1956-03-05 — Page 9

WEEKLY

TEXTILE

1.

THE CHINA MAIL, MONDAY, MARCH 5, 1956.

TRADE and

COMMERCE SECTION

Page

Eisenhower's Decision HONGKONG London Market

MARKETS Welcomed By USN

REVIEW

and

New York, Mar. 4. Business in grey finished cotton goods de- veloped at a slower pace last week, continuing the trend first apparent

month ago.

Mill

xecutives

Indirabent

# part of the busines

Business Circles

By JOHN MORKA

New York, Mar. 4. President Eisenhower's decision to seek for re-election has given much enthusiasm and confidence to the American investors and it was welcome in the manner of almost unpre- new britanie, podawa: cedented, by the American business community.

Wil

..

thelinn

casqk] natur." but brokers reporter an, extra-degue à capihun becast e

of

and econo1|C

Premdent Eisenhower's

Si to cun for re-election, zul the using stack marke!

! |,!

made favourable njanmark, but the efferi

Wi

aliporudi because of

uncertainties surrounding Tarm berish bom, involving

between Cotiflct

ble

prices

11.

bert.

Thi

rigid vs text-

the

government's | Announce plan be sell ina male

tema surplus MANDU SOUS

petitive price

While dotards

plan

surces

זין

Qu

awilled

hunderstormi

Informe! Bucking

would get under way

deliveries 1

Aug. 1.

Ach

;}་༢"ཏཱ

amgi

Iminedit.re rebclini milinen to the export plan was une of skeplicami and Cutera là Fearful abservers cialirent forests texthe producing nadons will be Kiven *t "hunendvUS” prive advantage if they are flew and for buy this Amerlewa myplne cut-rate prices

COMPETITION

Claiming they are already up against formidable competation, beth at home and abend. mill- men indicatul the me ve tend to intensifs the

The presidential announce ment on Wednesday was hailed with relief. In that Eisenhower's decision to run a second term would have a healthy effect on the nation's economy, and thus insure another four years of what many feel has been the best "business climate" in 23 years.

RUSSIAN STEEL

FOR INDIA

clans

were agreed

STOCK

NY COTTON EXCHANGE

FUTURES

(From Our Correspondent)

Business done on the Hong- Exchange this morning amounted to approźl- ・mately $320,000. Noon quoin- tions and the morning's transc-

UP & DOWN kong Stock

By William T. Plunkett

New York, Mar. 4. Cotton futures were kept running up and down on the price ladder in

some of the heaviest trading period of the year.

covering

The sco-saw action. an are of around $5 a bale, re- flected uncertainties dealing with farm legislation and the newly announced government plan for disposal of surplus raw cotton

stocks.

to 01

TOO BUSY At Friday's close the list ruled points points higher Tower or up 45 cents a bate to down $3.05 a bale, from the pre- vious week.

9

some 5

Most profesional diagnosti- When the market closed

that the on

Wednesday, the industrial Eisenhower candidacy would overage

483.81, wüs have stabilising influence on points below the record high business, although there was reached when news of the some disagreement as to the ex-President's decision reached the tent and details of the overall impict.

Most observers Sec the presidential news as presaging favourabit development for foreign trade, for stock prices azut for bushes generally.

The Effect

to

According the experts, here's how the Eisenhower "yes" will uitect the foreign trade

оп

de-

President Elsenhower's exchanges On September 23. cision to run for a second term, just before the President suf- and the ensuing stock market fered his heart attack, the rise, had little apparent In-

industrial average

was 487.45.fluence

cotton because a record high.

traders were loo busy pondering The lower close of the stock political manoeuvering on the market

round of form bill and

surplus disposal speculation as to whether the plan. marký specialists had made a

A wrong diagnosis of the market. The The

SCL

110

3

the dividing widening in line betwem old and new crop Inittl reaction to the Elsenhower statement may have deliveries became a new note- Calcutta, Mar. 4.

characteristic, traders A Soviet

been a wrong one, some experts worthy steel mission

said. Nearby months held stend; were saying today. and

Indian Govern- pletute: the

to firm in the absence of March In advance of

the President's delivery notices, plus exporters ment's controller of iron 1 Continued strong backing statement, the experts anticipat- and mill buying in the May-July

trade pro-ed a big drop. and steel have settled final for the reciprocal

They sold short deliveries. gramme. customs simplication

right

left before the details for the supply of

2141

leptisation designated other of

President's Press conference al 1,000,000 tons

Soviet to promote world trade. steel to India, it was learn- ed here tonight.

mu

The offer at Sovery stovi, le Help Tulity Nostal Bye-yesin By Suvirt for the imposition of import

the Premier Nikola Bulcanin quetas su textiles, va for

First fasolisady fut establishmen

Suviet Communest Party to equally the Seentary Nikita American res

Khrushchev competition.

during their visit to a lust

year

Bul

kor legislative netion on qutas were disumed. traders fell by the administra- ton's previous indicated opposi – -n plus the fact that two top- Janking Democrats on the 11 nise Agriculture Committee eume mit against the buport quefa legisit-

404

lu minediate Trinding, prese sure of resaly on the isle an

Z Continued opposition to the use of import quotes and other restrictive measures.

3. Presidential bocking for candidates and policies which would matte a steady growth in U S. exports and an inercase Ameriran imports as baste to the 'country's foreign economic policy

forel

Part of the demand Was attributed to covering the White House on Wednesday. Investment buying in July at- against export sales to Spain and Their selling; had brought

tracted carly highs

Sunder May. Then

stock down from

in the previous session,

it some

was no

New Buying

by its wide discount

tions:

Fluctuations

Meaningless

By C. T. Hallinan

London, Mar. 4. Another week of very thin markets in which SNAREA DUYERS SELLERS SALES price movements, whether up or down, tended to BANKS

be extravagant and on the whole meaningless.

10 Bank

INSURANCES

Unjon

Lombard

Underwriters

SHIPPING

1070

930

0.10

Waterboat 20.20

1 n 100

10 6 NO

The index of industrial shares closed the week at 174.7 compared with 179.2 the previous week and 202.1 at the beginning of the year. There is some buying, presumably by those who think that the market will work back to 202 or some other comfortable figure as soon as Mr Macmillan triumphs over inflation, Will it take him all of 1956 to achieve that? Much talky-talk LAND, ETC.

K Hotel 10.30 18.40 1000 10.4 about this but no very clear balance of opinion. HK Land (2015

DOCKS, ETC.

K. Whart

713

24 7 22 Dock ..... 4495 3055 100 34.TD Providest (0) 14.20 14% Wheelock 40.43 0.63 8300 or

3,60

200 K $0.00 100 # 03. 20001 139 61

Must deinite opinion-judging by the movement uf specific stocks-scems to be that the Rubber 1.73 1.00 1450 1.78 hard-pressed consumer is going

RUBBER

A. UTILITIES

Train

21.60 Yaumati Ferry 103 100 C. Light (0) 21.70 21.00 1144 (# 2140 500 21.00 C. Light (N) 10.70 10.00 428218.69 Electric X. AIL 314 MACAO

Elee to.. 0.69 0.80 Macao

Elec (N)..

$30

Telephone

INDUSTRIALS STORES, ETC.

Cement XD

Dairy

Watson

COTTONS

32 32 1000 A 32

24

11.30 11.00

12

DOU OF 171S 300 of 12.10

Textile Corp. 825 Nanyang MISCELLANEOUS

Allied

7.55

3.40

Singapore

Stock Market

Singapore, Mar. 5. Brokers today quoted the fol-

lo cut down his consumption of

0

JAPS COPYING

CERMAN GOODS

COMPLAINT

tobacco. There was persistent selling of the two tobacco groots, British American and Imperial Tobacco, with the latter down 2 Millings 9 pence to 349 3d, only pence above its 12-months

Solingen, Mar. 4. law. On the other hand, Rolls Handelsblatt, a West German Royce, dropping 24 to 91s 3d, is | business newspaper, reported to- nearly 20% above its 12-months' | day that the German economie mission now touring goodwill low.

Asin had complained in Tokyo Awkward Examples about alleged unfair Japanese copying of German metal goods The 1st is full of awkward and cutlery.

suld that the mission, Falls of a

more which is headed by Hem Fritz shilling or

the West were plentiful in the industrial Berv. President of list: they included Ford Metor, had backed up its complaint by German Federation of Industry, Dunlop Rubber and similar issues. Unilever pleased every showing several "striking Imita- complete with German body with its annual report but ufacturers' nomes "Pro-

duced shitting pence, It

by Vickers, an-turers."

Japanese Manufac.... other highly prized issue, lost 1

The puper sald that, accord- shilling pence.

examples like these.

•

Ofis, which have a big specula- ing to German manufacturers, **** | Japanese firms were imitating tive following, were active and German products "regardless of

Royal

Opening closed extremely strong.

during the week by Dutch roge

sterling-in other words, 6534 sterling, a new

Get

$1,00

came the buying that had been Technicians pointed out that lowing stock prices: foreseen and with

efter July goes off the board, the realising. But there

market will become a one-inch | Batu Lintonsi Rubber "bust."

Lid. contract rather than the present

British 15/10 inch basis.

Domen Petroleum Syndicate Consolidated Tia Smelters interest centred Chie

Ord, 4. Continuation of foreign

Washington news. Following an- assistance and con- economic

Now the experts are wonder- |nouncement of the surplus dis- Imued emphasis On helping ing where the market will goposal programme, whereby

under-developed from here. economically

Many feel there'll grades at staples in the govern Ing Comp. Delivery of the steel is to be nations.

be a real break-out on the up-ment stock will be available for aprend

tive years, The i 5. Continued encouragement side,

sale overseas at competitive fast shipment will be of 50,000 of U S. capital investments In

prices, the market developed Some look for new buying unusual

activity. tons. It was expected that the foreign enterprises,

now that the presidential un- Tuesday's volume on the. New format agreement would be

certainty has been removed. signed in New Delhi some tune;

York Exchange reached 305,000 But they all warn, there's a bales, the largest for any session light supply situation at the since Oct. 4, 1955. next werk

Arm current market levels, delling that will have to be They insist, how- penetrated. ever, that the job can be done,

A dive-man Indion steel pare

).

Domestic Scene

Many observers

Of the domestic scene, reac- thun was as tollows:

do not square four-yard print con- chaston inission is to leave for anticipate any further boom in struction continued the dominant · Eccope in xt month to negotiate the economy These are ja- Ivature. Bulle We Te

ttiscount tous clined to the purchase of 3,000,000

the im- under the mill level With one of steel, mainly to be

used in Portance of politicul fuctors on manufacturvy becoming

the economy pointing out that incited

Inellay the expansion thtes%#E= ,

of the

courge of American hand competition United Pirss, railway system.--France-Presse,

Ceonomy is relatively untu-

to meet

New York Industrials

On New Record High Ground

By Elmer Walzer

New York, Mar. 4. Stocks ended the Eisenhower decision week with the industrials in new record ground; rails, a new high since Dec. 30, and utilities, a high since Dec. 8.

fluencex by wholly political

developments.

2. Many experts, on the other hand, feel that Eisenhower's candidacy will give the economy

immediate

and thus 211 possibly down a possible decline in the near future.

3. Some experts point out that

дву

stow

soften trends In the

current

will be outweighted by the new business activity.

economy will b

Industrialists, emphasise

of

The

ACREAGE FREEZE

52

Bdto

patent rights, trade marks

OF

copying rights."" This practice had mainly been observed in the manufacture of sewing machines, toys, locks, ush trays, lighters, ceramics, fountain pens and Chinu Mall Special.

other 124 41/high. Shell Transport rose 24 Od 20/44 130s but it is still a long way below its early peak. British gained Petroleum

?༢ Canadian Eagle is 3d.

and

Switching out of Industrials ·

gavemment stocks |

Iwas often mentioned but the nei gains were moderate as much

Ja

on

Fraser & leave Ltd. Ord. Fraser & Neave Time cum.

pref

$1.70

£9.85

__** | Hongkong & Shanghai Bank-

$910

Hongkong Tin Lid. Kempas Ltd.

7/34

51.73

Into British

Lunna Rubber Estates Ltd. Malayan Breworles

$4,12

New Serandah Rubber

Ltd.

$3.40

$1.00

$4.00

Fcent of War Loan,

$4.39

Singapore Cold Storage

$1,30

Bouth British Insurance Ca.

Lid.

$27.50

Straits Trading

$25.12

Straits Steamship

$12.00

United Engineers Ord,

$3.00* $2.77

*ed-China Mali Special.

Purchases under the expart plan can start shortly, but de- Up to now, it is pointed out, liverles will be postponed untti u lot of people have been will-after Aug. 1. The move is de- large ing to sell at current market signed to recapture a

This has prevented

world a segment of the

market levels.

Now it op for American Break-through,

omeinis cottan, said. pears, according to the experts,

Pending there are fewer ready to throw slocks

overboard. However, Senate debate next week on the

Laxm

bill leaders pondered the there still are sellers, and some

be

commencement

of

Petaling Tin Ltd.

Raffles Hotel

Wearne Brow

London Foreign

Exchange

London, Mar, 4.

Rs 7 od In the case of 4 per-

Gold Easier

cutlery

Chile Buys US Surplus

Sontiago, Chile, Mar. 4.

In foreign bonds Japanese at- The Foreign Ministry traeteri the most attention, |nounced today that Chile - will Ipartly due to America, buying buy $35,000,000 worth of United

of Tokyo 5 percents which lifted | Siates surplus farm products. the non-assented G sterling to

A formal agreement covering:

175 sterling: the unsented want the purchases will be signed ou ex-dividen OTE Thursday, Monday, the announcement said.

deal

cotton. Includes

amounts enough to cover con-

closing the week with a net rise

The

of 2 sterling. Other Japanese wheat and other products.

3

issues rose anywhere from

sur

to 1 sterling. Germans were sumption nettis up to next June. An additional $30,000,000 deal erratic. The non-assented rose

is under consideration, the on- sterling

Dawes Loan non- assented rose 1 sterling and the nouncement sald. Chile will pay

for the ossented, 1 sterling. The 61⁄2

pluses in local currency and the MT echt Polash Improved 1 2001-200 sterling.

this will be left in money 2.306/10-2.80.7/10

country by the United States as 139,40.-13.46

Gold shares were somewhat a loan to be used in communica- 00312-08355 14.597-14,334 vasier; coppers were affected only tions and farm produellon im- 1225-12.25 temporarily by the high price of provement projects. United All others were unchanged

the metal-United Press,

Press. -United Press.

think the new upward drive possibility

4 compromise Foreign exchange rates closed worked out whereby on Saturday as follows:-- being anticipated may have to being get its start

a slightly mandatory 90 per cent supports from

eliminated in cx- New York insist it could' They lower level.

Montreal for a two year freeze an Brussels will get started, and soon.

Paris reduction.

Stockholms Mr Many experts look for more

Agriculture Secretary

Zurich normal market

patterns now Benson stated that if 99 per cent

4. In making plano for the that the presidential uncertainty supporters were not passed, future, indus

180 has been removed. These cotton loans would not be sup- that the Elsenhower Administra-anticipato a resumption of the ported to the minimum because tion is les likely to impose bullish trend in force prior to it would be too great a a shock to restriction

tho President's illness.

Many the

Some any sort.

the southern economy. Eisenhower regime would be insist that the market will con-quarters thought the support tinue to stress for the ume level might be set at a maximum

the so-called quality of three cents being

below the 1053 the Elsenhower announcement stocks, with the secondary stocks level. This would make the new was interpreted generally as getting attention as time goes

crop loan rate approximately on form bearish, particularly

191:55 cents a pound for middling prices,

inch cotton The October de ilvery closed the week at 31.65 cents a pound-United Press.

less inftallonary.

5. In the commodily markets,

by.

Repaying Debts

Singapore Rubber

Market

Singapore, Mar. 4. The market opened steady on improved overseas advices and armed during the morning short coverings of March pasi- ton by all sections' trade. Futures:

оть

No. 1 rubber per ib. Mar. 1-091 April 9612-0624

The Elsenhower Administra- tion is opposed to a policy of rigid price supports and favours Instead

Meanwhite U.S. economy con- of flexible and lower support programmes, It was inues to flourish at good levals"

months support

ngo. pro- evident several havo de Business is felt to be at a cross- efect 012 prices roads 'ROW, held back in no small part by the lagging build- to directing and auto industries.

On the with

felt in this connection that the although without dynamic vigour The Bank Of England No rubber per Ib. Mar, 0815-07

would gramme

A

mort

unquoted

3

你

+1

Statement

No.

15-20

Epot rubber unbaled No. 1 pabe crepe Blanket crepe

London, Mar. 4,

90-100 114-110 911-93% United Press.

The gains were small-$3.18 in the industrials government's which closed the weeks at 448.84; 2.43 in the rails nationary at 162.79; 0.63 in utilities at 65.90, and 1.64 in the generally. 65 stocks at 173.38.

6. Opposition government controls

The Bank of England state- U.S.

However, these two negativement for the week ended Feb. economy Stocko opened higher on (market would lead into n

in influences haven't had any 20, rends as follows- de-reliance on indirect credit re- Wednesday before the Presicline after the good news

was straints when needed. On the perceptible impact on business dent's Press conference.. They out. Little fellows bought. The stock market-which many con- comtience. And now there ap- Notes in circulation... dipped from their best just experts sald for once the little sider a manslive barometer of pears to have been some rate deposita before he announced his decision fellows probably were right and investor and business thinking sinckening la consumer buying. Government securities to run and moved higher for the hardened traders wrong. the reaction of the President's

docision

generally AVELE

surprises in the day's

some time during the session

"In addition to the Eisenhower 10

minutes fole, second latest in news the stock markel had anticipated, although there were

with the tickers as much as

story. The test was on

June many other things in its favour some

27, 1050, when the Korean Wargcod business news, favour tradings, broke out and the tape was 27 able carnings statements, sever-

minutes behind floor

tronsac-al higher dividends and stock Industrial Average

tions.

Other Things

splits, and predictions of a high

rate of production ahead.

ended but

Public deposit

Testle

to Fortuno Recaipla According Magazine, the boom in con- sumer buying has retail sales will be on the rise

1030.

securities

sterling 1,787,802, 33 13,003,085 329,024,178 * 283,831,020 37,679,904

11.0

US RAW COTTON

EXPORTS

New, York. Mar. Raw coltort exporta 2TO0,030

by de- stination as reported in baies by United Press.

the New York Colton Exchange for the 1965-50 season to Feb, 28 were as follows:

again during the final quarter of The Bank Of France

·

The Magazine survey released

Last week showed that goods

In its most active session in buying is down about 1.3 billion

Statement

301,304, 312,430.

Paris, Mar, 2. Oll and meinl imues led the | five, months, the markot on from its peak annual rate of The Bank of France state- upturn. Railroad Issues got into Wednesday Closed lower after 30.3 billion in the third quarter rent, for the week ended Feb. Prices dipped off steadily in awing late in the week and hitting new highs in the Dow of 1938. Fortune's ceramista 23, renda as follows the lale trading on Wednesday helped 1110 industrials ise Jones Industrial average. Many think that saks will drop about and closed lower with some further. The gain in tissue for below their highs. came without benefit of such,o

utilillea took this to mean that investors a Ullion dollars over the next Total gold holdin

Total ciber cuITESSERER had already discounted Dupont, for example, was down leader as Panhandle Eastern President's panouncement long trend will be up again in the

the two quarters and agree that the tricht beanée horowó nix from its best of the day. Pipo Line, down 24.021 the

Advance to stabil As the general" | nútinn. Losses hald smail in the over- week.

Alone fund t ages. Prices moved un

In the

Totálutia dieobunted

Chiprent, accounts and

deposite

Thursday and Friday sessions.

public

in advance in to buy, many. Out of the 1,405 Issues trad-professionals took time out to Fortuna mata that consum The ed. 700 gained 417 declined, and cash in their shares for some will be buy professionals Mold. stock on í 102 held unchanged United profits and thus drogo prices contrabect Wednesday, baleving that the 'Press.

The experts noted that

lower on ile day.

vina-debts

Britai

Continent

Orient

| Canada

Total for season'

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