THE CHINA MAIL, TUESDAY, MARCH 6, 1956.
TRADE and
COMMERCE
HONGKONG Grave Political Risks In
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange
This
morning amounted to approxi-
WORLD
RUBBER
MARKETS
Singapore, Mar. 3.
Short covering and new buy-
mately $870,000. Noon quoting resulted from report that it flone and the morning's trans- Detions:
SHARES BUYERS BELLEUS MALES
DANKS
TEK Bank XD 1000 1000
10 10
INSURANCEA
Unciat
Lambor
30 10
K What
Underwriters
DOCKS, FIVE
Kuck
Provident
[Q
LAND, FIFA "
BIK Jutel
Wheeloch
ראיון
+2
24.
10 1000
14.30 141
400 v
10:30 10 40 1000 200 1,40
might bo possible for lifting the rubber embargo to China chused
sharp rise
In the rubbur market here today.
11
No. 1 Ras reached 302 cents per t
one time, but trade and factory interest were poor In the afternoon nad Bes
cents, mark. It
שלא י100
Stopping NY COTTON
Inflation
From Ronald Boxall
London, Mar, 5.
sets Any government which
out
brought the prices down to be deliberately to put a stop to inflation is taking a big political risk. If it fails it earns nothing but scorn. If, on the other hand, its efforts show signs of even
accused partially succeeding it is creating unemployment.
$ 50
low the 100 closed steader however, Future closings were: No rubber per lb Már Apr May
Nu 2 rubber per in Mar
unquoted
07- ลา.j
MK Land
Txt
1000 14 30 1000 18 40
2017 13
"
(No
" BI
Kushrey
XI
30.1
Sterity
14791⁄2 133
DUBBE
CTUITIES
(Ch
A... Rubber | 775 1 no 10,000 er 1 77),
Train
Y'all
כיזייי
Light 21 70 21 0 1200 No 21 DU
e Light (N) 16 70 18 10 2200 đ 18 30
Electr
X AR
(OM)
Meeno Kivetele
(New!
Teleplene
INDUSTRIALS
Cernerla
Rope
STORES, ETC
Dairy
Watcon
£ Craveford
CYXITONS
Textilen
Nariyank
Spot rubber unbaled Blanket crepa No 1 pale crepe
LONDON
02-03 1005%-100%%%
1101-110
The market was Arm with
Price:
Nober wit
zny-28 da
201205
29-291
of
FUTURES
FALTER
New York, Mar. 5. Cotton prices today falter- ed after a buoyant start when buyers lost interest in the face of farm legislation uncertainties and the Ad- reiterated ministration's stand in favour of flexible supports.
Closing lowest levels the list ruled un- changed to 24 points lower. Opening prices were unchanged to up 22 points, New Orleans closed off 17 to 28 points,
A
the around
day's
reactionary turn in grains, lus a desire for more detailed information on the government now export disposal plan and a in exporter-mill buying, also acted to restrain new in- |
Initial
to $1.25 a gains up reflected a' weekend
buying
mission house
plus
accumulation of trade and com- further shipper covering against
Mr Harold Macmillan tried to forearm sot quoted at 29% pence per himself against the latter criticism when puse he defended his disinflationary policy interest. the House of Commons. "If it were bale once thought," he said, "that in the need we have today to cure the disinflationary danger we were going to plunge back into a disinflationary movement regardless of the effect of it on the lives of our industrial workers we should fail-and deserve to fail."
2440
Tthe
324 40 JAN 24 30
Bettlement bus term
April
Muy
June
April/June
July Net
30
#1
44...
Del/Dre
Jan Mar
11 K
16203
April
.Li
33. 34.
PENA JE TA ¦ May
IT) A 104%
15 201
1710 TANN 171,
1.1 60
21
023
100
.. TU
MISCELLANEOUS
Yangtze
General uitket,
21-204 2014-20
Fainte crepe un Marely 3454 Estale repe this April 541.
AMSTERDAM
The market was stendy. Prices icou v 1440 closed today in guilders per kilo-
gram, elf March as follows.
1240 11
7051
Not rubber
No rubber
N12 3 rubber
No repe
2:30 bayern
2.70 travel 274 buyer 300 burn
New York rubber prices were Dravailable.--United Press
NY Industrials
Push Ahead To New Highs
New York, Mar. 5.
Industrial stocks pushed through to new all-time highs, utilities to their best since April 13, 1931 and rails to the highest levels since December 8 in a strong, active stock market today.
Turnover topped the 3,000,000-share mark 3,090,000 compared with 2,860,000 on Friday.
Rails, while falling short the buil marker bugh
sti last
Nov. 26, nevertheless paced the market with pains ranging
to 3% in Union Pacific.
A
0 per
cent freight boost granted late Friday gave im-
petus here,
Utilities
set their new top in
a last minute spurt which saw Panhandle Eastern Pipe
Line
and People's Gas add ΠΡΟΓΕ than 2 points cach,
Oils were outstanding among Industrials with
improvement ranging over 2 points In Con timental Oil and "Argo Oil, more than a point in Scaboord and Union of California,
Demand ferrous metals,
continued for non-
Lukens Prominent
Lukens stood
out in stocla with a gain of 4 points while Bethlehem roso nearly a point and US Steel dipped slightly.
Among the special issues, im provement ranged to 5 points In American Sugar Refining.
Westinghouse Electric ran up nearly
3 points in the day's most active tumaver as settie
its prolonged strike promising.
ment of
appeared total 1,204
Out
traded
of
issucs
€81 were higher on the
300 lower.
New York Stock Exchange
bond volume was $4,700,000.
American Stock Exchange volume was 1,230,000 shares,
Dow-Jones closing averages
word;
30 Industriais
20 Tall
3 ultie
to stocks
40 bon
Comm. future price index Compan, ape2 brice index Moody's Index
Closing Prices
Akion Ino, Acy.
Allied Chemicals Allied_ Milla Inc.
Allis Chalmiera
American Airline
American Cyanamide Co. American Mital
Amarione Smelling
American Tel – Tet
American Tou. "
Anaconda Copper
Armoo Stee)
Armour
Makiwin-dulme-diam,
Balinore & Ohio
Bendix Aylation Corp.
Benguet Catik....
Bethlehem
Bleol
Chase Manhat. Bank Chrysler Motors togate-Palmolive Ca Commercial Credi Communwaith Ele Consolidated Palisan
Cunumental Oil of De
Crane Co
Grown Zellerich Cuba Amer Sugar Diamond Alkali Dupont de Nemours Eastman Kodak
El Paso National Ons
General Electric
General Foods General Motors Glidden Co. Goodrich (B, ET Co. Goodyear Tire Heyden Chopical Hoinstake Mining Co. Ingersoll-stand
at
Nevertheless a fortnight later parts for motor Mr Richard Crossman,
用
Socialist MP, was charging the Government with deliberately destroying full emplovment.
The facts made nonsense of This charge. What is happening is what was intended to happen.
Basically the present strains of British economy arise out of excessive demand; by industry generally for 1:ew
incans ot product on. by the public Kyr durable consumer goods and by The industries which manufac- Ture these goods for labour.
Reinforced Measures
MI
aircraft
vehicles and
Production of cars is estimat-
ed to have been cut back by 10 per cent, but this must be set against the foet that produc iton of commercial vehicles is still rising.
SECTION
Dutch-American
Corp. Profit
.
Cor-
sub- NV.
New York, Mar. 8. American EŇKA porsion, American sidiary of AKU. Ambelm, the Netherlands, enjoyed ila best sales year In 1955, according to the company annual report released today.
Sales totalled $71,251,002, compared with a volume of $50,008,728 tn 1954, an in- crease of 19.4 per cent.
Net Income for 1955 ad- vanced to $7,070,903, equal to $5.22 per share on 1,355 shares
ap 37.6 per cent over tho 3054
of not $5,137,103,. equal to $4.00 per share
1,117,050 shares then outstanding.
Earnings before
taxen
were the highest on record, reaching a total of $15,101,- 500, compared with $10,- 882,103 in 1954.-United Press
Tokyo Stock
Market
Review
LONDON
STOCKS HARD HIT
London, Mar, 5.
Stocks tumbled sharply on the London Ex- change today as the credit squeeze and bad news from the Middle East teamed to bring fairly active selling.
Only dollar stocks managed
strength, posting going up to 2
under the influence of better New York Sugar
Wall Street prices.
British Government stocks spearheaded the general retreat. War Loans lost more than 13 shillings and Old Consols almost Os much, Declines of from Ave to ten shillings were numerous
Industrials closed with losses frequently running between one And two shillings, although trading was relatively quiet, Rolls-Royce skidded nearly two shillings, and lobocen shares generally cased
Oils Hit
Market
New York, Mar. §. The world No. 4 sugar futures 3 today unchanged to closed points lower with sales of 28
contracta,
The domestic contract closed
unchanged to 2 points higher with sales of 140 contracts.
snic In world raws, denlem to buy Japan continued
Lost week with an additional pur- chase of 7,000 tons reported at 3.35 cents a pound.
Domestic No. 0 sugar futures wore higher in line with the firmer raw market, Futures:
Oils were hard hit. British Petroleumi fell almost six Royal Dutch shillings, white lest more than seven. Burmah closed about four shillings lower.
Contract No. 4 (world)
May
July
Sept.
Oci.
Mar.
May
July
Spol-(cents per lb.
Cuba)
0.34
Contract No. 6
May
July
quiet
Bept, Nov. Spot-cents per I. clt NY ex-city
5.47
3,56-60 6.09
United Pres.
Gold shares firmned somewhat after opening on the easy side. Coppers and other base metals
Tokyo, Mar. 5. export sales.
The Tokyo Stock Ex- Houston reports noted an ac- change went on a rampage tive export demand last week. Spain was the secredited buyer last week to establish the
eased, but the cause appeared of 54,900 bales for April-May-highest daily turnover re- to be negicet rather than selling June shipment, consisting of card since the exchange was pressure. 14,500 bales nt Memphis and oponed at 28,820,000 shares 2,100 bales of short staple.
FORMOSA DEAL
Foreign bonds
were
and to boost the Dow Jones and showed scattered fractional average to a new high of gaina-United Press.
441,78.
hit
In addition Korea bought 10,000 bales of medium grade
Trading on the exchange short staple, March-April ship-
bought 37,50o the new all time record turn- ment Formosa balen of medium to low grade over along mid-week and con- short staple for March-April-tinued through the week for May shipment.
an average of 20,000,000 shares double which was more than the normal day's trading.
Mid-Week
So far very few workers left the motor Industry Those on short time can still carri #t spct much, if not more than they could in other industries.
Moreover, the
manufacturers doing everything they can retain their labour force intact, Short time woricing is being spread among as many men as possible so it is not the. same group of men which take home thinner wage packets every week.
Others for whom there is no work on the pro- duction lines are being absorbed into the commercial vehide end of the industry.
Two weeks ago the Chancellor of the Exchequer concentrated on curbing the first of these de- But he also reinforced mands.
previously by measures taken
Butler last year to restrain consumption of such things as motor cars. television refrigerations and so on
To M Marginal Demand Butler's increase Ja purchase tax Mr Macmillan added stringent hire purchase
43
42*, Tall
together these measures have put
1
two pretty Su stringent obstacle in the way of
a man who wants
53'4
43
463%
1134
30
10
4712
bow
03
103%
some cut
45
22935
6714 4U5%
Nearby March contracts, pur- Endependient course, ping held steady around the previous close, No transferable notices
The Dow-Jones average also today. Dealings in the hit its new coiling along mid- appeared to end on
March 13,
weck
after opening at 435.18 contracts at the start
and closed at 441.47 which was Opening
7,01 trading today toluded 57,100
higher than the previous bales. The certificated stock rese 201
weck's closing. 207 bales to 10,344 bates.
The incentives for the ex- Preliminary new CTOP, RC-
change's
spectacular behaviour counts sald Planting in the Rio were posed by the bright pros- Grande valley was 75 per cent
poots arising from finished with
up to two-thirds
passage of the Hatayama Government's gigantic budget very gooit stands Eastern belt
preparation followed by
President Elsen- reperts sold land
that he was all under way in southern hawer's announcement
Volume and open in-was willing to run for re-election sections.
and the
trend growing
for rest were:
Volume Open interest further lowering of interest on
deposits and savings,
5,200 37,100
22,100 400,500
100 299,900 18.200 210,200
303,500
the certain
This induced financial Institu- to continue investing their tions expendable money to the more profitable stocks and privato investors do likewise,
to 117.600 1,567,800 bates Immediate result was specula-
NEW YORK
for talking as Mr Crossmarı has Prices of grain futures closed"
Manth March
May
July
Oct.
Dec
18.000
Mar,
4,100 114,300
For those affected disinflation
May
1,900
74.000
is beginning to hurt. Is no reason for beijeving that
But this
July
4,000 32,700
Total
It has done its work; stilt lost
"slump." about still about half
be filled, many of waiting to them in the Midlands where the British motor Industry is con- centrated.
There are today as follows: million jobs
Spot
Mar.
May
July
Get.
Dec.
Mar
So for the Government's anti- inflationary measures have only dur- affected marginal demand
May
July
11
30.60m 35.77
*
P.O BI EA
COMPANIES
ཤོག་པོ་3
PENINSULAR-& ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
*
Outwards "CANTON" "CARTHAGE”
Leaves London
Doe Hongkong
Іл
Port
Salled
2nd April
"CHUSAN" "CORFU”
18th March
13th April
27th March
30th April
The
*
*
Live stocks cemored such
investors favourites but long
Fire Marine and as Tokyo
Estaio. Insurance, Heiwa Mitsubishi Land, Old Mitsu 33.31-3 Bushan, Old Mitsubishi Shoji and Ok Yokohama Specto Bank 3147-30 which came back for heavy buy-
Ing and good gains.
Aggressive
3094-98 3134-83
31.30
31,00
30.43
own a car or television set.
And
indus- tries which produce Inese goods are beginning to feel the
pinch Overtime working in durable consumer goods industries has
practically
censed and in cases production in being back
ack and workers luid off. More commonly, however, these
Prices of futures closed today tube) and Melle Confectionery Industries are trying to meetable consumer goods. They have
dimcuities their
by putting hardly begun to touch the de- as follows:
mand
Бров labour. Yet it is this some of their workers on a
Mar. demand which has caused So
May three or four day week In the
much of the trouble. demand
July will soon hape that
Oct revive.
Inland Steel Co.
Interchemical Corp
Int'l Buses Machines
Int Harvester
3754
International Nichel
031
International Paper
12144
Int'l Tel & Tel
331
John-Manville Co
154/xa
katieos C. Power & Light
402
Kennecott Copper
$73
Liggett Meyers Tob. Ca.
|
Fockheed Aireret.
Loews Incur.
...
23
Louisville & Naliviile It
77
กา
Lowenstein & Sons
2)
Minnesota Mining Mission Development Monsanto Chemieni Co.
127
33
Montgomery Ward Motorola Inc.
ET
અ
more
National Cash Reg.
38
Lone Star Cement Co
Mesabi Iron Corp.
National Dairy Prod. National Lead National Stoel Corp. New York Central Olin Matteson Oth Elevators Pacifio Gan & Elec. Pacific Western Oil Pan American Airway» Paramount Pictures
Parke Davis Co. Penny J. C. Co. 401.60 Penn. Salt Co, 104.85 Procter & Gamhin Ch. 66.71 Pitsbuigh Plate Gin 17491. Publicker Industries
B020 Purg QUE ....... 15103 Radio Corporation 100.71 Republio steckdo 403.30. ileynolds Metal
Bell Of Co. Saint let. Paper Sinclair Oil
$311
Rocopy Moulton South Puerto Rico Sugar Southam National Gas ... Southem, Railway (Com.)
30% Standard Brands
Standard Oil of Cal. Blandard oil of Ind
25 Bangart Ol of N.J.
Blakely-Van Camp
Studebaker-Packard Corn,
22
Starling Drug Co.
001
Bwilt & Co.
TB
Texas Co...
Water
Ass. Oll
Twenty Century Fox Film
204 Union Carbide
***
15 Union Pacific Railway
4715 United Aircraft
121 U3, Rubber
VA. Lina Co
Bowing Airplant.
US.. neltinst
Horden (The) Co.
Co
UK. Meel
burroughs. Ada Machine veg
Canadian Paolo H.VN
€ (3) 1.) Co
Warner Bros.
Westinghouse Electric
Woolworth
Hardest Hit
Dec.
Mar
4
May July
"Too many jobs for the work- gra available," said Mr Mocnil- lan. It was more than merely a symptom of inflation. It was a factor which itself damaged tho economy, for men were drawn away from the basic industries and from exporting Industries into those of less national im- portance.
The outlook is more bleak for some industries than it is for others. Television makers, for example, predict that their out put will drop by between 15 and 40 per cent. Where squeeze on home demand is combined with slackening of export de-. mand as in the cycle industry
the need for economy is even The whole object of large Inevitably, dosta of disinflation medicine pressing.
have therefore, these industries have that the British public
Small Adjustment
40 had to dismiss workers. But so been forced to swallow is to far those rendered temporary curb its voracious appetite unemployed are numbered only goods which in the Chancellor's In hundreds.
NEW ORLEANS
Nippon Kolan (Japan steel
sharcs were also aggressively sought and they gained 9 points 4 points nt 180 These Kokan
yon respectod investors' at
33,25
35.73 39.63
at 103
yen and
33.95
31.48-40
shares
31.33
31.17
tantion
31.00
30.40
LIVERPOOL Future closings, in perice per 1b, were as follows: citit contract
Mar/Apr. May/June July/Aug. New contract May/June July/Aug.
Oct/Nov,
Egyptian Karnak
Dec/Jan.
Mar/Apr.
25.40 25.30
24.75
28.15
2640
24.00
41.40
BAO PAULD Futures closings, in cruzeiros
for per kilo were as follows:
Mar.
30.25
words is holding back exporia and swelling imports,
May
31.40
July
Oct.
is the motor industry was grozay even before
Dec.
12.45 32.44 22.45
$45
344 In 581 The hardest hit of all, how- 301, 5016 ever 443 which
in the United States, the
on reports that
they were increasing their capital to. ten billion yeni
Ajinomoto saw considerable fluctuation opening at 204 yên and then spurting to 202 drop- ping back to 284 and closing with another spurt at 290 yen for a substantial gain' as com- week.-United pared with Jast Press,
Singapore
Stock Market
Singapore, Mar. 6. Brokers today quoted the fol- lowing stock prices:
Only a comparatively small
healthy complexion 331 Here there have been reports of British economy. 443 dismissals, but between 14,000 Government's
in firms 10,000 workers
keep
10 Mr Macmillan's latest blows. adjustment is needed to restore average price of 15/16 middling | British
and
to the Provided the 114 designated spot markets tar was 35.44 cents. Sales totalled diagnosticians lookout for any 85,420 bales-United Press,
deflation and
1931 ather woning care or supplying end towards
ให้ mrts for them ate on short prompt action is taken to deal 45% time.
K
with it the worst that should The manufacturers are pinning happen is that for every man in there will be one job hopes on a revival of de-industry their mand in the spring when car and not as at present, one and
1061-London Express Bervice.
40 xd sales would normally begin
this fails to materialise the altuation in the
433
4774
70
62
721
20
It
rise again after the slack winter period.
105
motor Industry may become
41
Day serious.
47
150 Commercial Vehicles
195%
100%
1231
LONDON METAL.
PRICES
London, Mar. B.
Tito tin maricet was firm this afternoon. Copper was strong,
London Foreign Exchange
New York Montreal Amsterdam Franktons Lisbon Milan | París H
Stockhoan Zurich
London, Mar. 5.
9.80-4/10-2.29-7/18
*
*
Via Houthampton, Port Said, Aden, Bombay, Colombo, Pensar & SingapÖTU.
Homewarda
"CANTON" "CARTHAGE"
**CHUSAN"
"CORFT"
Leaves Hongkong Dua London
Dth March
9th April
6th April 2014 April
7th May
27th May
4th May
4th June
Via Kingapore, Penang, Colombo, - Bombay, Aden, Part Bald & London. * Also calix MARSEILLES.
FREIGHT SERVICE
"SHILLONG" dne 8th Mar. from UJC..
"SUNDA"
salts Bar. for Japan. due, 24th Mar. from U.K. "BHILLONG”loads 20th Mar. for S'pore, P, Swetten.
ham, Penang, Aden,
Said. Havre. Port London, Hamburg, Roy
·terdam" de Antwerp.
With liberty to-call at Belawan before or after Straits Ports and at Bombay if inducement oners. Tanks available for carriage of oll in buik. Space for refrigerated cargo. Limited Passenger Accommodation.
BRITISH INDIA S.N. CO., LTD.
SERVICE - 1980 OP
for Mall, Yokeliama & Kobo....
1830 - A HUNDRED YEARS "SANGOLA” in Port
Maile 71 Mor.
"WABORA" salis 1012 Mar.
for Singapore Benang,
Rangoons Chittagong
Calcutta
"SANGOLA” maile 32nd.Mar. for Bingapore,, Penaty.
itangoon & Calcutta
P. & O./B. I. JOINT SERVICE
"IKAUNA" Aian 13th Mar
sajja 14k Mar.
due 16th Mar.
Mis 18th Mar,
"SIRDHANA"all" 2013 Mar. Falla 12th Mar.
from Karachi & Dembly for Japers
from Bombay & Karachi for Japan
for Bingapore, Penang. Cochin & BOMBAY
пом. for Singapore, BAY, Karachi, Bat- rah. Khorramshahr de AUWalt
Batu Lintang
Lid.
Onl.
Hongkong & Shanghai Bank-
ing Colp.
Hongkong” Tin Lid.
Lunas Rubber Estates LAE
Kempar Ltd. ......***.
Opening
$1,00 Borneo Petroleum
41/00 Byndicate Consolidated Tin Smelters
20/d Fraser & Neave Låd. Oni, De $1,76 Traser & Neave 751⁄2 cum.
50.83 pret
$900 1/30 $1.30 $4.12
"ITRIA"
Rubber Co.
"ORDIA"
EASTERN & AUSTRALIAN S.S. CO., LTD.. "NELLORE” dus
Malayan. Breweries
$3,40†
Now Berasudala · Rubber
$1.00
$4.05†
Bingapore Cold Storage .... South, Britants Inmurance Co.
Lid.
$1.50
$227.40
Birelts Trading
$23.12
Straita atomrulip
$12.00
nted Engineers Oid..
$3.00
270-15/10-380-1/10 Patting Tin Lid.
⚫ames Ifotel
10.4316-10,63}}
80.10-0.15
1233-176014
What the industry is ex- while lead and zine were steny New York Foreign
periencing at the moment, how- Prices closed today in sterling
24 over, Ja noting more than a per long ton as follows:
The
of workers on short rin_spit. time-10,000 to tako
*-month
The top Copper pot with the Industry's total labour | Load" fit, halk"
moderate réccasion.
number
09
39) estimate-in small in comparison
force whilch' number 330,000 in
the actual manufacturing and
med 173,000 in the Arme making
notes haLÉ
Exchange
Buyer Sellers.
New York,
Canau England
Uruguay
Others - were,
Futures
United
Weare Bros.
xd 1. ed-China Mall SpeciaÍ,
Exchange Rates
und, we dond, in the local
exchanato "A market, this morning at the following rates; Ulli, dollar, (per 81)) Sterling notes: (per R1). Aumcadam notes (por £1) Indehesis-roplati:"(per 100) Stain ca(per 100)
5th Mar. from Japan Fall 7th Mar. for Sandakan, BABAUĻ,, Brisbane, Bydney, Mele bourne de Adedalda "NANKIN". due 170 Mar. from Australia
salis 78121 Mer. for Japa
All vessels Jira iberty to call at any parts on ́or'off the route's the renta a galling are subject 'to change or amendmins with or without notice.
For full particulars apply to: MACKINNON. MACKENZIE & CO. OF HONG KONG LID. Telephone Nos: 27721-4.
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