1956-03-08 — Page 9

THE CHINA MAIL, THURSDAY, MARCH 8, 1956.

TRADE and

OMMERCE SECTION

Increasing Unemployment In

US STEEL SELLING FLEET

New York, Mar, 7

Asia Is Very

NY COTTON FUTURES

Serious Problem NOSE DIVE

Geneva, Mar. 7.

Increasing unemployment in Asia must be regarded as "a serious problem which will justify continuing attention," Mr David A. Morse, Director-General of the International Labour Marlic Organisation, stated here in a review of developments in 1955.

The United States Steel Cor poration today announced was selling its Istitmin Stein- ahip Lines, comprising 24 cargo vessels, to the States Corporation interests.

The States Marine Corpora- tion, which owns a major mer- than fleet, would continue to trade roulés operate Isthmian

serving the Persian Gulf, South and Southeast Asin and the Hwalian lalands.

Marine

the

The price the States Corporation is paying for fleet has not been disclosed

LONDON METAL

PRICES

London, Mer 7

closed today

Prices of metal

in sterling per long ion 015 follows:

buyers schlern

#20

745

0.30

78714

420

Tin pot

2-month

3-mont

Copper pot

127

410

the

Lead at half Mar

172

June

116

110

Zine Ist half Mar.

101'2

100

United States 8.cel Corpora flon established its own fee of In 1900 to help cargo vessels ship is products overseas.

Lare the fleet was operated

company, : separate Istnien, which remained a sub- sidiary of the steel corporation. --Reiter

by

Junc

417

IT

-United Press

Dips

Ford Stock After Early Rise

а

New York, Mar. 7. Stocks moved irregularly today in narrow, routine session, highlighted chiefly

New York, Mar. 7. Cotton futures today filt a sleep toboggan, plummet- ing around 38, a bale In extra-active dealings.

Day Hoder covering bitut technical replacint

buying brought harital recovery

the close with the let nising het licharged to 34 points lower. Opening prices were up

to alt 5 points, New Orlean

poliit closed off 85 to up

Farm

Iegislation incertain- bad hervousness possible repercussions from the surplus disposal Government's plan, touched off a broadsenle Úquidating movement.

Mr

said increasing Sweden. Denmark, Germany, Morse unemployment in all five Asian France, Portugal, Switzerland countries which hud submitted and Australia. reports recently gave warning of All countries which reported the existence of economie and on wage developments in mahu- social

whose facturing industries Usted in les, maladjustments Influence may be for reaching. creases from 1984 to 1908. The median Increase from late 1984 statistics The follow lang

to late 1985 was 3.5 per cent. received:

Country Burina Ceylon India

Jupan Pakistan

are

Monlba on which compáritón Baneð August-October

July-September

August-October

August-October

October-November

from in-

Unemployment reports Asian countries dre often complete, Mr Morse stressed. In the present case the increases in the number of unemployed scem small

to the in relation labour forces.

US Employed

vast

The small numbers reported In some countries, however, may represent larger numbers who do not get into the statistics," he

"In addition, Raid.

the labour market in Asia is characterised by under-employment of serious dimensions.

woro

Over

Russo - Egyptian

: Citrus Deal

Possible-

Dalto, Mar. 4. Hüsna waa joparted to- day to be heroinfunny with Egypt about the possibility er, buying citrus, fiit from conliler instead of

tróns Thrash.

ébc-

· Four Rhinishi tråde ex- perts have visited Egyptian citru, arówc નવી mitted their packing ine- Ubibfveta vald EiŸbt was

coneltitle Arrediment with Bumia ba because it would

be i pobnémto blow ägalaki Euraël whors eltictim Exports ounsikküte à insfor Hem of foreign:Sields.. United Press.

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

Para

De Beers Tumble

In London

London, Mar. Precautionary selling mounted and drove most prices lower on the London Stock Exchange today. Concern over Middle East developments com- bined with Cyprus situation to bring widespread fractional losses in British Governments, oils, and industrials.

The "all" closed around the day's low, but declines were mostly around £4 or less.

Moderate selling pushed In- dustrials fówer In the abstrice of support.

Coppers Lower

nervous on

Olla were

เม settling news from Cyprus and the Middle East. Renewed neli- ing hit Burmah, British Petro. leum and Shell Transport.

Coppers were edged lower. Gold cased minor fractions,

Singapore

Stock Market

Singapore, Mar. d Brokers today quoted the following stock prices;

Opening

$1.00

41/04

17/d

Batu Lintang Rubber Co.

Lld.

Putroleum Brush Boreo offered and |___Syndicate

shares Consolidated Tin Smelters

Ord.. Frater & Neave Lid. "Ord #1.70 Fraser Noave 15% cum. De Beers, diamond producers, pref. fumbled three shillings in a de- Hongkong

Shangha! Banking Corp loyed reaction to reports that Hongkong Tin Lid Soviet Russian plans to market Kempas Lid.

Malayan Breweries

Serandah Rubber Co.

9.85

god ka

$1.ED

$3.40 x

Ha'z

End.

$3.70 xt!

29.45

$1.50

Abated activity in the textile 1084

markets and the recent increaza 1985

4,148| I_Ban_Hilemptions, helped to 2.530

a damper on new 69.221

buying 09,292 put a 086,344 000,882 interest 878,607 700,000 Nervousness over

the out- 90,001

of 110,429 conte

the congressionhi- administration contest on the principal of flexible versus rigid

Foreign bonds were, mixed in supports increased as the time

quiet dealings, and dollar stocks neured à Senate voté on the Business done on the Hong- generally retreated, in adjust- omnibus farm biji. A show-kong Stock Exchaɗgo this morn- | ment to overnight Wall Street down on the measure was ex-ig amounted to approximately | levels-United Press.. pected by the week end.

PONDER Technicians

the problem thought if

D last- minute compromise con

bo arranged. the Administration might decide to lower the parity support role to around 86 per cent. But in the event that high supports are passed, the port rate might drop to around 82 per echt of parity.

Industrial diamonds on a major Lunae Rubber Estates Lid, 4.12 scale. The stock closed a share above 1216.

Among the countries Indicat- Ing the largest increases in real Finland and wages France, 9 per cent; Norway, per cent; Germany, 9 per cent; the United States, 0 per cent; Austria. 3 per cent; and Bol

4 per cent. gium.

Productivity trends were available from only few countries.

a

The apparent Increase in out- put ber man in the United States was 8 per cent and in Canada about 5 per cent.

In

Both

be

Italy, Norway Gains

France prid

Germany achieved gains of more than 10 output per min. per cent in while Belgium, Italy and Nor- way mode gains almost as great There were

for no Agures Britain. Asia

*Using unemployment Asia must consequently regarded as a serious problem, which will justify continuing altention,"

in

Unemployment declined most of the world except statistics collected by the Or. ganisation.

by opening ceremonies marking inaugura-from 1954 to 1955, according to tion of trading in Ford Motor stock.

in the United States, the mumber of unemployed in late 700,000 below the level of the preceding year make ព total of about 2,228,000 in Britain, there was drop of about 37,000 to a total

Ford opened on a 1,300 share block at $62, up from its close on the over-the-1055 was about counter market last night. It edged up to $62, then dipped to $614, its low and last for the day.

Other motors moved similarly with Chrysler down

General Motors ofl.

34

Chrysler Motors

Corn-Cola

TIC

Industrial shares as a group Faily 0.79 nveraged 0.15 lower;

0.08 higher. lower and utilities

touching a new high the inst since April 13, 1931,

Trading fell off considerably-- to 2,380,000 shares from 2,770,000 yesterday, a move considered favourable as an indication there was no stock pressing for sole.

Fractional Changes

Out of a total 1,189 issues ap- were pearing on the tape, 464 higher m the day, 423 lower.

Price changes in all but a few instances were of the tractional variety Outstanding exep

Colgate-Palmolive

Commercial Credit Commonwealth Elec. Consalidated Edison Continental Oli at Del Crane Co.

lowit Zellerbach xd Cuban Amer. Sugar Diamond Alkpit Dow Chemicals Dupont de Nemou

Eastman Kodak El Paso Nationni ax Erie Railroad

Family Finance Corp. Ford Motor General Electric General Foods General Motors Gen Pub, UtiL Glidden Co.

Goodrich (B. 1 Co Goodyear The Hayden Chemical Housiake Mining Co. ingersoll-Rand Inland Steel Co. Interchemical Corp

Int'l Hueness Machines tions were Zeniths gain of more inti Harvestre thon & on 8 point rise in Inter-International Nicicel International Paper national Business Machines, im Tel & Tel.

of 8 in Missouri Pacific pre John-Manville Co.

in Kansas C. Power & Light of 2 ferred and a

Keringcoli Copter Owens-linols Glass.

Liggett Meyers Tob. Co. iLockheed Aircraft Some alteratts continued

Luews Incorps. demand. Boeing and General

Lone Star Cement Co. Dynamics each added over

Louisville & Nashville N. point.

drop

Olls were caster.

с

Utilities moved in a very narrow range.

Activity centred in Armour, Merrit Chapmars & Scott and Westinghouse Electric.

Lowenstein & So Mesabi Iron Corp. Minnesota Mining Mission Development

fonsanto Chemical Co. Montgomery Ward Motorola ine." National Cash Reg. "A" National Dairy Prod. Nathousal Lead xd National Steel Corp. New York /Cehtra) Excharge on Mathieson

Olia Elevators Owen-Illinois Ginas Pacific Oga & Fice. Pacife, Western Onl Pan American Airways Faramount Pictures Parke Davis Cɔ. ...

New York Stock Exchange bond volume was 15,430,000.

Stock American volume was 1,030,000 shares.

Dow Jones closing

wone!

30 industriala

20 CR

jo unilition

averages

481.30

10131 | Penny J., C. Co.

Pure Oil**! Radle Corporation Republie stoel Reynolds Mola!

174.37

Penn Ball Co.

40 bonds

09.53

Phillp artis

Comm. future price

150.43

Procter & Gamble Co.

Moody's Incek

405.20

Pittsburg Plate Gian

Publicker Industries

Closing Prices

Alderi Inc. Aly.

#136

114

0

American Kifliño

241$

Ameriben Cyanamide Co.

70014

Am Mich

American Meini,

Allied Chemienia Aflied, Mila Inc.

Chambers

Amarigan, denetileg

Am Buir Tes

Anseende Copper Armen Steel" Baldwin Lagos-11 mars,

Betrust Cont

傳啡

Borden (THE)

Patoughs Add Pa

Cat Tractor Can Cop Phase Marija, Bank

l oli Co. ...

Baht Reg. Paper

Sinclair Oit.....

Botony Mobileit

ot

of some 242,000 unemployed. In Canada, the number unemployed dropped from 180,000 in late 1954 to 147,000 50 in 1955.

1142

10

Drop In Italy

In Belgium. unemployment was reduced by nearly 50,000, in 48 West Germany

by more than by 2234 300,000 and in West Berlin

1:00

83 more than 40,000,

46!

22

61

60

024

36

Even in italy, where a labour surplus has persisted for many years, a slight drop was report

In Japan, dn increase of about 3 per cent in output per man was reported.

In the 28 countries which gave figures, the total time lost through industrial disputes 1h- about a rise from dicated 49,000,000 days In 1954 to about 65,000,000 days in 1959. But this total was well below the aver-

age of 70,000,000 during the last five years.

There were widespread gains in social security during 1955 erd a decline in Industrial in- juries, according to the statistles. Mr Morse concluded that, on the whole, 1055 was another good year for world labour, but the evidence of gains was most clear in Western Europe North America.

Picture Of Gain Statistics for Asia, the Middle East and Latin America

In most cases fragmentary

cd from 1,828,000 in the sum- mer of 1954 to 1,802,000 a year non-existent, but available

formation pointed to certain labor. 391 Recrudescence of inflation gats in these regions, too, 83!

must be regarded as a dunger spite 193 to be guarded against

sup

$600,000. Noen quolations and the morning's transactions:

SHARES DUYERS SELLERS SALES BANKS

HK_Ba}_XD 1000 1680 INSURANCES

Union Lambert

2 GB 000

39 #1085

900

Go

ETY

Dock Provident

jok Wheelook

22 @ 72

35

0.45 0.00

WORLD RUBBER MARKETS

New York, Mar. 7. The No 1 Rss rubber futures | contract today closed 30 to 75

Petaling Raffles Hotel

Bingaparo Cold Storage South British Insurance

LU. Straits Trading.

Steamship United Engineers Ord. Wear Bros.

112.00

18.70 ed

China Lull Special.

NEW YORK METAL

FUTURES

New York; Mar, 7. Prices of metal futures closed today in cents per ib. as follows: Lead Mar.

LAND ETC.

HK Hotel 16.30 10.4 3300 @ 160 points lower with sales of 282 Tin Mar. HK Land ..021 Humphrey

XD

The July contract became the main target of selling. Probing to

explain the concentrated pressure technicians pointed out that July will be the last under the present delivery, 15/10 middling contract. More over,

was

feared if substitu- RUBBER Lions are allowed under the sur-UTILITIES plus disposal plan, buyers of Trom the Government stock may be la substitute from private stotk and lehdir stiere low

and cotton on contract,

grade

1000 6211 100063

18.30

A. Rubber 1.70 2.75 1800 e 1.725

23.05

contracts.

The standard contract closed

10.feb

13.700

99,00b

April

Abrit

Mar.

Apdi

Aprti

1.10b

United Press.

96 to 80 points lower with sales Copper Mar of 14 contracts.

The Lower trend reflecteu 1750 23,80 action of the London-Singapore 800 2340 markets and the continued at- 500 4 2300 titude of indifference among

21 7 100 20000 the big factory buyers. 200 @ 21,70

An indirect influence, traders felt, was the

statement_mindh by the President of B. F. Goodrich Co.. that world con-

Y'mati Ferry 100 100

Light (0) 2111 21.00 C. Light (N) 18.50 10.20 March contracts remained

Electric 3039 30% 100 s 31 35.77 cents for the

Macao Electric fastened at

Open

(Old) ..... sixth day in

(New) totalled 50,300

Telephone 332 3214 2542 321% sumption of synthetic this year March contract

a new high, topp bules. The certicated stock in-

will rench the 1955 offtake by about creased 040 bales overnight to

cent. 9,914 balcs.

row a

Volume and open Interest

INDUSTRIALS

B.30

per

Cement

XD 33.73 17503325the 1035 STORES, ETC.

17.30 173 1100 Dairy £1.50 1.66 913 Watam

L. Crawford MISCELLANEOUS

30

Small sales locally included 176 May one sheets at 38% cenle a delivered. Dealer-to- deater exchaliges include some

31.80

pound,

April one sheets

NEW YONK

Prices of futures closed today CHICAGO GRAIN

pound over July,

at % cent n

Spot No. 1 Rs were quoled

*LUNDON

JUELZ 853ES

The spot and futures closed today in pence per ib. as follows: No. 1 spot RIB VA

2036-2994 Betement house term:

were: Montir

Maren

Voliano

4,000

Open Interest

50,300

May

18,000

406,400

July

32,200

309,300

Oct.

29,000

Yanguze

338.600

Allied

0.70 5.30 5.40

Deo.

11.290

318.500

and March

0.000

115,400

1.K. & FE

Invest

306

1130

May

4,000

70,700

July

Total

900 109,000

32,700

1,007,100 balca

nonimally at 34 cents a pound. Futures: No. 1 Ris

Mor.

May

as follows:

Julst

Bept.

were

Spot

30.000

Фес.

<r

Mar.

33.77

May

in-

July

35.38 33.42-44

PRICES

New Blahiah) Contract

MAY

Oct.

31.13

in

Dec,

31.23

051

430

Increases of more than 10 per ed:

In 1936, which in some cases were in-

tensified. Mr Morse sald, although con- B0sumer

prices held relatively stable in most countries.

of troublesome problems

Mar.

31.65

May

July

10.30

Although the general picture

37%

сем

Amerlen and in Asia.

in consumer prices were parts of the world there are still

in Lath millions of able workers concentrated trainly

was one of gain, Mr Morse add-bs follows:

"It is clear that in many

NEW ORLEANS Prices of futures closed today

Spot

35.20

Mar.

Mar.

30.75

Bpbt ATO ZNALIL) 210

Chicago, Mar. 7. The following were the closing grain prites recorded here today: CLOSING PRICES wheat, No. 2, red

Prices per bushel in cents:

13135-13236

July

Ded

Mar.

May

who

May

July

21014- 1981-

D4

43

23

1005 in the countries

listed

monthly statistics show that consumer 130%

071% prices rose by the following existence."-China Mall Special. 60% percentages between 1954

7314 B3below: 20

120%

On a are unemployed, Insecure, comparison basis, receiving an insufficient wage

a bare minimum maintain

Juby

33.43

or

Sebt.

21845-24

to

Oct.

31.40

Nov.

Dec

31.20

of

Mar

31.08

Corn, No. 2, yellow

May

30,00

Spot

130

Mar.

July

aild

LIVERPOOL

May

Jul

-

Future elesings, in pence per

Sept.

Nov.

13334- 13135-14 12015-1

bid contract

Ryo

Mar/Apr.

tar.

taly

21.40

May

129-%

No. 1 rubber

24.45

No. 2 rubber

01

ber,

No. 3 rubber

31.65

Mar

28.00

20.24

Boybeans, No. 2, yellow

223.90

Spot

Egyptian Kamak

Mar.

Mar/Apr.

*31.03

May

BAD PAULO

July

·28031 2004 203-1 20418-P

Bebl.

Futures closings wete not quoted today as traders awaited Barley

Nov.

2304

Spolo

130-140

tered

3211

Consumer Prices Up

Argentina 13 per cent; Bollyin 91 80 per cent; Brazil, 17 per cent;

Chile, 77 per cent: China (Tel wan), 12 per cent, Honduras, 10 001 per cent; Indonesia, 40 per cent; Koren (South), 77 per cent; Moxico, 17 per cent; Paraguay,

时

73

p1

New York Sugar were as follows:

Market

New York, Mar. 7. World No. 4 sugar futures closti today unchanged to points higher with antes of 135 contracts.

The domestle No. 6 sugar futures closed today unchanged 82 contracts.

127 per cent; Thailand, 11 per to 2 points lower with sales of

cent; Yugoslavia, 13 per cent.

"Desplie the moderate brice

May/June

July/Aug. New comtract

May/June

July/Aug.

Oct/Nov. Dec/Jah

25.00

new Bank of Brazil instructions.

13811-15

In the US the average price of New York, Bour

200 1b, sack.

"WINNIPEG" PRICES

Winnipeg, Mar. 7. Prices of grain futures closed today in conts per bushel as follows:

changes recorded by most cuiin- Domestic futures feature seat- tries, there was reason for up-cd buying by trade Interest 10/10 middling cotton at 14.de. The fairless in raws.signated spot marktis was 34.41 485prehension as the year closed,"

Mr Morso continued.

In

dealers cents. 9dies totalled 20310 bales. world raws,

Ceylon wds the -United Press. understood buyer of a cargo of Cuban at 3.34 cents a pound, fab, Futures; Contract No. 4 (world)

"In some cases it was feared that awollch purchasing power *81) | sumulated by full employ

Mik|ment," rising wages and liberal

consumer credit-would drun sit production. In some areas crop 576 Tallures were “responsible for The higher food prices.

Currency 4033

circulation in matiy.. countries

increased, 70% Has

cortalh and ith wholesale prices have been Bi) moving up for figny, molithe,"

Mr Morso said: there

Jul dot.

July

May

Setit.

London Foreign Exchange

May

July

Oct.

Oct..

Mar.

3.30 3.29

Hyn

London, Mar. 1.

MAJ

3.29

New York

2.8014-3.00

July

Montecel

2.771-2.80

Spot-(centa per lb., føb

Cuba)

Amsterdam

10.63-10,03),

3.34

11.703-11.7436

Harley

Conienet 256, 6

May July

Southern Itallway (Com.)

May

pili avidence that corisliner.

prices

July

B.47 0.53

Blockholm

14.896-142%

#4% might already have tuttied up. Wards in b Huber of coun- teles : willchirpemilly

Bent.

6.38

Others

Nov.

6.58

Spot-(cents, per 15. de

Prem

Hava

"NY ex-duty)

5.08

enjoyed price, słabilly

Boul Puerto Aleo_SugaT

Soulier National-Das..

Bandang Brande

andard Oll of Cal. Standha (1) of Ind. Bandard GÍ of NJ, Bierling, Diur: Co.

sker Packard Corp.

Jestury Fox Film Enier, Parsde Hailway

tübbar

UK instin UB. Bel Warner Birds, Woolwerkli

Listed thereisës

"is the United Kingdom con

1 liner pricón joan by more than

five per cent troen inte 1986 t Late 1965,

Ufter experienclist

TURCO JAPANESE

AGREEMENT

Londoni, Mar. 7:

Drankfurt

word unchanged.—-Umuted

New York Foreign

Exchange

A Turkish-Japantos agrees. Canada ment on irado exchanges for England odes only, i Lires per dent, rise in the 1950 was signed in Ankara to 2016 Wheceding 10 mintierin. ren-day, following, talks wILL A

ported.

4716

Other countries whate

Japanies wide selugation led" "Hind

in by Mr M. Kamimige Ankee -Hosth Africa wwwce. radio announced.

Now, York

Det.

Wheat, No. No. 6. 128 vëntà Un.

102

2015

Exchange

Rates

Indorioetan, Naplata per 100) ilkertson (per 105).

Singapore (Bármiki)

May/June

Jult/Sept.

OCE NOT Deo Jan.

General markets, ell" basis, APHI

Matate creat

pinquoted, AMSTERDAM

The market was qulet. Prices

closed in quliders per kilogram,

dif Mor, as follows:

No. I crepe

1.80 nom.

2.77 nom. 2.73

2.80 nom.

Singapore rubber prices were unavailable.-United Press,

Whorever

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