1956-01-31 — Page 9

Page

TRADE

THE CHINA MAIL, TUESDAY, JANUARY 31, 1956.

and COMMERCE SECTION

WORLD Eden Will Need Nation's Japs Adopting Hongkong Rubber Shoes

RUBBER MARKETS

New York, Jen. 30. No. 1 R rubber futures 10- day closed 148 to 270 lower with males

tracts.

of 641

points

<'{1}) -

The standard contract closed 100 to 300 points lower 18/131 sales of 12 contracts,

weekness

reflected

Market speculative opermiliona and he creased hedg selling studij with the lower London entiles,

thought.

Switching cperations between de:ders cluding exchanges of

Match- Mny contracts proved oubther leoding trading ferture,

London Trade

Russian

buying

reports

Oversers and

pleadiness of shipment

Liberal

HONGKONG Goodwill NY COTTON Trade Policies

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hang- kong Stock

this Exchange morning amounted to $270,000. Noun quotations and the moth- ing'a tranzuctions;

MARER DUYERS RELLENA SALEB

HANKS

TEK Bank

rubber | INSURANCES

si'untion appeared offset by the poor cortNumer IntČTENÍ Its her local spot market.

Spot No. 1 tsp were quoted nominally at 30% rents tr pound. February one sheen were done at 381⁄2 cents and March ones at 380 cents with further sellers

Futures;

MAY

July

Septembæt

Deceinker

Old Ess No. 1

New Standard contract

Mmch

M...

July

September

December

Mart

BINGAPORE

The market was

Lombard

DOKS, ENT

X Whart

Provident (Old) Whreback

LAND, E{" HK Hotel

ILK Land Italy

RUDBER

A Hulsber

CALITIES

36.21

Star Ferry'

3300

1740 1750

(KK)

#H]

701

33 33.

18 20 1015

son f. 1300 +

30 195

nas

02 03, 200 40 00 20

2016 2000 225

1 75 1 BAY SONT cr 170

24.00 24 10 000 « 24 76

140

130

Y'Tuath Fery 100 100 30

230 M

FUTURES

Inflation Threat IRREGULAR

Hangs

Over Country

Prime

From Our Economic Correspondent

London, Jan. 30. Whatever political success Minister Eden registers with President Eisenhower at his Washington talks he will meet a torrent of advice on how to halt inflation at home when he returns 'to Britain's prime problem.

www.g

New York, Jan. 30. Cotton futures today moved irregularly in spas- modically active dealings,

Buoyancy in

the new crop deliveries contrasted with handi- rapped rallying tendencles the nearby months,

Jn

Congressional proposats for a return to rigld 00 per cent parity price Aupports. and other MenSUNCA aimeri W₤ bolstering farm income, brought a scattered As the la er

buying movement deliveries.

With sellers cautious pending Washington developments (27) the farm legislu.ion, se lets ron- trued

lo pructise a cotition jlley

Reviving activity in the tex-

portion of the current erop now. under

the government Tuan shelter, wer

were other price-shaping interces.

Nearby

Inflation is highlighted in speeches by tile markets, and the gland-stred financiers and bank chairmen. Inflation-.. or its cure will decide whether the country will continue to back the Tory 200 Government or vote Labour at the next

Lelection.

אן!

C Light (0) 14 23,00 2300 in 22 d 9. Ligna IND 1080 11 Electric

44

3550

Maçao Electric

3410

(014)

33.00

(New)

Ab 6,20

32.201

Telephone

331, 33 73

3140

INDUSTRIALS

quiet and

Comment STORES. EN.

Dauty Waterm

37% 377%

600.1+

3003775

18 18 BU 12 50

easier on some liquidation and lack of interest. Futures were:

Nu I rubber per Ib

Feb.

Mar.

April

No. 2 rubber per .

rubber per it.

10646-1001 108-Ion

unquoted

10711-10754

1001-10714

MISCELLANEOUS

Feb.

No

3

reb

No

4 rubber per

Feb.

Blanket crepe

103-104 108 1081 90-84

Br

119-128

Spot rubber unhaled

No 1 palo crepe

LONDON

Albed

K&FE

Biven

150 1701 CUZ I

$15 (3) 2000 130

KU 30 11 50 Aƒ00 to 13,40

London Foreign

Exchange

New York Montreal Amsterdam11

L'openhagen Funkfurt

Milan Paris

2. le-t

The market was very steady Stockholm with spot quoted at 311% pence

London, Jan. 30.

2.00 11/10-2,00 13/16 2 BU 5/10-2.80 1/16 10.821-10.6215

1931 1932

1),72-1.72, 1754-1704 928432-070415 14.51-14511

yet

drive to produce more scientists for the atomic age.

food

liquidation months met March

OIL the upturn,

along with a scattered selling

the May deliveries.

10

In the spot markols, Atlanta trade reports noted arm In- terest by mills for medium and high grades for shipment through late sumner. Inquiries! for low grades were Intre

numerous,

The

certificated sleek tle- elined 961 bates to 13,801 bales. Volume and Open Interest

But neither die Prime Minister nur the Chancello Jas reveals how the Government

More hopes to contain the creeping

munty is needed fur 411.

what',

farm subaidies st it saps the

following pay pound's value, encourages wage increases to labourers unless demands and discourages saving.

prices in the shops are Consequently drift

the allowed to rise. It is unlikely present keynote in Britain's at any Government cap court economy-shown by dullness in unpopularity by slashing pen- stock market since

Newsions, national the

assistance and Month March Year-the country can only mark housing subskies, The most it MAY time and guess

what

thecould do is to hold expenditure July Government's next

at present levels. moves will be.

12 244-12 24 Others were unchanged. New York foreign exchange i Ti cates were not received Press,

Exchange Rates

Export Trade

However, the country is un- doubledly affected by the credit ¡squeeze. It is hitting sales of wide range of consumer goods including electric washing machines, cookers and 10- -United, frigerators with purchases

washing machines cut by 03 much as

forty-four per cent compared with a year ago.

Corequently firms which local previously made In the

easy money producing for the home market are turning more attention to export træde, if unable to do so some are even laying of men who are immediately absorbed other industries more Interested in exports. Further- more there is now much jess floating money avaliable than Inst summer. Deflated stock market prices show this.

per lb

Prices;

No. I

Bout flam

312%

Belletrical lotse terin

March

Apri

314-31

April/June

30-30!

July/Sept

Oct/Det

29.233.

February

3144-312

zarket

this

March

Auil

inserted

Estale

atajuated

amore at the following rates US dollar sper 81)

2.08

Amsterdam

were

rubber received

prices

United Sam teal (per 1001

Marling notes lyer £11 Australian noten (per *}} Indonesian rupiah (per 100)

13.07

12.44

14.65

20.30

by

Singapore (Strmits)

1.01

General markets, if basis, port

Press.

Busters was done amorficial exchange

York Market

New York

Continues

Steady Advance

New York, Jan. 30.

Stocks carried forward today the advance which last week gave the market its first weekly gain of the year.

Early gains today ranged over a point in many leaders and to more than two points in a few special issues.

Boeing sparked a strong air- craft group, rising 1% to $71% on news of two Air Force orders totaling $303 million for B-82 bombers.

Cine 0.31 Co

Financial Corp

Cal. Tractor

Celanese Corp.

Cine Mazhat. Bank tankedi Colgate-Palmolive Co. Commercial Credit Commonwealth Elec,

American Aviation Continental Os of Del.

1% to $80,

North

climbed

Martin Dynamics to $59. Aircraft to $67 2.

Bath

Glenn Crane Co.

3 to $345. General United

Iron Works picked up

2 points to $53% on Navy

announcement that it has been

awarded a $48,000,000 for three destroyers.

There

мето several

spols in oils.

contract

Crown Zelierbach

Despite this slightly more en- couraging background, govern- ment action is still needed.

There

no shortage of Socialist suggestions A Just one Is the imposition of a capital gains tax to pare fortunes mode

stock by successful

market speculators. Another is control of certain "unessential" imports to stimulate export trade.

Value Of Pound

Additional possibilities are a further increase in the bank rate now four and a half per cent and another squeeze on the credit screw.

Minister and the Chancellor may Whatever decisions the Prime

make, they will, between now

What then is the Government hely to do? If employers are penalled and profits unreason- ably tuxed the Teries would lose the next election. If the level

of wages is threatened, workers can slow production, cripple the export drive and worsen the already adverse terms of trade,

Cut Prices

Prime Minister Eden is likely to appeal to both sides, For without support from employers and workers monetary measures decreed in Whitehall

cannot alone keep prices stendy, ex- ports on the increase and Britons in jobs.

The Prime

Minister has ul- asked employers to cut readly prices rather than increase pro- Ats.

He may urge unions 10 restrain further wago demands once the present claims have been mot.

were:

120

Volume Open interest

12.100 2:01,000

011500

Tokyo, Jan. 30. Japan's Minister of Finance today promised more liberal polleles in her trading with other coun- tries Including reduced tariff and lightened con troin on

on Imporis and Exchange.

The Minlater, Mr Illato Ichimada, was making his polloy statement to the

house

110 Japanese Dici

lower

Mr Ichimada sald Japan should continue her two-

car-old

wound

moncy policy in order that ber further may expand withouri reviving inflationary tendencies.

Mr Japan's

Ichimada Kald Industrial output the current Anancial Year ending March was expected to increase by 10 per cent, national comes by nine por ownt and exports by 28 per cent.

Heald Japan's balance of International payments for calendar 1950 had 3 murplus of neatly $500 million, while her foreign Exchange holdings had excocted $1,300 million at the end of last year China Mail Special.

UK Import Of

Synthetic Rubber

Kuala Lumpur, Jan. 30,

Sir John Hay, one of the Bri- Uish leaders in Malaya's rubber industry, said today that Bri- fain's decision to permit inports of 70,000 tons of United States synthetic

rubber from dollars contributed 137 200 1.599.800 bales wealth pool by Malaya was

to the Common-

"ill timed move."

33,500

22.000

200.800

20.000 201,800

Dec

29,500

170,400

Mai

12,460

14.000

Mey

9.700

38,700

July

1,100

4,000

Totul

NEW YORK

Prices of futures closet today s follows;-

Spot

Mar.

May

July

Oct.

Dec,

Mar.

May

July

NEW ORLEANS

30.03

34.03

53.03

31.08

31.40

31.23

31,00

30.64

Prices of futures closed today as follows:

LIVERPOOL

34.30 34.00 34,00-07 33.00-06

31.01

30.20

3121

31.00

30.02

Then when ΠΡΟΓΕ effelent Futures closings, in pence per techniques, including automa-lb. were as follows: lion, produce bigger profits both employers and workers will be expected to benefit. Monopolies should be doomed dayway when the Monopolies Bill comes into effect later in the year.

Лин

produces an

The Prime Minister, however, will need much goodwill in his anti-Indation fight. In this con- acction city men

remember words of Sir Oliver Franks, diplomat turned banker, who last week as Chairmen of Lloyds Bank told shareholders: "Con- tinuing inflation is in any event ઈં Bocial cvil of the art arbitrary and haphazard redis mogultude. IL

of purchasing power, favouring those whose bargain- ing power is strong, while ex- propriating those whose incomes

Bxed

in terms of monty whose For there are three pointers or who observe restraint in the Is the state of the nation's exercise of the bargaining power

They will guide the they possess.. economy

It undermines Chancellor in making his bud- the whole fabric of long-term get plans. Just now sterling's contracta on which civilised $71% International valuo satisfac economic life depends."

and the gop

(London Express Service). reserves which give concern; latter have fallen by twenty per cent over the year.

1015

2015

and the budget in April closely watch International value of the pound; levd of the trade rap;

18 and the state of gold and dollar are bargaining power is weak

اخرين

317

1774

Diamond Alkail

44

Flow Chemicals

El Paso National Qas

Erie Railroad...

Family Finance Corp. Gen Pub. Util.

Hayden Chemical Homatake Mining Ingersoll-Rand

Dow-Jones closing averages Liggett Meyer Tob. Co

reserves.

471 tory it is the trado

the

But the real sign of positive planning all seek is an expand- ing output per worker without more wage cinims and a reduc- tion in Government expenditure,

237

2534

Olidden Co.

3012

Goodrich (B. F.) Co.

3d

strong

Inland Steel Co.

Texas Co, gained

Interchemical Corp.

4012

7 to $117.

International Paper

110

John-Manville Co.

D-1

Kansas C. Power & Light

were:

Loulavilin & Nosivilje R. Lowenstein Borus

30 industrials

407.50 Masabi fron Corp.

20 Telle

158.15

Minnesota Mining

18 utilities

67.78

Es rocks

26038

40 bonda

Mission Dovalopendat Monsanto Chemical Co. 0904 Motorola Inc.

Comm. future price index

159.17

National Dairy Prod.

Comm. spot price index

157.37

Olin Mathiesori

Moody's "Indest

Owen-llinois Chass

$3 to

Picine Western Oli

Pirke Davis Co.

Pam Bait Co.

Closing Pricas

Alden Inc, Acy.

Allied Mills Ino. American Airline

Amarican Gyanımıda Co.

Am. Mach. • V dry.

Am. Sugar, iter.

Anneo stess

Baldwin Lima-Ham.

Hendle Aviation Corp.

Benetest Cofía.

Bosiper. Airplane

Borden (To) Co.

Murroughs Adds Machling

Phillp Murrik Pauburgh Plate Glass Publloker Industrien

3136 Pute Q4

Reynolds Motal

24 Paint® Reg. Paper #outh Porto Itico Bugat

Houthern, National Gas

Cemp

TO Litryline Prus Co.

Pride Wator

|/wanty Contiacy? Toa+Patri

U.S.be Do.

West Va. Pulp & Paper

Health

Singapore

Stock Market

Singapore, Jan. 31. Brokers today quoted the following stock prices Admittedly, the Government

Opening 1081108 promised to

theBalu Lintang Rubber Co. prune

Ltd. swollen Civil Service of some Brith

$1.87 Borneo Petroleum of its redundant members. It Byndicate

44/- Tin Smelters dis hard to bellove though that Contolidated

Ord. cuts will be made in allocations Fraser & Neave Lti Ordi.. $1.50 w... 29/33 the houlth górvices and Frator & Neave 15% cum, Atioribl istance, the armed

Bonghat education or housing and

soning abBICÍOO.

The peoples' health has never better yet the Gulichaud itted established to report

Committed

be the subject advise that even moro, than tho

the present annual

£400 million should be

BorVicos.

"alo trong m

money is

Kangkong d

prot

...

Banking Corp Hongkong Ti Lu, Kompass Ltd.

use rubber Katates Lid, Malayan Browarien

a Burandalf Hubber Praing ih Litä. folia phôte

Hibgapore Cold Storage

eith Tharance

by ochidation, operigos to expand BEAU steamship technical training facilities to Uhled Eleora Ord.

compaio with Boviet Bunda's Werne

Old contract

Mor/Apri May/June July/Aug. New contract

23.05

24.33

23.04

May/June

da no

July/Aug.

Out/Nov

Dec/Jan. Egyptian_Karnak

Jan/Feb.

20.05

20.40

24.93-20,01

41.35

São Paulo cotton prices were not available.--United Press.

London Oils

And Govt Bonds Bright

London, Jan. 30.

11

Sir John said it was regret- table because Malaya, the chief contributor to the dollar pool, so vitally depended on exports of her own natural rubber,

The reopening of the Chlua marleet to Malayan rubber would not boost Malayan sales, Str Joho sald, because China was short of exchange even to her portlul bark com- mitments to Ceylon.

meet

But Str John agreed the on- look was still quite good for any efficient natural rubly pro- ducer -Reuter.

CHICAGO GRAIN

MARKET

Chicago, Jan, 30. Grains were off to an irregu Jar start on the Board of Trade today. but most prices in- proved considerably before the Anal bell.

Fulure closings were Jus follows:-

Wheat, No. 2, red

Force Canadian Factory To Close

Toronto, Jan. 30.

President Ira G. Needles announced today

B. F. Goodrich (Canada) Limited will suspend its rubber footwear business as soon as present in- ventories are sold.

anvas

Mr Needles shirt the cause of the close out of the 30-year-old business

wns the increasing volume of low jabour cost im- ported rubber footwear "that is being dumped on the Chandlan

market,"

He

arki that Imports of rubber-soled

shoes, chiefly made in Hongkong at low

wage levels, have drained nway more thun

half of the domestic demand. "and water- proof rubber footwear importa are following the same trond. In the first 9 months of 1955, They increased 126 per cent over the sume period In 1054,"

"Unrealistic”

Equal Price Treatment In America

Washington, Jan. 30. President Eisenhower signeri an get intended to give United States exporters mills and pro- cessors equal price treatment on farm products exported in either raw or fished form

** unrealistle

az amendment to the competition

triling farm and the failure of the govern. | {

stocks inent lo stem the flood of im- beat by the government-owned Commodity Credit Corporation le discon 1

"nar which may has more than eight राई Our

thmsane million dollars invested footwear in lee support operations.

!

"The

the

poris has enused us

marketing rubber-soled CMIVAS and our rubber wnterprvot fool-

Foreign buyers have been wear as soon as orders on hand alse to gei these stocks at F are filled and our ample stocks lower

than price

domestic are sold,"

huyers who must pay the KOV- Mr Needles sald, "we will erminent ion rate plus five për cortinue to make our plastic cent for storage and handling. footwear and will study the The B ameschinen; allown possibilities or producing

to buy at nd exporters and milts items."United, the same lower price as forem

purchases „Itanter.

ditional plastic Preas

P&O B.I. E&A

COMPANIES

JABBAR

PENINSULAR & ORIENTAL S.N. CO.

PASSENGER/FREIGHT SERVICE

Outwarda

"CORFU"

"CANTON"

"CARTHAGE"

"CHUBAN"

Leaves London Que Hongkong

Salled

1st February 29th February

151) Mareli

C1 February

11 March

2nd April

13th Apri

Via Bouthampton, Port Bald. Aden, Bombay, Calombo, Penang & Bingapore

Bomewarde

"CORFU"

"CANTON"

"CARTHAGE"

*"CHUSAN"

Leares Rongkong Due Lendeb

10th February

9th March

1th April

2615 April

12th March

At Apri

7

May

Mex

Via Singapore, Penang, Colombo, Hombay. Aces,

Port Sold & London

*Also Calls Marseilles.

"SURAT

"SURAT

FREIGHT SERVICE

dun 1th Feb from ti all 11th Feb. for Japan toads 2nd Mar

"SHILLONG" due 4: Mar.

for Spore. P. Swetten-

MAIN, Petion. Aden,

Port Bald. Genoa, Mar. seilles. Londra,

liam- IMETA.

Aulwern

Rotterdam

tram UK.

Pails Mar. Tor Juan

With Uberty to call at Belatran before or after Atruita Ports and at Bombay it Indacement offers. Tanks available for carriage of Ol in Bulk. Space for refrigerpled cargo. Limited Passenger *ccommodation

BRITISH INDIA S.N. CO., LTD.. 1850-A HUndred yeaRS OF SERVICE-1050 "SIRDHANA" due 5th Feb. from Calcutta, Rangoon

* Straito "SANTHIA”

Rails Bl: Feb, for Singaporo, Penang A Calcutta "FULTALA" malis 11th Feb.

Spot

Mor 2111 200%) 211

Mar

July Sept. NOY.

21511 20734-15 JPT-198 200

704*

Corn, No. 2 yellow

Spel

Mar.

127-12734 1231%

Moy

133-

July

130-1

Sept.

1300%

Nov.

13

"ORMABA"

Вус

Mar. Mat

tions drifted lower in quiet soybeans, No. 2, yellow dealings on the Exchange today.

12336-174 12414

for Singapore, Chitin- gong & Rangono. mals 13th Feb. for Singapore, Penang. Jangoon,

Calcutta Chittagong

P. G O./B. I. JOINT SERVICE "OZAƑDA”

Oil shares and British Oats government bonds bright, but most other sec-

wero

Mar May

0424

London

"OINA"

"ORDIA"

Spot Jan.

Mor.

Government stocks found in- vestment support and tacked on gains ranging to nearly £ in

Mary

July

Nov.

Sept.

2471 deleted 2431- 231-11

2436

"ORNA"

230-23074

harley. apot

130-140

Shell Transport and Burmah New York Bour 200 ib, sack $13,400 sparked the oils in a modest forward trend which prolonged throughout the session.

WINNIPEG PRICES

Industrial groups generally

some cases.

Winniprog, Jan. 30. Prices of grain futures closed

cased, bu

but kept most losses to today In fractions. Unilever and Borax follows:

cents per bushel as

Consolidated weakened, and Bri-

tish Ford pulled auto shares date

lower. But Bowater managed a

May

July

15.05

$20ed

small gain, and English Chinn

Oct.

Clay, also moved against trend.

the

Rye

May

Gold shares found little sup port. Copper and other metals Barley cased.

July

Oct

May

$1.00

A tow Japanese and Greek bonds posted small gains in an otherwise quist Korean bond section.

July

Oct.

#akses.

MAY

July

Oct

Dollar stock moved Irregui-

$3,800

insly higher with Shell in the Wheek, No. 8, northern, 182% forefront of the advancing con-cents, No. 5. 124 conte-United tingent-United Press.

Press,.

loads 4th Fab.

Uue 19th Feb. mal 24th Feb. due 23th Feb.

for S'pore.

BOMBAY, Bhavnagar, Karachi,

Basrah,

Kuwait

Khorramshahr

frum Bombay. for Japan

from Karachi & Dom- tay sal 28th Feb. ter Japan

salts 20th Mar. for singapore. Madras.

Colombo, BOMBAY & Karachi

EASTERN & AUSTRALIAN 5.S. CO., LTD.

"NELLORE"

due 4th Feb, from Australia salis Oth Feb, for Japan

"ARAFULA”, dos

4 Feb. 1om Japan safle (tit Feb. for Bandakad, NARAUL, Brisbane, Sydney, Mel- hourne & Kaelade

All vessels have Überty to call at sny porta on or. off the route & the route & sailing are subjook · to change or amendment with or without notice,

Tor full particulurs apply to MACKINNON. MACKENZIE & CO. OF HONG KONG LTD.

Telephone Nos. 27721-4 .