1956-01-23 — Page 9

Page

THE CHINA MAIL, MONDAY, JANUARY 23, 1956.

TRADE and COMMERCE

SURPLUS Ford Stock Enlivened

COTTON

PROBLEMS

Washington, Jan, 22. Senator Janics 0. East- land charged fodfy that the State Department is op- posing the export of AUT- plus cotton because of thei influence «f a few U.S. Arms that profit on foreign duction.

He made the allegation of Senate Agricul.ure" Comunikime hearing after several

groups called for "positive

Kovernment Action lo mer vide exports and help VS. WKOWITS regein their feiner share of the world market.

Alan G. Pattersin, Prosi tent of the Amer.enn Culton Proddur 1 Associates, suid the Adminis uration's expart pobeles have provided a "price umbreftat foreign countries, Including The Communist bloe

4180

الا

declared that Presiden! Elsenhown S New | "Soil Bink" Intak padar force thousands farm rs off the land

work

Dual Purpose

Mitth

JA

tenant

the

The

The Week HONGKONG

GENERAL ELATION BUT

BROKERS LOOK AHEAD

By JOHN MORKA

New York, Jan. 22.

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morts ing amounted to $340,000. Noon quotations and the morning's

nosactions:

SHARES RÜYENA SELLERS BALES

1709

HK Bank INSURANCES

Ford Motor stock showed expected firmness on Thursday BANKS although the trading pace was nowhere as hectic as on the first day.

The first public offering at US$64.50 a share of Ford stocks touched off last Wednesday one of the most spirited trading sessions in the history of finance, evoking keen interest from London to New York, from San Francisco to Hongkong.

Brokers were still quoting the stock over-the-counter at

a premium upwards of $3, down somewhat from the $5 and $6 levels on Wednesday.

گرده

tutory

theory that a continuetion of a Republiek pi Administraties would provide a happier ellmate and more meentive for business

Gill Parker, a director of the Temesser Agriculturni Council.

While there was generally u Committee, urged a "daw pur-

elation

U.S. in bat wild feeling

the Anancial circles over "assure Text Teas work!

at contpettive tueresatul sale of the issue, Wall #ke

Streeters were obviously looking cey and provide a textile ins

heud for an artesinen! us to quota

Hanzo Dixon.

lague's effect Cotton the American

Als greed market behaviour,

Votated Complicating the picture last Whe price supports of 99 per cent of Tursday was the statement by pari'y until our

CAFTYOFIT IN

President Eisenhower that while rednje t normal“ 1boơn sup, he would not object to having portzuk bells the prognosed “Sal'ls mate entered in presidential Bank" and the Administrations palmare vlecliums, this did nu flexible price support avalian necessarily In that he

Preidt of

port

Shippers Association.

with witnessry

Clifford H iardy. repre- tunning for the office of chief sunting

The Nation Colton rævulivo.

Ginners Association,

doublful any

will secerni

ention stocks

arm WITH

JOKATUITI Oʻ governme

Take induced to a level consistent with nonni de mands United Press

Jap Trucks

For Brazil

<

Tokyo, Jun. 22. Japanese Automotive panies have contracted to sell more than $1,410,000 worth of trucks to Brazil and Spain. Jiji Anuncial news

snd

today.

service

The Nissan Motor

Conjecture

to operate,

As to what the market might the President de. do should

deckie Bat to ᎠᎴ Haltely candidate this year, no one of course can predict for certain, are rendy 10 Many observers admit, however, that the market probably sc. but this downward movement will bo Dow

to the nothing compared

rise which would develop should the President decide

office.

10

Fun

for

As to the Ford issue, market observers look for The nation- wide publicity given to the stock to attract a greater number of the so-called smaller investors Into the market, which of late, has shown ittle vigour. Experts think this has been beenuse of a lack of stimulating news aut

By mi large, the President's

· failure to make known definitely his presidential aspirations was

The with expectations and although stock market prices oved lower, there was little disposition to lak the caster incentive.

market tone with the presiden- fiul statement. It was felt by

મા and large that the market had aire dy discounted the Pre- sident's Bless

Last September when news of his heart condi. on touched off a treinendous selloff in successive weeks.

Wall Streeters like to think that investors never discount a development twice and on that The theory

Anancial the

experts will insist the market has ofready ship more than $972,000 worth | discounted his not running for of five-ton and 7,5 lon trucks lo Brazil by the end of June.

Minsei Diesel

Companies

$444,000 worth of vehicles. the end of April, JUL

office again.

But all this is of course large

Spain will receive more thanly conjecture and represents the

by

| best thinking of the street. according to

financial Right now

circles want-preferably on a yes-or-no The Minsei. Dieset Company manufactured the engines while basis: Will President Eisenhower

Nissan

The

turned Press

Motor Company run for re-election?

out the bodies, Urated

New

A deinite yes could touch off

big market boost,

The

(1

York Stocks Decline

Very Badly

By Elmer Walzer

New York, Jan. 22.

Stocks broke nearly 6 billion during the past week in their worst decline since the week ended Sept. 30, the week of the Eisenhower heart attack.

Will Take Months

Many point out also that the has taken some Find offering GO0 million out of the market That might conceivably havr been spent for other stocks and

thus bolstered the norket manwhile.

and

Some 500 million of this will be given to hospitais, collages other institutions by the Ford

Foundation

per previously announced plans. But all this will take months,

Conceivably

at the recipients might re-invest their Ford Foundation contribu- tions in stocks but even this will take me.

Some

Thus, it is felt, the best news the market could get now is a deunite commitment

from President Eisenhower that he would like to be re-elteten

In a few days, activity in the new Ford shares will case to

more normal proportions and it

will have to seek its own level. The

syndicate meanwhile has the right to make an orderly market for awhile and will undoubtedly lend support to the over-the-counter tradings

Foreign Interest

But somewhere around March

1, when the issue will probably be listed on the New York Stock Exchange, Ford stock will be subject to normal maricet pressures. Whit happens to other alocks—notably General Motors and Chrysler will probably have some effect on Investor interest in Ford. nccord- Meanwhile, New York brokers said that trading on Canadian,

to observĽTO.

behalf of London,

and Amsterdam

Trading lightened with the week's total at 11,372,305 shares, a daily average of 2,274,461, Swiss against 12,101,141 and a daily average of 2,420,228 | counts had slackened consider shares last week. In the Sept. 30 week the total to one major dealer in foreign (was 21,669,460 and the daily average, 4,333,892 securities there was on Thurs-

shares.

ably last Thursday.

According

day at best less than half of Wednesday's

trom action" foreign interests,

-

President will run for Cutback

re-

There have been culbotka

Industrial shares closed the course, is whether week in the Dow Jones average | Eisenhower at 404.40, off 17,40 from the election. previous week; rails, 184.32, off utilliés 03.07, off

6.30 points; 0.04.

there has

Foreign soiling for all practical purposes, according to brokers, appears to be drying up on Thursday. It is tell that by

and large the stock is now in the bands of long term holders abrond

so that from here on ctivity will dwindle almost

daily-United Press,

Union 192

Lombard SHIPPING

Water opt Aria Nay DOCKS, ETC. K. Whart Dock Provident (0)

Wheelock LAND, ETC

11k Hotel

ИК Lund

RUBBER

Trual

UTILITIES

Train

23.80 1.07

10

321 33

15.40 8.35 .50

300 or 24

1000 197

0

17.10 17.30

61 024

2.80

24 30 24

1000 m 24.40 200 105 $81104

SECTION

INDIAN

RAILWAYS

CONTRACT

London, Jan. 28.

An 8,000,000 dollar con- tract for equipment for the Indian railways is expected to be completed by next September, the Unlled States Information Service announced today.

The announcement sald that the Insi of 25 lovomo- Lives would be delivered this month. Already near- ly 1,000 freight oara hayo been shipped or booked for shipment

The order is part of the economia amuistap.co

pro- gramme of the United States, administered by the International Co-operation

Administration.----Reuter,

BUYER INTEREST SLACKENS IN WORTH STREET

New York, Jan. 22.

Worth Street cotton goods sellers reported a gradual quictening in buyer interests this past week. Inquiries covered a wide range of fabrics, with the main interest centring on broadcloths, print cloths, sheetings and heavyweight industrial fabrics.

Buyers proceeded to fill-out the uncovered portion of their second quarter commitments as they found spot and nearby deliveries still difficult to locate on a number of items.

Looking

ahead, Some mill executivca nald they realised a buying pause

could

happen New

Multilateral during the seasonably quiet

Payments Arrangement

London, Jan. 22.

Vinali Ferry 104 100

The British Treasury has む Light (01 22.10 22.40 300 SF 22.40

170014 22.30 announced that

repre- 300 30,00 16.80

the govern ments of Brazil, Belgium, Luxemburg, West

C Light (N) Mlectric

Meco Elec.

(3)

Macan Klee.

INI Telephone INDUSTRIALS

Corners!

Rope STORES, ETC

Dairy

43 43 1200 43sentatives of

940.00

second quarter period, bui in the long run they expected 1950 to be as prosperous as last year. Optimistic reasoning was bască on a variety of factors, foremost of which

The steady were; population growth, building new homes; better standards of living for

muny people, record. breaking personal income and the continued drop in excess cotton spindle activity.

A

Tanning Process Suggested

Milwaukee, Jan. 22.

in

simple change tanning procedure — the inclusion of a chemical promises to enable leather industry to prove the quality of shoes and increase its efficiency in buy"

Mr making them,

Accurate Gauge

Ger.

Netherlands Kingdom

Primary distributors SAW substantial "open

M

the im-

the many, and the United met in Bonn on January 16 position existing now among re- Thomas J. Armstrong of review the progress tatters, wholesalers and garment Dupont Company has told made in the development cutters,

1.20

32, 33 202

30', 303,

เร่

10.70 10.10

325 19

to

100w 10

Watson Kwang Sona

13 10

of their multilateral

107

3 70

menta arrangements.

70

6.83

11K & PE

Invest.

Hung COTTONS

Nunyang

Singapore Rubber MISCELLANEOUS

Market

Singapore. Jan. 22.

caster WHA

pay-

The rot

retail

the new

Substantial sales at

the Tanners Club Bore. level, it was said, are

The change involves the in- cutting heavily Into stocks which

small amounts

of clusion of must be replenished sooner or later. Many smaller

iler Dupont's "Quilon" chrome com. It was agreed that

plex in the tatinage as the last stores have completed inventory system was functioning smoothly taking, while the larger

He storts

operation of tanning. described this as a low-cost 11- line

operation requiring have expect to

special equipment On accurate gauge 1 on

potential procedure. buying possibilities.

12 13.000 11 to and offered good prospects for a have

steady and mutually beneficial

ner: on Q

wet

T2 few weeks more to go

US RAW COTTON expansion of the trade between on the job. When it is finished,

Brazil and her European part-milimen

non-discriminatory basis.

It was expected that the now aystem would be extended Jea the coming months by the

EXPORTS

on

New York, Jan. 22. Raw cotion exports by de- sination as reported in bales

The market Saturday on heavy liquidation. Futures:

No 1 rubber per lb. Feb 100-108 Mar 10744-100 Aprit unquoted No 2 robber ver th Feb. 1974-100 No. 3

107-10714 No 4 Spot rubber undried Blanket repe No. 1 pale trope

++

by the New York cotton Ex-participation of other countries. change for the year 1955-60 as to Jan. 14 were as follows:-

Britain

Continent

Orient

101-105

10894-19076

Canada

Total for season*

119-190

Same period last year

00-**

-United Press

50,432

242,676

487,793

00,373 851.333 1,827,015(e-ent

occurs,

or handling

was

and

showed

Tighter grain structure; beller

Water Resistance Meanwhile, WCBVCTS have

Working with side leather for been watching the government plan for

disposal of the huge

khoe uppers, a substantial degres of water resistance raw culton surplus. In the first Coffee Problem

said. three

he weeks since

the special achieved,

Addition wear-lesting Meanwhile, France is expected million-bale sales program that "Quilon" Imported pruper-

Join the agreement on April has been under way, the Block-

ties to the leather "which were unless some unforeseeable pile has been cut down almost

bales Prices

for more important than water rathod Rovernment 327,000 United Press. sources in Paris say. The from 25.50 to 20.75 cents! for resistance alone."

10/16 inch cotton Mr Armstrong listed the im- problem of coffee was overcome low grade

While most of it sold for oxunt during talks which took place in

export provements in the leather as: weavers expressed the hope Parts on the occasion of the visit of Brazil's

libre does not find its way President-elect the Sonher Kubilchek,

back into this country in the dimensional stabiuty better form of manufactured textiles, resistance Lo chemicals and These sources said that the in cotton yarns, the situation perspiration: better Ands on officials agreed that France

the I was featured by a price hike of

processed leather; better might maintain restrictions on

three to eight cents a pound ôn adhesion of the finish; les ten- as the man foreign coffee so long

counts. mercerised

Spinners dency for the leather to scuff volume present

of foreign coupled

the price boost with or scar and betta appearance coffee Imports was maintained.

the stronger situation in combed when subjected to wear. China was unwilling France

yarns, plus increased costs for | Mall Special. liberalise her coffee

Imporis spinning machinery and the to protect woge boost to become effective because of the need coffee production in her oversubs in March. territories-China Mali Special.

Confusing Week

For London

Stock Markets

By C. T. Hallinan

London, Jan. 22.

Everybody on the stock market found the past week a trying one. The Prime Minister's speech at Bradford was strictly in character and had

no electrifying

Singapore Stock Market

Singapore, Jan. 23. Brokers today quoted

message; Mr Dulles on the brink of war following stock prices. was more paralising than inspiring; and newspaper talk that companies should lower their prices instead of increasinger & Neave Ltd Ord. their dividends, it was apparently an Neave 714h cum. exasperating week.

In the sector of industrial shares, there was

pref

the

*Lintang Rubber Co,

British Borned

Bynoele Consolidated Tin Smelters

Opening

•Petroleum $1.7

44/d 29/60 $1.00

Hongkong &

Shanghat

Dansing Corp Hongkong Tin Ltd.

Lunas Rubber Estate Lid..

Naw Serandah

$0.85

$020ed 7704 $2.02 $4.15 $3.50

Rubber Co.

$1.90

2.35

Singapore Cold Storage

Lid.

$1.00

Kempas d a loss of confidence in the financial capacity of the Malayan Breweries British consumer and a disposition to get rid Lia

Pottling_Tia, Lid.

Straits steamikkip

Wearne BrOS

of the shares of chain stores and other concerns Rafe Hotel

to the catering

consumer. ex-dividend, closed down 2 shillings 6 pence and streng

Woolworths, Boun British Insurance Co.

Marks and Spencer down 1 shilling. Associated United Engineers Ord. Electric-long boosted as having an electronic future-and Rolls Royce both fell 3 shillings 6 pence. Tobaccos, rather surprisingly, had a sharp recovery of a shilling or so.

and

$2.90

Chita Mall Special,

U.S. COTTON CONSUMPTION

Washington, Jan. 22.

Buromu

American Ford shares which port ds. 3d., Brish Petroleum were formally introduced to and Mexicans Eagle about 3 The Census Bureau sóld today the market at 128, "dollars shillings. Almost alone, Anglo- | about 855,447 running bales of actually 128 sterling for On Thursday there was con-

five Egyptian "B" rose 1 shilling 3 cotton were consumed in the siderable selling in U.S. maricotsares instead of the usual mit pence to 61s. 34. compared with United States last December,

of one share-closed the week its peak of 72s. 5d. tot 102. according from abroad,

compared to 801,590 in Decem The decline did not AS brokers here.

pressure

1954. Japanese were extraordinarily

monthly report to mounted during the day foreign mean heavy selling meraly the

In its efforts of dealers to find

with the In pellers came into the

the popular Now York

1899 non industry on cotton and linters

the The actual dollar losset auto production and seasonal market in the 60-70 dollar price price likoly, to attract investors, asscnted up 2 sterling

Jaxt

Oils Suffer

the assented

wald up: 2 sterling, statistics, moderato at least decline in home building but range and found, some willing week were

others Jumped 24. 2 or 1 sterl8,028,014 bales were consumed well under that averages would other big businesses are holding buyers here, One major dogter Indicate. On the basis of Stand-high. Nevertheless

commented that his old fem

Actually the market done in ing. Both non-avented and as during five months through sented shored to the Fally, December, compared to 3,007,120 and & Poor's special calculation been what Wall Street describes found London a "major" seller. American shares, is small, owing German bonds, on the other during

ng the same period a year. for the United Press each of the as a poor response to good nows.

"Apparently, Ford was alloted the heavy damage done to hard, were heavily sold. Dawes ago. Miscellaneous issues were Du- 50 industrials used in the 8 & P

freely and it larger York crashes of 1820 and 1080; and Young Loob lost 3 sterling Colton on hand on American amounts than in the US," le contemporary opinion holds that while, the two Polisit again fell in consuming establishments and December Index dell $2.20 a share-cach Pont, of 10 points,

Hawallan Steamship

2% sterling respectively 31, 1855, totallod 1,899,267, balca off 9%; of the 20 rails fell $2.71 and

hardly an upper-class. family telling, part each of the 20 utiles declined American Potash B, 0%: Bab- told United Preis.

|escaped some capital intses. The

17,592,700 bales in pubile stor 53 cents. The 90 stocks in the cock & Wilcox, 5; Johnson & Johnson, 64; Montgomery

fact that Honry Ford wa three indexes had an average Ward, 6%; Zenith; 8; Reils-

∙al) his, lito 'anti-Wall Street and the medium and long-termed

British government bonds and at compresses,

parative figures on January loss of $1.91 a. share ckch. Santa Fe and Reaks Island, 8%;

He found no, séllinn, evident refused, to fat the rack touch were very quiet", and "abstly | 1955) were 1,082,282 bales and

11028,052 bales. The reasons for the selloff New York Central, 34; Southern on behalf

Old The Bureau said there won vers varied. Wall Street insists Railway 6: Union Pacific 3. coups in urts Here Inst friday He Americat Ford Hi shared Consols lost one-sighing sterling 18,410,000 setive cotton-

Bletals Aliminium, 4; Climax though reports last unique, today but AR promiend, and 3 per cent, Comola tongka

ink spindler Battle fourth to a on the Molybodenum, 4; Kennecott 8%, mentioned that Amsterdam

Magma, 6. Steel Bethlehem long with London exerted overtheles

United States in December 31, 8%; U.B, Stael,: 3451** Youngs- | pressure on Ford prisen merly Dils suffered to nu Bin the big sinknown quer- town & Sheet 64.Unked lest Thursday diminishing once which lowered Roya Dutch 1% 2 dally avenator 19, 12. Bar" onke January 1933, United tion facing the market, of Prosa.

tho oversous markets closed pa

sterling to&AMP

the market is going through......n period of consolidation whole.

more

Drying UR

well-to-do familles by the New

of Dutch or Swiss his shares in those days maison closed unchanged though

* Turnover" was moderate with

Com

in the

Limited Enquiries

Hard fibre

shape retention un

more

The Bank Of England Statement

Sterling 1.780.400,223

18,787,597

303,109,707 310,044,054 45,009,376

were steady ἐξ

London, Jan, 22. firm. Manila hemp prices crep! The Bank of England state- ahtad as more attention centred ment for the week ended Jan, on news of heavy rains in the 18, reads as follows:- Davao growing areas. Sisals

Note in circulation were quiet after moving on an

Pablic deposita upgrade

for

weeks. Private deposits several Burlap cured with Calcutta re- Government securities. ports that more idle looms may

Other securities Receipts be put back into production Hallo

Reyon grey goods distributors reported limited inquiries, with only some small business accom- Aloment plished in speciality fabrics.

41,103.903 12,0

United Press.

Exchange Rates

Business

Woolen and worsted fabrics continued firm with garment unofficial manufacturers buying for fall lines increasing. Strength in world raw wool markets also helped to shope market sentiment---United Press.

was done in the local exchange market US. deltar (per 31) morning, at the following rotes: Sterling notes (pers£1, Australian notes (per &1) Indonesian rupiah (her 100).. Siam tical (per 100) Singapore (Straits)

PHOTOGRAPHS

by our Staff Photographers

H.K. Bisley

Indian Charity Ball

Motor Sports Club Rally

this

15.70 12.48

14.50

21.20

1.01

S. A., S. Cocktail · Party Thailand Badminton - Finals Australian Association Annual Ball. " Kowloon Rotary Club Luncheon Agricultural Show 'at Un Long Foundation Stonelaying of New Asia College Painting Exhibition at St. John's Cathedral Hall Enrolment of Apprentices to Government Workshops Certificato Presentation at Northcote Training College Army Boxing Finals at Macpherson Playground Queen Elizabeth School Kowloon Speech Day Football Dinner at Gloucester Hotel·

• Arrival of Austrian Soccer: Team

©H,K,U. ` ́Alumni Association / Dinner Opening of Po. Tol School Y's: Men Club Luncheon, All Local Sports Local Presentations

Local Weddings etc. etc.

Available at

1956, Compared with 1911,006 SOUTH CHINA MORNING POST. LTD.

Vyndham Street.

1