1956-01-26 — Page 9

Page

THE CHINA MAIL, THURSDAY, JANUARY 26, 1956.

TRADE and COMMERCE SECTION

Rising Prices In Spain Pose HONGKONG New York Market

Problem

But Economists Fail

To Discover

The Answers

By Henry Buckley

Madrid, Jan. 25.

Spain's economists have so far failed to discover the cause of the sudden inflationary wave of price increases which has swept the nation.

In an autumn of plenty, with ample supplies of fish and meat, reasonably good harvests of cereals and moderate yields of wine and olive oil, food and other prices suddenly began to soar.

While termen were report- The cost of living in lex ww ing gool catches te finḥcia, the 986 3 in 1951 and 19 August of przes ud fra i Machid increns-¦tus your Was 013.3 pils

Las 10 peselus per j Note circulation has increasi

'

PN

kilogramme (9 per pound) ani | stea lily since 1951, when it was most by as much as 12 p

35,272 mullion peselas

la

per kilogramme tis per found)

in spite of the fact that on one clay 400

unsoli

Auction

zi

Detober of last year, il 45 315. In priola Bat this increase would eværrespond

#imals the awing

Matrid

Ac

rtimained

11 Jack

1-2

roughly industrialisation fdevelopment of Spals

MARILL F++

Tu

15 and

demand by trutchers,

Warehouses Full

f

The Government will nee to tep carefully Taking any steps to bust the present prive bustible "Shark im orten fat may be needed 10,000

will be neary to make sure that they are used to hit speculators and not

pro-

Fur vents

prices at 3.000 poseta £50) lost we w have Belteta Paling

(41001 And

Note

salt men whisper to client

enlly hecause 1001

the urge you to buy now

we shall have 13

put up prices again"

Texte phers have neroPNKI,

Farm prices die von-

Venom C

sidered by Name experts to be tena low at prezent. Vier taxation of the higher

"e:

Although the paris reported that Income Lmckets is clearly Mocks of textiles sufficient for Arancial AS

ภาพเอง

months All Bdirejimas | Roversity. warchuuses to hurting point.

The Falange aroun, Juventud. divelared flatly, Ones ogen the nation is

the victim if this monopoly organisations"

The Catholic, Ya, commented: 13 possible that the manoeuvres of the speculators ¦ to frighten people into buying | is due to a desire to

ren aguin the easy profils

qeulers became nerastone fla make in times of shortage."

American Aid

which many

Economists looking for hund facts in meerunt for ine nercase.t costs contess Cal they and

none.

American Hist and 1850- bullding activities are seen as 100 sinull to have nuch In- fluence.

About 10,000 m2 are working

the bases in atl Spain, which supposes a wage bill of something like 2,800,00 (£25,000) piscias

week Ald received in Spain in goods, excluding millory

equipment,

So for totals about 00,000,000 dollars (over £20,000,000).

The new budge

for

around

million 4.500

1054, pesclus

(£45.000.000) greater man that

of 1955, is not seen as a base for anything other than mila inflationary pressure,

Low

Root Cause

Experts milst that the first thing to find out is what has enused the price inflation, whether it Is duc normal econonle factor whether it is the work as wenthy playbig for glant stukes,

STOCK

Makes

Anti-Trust Suit||US_Imports & Exports EXCHANGE Strong Showing

Against IBM

Washington, Jan. 25.

The governmeal An- nounced today Hat Inter- national Busli:31 Machius Corp. has agreed to break

Ita up

vast tabulating machine rental business in selffement ot h anti.

some on

bas

Jack

mint releas The firm certain palents it OVERB

Toyalty-free <ther Manable royaltles And provide

for

Americas

industry with the technical to operate the

knowirdgr

machines.

the future, the firm must offer for sale all new electronic cabulating

ducka

processing machinck

that it produces,

The

coiseni Judgment, York City.

Aid in New

alsu

teasing

pernille persons Dow

IBM machines

to

buy them "lor a reHBOR-

ab" guro.

1862 sulf

riginal The Dghini the firm charged bad "monopolised the Tabulathing iniuntry In the

078."

14

it aiso charzo: that BO per cent of all is bulating

machines

America

Lat

Us-c in were owned by #BM and ibal the firm hed ub'ained remmercial 'ronghold on the male of fabuliing cards 10 the country-United Press.

WORLD RUBBER MARKETS

Singapore. Jan. 25.

The rubber market rallied to- day on short covering but eased again toward the close. Futures:

No rubber ves th Feb, 1895-1963

Mar

3059-1 unmuted 103-10514 1013-10433 103-1022 100%-103 03-955 114-419

Expected

To Gain In Volume

New York, Jan. 25.

United States exports and Imports during the coming year are expected to show further gains with volumes reaching close to $15,000,000,000 and $12,000,000,000 respectively, the National Foreign Trade Council Inc. said today.

Irregular Trend In

Chicago Grains

Chicago, Jan. 25, The trend in grains was irregular on the Board of Trade today.

IV ELB

depressed

by

Wheat reports of additional moisture over the winter wheat belt, und Forn

succumbed to a sell-off, uters said,

and birley

Ponding export business con- tinued to support

the soybean market. Exporters said Japen bought 2,100,000 bushels 01 Canadian

sinall amounts of US and Canadian whert, and 312,000 bushels US grain sorghums were sold to Norway, but export businesa was otherwise slow.

of

of

An Incrosse for the year of $500,000,000 in exports should rush the total for the year to $14,700,000,000 compared with the tentativa 1955 Agure $14,100,000,000, Importa estimated at $11,900,000,000 against $11,000,000,000 last year, according to the

Council's Agures.

(From Our Correspondent)

Business done ca the Hong- kong Stock Exchange this morn- ing amounted to $300,000. Noon quitations and the mornikig's

nsactions: SHARES BUTERS SELLEGA SALES

DANKA

TIK Bank INSTANCES

1780

1990

24

70 71 400 221 34 1000

Union SHIFTING

Waterbent DOCKS, ETC.

K. Wher Dork

8.35 8.45

Provident (0) 18.20 35.30 1000 Wheelock LAND, ETC. IIK Hotel HK Land RUDDER

A. Rubber UTILITIES

Теаль

... 17.20 1735 na maji

175

DODO 1,80

24.40 50 24.49

$4.20 20.00 2000

Stor Kerry 153 Y'malt Ferry are

103 100 C. Light (0) 22.20 22.40 100 1 22.30 Light IN 14.40 14.00 000 19 Electric... 343 500 414 53 не 434% Macao Esen.

(0)

AK

The Council said further that the not inflow of private In- vestment capital from the US will be about $4,000,000,000, with most concentrated in long- term investments.

Estimated Return

9.40 1.60 (N) 8.20

30

33 33 000 33%

000 a 36.70

ד

10 1000 16.70

30018

Telephone INDUSTRUALS

Cement Hope ĮSTORES, ETC.

Dairy

...... 10.70

13.10

100

Carp 85 3,70 7.80

Watson Kwon Sang

Hong COTTONS Textfie Nanyang MISCELLANEOUS

4 120

the

Vibro Тапято Allled H.K. & F.E

invest.

250 # 23

4.03 3.40 0.60

This would place the total of such private Investment in foreign countries at more than $18 000,000,000 with an estimated return of $2,000,000,000, Trade Council said.

Excluding military aid ship- ments. US international trana- actions should arnaunt $43,100,000,000 for the

Also accumulations year. gold and dollar reserves amount- to $1,600,000,000 ure In ing prospect.

current

of

Noting that dollar reserves of foreign countries this year would only exceed last year's by about $400,000,000, while the export increase will amoun! to $600,000,000 the Council cluded that the rate

con-

New York, Jan. 25. The stock market made another strong showing today with prices moving up more than a point.

All departments joined in the advance which was an extension of yesterday's strong upsurge, was the widest since last November 14.

and Alkali

Steels and ratis and selected Curtis Wright ives paced the rise. The mid- session trading added its showing to the first three hours

of dealing.

Markot favourable,

news

WILA

Dow Chemicalu

best Dupont de Nemnotra

Eastman Kodak

El Paso National Gas Erie Railroad Family Finance Corp.

Jiglity General Electio

Some of the trade buying was attributed to Presi dent Eisenhower's economie re. port and favourable corporate varnings also helped the list.

the

era Foods

General Motors Gen. Pub. Utl. Gillette Safety Bator goodrich B. T. Co.

Goodyear Tire Heyden, Chemical

Inland Steel Co. Interchemical Corp.

Kogersoll-Rand

The Industrial average close Homatake kiining Co. today with a goin of 2.83; the ratts were up 0.38; an utilities rose 0.12. The Rancent markt average tucked on Improvement of .010.

Ind Business Machines Ini't Harvester

un International Nickal

International Paper Int'l Tel & Te John-Marryllic Co.

New Highs And Lows

351

Kandos C. Power & Light" Kennecott Cooper

| Luxgen Meyen Tutu, Cu.

Ickheed Atreratt

Incora.

Of the 1,174 issues traded to ciny, 308 closed higher. Anished lower and 258 held at Loulaville & Nashville R. their

close.

Lone Star Cement Co. previous

New Lowenstein & Bonu,

Mesabi Iron Corp. 1066-50 high were registered Minnesota Mining by 22 stocks and 6 made new Mission Development

11 13.70 500 a 13.60 lows.

West German Consumer Goods Production

West

Bonn, Jan. 25.

Trading

Monsanto Chemical Co. Montgomery Ward

totalled Motorcin Inc.

volume 1,030,000 shares, compared with 2,160,000 yesterday.

to

National Cmh Reg. National Dairy Prod. National Distilleri National Lead National Steel Corp. New York Central Olle Mathieson

In the higher carrier group, Southern Raliway was the bell wether

It moved up 2 points

Owen-11:inois Glass $106

Pacific Ons & Elec. Motor shares did little and Peale Western Ol closed irregular.

Pan American Airways In

Paramount Pictures over-the-counter! Parks Davis Co. quiet

Ford Motor Co. closed Penny J. C, Co.

German produc- dealing off from yesterday. Penn, Salt Co.

at of tion on consumer goods in-

creased by 11.6

per cant

Brazil and Yugoslavia are accumulation of reserves abroad the competitve factor

scheduled to be in the market will be somewhat reduced

by

for wheat early next month, applying however, and it was announced into sharp focus-United Press.

| today that the Agricullure De- partment has approved the sale of 15 million worth of cotton- sced or soybean oil to Spain Wheat closed up to of

cent; soybeans new up to 2% cents.

CLOSING PRICES

Prices per bushol in cents: Wheat, No. 2, red

Spot

COTTON

FUTURES

STEADY

last year, compared with 1954, according to figures published here by the Economics Ministry.

Production in the food and drinks Industries alone Increased

the by 9.2 per cent,

figures showed.

The biggest increase was In the production of capital or in- vestment goods, which row by 24 per cent over the previous year.

Industriai production As A whole

per increased by 15.7 cent,

to private according

value estimates, the total

of German de- West

industrial DTO- duction last year was 6,000 mil- lon marks (about £4,830 mil- lion).

New York, Jan. 25, Cotton futures today opened steady and closed firm with new crop unquoted liveries leading the way.

At the close the list ruled up

л

well as a selal Nevertheles only since the end of

of the civil war has Spain formed an extensiva commercial middle class. Too strona measures against this class might nip its development No 2 rubber por lb. Feb

No 3 by the bud, which would be a

No 4 tragedy for Spain.

Apr

Spet rutier unbaled Blanket crepe No pale crepe

LONDON

The market was very rendy with spot quoted at 31% pence

Prices: per ib.

21346

Mar. 210(H) 202 (1)

May

July

2004-15 30615-200 19415-9%

Sept.

LOTEL

some

or

Nov.

2004

Nu 1. Ras outer:

Beillement house Mar April April/June July/Bert

31-32

C'oro, No. 2. sellow

Bpot

311-3192

311-313%

Blar.

Blay

007-31

July

2924-30

Sept

General markets, cif bagis, porta:

All Spain is waiting to know the asswer-China Mall Specia).

Feb

311-3145

Nov.

129-1283 1323- 13844-1 19516-130 133

Mir

1319

April

unquoted

Mar-

માના

Grepe unquoted

May

1284-36 12355-36

Oats

AMSTERDAM

Mor.

MAY

The market was steady. Prices closed today in guilders per

Boybeana, No. 2, yellow

Apot

Jen

itur,

hany

No. 1 rubber

300 puid

3.00

301 Paid

July

247n

20501 24043-250 2416-4

buyers

Sept

Baricy,

pot

Singapore

Stock Market orpin, if Feb. as follows;

Singipore, Jan. 28. Brokers today quoted following stock prices:

Batu Lintaan:

LI

Laxation Un Spain's Prayer & Neave

middle and upper class may cum pref

Contribute somewhat

Alution. To much money spent hy some sections of theso

classes, experts say.

Nu. 2 rubber

3.35 hom The New York rubber prices were unavailable-United Press,

London Foreign

New York floa

200 lb. ack

12 to 30 points. Opening prices Total Production

15 to closed up

Now 30

were up to 5 point“. Orleans points.

Superior OU,

the highest Philip Morris priced stock listed, spurted 58 Procter & Gamble Co.

Philips Petroleum points to $1,102. Other olls also Pittsburgh Plata Glas me demand.

Publicker Industries. New

York Stock

Exchange Pure Oil ....... bond volume was $4,230,000.

American Stock volume was 750,000 shares.

Exchange

Closing Prices

Alden Ins. Any Allied Chemicals Allied Mills Ind. Allis Chalmers American Airline

American Cranamide Co. Am. Mach. dry. American Metal

American Binelting An. Sugar Ref. American Tet & Tei American Tob. "B" Anacunda Copper Armco Steel

Ate our

Baldwin-Lama-lam Baltimore & Ohio

Bendix Aviation Corp. Benguet Cons Bethlehem Steel

Boeing Airplane

It was 104 per

Borden (The) Co.

Burroughs Add Machine

Canadian Paciße R.

|

Cass (3; 1.) Co.

Financial Corp.

Total industrial production last year was 80.3 per cent above The trading tempo quickened that for 1950, arst "normal" year gradually after a quiet start, after the war. Buyers' confidence strengthend cent above the 1930 level.

For capital goods, the figures with

reports of continued heavy

entries preducer

under the were 128.4 per cent up on 1950, cent up on 1980; for 24734-240 loan programme and an utten-180 per

goods 85.4 per cent "free" consuMET dant tightening in the

up on 1950, 87 per cent up on cotton

138-140n

$13,500

Cat. Tractor

Celanese Corp. Chase Manhai. Bank Chrysler Motor Colgate-Palmolive Co.

restal proposals for a 1936; and for food and drinks Commercial Credit

of

Year's

49.7

per cent up on

1930, 08 per cent up on 1836.

Producilon of electric power last year was 11.5 per cent up on 1954.-China Mali Special.

rigid high price industry on basic crops, and supports possibilities that a farm bill may bo completed in time to apply to this

crops, generated additional price-Lifting power.

Buying orders credited to commission houses, New Orleans interests, Liverpool brokers and bushel as scattered trade accounts absorb

ed bale-up realising and hedge selling.

marking time awatt ferred 10

WINNIPEG PRICES

Winnipeg, Jan. 25. Prices of grain futures closed today in follows:

cents per

Belgian Tax On Gold

further Transactions

No. 1 rubber

the

No. crepo

Robber Co

Opening

$1.83

British Borneo

Petroleums Hyndicale

444 Gd

Consolidated Tin

Smelters Ord

20m 32

Fraser & Neave Lid Ord.

$1.80

$1.05

to

In-

Firngkong & Shanghai

Exchange

Ostr

May

701%

Banking Corp.

$910 cd

July

12

Hoogkong Tin Ltd

gald they

Kempas Lid

42.03

London, Jan. 26.

Oct.

70%

Luns Rubber Estates Lid,

*ew York

2.00 1-2%

Rye

$4.10

Malayan Breweries

$3.50

Montreal

139 89-130.47

10.624-10.027

2.00-2.00-/10

May

11434

July

61.03

1109

11.733%-11.731

14.20

80.10-80.15

Barley

Volumo

Singapore Cold Storage South British

Milan

176334-1764

$1.60

Forlo

134-905

May July

100%

were:

18

Month

Oct.

Stockholm

March

13,000

505,400

Insurance Co. Ltd.

(27.10

Straits Trading Streils Bicamahip

Others were unchanged,

Xay

21.400 100,400

$20.78

May

302

$12.70

United Engineers Ord. Wearne Bros.

$0.25

12.02

July Get.

Wheat No. 4, 1023⁄4, cents;. Karch

300

32A

July October December

14.000

287,300

11,700

200,200

6,100

170 200

2,600

07,000

No. 5, 124 cents-United Press.

May

Jur Total

1,600 300

33,000 2.200

The fact that all kinds of cloth ing, in edition to bicycles and radies and such-like crosumer goods, are bought by many people on the instalment

system and that nuw flats are being sold in stead of rentea in Medrid and the banks have to finance these purchases, may have some

effect on credits.

Hard Core

The hard core of tourists, sky

800,000 a year who spend some time here each year, as opposed

visits,

to some 600,000 who came in on day considerabla quantities

consuming

of

Spain's limited supplies of good quality Ash and meat may affect food prieda slightly.

New Serendah

Rubber Co. Lid, Petaling Tin Ltd. Rames Hotel

China Mail Spacial.

Amsterdamı

Brunein Frankfurt I.'sbon

1597-16.6336 Fissood

New York foreign exchange rales were unavailable.-United Press,

ments on farm legislation.

The certificated stock declined 640 balce to 15,081 bales.

and open

interest

Brussels, Jan. 25.

A Ministerial circular has

Comingawealth Elec. Consolidated Edison Continental 0 of Del. Continental Steel Corn Products

Crane Co. Crawn Zollerbach Cuban Amer, Sugar

Radio Corporation Republic Bioel.... Reynolds Metal Shell Oil Co..... Baint Reg. Paper Sinclair Of ....... Socons Vacuum

Bouth Porto Rico Sugar

Bouthern Makkal Gas

* 211, Southern Hailway (Com.)

Standard Brands

108

"341

65

Btandard Oil of Cal.

Standard Oil of Ind.

asas | Standard Dil of NJ.

04

25

33

Sterling Drug Co.

| Stokoly-Van_Camp.

Studebaker-Packard Carp.

Swift & Co.

Texas.Co.

100% Tide Water Am. Oit

Twenty Century Fox Film Bay Union Carbido

Union Pacific Railway United Aircraft

1614

18. Gypsum

VA Line Co.

06. Rubber TUB melting 167) US Strel ... **EN Westinghouse Meetris

West Va. Pulp & Paper Woolworth

-United PreRR,

Exchange Rates

Business was done in the local unofficial exchange market this 48% morning at the following rates! vitu.s. dollar (per #11

381

Bterling notes (per 61)**** 28.7 20 Australian notes (por él) .. 12,4 30% Indonesian rupiah (per 100) 34.5 5a1 Blum tical (per 100).

Singapore (Btraits)

30%

A NEW COMPANY?

been issued here to clarify From the word "GO"

Volume Open interest | certain questions raised on

the recent decision of the Belgian National Bank to authorise the free sale in, import into and export from $0.400 1,580,000 baka Belgium of gold in coin and ingot form.

NEW YORK

Modest Advance New York Sugar Prices of futures closed today

In London

London, Jan. 25.

Market

Now, York, Jan. 25.

World No. 4 sugar futures today closed unchanged to 2 points lower with sales of 14 contracts.

as follows:

25.400

34.00-01 34,00-01

30.20

·Spot

Mar

May

2.90

Oct.

31.30

Dec

20.00

Mar.

30,80

MAY

30,01

** NEW ORLEANS.

Increasing Government de-

posits of foreign currency abroad

Oil shares sparked a modest advance by most

could also contribute to in

Domestic No, 6 sugar futures closed unchanged to 1 point as follows: higher

Spot. with sulbs of 10

Briti Restricted activity to both

Prices of futures closed today

interests:

184. Contvent. No, d <world)-

for financing Spanish purchases sections of the London Stock Exchange today.

nation, but the suggestion that Olls opened strong and mondy dway from

on salariés

grice up la not taken seriously other leaders

with a gain

contracts.

full employment pu

puta pressure pushed ahead throughout the government, bords and inte in controue originated delay and helps to push assion. Royal Dutch thisbed dustrial, khutes, The - "kills" | bowden bra

nearly £1, and weakened after a firm start and i futuros). problem is

advanced from Anished with numerous tipo.. by ""to" Industria-three shilling.

to

Upaal lotees, lips rapidly enough to syphon

support which

Spain's economiate

from

How

griculture

at least

enlared selective

Inta Industry and

JandWorkers

Gold and copper shares open- pushed on the strong Alde, than og some other 1,000,000 who are usually unemployed auto shares ahead a silly on tinded to deft lower Pallas Sp during part of

the year.

Unilever was another nooky moved up in line with The Spanish government has feature, mining, is ad: Textiles yforday's, Wall Bizbot advance,

boon

Var miconatul in peasing prices" Alfco, the acute shortsges of a food and other products

73EŃ 12 1931.

more.

advances.

and store. where DeRid German benda wote lule in the foreign action. A few Japanels Spis observers noted a trend Insuns closed fedetäonally-lower':

institutioripa Investment--United Press.

“Daci

May

'July

#Future closinas, – izv.

bid contest

Naw contract

$24.0000

wero

It says that, when' a purchasu of the gold is made to cover a purely monetary transaction. the sale is exempt from sales and Invoice tax,

bankers,

Gold imports by stockbrokers and private i dividuals or investments are nŭp exempt.

Not Applicable

Tax exemption, however, i not applicable

to

made by jewellers, goldsmiths or any other consumer who intends to process the gold in any way.

Bankers and stockbrokers whe

Beglum are pelled to ensure the at the sales tax

العام الصحة

of 100

Frammes of gold w available to

68,000

Bag Mila tom the

Bio is not soo

five per cent palas Mail Special

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