1956-02-06 — Page 9

THE CHINA MAIL,

MONDAY, FEBRUARY 6, 1956.

TRADE

and

COMMERCE

SECTION

Page

US BUSINESSMEN Rotterdam Plans Port Tough Fight Against

LOSE SOME OF

THEIR OPTIMISM HONGKONG

By JOHN MORKA

New York, Feb. 5.

American businessmen appeared last week to have shed much of the dynamic optimism so evident in recent months.

There is no mood of impending doom, however. Rather, there's a strong vein of cautious optimism underlying the business o temper with hopes that 1956 will shape up as among the best in history.

Lately. however,

1992 1001 has taken en of a plças-midrons slam

Putrust

The

happy days are here

1000

PURITAN Buck cuts must In made, the Hark insisted,

"Soner guys roment expendi- | urs of all kiwin now present anseet 31 per cent of national At should be obvious Chat 30 bottom of the farrel is Yet in the face has failed to albey seine of the pro Elak up. 8, pollierats emme

making Kenerous of four

Even Frent Ebemura an's

11

ANGLA IMENOM f 291 ay atirart Tating soraped.

W

Dire Things

These inetta be rowing 1. Concerns about crnment's reeder artik

t

ab ly

pro.

1Ju:༤༥ tfi]"

The Wall Street Journal

STOCK EXCHANGE

From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morning sunouffled to $930,000.

quotations and the morning's transactions;

SILABEN DUVERN SELLERS BALES

BANKS

14 ok INSURANCES

$

Lombard shtetinG

Waterbunt BOOKS W

1743

132.. 1794

Extensions

Need For New Quays

After Record

Record Year

+

Fraser By Ronald

-Rotterdam, Feb. 5.

Shipment Of US Surpluses

Washington, Feb. 5.

The Agriculture De- partment would

Inflation

By C. T. Hallinan,

London, Feb. 5. "Frankly," says the editor of the conservative Investors' Chronicle, “I don't think that this government has a clue as to what it is up against."

To the professionals in the city of give London, this Tory government is the very foreign maritime image of confusion and paralysis when nations a choice of haul- confronted with the inflation of British

Rotterdam, bustling with more shipsing surplus US farm than ever before, is planning large products in their ships, prices which started in mid-1954,

or using American- Is this true? As a matter of which extensions of its port after a record-owned ships,

fact, the Tory government has the a spokes-aken two defatte steus designedtogrees with the guvernment afi |breaking year in 1955.

man said today.

OF

suggests that

certainly Importial outside world to halt the alarming Inftation. not with its rifles.

One, taken under Chancellor Municipal harbour authorities,

Mr G. Garnett, Foreign Agri-Butler, was to ridse sharply the |expecting that the volume of traffic in the cultural

alt consumer Service Administration purchase tax

order to discourage chiet, proposeti thut the US ROODS In 30033 port will continue to break records, are government 03 239,

demand, would pay 50 cent of the freight cost working on a three-year plan to provide foreign

i a notion shipped in American vessels, but would for the

increasing pay ever

shipping subsidy foreign nation wanted to use own merchant vessel

72

14 20

K Whate

70'

100 72 Desk Passment (839 15 20 13.40 1000 ♬ 15 40 Wheelock

A TO, A 15 3300 à 139 004, 830

LAND ETC

IK Hot

17 47 17 70 1000 ar 1770 new quays

number of ships using the port.

1000 # 17 00

20000 $750

£t"**II

its attack

ilent's

standby Recedit Taking note of the cheet jexecutive", [*087*21

un the Pre Four reux!

possible 1 cutatorin un consulne

HK an in

63 63 1000

100 13

21 poze Jatt

INS til 10:40

"D

that y

either the threat of inflatiera nor the threat of recession can ¦ ever be far distant

XALL By :སྙེ『"

142, 107)

**!.

HE

i

A Hubber Bent

1000 130

ever

240 240

til

J

mountung.. bunddup

The Ananel daily declard Testesally

UTILITIES

"- (at,

"atta

tealers WD190M

Expansions

Along

with perlurtion

mampolatlag

country's credit apparatus along the lin line of deinaleation between 10- flation and dellatum

ולוי

ments and

serta lebt do not make inatation they

layoff, which many uy ny be a sigh of the things

to come

3. The

E

have

historirally upwqtience of inflation, in the wirke E government spending |

that make Blackening in the ur

palle 19 Whang Pasy for PRATE

homme-building industry

vreda

with autor, are gentyally counted (Lowers to get on to provide a good part of the

country's economic spark,

4. Speculation as to whethe restent Eisenhower's fiscal budget for 1857 presages a new farctions the administration

from one of re toward

11

policy away trenchment Visaging

EL bigger

+--

Clip Coins

Rovernment speculative

24 0 23 30 2000 kr 25

140

year

per-

A

Across the channel, the Paris Bureau of Volted Press reports a more optimistic scene.

"Prospects for 1950 are rosy." Pirts reports.

"Treasure: Plern Pullmita says so, flatly, in his year-elk? report. An expanding eephony. led by French and #reich agriculture, has pushed thrigh France's political intre

This confidence is apparœille shaken by political troubles

Revised Index

The other, also under Butler. was to start reducing the money support by fereing" the great- banks

reduer their loans,neord new advances. which automatically Increases their deposits. And deposits are the large part of the' total money the supply (made up of currency in

the circulation art deposita, not-we turn to the old fashioned of wholesale prices published by the government, And that prices are in general still rising and the result of Butler's moves is mil,

Since 1945, when Rotterdam Coal cargoes lo Rollerdanı Mr Garnet said this

would was left a smouldering musa of reached

have very the effect o an all-time penk last

The rubble by the retreatru Nazis, car with 12,000,000 tons. The [strength of the US merchant new docks and harbours have previous record was 1,000,000 marine because moet of been bullt These

Inst

tons in 1929, while in 1084 only nations took in 20,348 ships more than 0,400,000 lons passed through

before

the purt's the port. Of last year's total, about 3,000,000 tons of Ameri- can coal

were trans-shipped here to Britain.

in

istory.

But in order to be able to sustain its slogan, "the quays must wait for ships, not the 1000 or 22 90 ships for quays," Rotterdam will

need additional DIN 44

space in the

at Perry $04 ENG 100 10 Light 122022 305 100 x 24

Light (N118 40 16 20 Klette

43

**

Mario Elec

1611

1

IND

30

Telephone INDUSTRIALS

hop.

L'ement

STOKES

I Fores

"The reek propellant toward Inflation, as always been gov- emmend itself. For while we (15

engake

at are Wampted periods of easy money, only the JOVC- Rovernment can clip colis,

benies the printing presses, or use the

cented banking

to system

out of thin Create new money

ole and expend tures for social-

economic measures

5. The lackarinisical ment of stock tarket which in the month of Janure gave up about half of the gain anade

1 lo

50

Varech COTTONS Textile Nanyang

P

345, 347; 1800 m 341%

39 2014 4200 14 38.

2001 38

1, 400 18 30

1700 « 20 40 2000 a 12.00

12 00

10

MIMCELLANEOUS

11

Entertain

SIMPEL

Vauxer

Allred

K & FE Invest

after President Elsen-air hower's heart attack in late "So when the economic ad- September. All this in free of

visers say the threat of indation expectations of bix 1950

tan never be far distant, what dividenda and corporate

they are really suggesting is that ings and predictions of big busi-

The government is never going lo ness for 1950.

de us well clear of that huzara to recent 1 t chose to do so.

In sharp contrast

earn-

alk. here's the type of depress sant phraseology the experts are bandying about more and more in their speculations these days: Production adjustment; lessen-

"I doesn't, then the roa That

1 from separates stat

anddoed narrow enough

Ewhere, autos and the stock

business scene this week.

15

future.

The three-year plan, which is expected to be begun this year, includes buliding new quay for general cargo and an- uther for bulk cargo,

Annexing Areas

Faced with the problem of being unable to extend the port

complex

further to the wegl of the sea,

200 18,30

in the direction 1000 G G NO 5 30 35

30 11 07

100 140

Singapore Stock

Market

Singapore. Feb. 6. Brokers tothay quoted the fol- lwing stock prices;

Tosing Batu Lining Rubber Co

Ltd Brittl Bree Petroleums

Smelters

Sindicate

jag in the surge. the market imarket. Iconical important in the ¦ Complidated

locks mark; psychological deibst

as to the performance of the

With Beld stocks ready at

Tom: less dynamale than 1955: 800.000 units highest in record 1wo-wily economy; Investors have taken to the sidelines; the

the auto industry moved into Febr boom is cresting out: the marketinite and

rusy with prospects of new and continuing adjustments is on the defensive; political un-

The big-three of certainties stemming from Pre-n production.

politicul the industry --Chrysler, Ford and

Mutors-strowed General

sicent Eisenhower's intentions.

Policy Shift

گود)

The President's budge! for Jiscal 1957 (which begin next July) along with his Stale the Union Message And his cronomic report to Congress touched of a round of specula tion and comment from many expert quarters this week.

The flist two, according to the Guaranty Trust Company. "have been

widely interpreted

pro duction a decrease of 8 per cent during January from December

New Money

Manufacturers meanwhile were said to be maintaining a fuld production schedule, alming adjustments from day to day as the need arises in en

Hongkong & Shanghat Bank-

Ing terp

43/00

29/36

ז ג$

parts of smaller municipalities

these

On-

in the east and south of Rotter- dam are to be annexed in order to provide the space required for the extension plans,

Negotiations on nexations have aiready begun, according to harbour officiels, who also say that they Are studying the possibility founding a Port Authority to case any simðlur moves in the future.

ot

Rotterdam is a large centre for oil and already has two petroleum harbours. A third, | covering 720 aeres is now being built and part of it will be ready this year.

The new harbour will have direct connections with the rail ways and the New Waterway carial leading from Rotterdam to the North 500.

'Tin

Ow

Fier Neave Lid Ord. Flu & Nenye

parel

ざざい

NA 31

$020-

Hongkong Tin Lid

7/34

Kempas Ltd.

$1.95

Lausas Rubber Estates

Liet

$4.12

Malayan Breweries

New Serandah Rubber

1.td

$3.1

$7.115

$4.03

nies Hotel

$2.33

Singapore Cold Storage South British Insurance Co.

1d.

91.00

$27.60

$24.50

port's trade.

$12.00

$9,00 $2.87

Petaling Tin 4.td

Stratts Trading, Straits Steamship United Engineers Ord. Weaine Bros.

edChina Mail Special.

Tankers Pass

Bulk Cargo

necepting surplus commodities

maritime nations.

indexes

US

4

Farm

<ff-

we

nt home, in Indo-China and in North Africa,

Industrial pro- duction soared

Cent nine per Novermber than postwar

higher in

previous November of 1954.

peak

itz in

That index gives no sign of

THE

exports

velites off,

sign of an approaching decline, Agricul- tural production and have both almost

most match to this ise in industrial production. The French

viously

itself

Agriculture Department cials testifled before the House Merchant Marine Committee in opposition to the cargo pre-

But the Financial Times has a ference act which provides that revised index of prices in which at least 50 pereen: of the the weights given to the various But port authorities expect cargoes shipped to foreign

commodities have been drastical. the coul trame to

musl decline nations

be shipped. In ly altered to make them cor- gradually, because ships are now

American flug ships. The De- respond with what that news reporting a larger income than mainly oll-driven and atomic-partment said it has hampered papers' economic experts believe it had forecasted for 1935." power ships may appear in the

the disposal of surplus form to be their importance in the

The

13<1222 United Press future.

commodities.

Bureau reports a seriolis internal According to This highly confilet in West Germany,

The Under present law, the US scienuine index, wholesale prices problem is coal. government pays the American have fallen from 94.77 a year

the difference shipper

ogo to 89.88 today, a decline of the ship- reight cost between

five per cent. pers normal freight rate and the

Bulk cargo, which includes coal, are, timber and etreats, also broke records last year, for the first time since the war sur- passing prewar Agures. Some 28,800,000 tons of bulk cargo were unloaded in the port in 1955, compared with the previous best of 28,000,000 tons in 1920.

foreign nations freight rate.

it

economy.

seems

has

The trade unions, out for in- creased wage, stick to the old fashioned

indexes government and makeout a very flood case. The government's salesmanship very poor and convinced hardly nayone that two anti-inflation steps have been taken and things improving.

Certainly

the He said

climate he thought these nations would be willing to take opinion is something like this: some US farm products if they

Britain's postwar boom is over,

recession choice

of unknown between

using and o had a

dimensions 18 approaching. their tag ships and having the US pay 50 percent of the freight Perhaps the strongest evidence

Mr Garnett said the disposal programme now is atymined us for as moving any agricultural products to Denmark, Norway. United King- Rotterdam's record-breakdng Sweden and the year was

greatly helped by dom. labour pea CE. Of the 10,000 men working in the docks, about 1,000 stopped work for half a day, while another strike of some 6,000

men, not sup. ported by the big unions, jasted only 24 hours.

of

charges when American vessels against this vague apprehension There

is the were no other undue were used.-United Press.

strength of sterling, stoppages of work,

Tunnel Plan

More men could find regular work in the docks, were it not for the great housing problem in the city. Already about 10 per cent of the dockers have to be brought long distances by bus from outside Rotterdam

As an additiormal aid to ship-

thu ping using

the port, municipal and harbour authorl- ties Are studying the possibility Crude oil is imported in large of driving three or four new quantities to Rotterdam and tunnels under the New Maas, plays an important part in the which divides the town, to re-

The oil is refined at Pernis near here and then exported to Britain, France, Scandinavia and other countries.

effort to forestall further inven- The Bank Of England fuel.

was

tory and plicup. Janubry out- put of the "big three" as about $14,000; sales meanwhile were estimated to have been at

signalising a shift kin policy on

the part of the administration least 100,000 below this total.

"

of

Statement

reads as follows:-

from

one

Little Reaction To

Int'l Sugar Council Meeting

By Laurence Meredith

London, Feb. 5.

place bridges which

There has been very little reaction in the hamper shipping as well as the ever-world raw sugar markets this past week to the growing road traffic.

meeting of the International Sugar Council, and the position remains very much the same.

The world market is rather in the doldrums, The tone of the market turned softer during the week but the spot price managed to hold at the 3.28 US cents level. As Cuba has already made some good sales for the first few months of the year, she has been in a position to hold fast prices at the moment, despite limited demand.

The

existing

tunnel, Anishext during the occupation It includes high grade aviation and saved from destruction by Nazis, will be unable to Last year, 23,000,000 tons the of oll were imported and ex-cope with the traffle between the two parts of Rotterdam in ported

Rotterdam the near:

future according 4,000,000 tons more than the

officials, who some

do previous record, in 1954,

two solve the problem. Recently the world's largest tankers, the 50,000-ton

Harbour officials arc con- Al-Melik Saud Alwal, and the dent that Rotterdam will be Sterling

Tina 1,770,734,014

Onassis (45,000

tons): able to keep abreast or In 18.243.689 passed each other in one of

to think that more bridges would

not

The price of raw sugar in

306,044.517 Rotterdama's harbors, still advance of the requirements of Leodon has remained unchangel

London, Feb. 5. away from traditional economic Thus, it would appear that there The Bank of England state- orthodoxy

will be some addition to the ment for the week ended Feb. 1. The new budget-envisioning dealers' steek this month.

surplus $400,000,000 for But there were two develop-pate in circulation .... fiscal 1957 and $200,000,000 for

ments in

the industry which Public deposits discal 1956-puts an end to so

offered some hope to the more private deposita trenchment, at least for the time pessimistle.

Onvernment securitiem. being, the bank cald.

Other securities Arthur The upshot of the Adminis-

O, Dietz, President of the Receipta tration's programme....is that C. L. T. Financial Corporation, Ratio" Once again the

government which finances loans for autos, ECCITIS have started growing borrowed $100,000,000 of new bigger, with all that this implies money to Increase its own lond- from the socio-economiɗ stand-ing power-a vote of confidence point."

in the economic outlook.

The First National Bank of And foreign auto makers - Boston was likewise concerned British, French and German This week about the extent to the looking ahead to bigger which the U.S. has gone into sales this year, despite the ex- debt." This 13 cause for posted downturn in the U.S. auto market,. Last year, foreign With the sales improved by 50 per cent national dieb! now approaching over the previous year.

perious reflection, It noted its business review.

Selling Pressure

38,677,073

247 801 820 caving space for other ships to

30,927,422 enter and leave.

17.5

United Press

The port authorities claimed

could afford

bour

the same

| modern shipping.

Grow Stronger

that no other Continental har- "We never come to an end in The Bank Of France stressing the necessity of keep expectations for 1950 are cer

tainly not less

Statement

Paris, Feb. 5, The Bank of France statement for the week ended Jan. 20. reads us follows-

Curren~~

also at 325 6d per out. 96 per cent rate basis, elf United King- dom. The British Sugar Cor- poration announced this past week preliminary results of the beets at 4,545,000 yield on facility, while at the same time our work for the port, and our tuns delivered.

The average yield acre was then last year's provisionally put at 11% tone ing "one jump ahead"

of results," the director of the which is the third highest so competitors In providing Municipal Harbour Works told far attained. Average sugar content was 16.8 per cent com- The motlo of 'strength Pared with 15.71 per cent in the

season.> It

wax through struggle,*

granted to preecding Rotterdam

estimated that sugar production Queen, by the

figured in the industry's history. certainly applies to the port,

Dealers here in London do not Wo struggle, but we grow stronger,China Mail Special.

berthing space,

✔

Coal's Part

Other plans

which are now Franc the $300,000,000,000 mark, the

under consideration to improve Total gold holdings.. Bank admitted that while t

301,204 362,428 the port include building now Total other was difficult to state what point

eles

17.403.004.130 harbours for Rhine shipping and the accumulation of debt may

inland, trame on the Old Maas The stock market meanwhile ight balance abroad

in EPU reach a crisis, "there

197.378.850000 river, néär Rotterdamn, and new were continues along generally in Advance to Stabilien- already strong Indications that decisive channels, despite some

dock east of the town for small tion Fund

100,000,000,000 all major segments the firmness this

of

week in special Total bills discounted 1,232,000,208,130 sea-going ships, ¦ economy are under some degree issues which moved higher unter Bank noter in cinxia- of strain."

*********. 2,741,002,b71,200 stock-splitting Current accounte eod. the impetus of and special dividend news,

deposita

143,568.300.10 -United Fren So far, market prices during January continuo

show

All Groups

to

About 01 per cent of this easier tendencies which baffle national budget for some of the experts. Setting

your'a

tipa

The possibility of building ant outside harbour for tankers, which are becoming increasingly Jusge, is aleo being studied.

Coat, too, plays a large port

me.

US COTTON

EXPORTS

expect any weakening in world migar markels in the coming month. One factor which may tend to strengthen the market is the recent report that Eastern buying sugar Germany for her own consumption owing to the fact that she has had to deliver all her available white.

to meet trade agreements. This alteration in the statistical positice of the world which the International

New York, Feb. 6.. Raw collon exports by de in the port's activity, particul- sunation, as reported in bains by market, United States

current fiscal year will be sent preasure continues the factors Exchange Rates arly wih cargots from the the New York Cotton Exchange Bugar Counell has not so far

- measures,

for national security purposes, making for mitoet décisivenica), with 39 per cent for non-security according the experts: Poll- Buinem was done in the dopel tical uncertainty about Pets unofficial exorange market this In this latter category are sident Elsenhower's 1950 oloc-morning, at the following rabesz

UX. delfer (per, #1) veterana, international affairs, Uon oction, the much aiding notes (der alles housing, labour, welfare de. publicleod downfirm 'in housing twinktas nolim (DW #13276 Dis in the arts of expendi- nad is the auto Industry indonem rupiah (per 100) 3

djun 158) Isak 100) Burdufulde that involving na-i United Press.

for the 1953-60 season as to taken its account should help

to further pererethen t

Betha |Jan. 31 were: ****

Tat Wook « East Oor- Much American coal destined Britain

00232 || Man Bouché $10,000 tona; of for: Britain- la "trank-shipped ‘at.

March/April, ship- Continent Ab Motterdam) for. Endlala Härbogin: one some of which are vot” katailed j<= for unloading coal from "big | jutro

Which brought East Gér- cent purchases to near-

Determined

"The Rube coal mines have applied to have celling prices raised from 57 deutschmarks (about US$13.50) per ton for average grade to 60 deutsch marks,

"After any Ing

Bon

says.

no. and again no, the goy- ernment Is now

frantically conferring with mino coal miners and coal consumers to persuade them to drop the request. A rise in the price of coal would raise prices every- where, and Germany, it is claimed, could not survive such situation. It would bring on a slump.

"But the coal companies are determined, not only to get this morease but also to get complete freedom ander private enter priso to set their own market

and the Pro de in France are the only fields in the Schuman plan

price."

The

cont

Ruhr

which are still subject to ceiling

prices.

Rome report the Italian out- Book favourable provided world market trends continue hospit- wile ta Italian

the exports, government's anti-Inflation bar- rier holds and more investment cupiat is found.

Grumbling

"There is a lot of grumbling

creasing

in Italy about this shortage of investment capital," Rome says. "The complaint

Is that the welfare state government ex- penses are draining or an in- Aho proportion of limited money supply in 19

"Some

economists branded the

huge salary In-

to civil ser creuses granted wants this month, as a complete the Enve-the-lira break with

govern- policy of all postwar ments-United Press.

PHOTOGRAPHS

by our Staff Photographers

Yale Club Dinner? » University Athletics. Regatta at Yacht Club Hindu Association Dinner Police Parade at Aberdeen Countess Mountbatten Reception Presentation at Central Fire Brigade H.E, the Governor Open Sai Kung Govt, Clinic It's In The News". Programme of Radio H.K. Kowloon Women's Welfare Club Inauguration Hong Kong University Conferring of Degrees Departure of King's Own. Regiment Students Leaves for Australia *BO.A.C.Conference. PAIR, Local Sports

Local Presentations Local Weddings.

etc.

Available at

SOUTH CHINA MORNING POST., LTD.

Wyndham Etreet/**