0 2009 5.05 B.40 6.30 3.50 1000
101 0.00
"SOUDAN"
IBA0
"SOMALI"
5.45 5.65
pany in the Colony and building
u luxury hotel there.
I hope to have more news about this in the next fortnight.
Wharves Higher
The only gainers
this week
COTTONS
Textiles Nakyang MISCELLANEOUS
Yangtzo Alled
were Wheelooks and Hongkong New York Sugar
Wharves, the latter up $5 to $72. Gilts Banks and Unions Inst steady at were both week's closing rates, but blue
On the gularly traded shares
10
clodedi
closed
Market
New York, Dec. 1.
were
.an
chip" utilities closed with losses World No. 4 sugar futures of up to 50 cents on the week. closed today unchanged to 3 London, Dec. 1. Yormatia could not maintain points lower with sales of 57 Buying support Was their $4 rise of the previous contracts. small but sufficient to push wook and lost. $3 to close Domestic No 6 sugar futures leading industrials frac-$102 week, den of 17 re-higher with no sales.
unchanged to 1 point tionally ahead on the Lon
rade
Interests don Exchange today,
They showed a good number lower than last Thursday's rates, both sides of the small trade in
In the 6615 of gains running to a shilling orave were steady and only two worla futures.
world raw, markėt, confirmation dealers
awaited mone. Radio, auto, alrcraft and Issues generally benefitted
But the market closed fairly rumours that French Morocco from selective buying.
Purchased 50,000 tone of Cubana for delivery next year at 3.13 were a bit unsteady at steady last night, Oils
no selling #te
There is certainly, but firmed later in opening
cents & pounch: fob Morocco is. se the day and most leaders in the pressure, but demand is poor and expected to buy up to 100,000
brokers are now saying this dull- 10% section closed unchanged.
Buying spread over into gold nese might continue until after tone together, traders ealdi. shares, and coppers ales showed 22414 strength.
50
4122
54
British
Government
mild
under
stocks selling
were higher,
Last week's tally was higher and three steady
the new year,
A
Slide Unlikely :: 211 came
The dividend season has cer- 23 prosure. They finished with ''a
number of losses between tainly not inspired any interest this year. As this time last year 80% and 21. Foreign
bonds were mostly the market was much velier. a pre- steady
Shares were beginning German
·with
non-Christmas boom, helped by ah assented and young Loanus of large qualities of soare
23 Jopanese 64 feature up
money from Southeast Asian mhamly unchanged, ex- Eff were
outporte cept Ia Tokyo five percont non-assentca" which spurted About £2.
Dollar stocks wero neglected fand tended Irregular. But they closed with gains in majority, *stalled Preit.
Exchange Rates
Futures:
Contract No. 4 (world) March May
July
Sept.
Spot-lents per 1b, fob
Cuba)
5.13
Contract No. 0;
March
6.34
Boy July, Sept
5.62
Spel-fcents per Ib, cif NY
MESSAGERIES MARITIMES
33 Queen Building BUT 31:26651,
NGER/FREICHT' SERVICE
FREIGHT SERVICE
Seads 7/8th Dec.
for Spore, P. Swetten- ham, Penang Colombo, Aden, Port Suden,, Port Sald, Cenon, Marsoles, Havre,
Ant- London. werp, Rotterdam Hamburg
dur 11th Dec, from UK. salls 13th Dec, for Japan
With liberty to call at Belawan before or afier Atrakts Ports and at Bombay if inducement offers. Tanks avaliable for carriage of Oll in Bulk. Space for refrigerated cargo. Limited Passenger accommodation
BRITISH INDIA S.N. CO., LTD.
"FULTALA" #alls 10th Dec. for Singapore, Chit-
tagong & Rangoon "SIDHANA” sails 18th Deo. for Singapore, Penang &
Calcutta
from Calcutta, Tangoon. Be Straits
sal 18th Deo, fox.Japan
P. & O./B. I. JOINT. SERVICE
"OKILA"
"TFOLA"
"URLANA"
"OBRA"
"ITAURA"
"UELANĂ”
loads 5th Dec. for. Singapore, Madras, Colombo, BOMBAY & Karachi
4to ath Dev. from Karachi & Bombay" - Falls 7th Dec, for Japan
dos 9th Dec from Bombay
zall th Deg. *for Japan
toads 12th Dec. for S'pore; BOMBAY, -
Karachi “Basrah,- Khar• **** ramstishr & Kuwait
due 25th Dec. from Bombay salis 28th Dec. for Japan
fonds eta Jad. for S'pore, DOMBAT.
Karachi, Barrah, Khor Framsiahr & Kuwalt
EASTERN & AUSTRALIAN S.S. CO., LTD.
"NANKIN"
"EASTERN"
fords 6/7th Dic. for Handakan, RABAUL, Brisbane, Bydney, Mel- trana de Adelaide
duo 10th Deals from Australia
· dašla 12ui Ded.'" for 'Japan
All vessels have liberty to call at any poris on or off the route & the route à balling kre subject.
to change or amendment with or wiikesi noslodzi,
For full particulars apply to MACKINNON. MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.
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