1956-01-30 — Page 9

Page

|

TRADE

THE CHINA MAIL, MONDAY, JANUARY 30, 1956.

and COMMERCE SECTION

Paga

New Synthetic Businessmen Agree US

US Ceylon-China New York Stocks

Rubber

New York, Jan. 29.

A new plant tiil br bulla 1 Beamont, Texas,

for the

manufacture of synthetic

by

"bypaten".

rubber developed

the

E. I. Du Pont de Nemours

& Co.

The plant will be com. pleted early

In 1957.

Pont announced today. is expected to provide in- creased production In re. expanding

sponse

to ap

worl demand for the new Pynthetic rubber.

and

"Hypalon" is a synthetic rubber sold to have #111 standing colour stability and resistance to ob

olemicals, oxidising Agents we Chering. It 3x parti. cularly suitable for use in wark tales, flour overings and chemical (ank Haings-United Picas,

Dominant Force In Wool Market

“ koi Ji

20

Economy Healthy NEW YORK

BUT DOUBTFUL ABOUT

GIVING EISENHOWER

COTTON

MARKET

REVIEW

STANDBY CREDIT CONTROLS By William T. Plunkett

By JOHN MORKA

New York, Jan. 29.

American businessmen generally agreed with President Eisenhower that the nation was fundamentally sound but there was far less unanimity on his suggestion that Congress study the advisability of giving him standby controls on consumer credit.

New York, Jan. 29. Cotton futures climaxed 'a week of irregular price awings with A spirited closing rally. At Friday's close the list ruled 9 to 67 points-45 cents to $3.36 a |bate_higher than the pre-

ceding week.

|

Congressional proposals for return to rigid 90 per cent of urity price supports, and other measures aimed to boost gri- Income, dominated

market sentiment,

There was strong acceptance of the President's emphasis uttaral on the role that free enterprises can play in providing the nation with plenty.

ת"

آن

Japan & nee Wild War II "has

Others found the President's l The Arcuean Itetail Pestera- ag at b. mome a dondant Force

manual

tconomie mesange to fron longly op; sed the

need m the Attachen woal nimikel.

Congress bullish in s prosperi for Ungresonal study of stich D

L.. Crawford, commercial

President tor 1950,

Rowland Still other: fendél tov nty de Counsellor - fte: Australian Em-

discount it in part-the Journal Jms mid the existence of such bursey, zuid last work

on the legislat ve books felt power the postant period, the of Commerce, for example,

it wOB "not a spect; mular re waiti bet es in sword relative stability of Japan's purs

Wall Street di meley" Over minufacturers, chase of Australian wel has " Others-the

and consumers. luable urralund a form "com elatlers macully

the Pr.

salu

the such power in President s

hands

"would In- evably have a depressing effect mt tufacturers expans.n everyone tur

made

cratemer

It

Mr Crawford's

Austr; thu-Japonese trade

In

FUTATI of

h zophrenia sica's meisage.

WAN

Major Surprise

Withal, however, there was nti overriding

and recognit ont

plens

published

several Tokyo English-langui ge new page re

Me

All Categories

Su Dis

and innko

said the Japanese Woolcceptance by mast observeLa Foundation Ka Consumer Cred 1,

Association "hat ex-that the US comomy was cvr-

pres, ta tren wol,"

intre cautious," Similar doubts were felt by the National ine, which warned that standby, otrais . uld dampen busines enthus asm and tend to keep the US fron talling long af its present quick gait."

Not Needed

International

Shipping Conference

tise:

Chairman Ellender Senate Agricultural Commitive predicted Mary the group would voke to restore rigid high sup- porte for basic crops in the new form bill. The House already

has passed a bill to replace the current flexible support set-up.

Obscured

rally

The speed of the late was added by reports that the also distrussed going committee

Deal

Colombo, Jan. 29. The consensus Ang Colombo trade' sources that the rubber and rico pact between Ceylon and Chinn not be renewed

will if the ban against Malayan

exports to China is lified. If such a lifting follows British Prime Minister Bir Anthony Eden'n talks with United

States President Dwight Eisenhower, trade circles feel certain

China will continue to carry out the

pact until it terminales at the end of this year.

Ceylon's rubber, they sald "can always flnd фруста in the market, but at a consider- ably lower price than that /Involved in the past with

China."-United Press.

work!

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

Business one on the Hong- kong Stock Exchange this morning amounted to $1,100,000. Noon quotations and the morn ing'e transactions; SILARES BUYERS SELLERS HALES BANKS

1730 1750

HK Bank INSURANCES

Union

Lombard

1740

Rise Steadily

Over The Week

Stocks

By Elmer Walzer

New York. Jan. 29, during the past week established their first weekly rise of 1956.

The recovery had plenty of opposition and it wasn't accomplished on volume. Neither was it large. But it was a novelty after four weeks of declines and it led to the conclusion that the list was getting into # position where a prolonged upturn would be in order.

Tani

>1

The week's volume between 2,720,000 shares Monday, most sinc Dec. 30, and 1,048,000 shares on Thurs- day, least twe Nov, 2.

The big recovery Came (21 Tuesday when President Elsen- hower in his economic message said the nation was entering a 400 billion economy, it carried sat a lesser degree on Wesl- nesday. There was a decline on Monday and bue on Thursday sandwichinatt in these gains.

Less Certain

BYLLS

more

SLOW WEEK

FOR COTTON

GREY GOODS

New York, Jan. 29. Cotton grey goods mar keta developed at a slow

*

pace this week mainly bei On Friday the market

cause the buyers had more active but less certain. It hard time finding the irled unconvincingly to rise in deliveries they wanted. the face of the usual week-end Influences. It did succeed fri closing above Its lows. stu!! - ciently to leave the up on the week.

#verages

Inquiries for all types of fabrics were numerous, but mill, agents said they were unable to satisfy the demand because their production has been largely sold Market news

scen asip Brough the first half of 1986. highly favourable. Steel opera- high, Auto output 300 23 tions held 1200 4 3 dipped modestly. Building was Provident (0) 19.30 1015 2000 or 10.40 off on the week but up on the Wheelock 8 B3 A 400 0.00

003

30 193

B

SHIPPING

Waterboat

..245

100 24.00

DOCKS, ETC.

cent {

K. Wharf Dock

70

334

WAN

As a result, buyers of print elotus, turtleniorly converting firms, started covering for third The shine for electricity and fourth quarters. 0800 85 year.

Brokers 800 8.70 output. Crude oil output set a reported a "considerable" yàrd- 2000 à 0.75

new high. Car loadings gained age booked by a few mills for 17.40 17,70 500 a 17.30 over last year. Retail trade had Inte 1950 at årm prices,

1000 171% a good gain. 03 0345 1440 or 0212 200 *** Realty ....2.00 2.00 18000 og 200d5

the

LAND, ETC. HK Hotel

HK Land

back to the old parity formula for determining price support levels. A new fonnula, scheduled

effect

this year. no to go

የኔ prices would cut support Washington, Jan. 29. The House Merchant cotton about a half

pound, traders recalled. Marine Committee approved | a preference for Austinly healthy A pile of caution

While complexities in Chowover was fell in the

74 sub-com-i unanimously

farm legislation obscured other The commer al

request for counseth silent's

standby

mittee report recommending price-shaping factors.

tradery said that Japanese exporta

locat-unde eredit controls. If any

markets United States participation attributed part of the Australia in p'l entegories is in.thug, this was the only cloudy

in

to the Increasing an international con-late strength creasing as a reruit of liberalisa- portion of an otherwise buayant

volume of export sales of row tion of Australia's import report on the American economy.

ference on overseas ship cotton and the heavy producer The President Isensing controls,

Gold Congress

ping.

impoundings under the govern- "As a result of the bern'lsa-that under present conditions he

Ja Washingt Congressman

ment loan programme. tion neares

Crawlord had an intents of imposing new Wolcott, Mr

Republican senior The sub-committon report saidi controls. However "Japanese

he member of to credit

Banking the

Reviving

1e activity the House

60-80 shipping American uxports

out that increased from

instalment Committee, said such

standby law has been under "constant domestic textile market pointed 4.7, pointed

sumeting accentuates (sterling) In '516) pounds 1852-33 to 6.3 milion pounds in swings in the buying of outs, with tould be provided only attack" by the British, Sean-up, the heavier rate of domestic a declaration of war, and dinavian and other nations. consumption of raw cotton, and and other

that the giant- con-insisted that the Federal Reserve

expectations 1953-54 and, in the current year, television sets

durables fre Fung at least three messing the rest of the economy "thereby e-

ofhetals feel

This law and Treasury

requires that at sized portion of the current crop that

least 50 per cent of cargoes now in government hands, will The 1953-54

legislation is not needed. volume."--United poring Press

foreign create a tight supply of widening No immediate

was shipped from the US comment

be transported on "tree" cfton before the next nvalinble

the powerful Courries must

the US

Autralia million

the

to

fluctuaturd

t

Exchange Rates credit restraints came as

Butler undeint

was done $11 Per explante

morning at the following rates.

U Bit per $17.

Sterling notes (per £14

Australia noirs (pre ku

Indonesian rupiah (per 100)

by an Deal (pe. 100)

Singapore (Strutte)

Trade groups, ปาป

5.87

businessme??- legislatures, members of

new

were in

d prices. Itinely n

from

10 04 resident's own party - 12.44 quick to voice doubts about the New York Times:

msiniz'n

y country

In

RUBBER

A. Rubber

XD

UTILITIES

.1.7712

Trus

2.80

Individual stocks enjoyed good 200 631 news 100. A spit up of 21⁄2 for 21000 or 2.0001 for common And preferred 59002.025 shares of Southern Railway, the feature spilt of the week, gave

1000 1,825 the rails a f

Tram

..... 24.40 24.70 1000 24.60 Star Ferry.. 137 Yaumatt Ferry 105

C. Light (0)2215 situation

тот

200 g 104

430 of 106 1029 223

300 or 22

500 00 22.10

C. Light (N) 10.90 17,10 2000 17 Electric

44 4414 Macao Bleu (0) 9.30 9.10

(N) 8.20 .. 3314

the

Telephone INDUSTRIALS

Cement

u) 6.30

400 mi 3315

1300 33.70

.... 37

38 700

3:00 30

Watson

ills request fur statutory National Retall Dry Goods Asso-in American ships, The purpose harvest.

consumer ciation but impore powere

's to help the Astelation 18

Loan Impoundings rome- already on

record us

opposing strong merchant marine. what of a major surprise

controls on jiny fiderol

wages The report said Western Ioan Impoundings calmany.

European shipping nations week ended Jan, 20 totalled to the Presidential oppose violently any form of 207,420 bales compared with the message was mostly favourable flag discrimination, feeling that, 444,504 bales in the preceding STORES, ETC.

Dairy other quarters. Noted the shippers must be free to choose weck. While the wook-to-week

"It is even ships of

they rate declined, more significance COTTONS Import at....us,

to the fact that was attached please."

current example of what free enterprise

0,354,000 bales of the enn accomplish when given Jis

crop now is locked up in heart and

the necessary

government loan shelter, |esuraperment. The expansion hrs

Trade predictions the total eventually above the 7,000,000 bale mark.

the

1483 Presidential request

2420

1.BL

controls.

for credit, mure

EDEN LEFT THE

TO WORRY

CITY TO

By C. T. Hallinan

London, Jan. 29.

Subsidy

Bul the report sald European not been a product of govern- countries

"for the most parl" As pumo-priming.

the understood the necessity of the

Some Discrepancy

not n

in

be

Oll shares met good demand from time to time on brokerage opinion the group was liquidated sufciently Do

move higher. Some utilities were bought for defensive purposes,

Averages

Looking Ahead

While print cloths held the focal point of interest, domand for quick deliveries extended to broadcloths. sheeting, dzilla, twills, corduroys and other major constructions.

Looking ahead, some optimista were coming to the conclusion that coverage for the last half of the year may get under way on an increasing scalo in the near futurCO.

Since spring soft goods sales show_overy Indication of moving The motors lacked ilfe either the volume of orders being no-

shead of last year, Judging from

37 to rise or lo fail.

Irregufor with the down,

Steels wereceived

by resident buying tendeney

officials, manufacturers WYPTO 10.00 19.10

looking ahead to an increasing 13.10 2200 43 13

of. The Dow-Jones

TC- distributer averages volume 4.76 2000 6.60 | closed as follows on the week; ordering and new buying to re 7.40 7,00

All the consumer pipelines. Industrial, 460.60, up 2,18; rail, 0.85

150.19, up 0.87; utilities, 63.44, up 0.37. and 05-stock, 105.00, up 0.76-United Press.

the

Textile Carp. Nanyang MISCELLANEOUS

Yangtze Allied HK. & Invest were that до

may

atmount

Singapore

ΟΙ

ceonemle report observes, it has 30-50 law in the US and were if that goal is reached. It woulet been carried through by private familar with its objective. citizens who freely epplied their

grepicst energies and resources to better- Members of the sub-cotton ever put under the loan

season, * sing.e

The pre- Ing themselves. their families committee beaded by Rep. and their communities."

Frank W. Boykin and members Vious record was 0,742,000 bales of the Federal Maritime Board, reached on the 1953-54 TOP-T

United PreRS, met with government and ship- ping officials iri England, Sold the Journal of Commerce, France, Swi.zerland and Spain. This has been

spectacular a rude week, with the This is

Individually,

in groups report. Its greatest value les in they also visited shipyards chairmen, the fact that it carries forward Scotland, Ireland great banks, through their

and Ger the administration's fundamental many, Holland; Belgium, Nor telling the Conservative government to go thesis that growth stems large-way, Sweden and Italy, the re- jump in the lake, or at least to tackle the the role of the government

ly from private sources and that port said. problem of inflation

establishing and with intelligence primarily in

maintaining conditions conducive

Singapore, Jan, 30. etcetera instead of making haphazard private incentive. Related to paid to American ship builders Brokers today quoted the fo)-

of the for construction of such vessels lowing stock prices: that is the responsibility swipes at the country's super credit

the Euperliners government to mitigate largely as

United Independence and by credit policy, the fluctuations States, machinery.

which result es a credit of Constitution-United Press.

regularities in growth."

But Sir Anthony Eden, packing his bags to go to Washington, seemed too flustered to make reply, leaving the worried City of London to stew in indecision.

But

Res

rund seme discrepancy in President's request for encourag ing credit expansion in con- struction, for example, and on hand. for holding

Wall Street Journal the

the

the it in other segments of

the conomy.

One of the problems studied Was the government subsidy

The Bank Of England Statement

For if this is a recession ap War Loans fall of eight shill-down preaching it is one of a comings_to_Old Consols' decline of pletely new type. Every grey-25 d. The index of government

London, Jan. 29. It said, under on editorial The Bank of England state- and women knowa stcurities closed the week that a recession always ataris with 87.88 compared with 01.10 the captioned "Economic Schizo-incut for the weck vnded Jan. heavy industry local brickyards week before.

phrante":

haired men

closed down because businessmen

when

don't want to buy bricies,

steel plants fallow the conven

Loans Rise

1000 m 6.90

0 3.00 2500 2 5.84

11.40 11.00

Sugar Export Quotas Not To Be Cut

Singapore Rubber

Market

Singapore, Jan. 29. The market ruled steady and quiet on some short covering and better oversens advices on Saturday,

Heavyweight industrial fobrien alao shared in the optimism. -

because Any business lont cut-backs in automobile produc- | ton la expected to be compensa- led for by an increased demand

other from

directions. This week some checking by centers developed on broken twills for the second quarter.

Yarn Spinners

Yurn spinnery reported orders for the second quarter have bee with somnio on Uve increase, London, Jan. 29.

nintiufacturers · hesitant about The International Sugar

Future dosings vore

accepting orders on carded and Council in

No. 1 rubber per t. Feb. 111-112 here Lession

combed numbers from other Biar 1101-110s than regular customers. April unquoted"

Stock Market decided not to make any No. 3 rubber per ib. Feb.

"

Batu Lintang Rubber Co

Ltd.

Beth Barnca Petroleum

Syndicato

Consolidated • Tin

Ord.

Opening 31.07

44/4

Bmelters 201

| Fraser & Neave Lid. Ord. „. #130

Fraser & Neave a cum.

Kempas

cuts in the export quotas No. 5 of sugar-producing tries,

11

109-10915

No. 4 coun Spot rubber uninted" Blanket crepe

A communique issued by the No. 1 pale crepe Counell siid the quotes were not changed because the price of sugar had remained over the past 15 consecutive days above the agreed minimum of 3.25 cents per pound.

The

Council was given n the

report indicating that

teods of importing member countries have risen by 50,000 metric tons raw value over the 4/54

Freviously estimated 4,520,000 $2.02 34.12" | tons

Hongkong Shanghai Bank-

ing Corpo Hongkong

$910

Lid.

Malayan Breweries...

Lanas Rubber Estates Ltd.

|

New Strandah Rubber

・Lid.

$1.05

1,721 465,103

Pelating Tin Ltd. Sterling Finmen Hotel

$4.20

15.224.613 Bingapore Cold Storage 302.141.718 609th British mearance,

Ltd. *** 234,709,304

$1.60

$27.50

86,001,737 173 United "Prean.

Straits Stoarnthip

United Engineers Drd.

$12.78 #9.30

cd-China Mall Special.

25, reads as follows: The Economic Council wanta

Note in eirculation the exhillration of easier money Public deposits

general without the pangs Private deposits tional pattern end overything

thrt erster money can cause in devemment recurities

Other securities proceeds in order. But this re-

cccentric were

in with particular

ular plates, such as

Receipts cess'on-if it is one-is starting British Petrojourn up s Od, consumer goods. So it can do ftatio with consumer. Retail tobacco. Others werd

un- nothing but return to the use on Practically

Olls

dists are sleemned at the deep changed. Gold shares wore rather consumer credit. If the govern In se ate all other roizilors, haphazard but those changed ment is going to use ita general

nates: including those who sell furnl wäre mostly higher. Rip Tinto powers to pump up a boom, the tures and other durable goods, was in the news with big plans only way it oun hope told The

a fully employed Britch for Canadian operation and the consequences, is to demand public, Bankruptcies are rising. | Conadian buying lifted

to

It does not make sense,

Some Lost

(phares 5 shillings to 709 5d.

the the power to direct 'how, we, in- dividually, use the day money the inflection" makés avaliable,

Germany were quiet though the akkonted Dawes and Young Loans Improved å sterling, as

Encouraged

40,000 109 Straits Trading

Bank Of France

Statement

19,

-The Bank of Pranes statérvent for the ·week" ended Jár: rènds us fällows:

Business on the stock Exchange did also Dawes Loan non- "Our own this improvement retal sold hold- foil to a daily shutige of 1,780 næsented. In the Japanese Ut project could involve both on-hangang

somebody

has been efter

the couraget boriówing and tsboood arther dryer

Some leading industrials gain, usually Idle South Manchurian 5 Utrrowlog. And it the goven, a BIG

· others Bică Imperial Chemicals, príbo 11⁄4 statiing: The 5 per bant this schizophric Aande faa ed sixpence or 6, shilling but por bent Loni and lifted, the nest were really sto, pertlit. In a mop in ru

ne

Ford Motors, · Courtaulda"" lost 1907s niet zorg 1 sterling but this word - credit,

others wire all down by amounts rousing for dem but to put the reniging, from 1 to 11⁄2 sterling, whole economy Eins/welfalt Ar

United Prom, te

jokat."--United Press,

about s'shilil2

British government stocks had another","relages ranging from

Wearne Bros. Cr

US COTTON- EXPORTS

The Council also announced the establishment of a com mittee to draw up plans for a which world sugar conference this asked the United Nations to convene in order to negotiate D $28,78

now international sugor agreement,

Not Members

With Indonesia, Brazil and Peru not members of the agree- 'ment, the amount of non- agreement sugar walghed no heavily on the world

market that it

.

ned the efficient:

of the agreement, and the Philippines New York, Jan. 29, threatened to withdraw from the Raw, collon exports by agreement unless a new confer désiliation, as reported in bilesence was called aimed at enlist by the New York Colton Ex-ing the membership of the three

harge for the 1985-38- sobem to form understood that

that Coun Jen., were or follows al Chairman Dr Artigo Manná

2PM of Cubay hany persuaded Philip

12. Fainos, delegate: Jonquiry Elizalde Looking Hik dood offices with Asian, nations while he himmle woula“ approach the Latin-American nafortnited Promi.

Business in rayon grey gooda 1031-19615 | Wwas concentrated on immediate 110-needs of buyers, reflecting, the slow movement of

finished fabrics.---United Press.

20-00

121-1213

---United Pres

Let US handle

YOUR PRINTING

Too many proofs mean time wastod., We grasp the point at the onset and

ONE PROOF generally suffices.

After that, our up-to-date automatic

presses, make short work of the job.

Lor us quote for your current

requirements,

SOUTH CHINA MORNING POST

PRINTING DEPT.

For printing of every description Telephone), 20002

L

$