1956-01-09 — Page 9

Page

THE

CHINA MAIL, MONDAY, JANUARY 9, 1956.

TRADE and

COMMERCE

American Cutbacks Ignored

FRENCH STEEL PRODUCTION

Parta, Jan. 8.

French steel production

reached

new high In Lons 1956 with 12,387,000

increase of 18 per

1054. Coal.

ceni

European

Sterl

Authority reported today.

In 1958 France produced 10,959,000 tons of cast iron

a compared with B.841,000

in 1054, the repor¡ sald.— United Frean.

Natural Rubber Consumption Prediction

In New Year

AUTOMOBILE INDUSTRY IS

CURTAILING OPERATIONS

By JOHN

MORKA

New York, Jan. 8.

The US opened its new business year on a high note despite disquieting news of production cutbacks and layoffs in the all-important auto industry.

With inventories at dealers' levels at an all-time peak and likely to swell even further, major auto makers are curtailing their operations.

Il work the Mercury divi- Set Bord Motor Co. on- nokard it would lay of 2,400 workein (*)

eru pannea

Monday.

have

In-

217

ber to a record $27,247,000,000-fur einststret chirmples

struight West new high for the ten

European Communwealth countines, Denk nolaudect

In

British

The

Selective Controls

"While instalment edit

can

Auto in talirent buying has Guner 1 Nimilar cutbacks and been the test in forer behind the 19m (14,000,000,000 inereure in unistu)- samas spurulu təri Washington, Jan. X

sulstanding ata and upturns Imant buying credi Natural rubber producers

at Juary mght during 1953 predicted today that rubbre he del yet because of the cold consumption will be less in another

jthat the stial

Sales

1956 than in 1955 becaulk sa W! !「atrཏྟཾ t

questionable

Cars

it "M

Tay

that TEM Trucks

יוני 11

In the

jole of industry

aleerily wore a cur sales are Är།།རྩྭ'。།! Mon 4. will be built this inerned,

Pont.d Gen Mod

Із дора Sereenst

ell'ex prostu kitn ng frien 10 to 15 pra vent * 1956.

Natural rubber consumption in bout 1955

etted at เธ 630,000 Lon, ine load best year

1966

4/11 Tim For

Malu. Bunty Burenu. regres sending Mileyi pisducers ex-; pects US o mums to use also 580,000

A decline Te sinthete rubi

consumption

Take Up Slack

Crecht Exterts, however, feel H... ship trep in automobile

Consumer

Demand

Observa

1

}

to

th;

1958 cutlook. 1954 cet exten kes B. ym. 1 were even t dul

8 Million Motorcars Planned For 1956

Detroit, Jan. 8. The automobile industry, turning out 8,000,000 cars for the first time in history in 1956, thinks right now that 1068 will be an evan better year.

Confident

But after readjusting for last year's mistake, the industry feels confident' It has things pegged right for 1986, All cür makurs expect to do even, botter than in 1955.

They figure there are 4,000,000 and more cars older thari World War II which need plbeing, that Die economie broom will con- tinue with more people stepping

into the new cur closs and two- car class, and that the move to

6 much es further output pastumtivity by widening mar- the Auburbs wil] And more kets mixfatimaisting individual | people entering the market for

thur To facilitate the first time.

living land

אנה דוד

the

ta time of merds, its a god an

renewed off Lane $ gread theter | Fes

unduntedly accentunk 1 During

shortage of resources and hence and re-

but the balance-tit-payments deficits *** [of countries. greatly dependent 1950 repay-

un forelia trade. Same ab. tnts :gged behind. servers feel that cosumers wil try to lure this gap this year.

I is to these nd other rta- sons, including the difficulty of curbing

have

credit

by

Many experts at the ramy general credit cntrol measures, time attribute much of the cur- that a number at foreign eyun- imposed recently rent prosperity in the US. in- teles

de-leelive controls over Con- In a small sumer instrbulent credit within La framework of overall mamietary

restraint.-United Press.

Il-

10

the wall EIT hurt the nation's 1bwinning svinamný, anteipated dr. lting high

Despite

inst expeclect Ther

for this

Nat

hald

10. thn

And year for

+ in t

New

Categundi

A

1:

exoreeted that other 1 1 od he emy will consumption of 1.ke up the slack

etraumer tremen US match fachtaled part by easy credit terms

The shorpaying a boo

all rubber, hat whether or not decline in aut sales in Novem-pread the US will experience another her is printed to by many

11

1

With Europe's conomy

of its own, of instabrání huying broad i said to have pused some veW problems for me with new countries in dealing aitationnry Trends.

According

2 000 000-plus-new car year horriding the start of the Jower

tou of trend in the industry nin, immediately [33) the olmest phenomenal pace wra

that Many fee

1050 mo.el have not apparently eught in with the public ey

lai New much to the 1955 very uns,

hayo en experiencing.

question: ble.

Probability

"k rubber

Agures

tu

Seams

consumption

utor

in-

Singapore

In the giant industry, where exam minor mistakes etw cod millon of millions of dollars, most oficials are quick to admit they intruded the tone of the market in planning for 1056.

IL

Cara started selling record rate and kept right on moving at a fast clip. Sales were helped along by a steady spurring of dealers to forget individual make-ups and con- centrate on volume operations.

SECTION

Token Import Plan Approved

Washington, Jan. 8. The Commerce Depart-

announced moni

Today thai an agreement with Britain to permit limited -Imporia of restricted comy modities has been ex- fended through 1856,

the ma-pulled VENTILMES token Import I has been in effect since 1846.

Elleibio firma, primarily those who exported le Britain in 1038, 1937 and

KLAY

apply for to plan

up to 30 per vent

of their fainual exports for tho's prewar yestu.

The goods are chlefty apparel, fextiles, ap. pliances and similar con- wùmer Foods, the Depari- mogi said. The satorment covers potentially 65,000,- 000 worth of US exporta a year—United Press.

HONGKONG STOCK EXCHANGE

+22

Slock

Pagë

STRONG OPPOSITION

EXPECTED FOR

IKE'S TRADE POLICIES

Washington, Jan. 8.

The Eisenhower Administration launched an all out campaign to win Con- gressional approval on the controversial Organisation For Trade Co-operation, informed sources said today.

The OTC plan calls for creating an organisa- tion to administer a 35-nation trade agreement known as the General Agreement on Tariffs and Trade (GATT). This is an eight years old system of cutting tariffs and thereby encouraging inter- national trade.

The compaign is expected to run into heavy opposition from

lawmakers who favour high tariffa to protect American in- dustries.

President Eisenhower served notice in his State of Union Message that he intends to press hard for OTC.

In some of the strongest language in the mos- sage, he said he "most carnestly requested that Congress approve our membership,"

Customs

Policies

AUSTIN TO WORK 4

DAY WEEK

London, Jan. 8. Announcement that the

The President took note of Austin Motor Co., begin. Congressional objections by aning Monday, will operate suring the legislation the OTC its big works at Long-

would not alter the control by

(From Our Correspondent)

Business donc on the Hong- Congress of the tariff import and bridge only 4 days a week hat this customs policies of the United (instead of 5 days) Exchenge morning amounted to $480,000. States.

staggered the City of Lon- Noon quotations otid the

Informed

don, The Financial Editor morning's transactions:

President feels that approval of of the Manchester SHARES BUYERS SELLERS SALES | M

BANKS

HK Bank

INSURANCES

Union

Lombar

Asia Na

The boom ut The factory hasn't been reflected by SHIPPING happlaces by must dealerships, howover. Dealer profits have| DOCKS, ETC

IC. Whart been low in the all-out buyers'

Dock market.

Dealers who last 803

on each used car trade-in and $102 on cach now cur trade-in its,1954, found themselves losing

Stock Market $110 and $362 respectively this

to a survey made the Federal Beserve Bank York, consumor

Singapore, Jan. 9 Brokers today quoted the fol- credit has spread Lon Gover cedit terms kitent

lowing stock prices: in many nations.

Opening and wespread liberal trade-in, markedly"

Balu Lintang Rubber Co. Ltd. $1.85 practice resulted as the buses in although it has not reached the

prevailing in The British Borneo Petroleum port.one

Syndicate

10/0d United States. in Rome coun-

Tin Smelters his Calidated buy.nk instalment

Ord. Franer & Neave Lid. Ord... Credits 1st work showed "purled to such levels that some

Fraser & Neave Ltd 74 cum.

pref

tnet Corp...

5 le 31 1955

The Federal

ceturt unway

in the t

arth

Reserve board's Fonsumer

countries hove

to

30/-

*****

yeor

rak the

to

Guar

US membership Is nceded show the world this country dian, reflecting this, heads intends to continue working for his account: "Gale wam- improved international trade. ing from the

Secretary dustry."

They

site! both

$1

KK AZ

Stato

טר

1.03,

Wat 101 13:30 13: 1000

LAND, ETC

HK Hotel RK Land Kraj

RUBBER

A. Stubber

صبح

Sinclair Werks and Secretary of

bill

Those Longbridge

motor in-

works we

John Fonter Dultes aro solidly behind the

OTC and * 102 likely will testity before Con- reputed to be the most modern ones in Western Europe which Rres when the metter comes up helps explain why their pro-

Despite backing from such big

Qara has duction

of motor administration

the Kins

increased 10 u level taxing Opposition both 13.40 admin

Il-fated. appeurs 8.30 3.33 1000 4 6.33

hame are expected to mand. The

and export de. Congressmen tack

company together with Nuffields, forms the British Motor Corporation

zingp

the past усаг

17.40 1712

£21 1.92

2

5060 8.30

BOO GA 0315

#AOTE 3000 & LOTZ

2 2.00

300 g 400 E 4500 en 201 102.74

2450 2.771

103020

50 many protectionist clauses it will be unacceptable to the President. And Democrats

26.7 por

ceal

whose support is needed to save whose total output of cars has the measure may shun It a good GOP majority

unless promises

DI

to support the President,

The OTC

the is a child Eisenhower Administration. The President felt that

for

Stagnation

Immediate cause of the de

car

procedure

which son seems to be the stagna- troubles settling UTILITIES

the second-hand tion in Trom

24.00 23 100 14.00 cropped under GATT contract market and the fact that in the

10

were too cumbersome and a Northern Hemisphere December Y'moli Ferry 105 107

223106

sort of administrative an Light (023 10 27.70 17 J* 72,50 | Some

and January usually show Light (N)

machinery 17.10 1600 @ 17

needed. OTC and

declinc

exports. Leasonal 14 would be a permanent organisa- Actually tots 300 4216

of people have into dispute and already figured this out and sold tion to look recommend settlements.

their BMC shares which have Bo

fallen from about 14s to Be.

Meditric

Pressure

The pressUTE on dealers 10

high Bell in

volume hasn't improved factory-dealer rela- tionships, however,

Tran

$1.00

The factory story is that the dealers Bru dealers well off "at least Our Arc."

$0.00

Hongkong & Shanghat Bank-

Hongkong Tin Lid. Kempas Ltd.

Trud

12.13 st 20

$3.00

14.05

$4.25

12.25

91.62

$27.50

$27,00

$12.05

$2 Do

-Chinn Mall Special.

will probably waliaus April but ilu ough beyond that a probability."

However, the publication suiti conotimp.

√ at types of

been forced to rubber is expected to increas

$77 000,00) 1 out- add unti-inflationary controls on zably thougout the

new aulo- standing credit un

the spread of such purchases. world-wide ales in Novarber This was 1958

thut this year is ***

Instalment buying appears consumption

1st mitis incivase lu

Lunas Rubber Estaten Lid. 3,000,000 tons. 955 and bat ught preted in reach

total unpaid have ken held in Europe after

Malayan Breweries with 2,005,000 compare

World War 11 ted new even New Serandah Rubber Co. Domowing fourly of new

to Lutin America. Lid spreading The rise in cunsumption, the ds to $14.172.000.000.

The Federal Reserve noted in alles Hotel News salk Rubber

Board also reported for its study probably will bo Laken in the first Une in 1955 that new and Austrata do the rates of St Bridal Insurance Co. synthellos, production of which craft

consumer instalment credit out-sers Trading is on the rise, particularly in gurds purchases exceeded money standing to anqual national In- Stral Steamship

United Sures

borrowed by nu omobles. where

currented By ears Onl The

approach Board 194

Weathe Bros. that United Stries figure of about 8 Kyntholic government - owned

Inve

sold

credit instalment plants

bren

to total of all private industry United Press,

1st $284,000,000 during Novem- per vent; similar ratios are some per cent in the United King-

Austria, per cent in

1935.

National

tho

The

extended 13

consumer****

New York Cotton

Goods Trade Opens Slowly

come

dom, 2

that only in Canada

the

Belgium, West Germany, and

the Matherlands, and about per cent in France. The Bank estimpied that the ratio in Italy Is probably also less than 2 per cent

One In Three

Varying use is made of instal- ment selling for individual pro- ducts and this of course in- fluenors the relative importance of each product in total Con

standing

The monthly review sold that

Piling Tin Lid.

Stagare Cold Storage

This will be a key year for the industry. The 1956 models Bot drastically restyled. Isles and production reach

were

the same levels or better than In 1955, A be interpreted as a Bign a new, higher plateau of

to les hus been reacheit.

1957 The

LO bo models, Introduced next autumn, will be radiqully redesigned agnis- United Press,

London Market

Free

And Easy

By C. T. Hallinan

London, Jan. 8.

42!

8.20

Macro 1 8.20

AN AL

Telephone

INDUSTRIALS

Cepent.....

.DU STORES, ETC.

Dairy

300 33.25

37 374 410037

10 1.10 1000 19.10 Watson 13.30 13.30 500 # 13.20 L.. Crawford 341 COTTONS

Taxtle Corp 6.15

Nanyang MINCELLANEOUS

Yangissa Allied

13 2000 61 4,80 1000 $ 3.00

Д

... 4.53 0.35

3.60 5.70 1000 y 3.09 500 5.330 1000 6 505

14:35

1

far other nations have been holding up to see whether the United States ratified. OTC Spokesman for BMC detares cannot come into existence until that the 4-day week will inst approved by nations conducting only three or four weeks and 86 per cent of the trade. Since that by mid-summer BMC will the United States alone dots 20 } be making about 12,000 units a

7:500 Organisation can weck of which roughly per cent the hardly became a reality until will come from Austin. the United States formally ap- Ford Motors, Vauxhalı, proves it.

Standard Motors and Jaguar ali state that they see no reason for reducing production. Ford Motors are working a 8-day week with two shifts ir day at both their

be

Three Parts

The Organisation would

of three composed

parts-on

-United Press. an executive committee

Singapore Rubber assembly including 38 GATT Dagenhamn and Doncaster works,

Market

notions,

of 17 members and 6 secretariat.

ers and The excartive committee would

Exchange Rates

include among the 17 members, the five chief nations of econo- Singapore, Jan. 7. The market cased on lower mid importance, thus assuring the

Business was done in the Joeni advloes on Saturday Undied States a place on it.

market While the OTC would ad unofficial exchange

moming of the following rates: US. dolar (per 81) Sterling notes (per 4N.

QVCTEJDS

with heavy up-country_ilquida“ minister the GATT rules it

tion. Futures: No. 1 rubber per lb. Ju

Feb. Mar.

No. 2 zillyber per B. Jan,

No. 4 rubber Spot nibbar unbated Blankal prepe No. 1 pale crepe

summer instalment credit. out- Stock markets opened the New Year New York, Jan. 8.

with a good deal of cheerfulness. Plenty No. 3 rubber New business in the cotton goods trade

por cont of parienger curs of buyers-the sort who don't bother to developed at a slow pace in the first week of 1956.sold in the United States were

plans read tedious forecasts of the problems of Traders continued holiday-minded, or pre-handled via instalment

This compares with 60-05 per 1956-showed occupied with year-end investory matters and cast for Balium, 40 per cent for

up and invested their the usual New York organisational adjustments. Canada, 30 per cent for France, surplus cash in shares of excellent repute.

Mill executives, pointing to the national economy, provided Th order backlog extending unfair competition from low- through the second quarter on wage

number

of constructions,

ons, trolled." viewed the lull as seasonal and

a

of textile business for 1050

should exceed that of 1955."

Clied reaso for that

in-

con-

14 per cent in Britain,

In the Netherlands,

The Financial Times index_of_leading 80 per of the bicycles sold were under industrials which closed on December 31-week instalment purchases, as were ago—at 200.4 rose swiftly to 203.5 on Tuesday and 85 per cent of vacuum cleaners closed the week at 202.5,

the United States, for

up

have TIO nower to

1216-1213% would 121-1211 arrange any nation's torift or ungdated

to alter GATT rules. United 1217-121 11934-104 Press

1339-1144

12146-22133 97-04

133-133

United Pres

The Bank Of England

Statement

Government Oder securities Recolote Tatto

1,848.300,614 20.030.220 303.149.800 204,

61209.719 10.4

United Pres.

The Bank Of France

imports сап bo

London, Jan 8 The Bank of England state- Indicate lt malighl

continue

Optimism hit a high note

mony for the week ended Jan, until the middle of this month, among yarn · spinners, Same example, there was one car for The all-time peak for this British Governinent stooks 4, reads as follows:

Unless sene

major economie Southern mille notified broke just over 3. persons, at the end syrago was 223.1 on last July drifted lower in ari irregular

Note in circulation develpment of an unseen nature of cotton sale yarns of a tem-of 1054; The Unke: Kingdom, cne 21 so it has a fairly long climb fashion with Qld Consols down Tublic deposity upsols the general trend, opinion porary withdrawal from the for 16 persons; France one for tǝ make if it is to prove that 1/16 sterling. War Loun down | privete deposita consensus

among industry market in order to equalise first

33 in West Germany; 64 in this is still a bull market... 3/16 and the Transport Nation- spokesmen indiented the "volume quartor orders with supplies. Italy and 70 in Austria, Even Most of the blue chips rose a cisation stock down 3/16.

In Austrollo, Canada and New chilling, moto or leas, Rolls- Hard Abro wero generally Zealand, the figures (7, 6 and 6) Royce with a rhe of 1s 60 to Foreign bonds vastly polipsed higher. Burlap firmed with rowere con-

substantially above these 121s od and Ford Motors with all other sectors in the violence ports clusion included: 1 Steadily in-

of potential buying by in the United States.

one of is to 43s, pleased their of the movements, both crossing retail sales of text Australia in the Calcutta market. Russia, China, Argentina and

admirors though they

too have and down. and apparel lines; 2. Low

As regards tolovision sets, the a long way to go before

cach

Gormand. Young Loan not- ventories reported in the con- Eisal prices rose under londa Bank noted that in Canada and Ing their 1008 praks sumer pipeline;

3. The high ship of the African sorts which the United Kingdom, which Perhaps the heaviest tall was casented rose 5 ploring to 108 peak of general Industries were fir demand through British como closest to the US figure of that of Associated Electrical in- and the assented a sterling to nativity; 4. High employment and Continental users, Brazilian about 4.5 persons per act, the dustries, down Bs Bd to 81 Od. 164 but the Old Dawes was

up only 1

1 sterling both the rolls. A record-breaking peak sal was expected to develen & ratio is about 11 per set, while There was much demand for Potash bonds rose sterling to The Bank of Trance slate» of almost 81112 billion In broader inquiry because of its the ownership of sitio sets is at store shares, notably for Great levels about sterling below ment for the wook ended. Des personal income.

attractive discount under prices best only one third as common Univerunt, Stores which soared their for the American ports,

in Europe and in the United 80 th 489.11.

peaks, Among the 20, rende as followe States.

Johnso the feature was Rayon grey

grey goods solders re-

non Trial mid notázógs Out Of Picture slump of 7 sterling In 24 Kapur, Coiner dürrelates ported a Fenerally quo tighton further that while the rise in quiet situa The Federal Reserve observed

arsented. Tokyo B

Fer Cents (the sight Morlampen abroad Arthur K. Winget. Presidenttion, with a noticos.

fall 0%) put all other disinte

Tourbitin-caggiunted American Cotton Manufacturers ing up of offering in the second putput and productivity has in- Dils were rather out of the word wrinted. institulo, isid textile, promodis hand market. Brokers hoped greased, the availability of con- picture: Royal, Patah, was:ide

Rises

Tonged from

Toko - Tin h

"Chirrent, wspotinse candi far 1940 pois promising and the lifting of reale pressure rumer durable goods, the rapid and unchanged sibi istnsport Electrics sterling and the

Gasoilte that the mase is get, for an ora might be a timing point in a development of instalment role di Boul British 1980 4 sterling down to Eaini

Advarer 01 steblo, profitable operations, long period of quietness credit in turn her encouraged Petroleum and Burmah moved of 1 sering shown by overal. tion:Fund morg în lebeging with the rest of United Preas.

the, rojent" expansion of demand very HILO.

United Pros

Promising

Statement

Farie, Jan. 4.

Australian notes (per Lij Indonesian rupiah (per 100)** Slam tloat (per 100) Bingapore (Struita)

Let US handle

YOUR PRINTING

Too many proofs mean time wasted.

We grasp the point at the onset and

PROOF" · generally ONE

suffices.

After that, our upstordato automatic

presses make short work of the job.

Lot pe quato for your current requirements.

SOUTH CHINA MORNING POST PRINTING DEPT.

For print

200

19.40