1956-03-12 — Page 9

THE CHINA MAIL, MONDAY, MARCH 12, 1956.-

TRADE and

COMMERCE

US BUSINESS CONTINUED

Cruzeiro Devaluation Reports

Rio de Janeiro,

Mar. 11. Financial, business and government circles buzzed today with reports that, the Brazilian government is about to devalue the national Currency cruzeiro,

Studied

relicener

the

Bernards ist likely to be matc the planning was seen as substance for the report

Finance Menestar Jose Maze ¦ Alkhan when prestioned and mus The reports repliesk "The only ?6t$$ 「 「H1v** 1R1ifu{, fixe chatige veform is Fran the mewspaper

what I ge

Pudent Juscelino Kubutuhk

A PUPD

The plan 4.

ty emplent 1 have decided never

Kr

104

yablem

ANSERVOT »

ntry thing

14፡

1011

that the brusting used by both Kubitschek

insel Alkha

1-

alicated That iL prative 201 #1027t will be made am

REDUCTION

StHitc{kuvdif3rt AuFiex 5ICE- bited that the foreign exchange rate for the quzriro would be

sedured from about 70 crúzvitva

per dollar to 80, 90, perhaps

even 100

The clevatuation,

pur Axe "f The bservers sal

TTS ADVANCE

But Some Soft Spots Were Noticeable Last Week

By JOHN MORKA

New York, Mar. 11.

The United States business continued its upward trend to reflect underlying sources of strength, although there were some soft spots noticeable last week.

Personal income remains high. Business,outlays for new construction and plant improvement are also high and are expected to remain so for the balance of the year. Although industrial production appears to have slipped somewhat of late, overall activity remains near peaks.

A Worldwide

Cotton Quota Establishment

El Paso, Texas, Mar 11 The Supimi Ansociation of America today urged establish ment of worldwide quote winch would reduce US imports of all long staple cottons.

The Associatiota represent: about 5,000 growers of Amerl- would be to attract foreign can extra stople collon in Texas,

A vestors by offering them more New Mexico and Arizona. cruzels for their dollars. There mual meeting, it also urged pointed

out that Kubitsclick disposal of stocks already held egerly seeking foreign capital by the US government for its brand economic develope quent pivigramme

Bu als would be taking a long-range Ramble the currency stamate would foreign trade sufficiently dive Bruzi, a dollar surplus bread

Devaluation would reduce the prices of most goods Brazit solis

with the exception of abroad. coffee and cotlun which are ex- peted at pegged exchange rate

Quited freAN.

RUSSIAN-ASSISTED

STEEL PLANT

New Delhi, Mar 11 Russia and India have gred

n al detalls of the Russing- astified construction of a sieci oint Bhilai, India

The Indian government

its approvat t

s

the

ita vo

the Gual blue- works

strel

arked out by Russian steel ex- perte

brief eramony

In a Which Soviet deputy Minister V. G Khlebníkov was pissent.

Th

will have three plan furnaces. Half the east of con- struction und equipment will be Soviet government inet by a san to India at two and a half interest payable in per cent twelve annual Instalments.

"J

th

171 the leave themi clearing Our

of

ا.

Although auto sales and pro- en som * ?rust signs pjckup last week, there were

Javots

'

K

tarios tur

tion 24.

435 new

ال

Lume

Autos Mixed

On the farm front, American farmers fuerrased their market- ings in 1955, but their net in- rome tell 9 per cent from 1954. 1042. And the lowest

through clowntren continued Janunty, according to the DC- Over parliment of Agriculture

1,000 wrokers in the them im- plement plants of Minneapolis- Moline Co., were being laid off Jast week duc 10 stumping

Work Force

Steed op MAKING

L+t fleet heading for jauk (rveks was

price vise and possible labour Milfe this summer as negotiu-

Inbour paet Although spending for new homes was down, contract jenjes,

she wed awards

gnin generally With personal in- !comes generally high, farmers i continued to far behind, amid

Elsewhere, there was concern reports of production cutbacks and layoffs in the form imple-about the rising trend toward automation Unions have felt ment industry.

that one of their prime dangers these days 15 growing They machinisation of Industry, Malet that we kers' Jeba arz et The auto industry especially

stake tendencies wit

This feeling ts behind showed mixed

the growing unkou demand for sturizi werk Stubeløker

woge. manual guarnateed + This week, Riph J. Corliser, President of the glani General Electric Co., told the Economic Club of New York that automa- tion, for from causing

15

only employment solution "f Our long-range problem of employment. forecast that a rising population and improvement in standard of j

40 living will necessitate a per cent rise in national vulpul In!

Menn- ten years the next while, he said, the work force. will rise by only 14 per cent.

laying at 1.000 workers, white Chrysine Corp. rented 13747 0 than 5,000 workers, idle sincs 2 With the Ap- February

auto süles proach of sprung. have plekel up, prompting a cent bike la production 10 per schedules for March The industry has now set its sighis, or March output of 10,000, or more tha11 about 10 per cent February.

The

He

SECTION

MAJOR SHIPPING TASK

The largest refinery column over built in the United Kingdom was floated, two miles will be down the Thames from Greenwich to King V Dock on February 23. The columi erected in the catalytic cracking unit in the Shell Company's Cardon Refinery in Venezuela. Weighing 147 tons, It is 143 feet long and 10 feet 2 inches in diameter. Picture shows: The column is lifted aboard the mv Loch Ryan, for shipment to Venezuela, by the 150-ton PLA

floating crane London Mammoth. (A Shell Photograph),

Malayan Timber New York Stocks

כון

sawn

Exports

Kuala Lumpur, Mar. İL

Malaya last year experi- nearly 150,000 tons of

timber,

worth $26 million Dollars Malayan, According to the Federal Timber Exporters Associa- tion's annual report.

contri. "This valuable button to Malaya's economy Is insufficiently recognised In this country," the report said.--Rouber,

HONGKONG STOCK EXCHANGE

Have One Of Best Weeks

By Elmer Walzer

New York, Mar. 9.

Stocks registered one of their best

NY COTTON FUTURES FLUCTUATE

By William T. Plunkett

New York, Mar. 11. Garatic and wide fluctun- tion kept cotton futures traders off balance this past week while they pondered uncertainties in the farm legislation and the governL- ment's new surplus disposal programme.

After alternate railies and declines over a rango.of $0 a bale, the list at Friday's closo jruled off 10 points.

Meanwhile the nearby farch contract remained practically fastened at the one price of 35.77 cents a pound throughout the wvok. Truding in the spot month |will end in the nean hour on Tuesday. The open position re- maining was estimated around 35,000 baten, supposedly held

by leading spot interests.

CAUTION

Uncertainties

Over possibio repercussions from the Rovern. ment's new export disposal plan kept traders from venturing too for either way, Experts con-

the

that sideird

possiblity

of cotton bought cheaply out the government stock could be used for tender on futures con- Benets.

A ferling of quimion archeon that acore, with some traders holding off awaiting the Departe nicht of Agricultore to clarifying regulations on that phase of the plats.

tho

Loun withdrawals tor sxond week in a row exceeded the rate of entries. Redemptiona for the latest week rose to 11,423 bales, leaving the net stock of 1955 cop cotton in govern- 8,582,103 bales. ment honds a Pencera

close to estimated 3,000,000 boles of cotton wil

of the lon

have to coune ent stock to supply domestic needs

for the remainder of the reason,

gains of the year during the past week with industrials setting a record high, utilitiested Press.

a

new high since April 13.

rails since Dec. 6.

1931, and

Sales almost duplicated those of a week ago. The total rose a mere 138 shares to 14,176,708

Singapore

shares for the five-day period, the most since Stock Market

ve taim essential civilian uses," the ge-

Faid,

long "extra gonization stapic cotion is a cessity. We do not believe it is fuir to our producers to ask them to grow extra

cottons. staple

and then stress astranded once there is

of

skies International

Stock prices hit new highs in fariners-do trat feel ភ

their average early last week reasonable to ask an oppor-

but then eased off in succeeding tunity to build a stable market and demand for their produc-sessions on news of mounting

tensions in the Middle East tion."---United Press

There

selling in shares of oil cunpanies operal- ing in that are alng with a pickup in demand for alrerafts.

And this showing despite the The

week before last investor

listing of Ford Motor Co. shares sentiment anul business gentrul

(From Our Correspondent) on Wednesday. Ford provided Dy

big psychological boost

turnover of 40,800 shares on the Eisenhower President when

Business done on the Hong, werk. Its first sale on the stock said he would seek re-election. February 15. But as an in Iration trong Stock Exchange this morn-

Later it exchange was at $32. Bat the unsettling developments of exorall confidence the fu, ing amounted to approximately fell to $81% and railled the end in the Middle East Dat werkture, the auto industry is betting $800,000. Noon quotations and of the week to $83, helped curb investor buying to

millions On

They the morning's transactions: prosperity. Lome extent

have

BILARES BUYERS SELLERS SALES

Austrian Trade

Fair

Vienna, Mar. 11 Austria's lorgest post-war

with fol

foreign 10 rule Countries represented opens here tomorrow,

The fair, the twentieth since 1945, will present 1,846 foreign Arms Including tio from the United States, 100 from France, Britain and Great 107 iron 1,152 from Western Germany.

Other countries to exhibit are

was

Ford Stock

Last week saw the first up- pearance of the Ford Molor flock on the New York Stork Exchange.

to

around

Sales and production are off from year ago, but they have been running at a rate second only to just year's ull-time record of sales and production Layoffs in the auto and auto purts industry have been mainly responsible for a rise of 40,000 In the unemployed

In rolin Detrail

.11 The meth ended

carmarked

some

| $2,000,000,000 for plants and

equipment in 1956

But more

asking for will be

The Bhai steel works will have a capacity of one million tons of steel Inguts and 300,000 Kas of saleuble pig iron. Its potential can be increased to 1,300,000 tesis of ingots any

simul- open time," informed SOURCES said. tuneously with the trade fair. United Press

importantly than these softnesses in the auto

industry. business mcu ETE |

the watching

coming

steel Contracts Jubour negotiations. covering some 650,000 workers Ford stock was previously

Junz 30. Although over the counter, and expire on traded

Inhour Jabour and Switzerland, Belgium, Denmark, the price was gratly offered at down

management talk The Netherlands, and Italy.

of a strike, the $64.50 a shore, It went up as

possibility

Unions, others aren't

50 sure, Tho annual international much as $71 and then fell down

$59 The

stock skin

among other Vienna nutomobile - exhibition

week-end with alt car producing countrica opened on Wednesday at $62.

to

Sonic According

pay. International

see the overa}} To participate will

union deraand hitting as high Statistical Bureau, auto sales for 1056

as 40 cents an hour, though the. a whole should be DA a

uhlons will probably setile down around 15 per cent

Jers.

Some Industry leaders despite

expected fourth un

feet that any wage rise will | Industry quarter resurgence. earnings, says the Bureau, will have to come out of new boost be off compatibly. With For in steci prices. According to and Chrysler harder, hit than Iron Age, national metalworking General Motors.

weekly, if last year's strategy is any eriterion, the outcome of

United Press.

Canadian Wheat For Iron

Curtain Countries

Ottawa, Mar. 11.

com-

The Bureau has the following comment or individual panies: General Motors, "the best quality and least vulner- able issue in the.

group, ap-ment, it has discounted to a parently

the negotiations will be in doubt until the last minute. Chances gre 50-50 for a peaceful settle- added Meanwhile, despito same sinckening in de-

other industries are pressing for steel deliverios.

Iron Curtain countries will take delivery of considerable extent the current and from the auto industry,

of industry readjust period

Ford, "on the basis of the ap- proximately eight carned in 1955, fs selling at about 71⁄2

at least 40-million bushels of Canadian wheatment." between now and the end of July, Federal grain authorities estimated today.

The Communist purchases, plus expected orders from non-Communist European countries whose winter wheat crops failed, are expected to boost Canada's 1955-56 crop year exports to more than 300-million bushels.

dangerous

year.

Want Pay Rise

Elsewhere, in New England, the textile workers unlo—--re- presenting some 121,000 workers

mes earnings. However, it is to measure against the company's all-time record

Some Attraction

"Earnings could drop as low And in the last crap year this coun-year last Aug. 1 the country had ns $6.50-60.00 in 1950. try exported 250-million bushels. à carry over of almost onc- the issue now selling below the

year expected improve billion bushels. If export business offering price, is fully priced."

will represent intut

almost should total its expected 300-

romains Chrysler

# most Press, entirely the success of govern-million bushels and domestic ( interesting speculation.

The fully discounted iment trade officials and salesmen consumption reached 150-million market never

This

the

BANKS

IK Bonic INSURANCES

Union

Lomshari SILIPPING

1680 1000

Pis

Waterboat..

ZA

DOCKS, ETC.

K. Whart Dock

73

33

2700 39

Wheelock

LAND, ETC.

HK Hotel

Sept. 30. The daily average

Was 2,835,341

shares, against 2,835,314 in the previous week.

The Industrial average closed at 497.84, up 0.00 points and within less than three points of

There the maglea 500-mark.

$1 000 ❘ was a better gain in the week

ended

Feb. 3 {IT

when the weekly rise was 10.88 points. best since Nov. 5, 1953.

Rails closed the week at on the Provident O 14.10 14.0 1000 14.40 105.99, up 3.20 points

week and utility 87.00, up 1.16 points.

Jt.145

*XD .... 14.60 14.50 1000 in 14,50

JK Land

Humphreys KD

RUBREN

A. Rubber

UTILITIES

Tram

60 611

10.33

--

1.70 100

201

2420 24.30 500 # 24.20 2400 or 24.30 Yatuna Ferry 104 105 200 v 100

SLAY Ferry XD

1:30

Several Records

The market climate favoured the bulls-better earnings state- ments, including several records, a pickup automobile prodite-

C. Liam roi 21,40 2300 2000 21.30tion following improved

C. Light (N)

Electric X All 30 30

Maçao

Bec 101

Масло

Elec (N)

0.70

1.30 Telephone 32; 33%

INDUSTRIALS

sales

for the Industry; favourable building reports; a long list of higher dividends,

several

100 v1.00

00 18.70

20030 00

stock splits.

DOUG 13

500 134

and

ap-

A total of 1,421 issues peared on the tape, most eluce 2500 54% Feb, 3. Of that number 918 most since Feb. 24, 355 declined and 150 held un- 2200 33.23 changed. 1000 33

9333.78 advanced.

1406 33.50

There were 175 new highs zet for 1955-60, the most since Cement X 34% 3% 200 g 34 STORES, ETC.

when 176 last Sept. 23 week Dalry C. 17.20 1713 418 i 12.30 made new 1955 highs. There

Watechs

-17.30 11.00 were only 14 new lows fewest 11.00 In more than a year.

1000 ....11 50 11.00 500 1000

GOOD

5.30

La Crawford 34 30 COTTONE

The gains extended to more than 10 points in some instances. Textile Corp. 5.30 Nanying

7.50 7.65 2000 7.05 The metal Issues made the best, MISCELLANEOUS ·

showing. Steels were higher but ;

Yangtze Ailled

4.70 CA0 5.30 2.40 1000 ĐỘ

8.

US RAW COTTON.

>EXPORT

In small amounts because their rise began late in the week. The same applied to the autos.

of 281 firms are pressing for

Glass stocks were outstanding thele Arst pay hike in five

porformers with gains running yours. The New England effort

to 182 points in Owens Corn- is described as the start of

New York, Mar. 11. lug Fiberglass. In

the Haw cotton

by aluminium group, exports

Aluminium nation-wide campaign by union to obtain wage increases destination or reported in bales Lid, rose 91⁄2 points. Kënnocolt Bome 1,000,000 workers |by the New York Cotton Ex- gained 8% to top the coppers." for throughout the country.-United change for 1955-56 season na to

Fob. 30, were as follows:- Britain

for the Canadian wheat board in buslicis, stocks would stand at the substantial earnings of 1956, London Foreign

the about 660-milion bushels on July preferring to adopt a wall and

nogotiating markets In Communist world.

31 when she cìpp year ends,

Canadian whont lips been soll-

see attitude. i reference to the ability to maintain company's

wider..prost grain authorities move toward

ing in vastly improved volune That would be a substantistite increased markets any

in recent werks and the out improvement,

Exchange

'Lpnilon, Mar., 11.

Continent

Orien

Canada

Total for export" Bae, perlock last Year" *excluding intere.

86,394 254,807 $72,000 00,200 1,014,307 143,187

United Press.

Singapore Rubber Market

Singapore, Mar. 11. Tubber The

market

~Was with featureless on Saturday minor fluctuations. Future

look for the immediate future is admit. But they are not prepared margins would have a suli Foreign exchange rates closed Exchange Rates sings were

*1zgözden ||as, highly favourable, to concede that it would constantial effect on carning power, on Saturday as follows:

grain authorities. hare the end of the surplus

"TC

wheat

warned against any conclusions problem. Stocks still would be very open continue New York

but not with- Montreal hat the ind of its country's sufficiently heavy to <topress out some

on, Studebaker-purses Is In prices and losve

American Motor's Park the márket | Packan) and: surplus wheat worries sight.

vulnerable to that effect if Ahh | have pij. Ihrough

trying The Experts point out that atjautumn's crop should it again be adjustment periods and could urish

do better over the longer term.” the start of the present crop Large-United Press,

No. 1 rubber per. 1. Mar, 0835-00 April 971-06. Businar was ''done in the local unancial #mchongo markat f

May unquoted morning, at the following rates! No. 2 rubber. per th, Mar. Pa

BRO No:3 *170015+3933 U.s." dólar (per $1) ¿AR 10 No.4

Starling notes... (per: 22)

Boat rubber Unbaled Australian nouns (per £11, 7,

Tab No. 1 pale crope Indonesian rupiah (per 100; Alam tient par 100

20.30 Blanket crepe Blogapore (firsiin)

Ollern were unchanged.

ted Press,

-United Prosh,

Newmont Mining company holding mining stocka, polned 9 points.

Demand for the copper pe- flected high prices for the metal and several highly favourable carnius reports from the Industry.

Expectation

Singapore, Mar. 12. Brokers today following stock nrlees:

quoter the

Batu Easter Rubber Co.

Lid. British Borneo Petroleum

Syndicate

Opening

$1.00

41/01 Consolidated in Smelters

Ord

27/80 Fraser & Nenya Lid. Ord. 31.70

Neave a cum. Fraser &

prof.

Flangkong

$5.00

2000 ti

Banking Corp. Zenith ran up 13 points in the Hongkong Tin Ltd. Flertronics; _American up 8 in | Kempas “Ltd.

Petaling T ́Lid,

Lid.

the

airtas Ilotol

the sugars: Babcock & Wilcox, Lungs Rubber Estates Ltd. up in the group interested in Malayan Brewerien

New Berandah Rubber" the atom; West Virginis Pulp & Paper up 9% in the papers, Wall Street experts said averages bad nenetrated/far enough into the upper resistance level to warrant expectation of j Straits Trading

Steamship further advances to well above

United Envincent Ord the 500-mark for the industrial Wure Broa average.--United Press.

A

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