1956-03-19 — Page 9

THE CHINA MAIL, MONDAY, MARCH 19, 1956,

TRADE and

COMMERCE

NY COTTON AMERICAN BUSINESS HAS

MARKET

REVIEW

BULLISH WEEK HONGKONG

By William T. Plunkett Eisenhower's Decision Was

New York, Mar. 18.

Cotton futures last week

twisted and turned

traders moved from aide-

to-side, keeping attuned to

the changing

of the Senate

the farm bill.

complexion

debate on

After swaying over a range of $230 tale, the y al Friskay's rless cutch 41 pants own to 52 pats miglior The point changes equaled eelme of $2.50

is. of $2.40 a bale

Now erop deliventes staged a

dewrganel Comeback 121 Ana pul

hen sellers covers

elin auberpation of n weekend | clamax in the Senate debate Ta

12 1341

at in where be

fadividual p

paymen

Suur requeren

.

Dogen Hane ve

il

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The

and patty ||| 121

Pe van haver FIRST REACTION

OLANTE

141

L

free

41 RA

Partially Responsible

By JOHN MORKA

American business was

New York, Mar. 18. more than bullish last week than in months. This feeling was attributed to the following. developments:

1. A surge in stock prices to new and uncharted levels. 2. Prospects of record expenditures for new plants and

equipment by American business.

3. Forecasts that consumers are still in a spending mood.

4. A pickup in auto sales and production after weeks of

laggardness.

5. Continued near-record steel production orders still

continued to outpace production.

6. Prospects of favourable earnings by American cor- porations both in the near and long term, should make for bigger dividends for US investors.

|

as n

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morn- ing_amounted to approximately $100,000. Noon - quotations and the morning's transactions:

SHARES BUYERS, SELLERS BALES

BANKS

HK Bank

INSURANCES

Union Lombard

DOCKS, ETC

K. What Dotk Provident

Jord, κα Wheelocki

LAND, ETC.

HK Hotel XD HK Land Humphreys

XD

1670 1613

M

ΑΠΟ

100 A 73

30

14.00

3.40 024

04

10.10

Rubber 1.075 1 7715

2.40

SECTION

Pago

Egg Production Industrial Average

that

Rises

New York, Mar. 18. The American Cyanamld Company reported today Japanese poultry £ Æmers lind› Increased egg production by 15 per cent in testa of an antibiotlo chicken-feeding ingredient. The company quoted a received here on experiments at the pre- farm of Omura, Nagasaki. A mall RETOUNt of an ingredient called "aurofre" was used in the chicken feed,

atural Boulley

A COMPANY spokesman wald that In the Omura tests, pullets were divided One got foto two groups. the antiblote Ingredient, and the other did not, The increase in egg-laying was only with the nurofac group. Aurofuc contains anroomycin and vitamin B-12.--China Mall Spectul.

All-Time

High

On Wall Street

By Elmer Walzer

New York, Mar. 18.

America's biggest bull market, nearing its seventh birthday, rose to new highs during the past week. Industrials reached a record high closing average at 507,60 and finished the week at their top for

a gain of 9.76 points over last week's close. It was the best gain since Feb. 3.

Railroad shares set a new high since 1929 and closed slightly below the best at Utilities 169.04. up 3.05. on. the week..

London Stock finished down a trifle from their high----

Market Review

By C. T. Hallinan

London, Mar. 18. This has been another "crazy" week with the news thoroughly discouraging the Middle East situation, the cuts in radio and other output, ete. Despite all this, the however,

industrial shares managesi fairly well.

RUBBER

Trust XD..

UTILITIES

Fram XD ..

5. Light (0) 20.00 20.00 4500 (Light (M) Electric

Y'all For 404 100 350

" 103

20.00

All

18.

2010

29 20

9.70

In

11250

Undoubtedly

22 80

100 23.00 10

buying

A i Beettie

ben Elsewhere. there

ha The cumulative effect of the 600 in 1950 is the next goal. But would devetopruentz

consulerable attention given to would give

comervative even the

the earning pruspects of the American business

holt that such marks may br Bien a new tealing of confidence, bolstered Touched but they aren't sure joll companies of late. Altention will come without some periods to big torussed in the pus small part by hopes that

heightened tensions consolidationince that will be Tuadent Eisenhower

of correction and

East, As! The winning presidential ranh- that may

involve considerable in the strategie

In rule, mont Ume. the November election.

17101 tocks perfornung better than ghlighting the week's neli-

Market observers and

whole in 1950. the market as vilts was the rise of the Dow-

mentators for il proctieni purnly thing that could hurt this trini avertigo reach-

posts took the historic market

is the outbreak of war prospect i ing the clusive 500-mark

move in stride they polai to in the Middle East, many insist, new fallory in the history

In line Moody's a well-known agguez. lout overdue and of American nate.

Bert

They e- with expectation Liec withal, bustie's men

says that if war can be avoided, market at:11 "anticipation of higher prices *hy y wi !y tur(";,ive}་་

Dinaricial

phasise that the charista tools The

ciminues to show wwb Shaper vivering ekaina: market's advance in stride and

are slalf of good operating results, will be exp sales of

stea:ker explaining that and

more people that are willing to the sources of market optimism buy then are disposed to stiling.for the stocks.

www

o1 fiew

Thr

Yogodavia and the nelent, while sizes looming in the future.

ather traders thought the sprot math wout inherit semme of the stength shown espust March delivery.

in the recently

Industrials

The Dow-Jonca

Industrial

The Crasus Bureau reported | average closed in Wednesday at demedio consumptein of raw 503.08. the peak in the steady

February at 799,300 market

, rise in nearly seven

retion

registered

running bgies. This compared | years of bulishawss. At the with 750,000 bales consumed 171 close on June 13, 1949 the in- February t veur. United dustelut average Pars.

161.00, less than half of the 1024 high of 381.17 ex on Sept. 3 of that year. Today it was more than 340 points above 161 level. The Industrial figure is about 2 points higher than it was at the close on February 29 on the dry President Elsen- bower old "yes,"

US RAW, COTTON EXPORT

New York, Mar. 18.

by Raw cotton exports

in bales stination as reported

New York Cotton Ex- for the 1953-56 season

It's nearly 65 points

the

no exersas for crude oil, and the asurance here

They point out that market prices-buoyed by the high level

of the U.S. economy generally and on expectations of profis

Oils Good

"This environment

superior prospects for

by America's Industrial giants-mean

དྷཱ『7e!8、, Telephume X Ail

INDUSTRIALS

Cement

31 JA

13.40)

Hop

STORES, ETC

17.20 12.30 Watson XD. 10.00 11

MISCELLANEDUS

Yonghe Allied

4.75 5.40

should The Bank Of England

Statement

La still somewhat under-price shares of Western hemisphere and is catching up with rest of companies emphasising produe- the economy.

Another

Point

tion. of domestic companies have a stronger 1950

And, in general, stocks

London, Mar. 18. outlook than The Bank of England state-

for the week those of the big international ment

March 14, reads as follows:- organisations,”

securities

They emphasised also that another strong point in the

Over a period of years, the oil

Note in circulation market is the absence of over group has outperformed the Public deposite

Some

Market ex- Private deposits... due credit spéculation.

general market that the

bulk of the

perts minimise the possible in-Government experts say

Other securities developments Receipts market'a participation these roads of atomic days come from semi-permanent on petroleum as a source of Ratio

westors, with institutions play-energy, Ing a more important role than it

evor before. Commitments by would be incorrect to say he 05.027

these groups was 100 per cent out of danger." | long-term 1,132,700 jenajst

How? Where

moreing the market. bullish venture United Press

predict that

to March 13 were as follows: than the close on October 11,

by the change

Brila

Continent

Orient

Canada

Total for Neuros"

Sane is and yea *

"excluding haters

higher

500 7.176 (0,BAL

the day after the first medical report on the President sold

Natural

The

Rubber

Producers Fight Synthetic

By Robert F. Morison

Washington, Mar. 18.

ܝ1

WIT short-coverupti rite of wan Amtricon buying, The overall influger wil

"

best levél since 1931-at 67.47, up 0.41 on the week. The average for 65 stocks---30 industrials, 20

utilities rails, and 15 included in the fore-going averages closed at 179.61 up exactly three points.

There Welc 1,43) issues traded. Of that number 799 gained. 400 declined

and 142 held unchanged. A lotal of 393 set new highs, while of set new lows for the year.

Coppers Good

Wall Street sate the market the lelumate remained favourable for aturther advance although owne onations commentators warned that a coa vration movement soon should take place,

Even if there were

1 such movement, it was sald, no one "xpects anything more than technient selback followed, by a further uptrend.

Stock Market, New York

th the enler

factor was that

thin so that evra markets were

moved moderate transactions

prices excessively.

Shares of chain store Eater- prise lose nearly five shillings and there were sine Industrials up

1

U.S. Grain Acreage Estimation

Washington, Mar. 10. The Auriculture. Department estimated

will plant corn thit

Today that farmers 78,688,000 agres of year, down 3.5 per cent from last year planting.

The crop, reporting board said Copper shares. helped by thn with average yields that the metal, acreage would produce about 3 higher prices for

price billion bushels of the koy

feed

This grain. into would compared with last year's

10

by amounts ranging from made the best showing two to four shillings. Ford Motor, Wise, Copper Range rose, nearly livestock

Anaconda got points. on th other hand, lost only shiling, despite a disappointing pront statement.

1

action on Friday and scored a rise

the

output of 3,184,830,000 bushels,

to

of more than 5 on the week. Magma gained 5 and Kennecott Today's estimates, based on more than 5. 9

Information available March 1, ROYAL DUTCH UP

Standard Oil

which (NJ)

were made without considera- Olls were

strong with Royal next week will formally split ton of acreage changes this year

for one, and expected Shell its shares three one sterling,

total 14,005,000 Dutch up

stock market acres, up 5.1 per cent from inst endedTransport and Burmah up more thus bring

than four shillings and British listings to more than four billion year. Of this amount, 2,021,000 shares rang up more than nine norce would bo devoted to Transport up, three shillings.

the all de- picrling

durum wheat and 12,584,000 There were some strong-not points to feature

partment. 1,000,040,00

acres to other spring wheat. ΠΕ Railroad issues stood out 18.100.548 to say hair-raising-operations in

section. 313333,474 foreign bonds

Buying

times with Southern Railway a With average yields, the crop Electric · TROTI-

6-point gainer.

board sold that reporting 23 and assented

acreago would mean production asserted £3%, selling slashed

of 168 million bushels of the the price of Toltyo 6 per cents,

The Ipoints.

spring-grown wheat United Press

200,812,474

36,620,217 #fted Tokyo..

10.012,904 5.0 United Press.

The Bank Of France Statement

& Poors, for Standard are usually on a Example, feels that the use of products will con- and helped stabils- petroleum

increase the use of tinue to

the petroleum products, with Some experts assert that the advantages of convenience, Te- industrial average might rise, latively low cost

and per- there will be still some stocks formance, bulwark petroleum's that will fail to keep with the

position as the principal source overall market. They stress of energy. that the market will thus con-

"Research selective, and

and the develop- tinue to remain

will continuement of now products, notably Total gold holdings market

avera

that the

ނ

to be backstopped by favour-petro-chemicals, materially

Not the least ofhance

the

prospects

021- for

able news, these influences in the opinion of individual companies..., Pros- that the group will most experts is the anticipationpects are

of big profits and earnings make better showing this year, based on evidence that earnings ahead.

will reach new peaks,"

According to Standard & Poors, profits of all corporations after taxes will rise in 1956 to a new high of 22.5 billion, an Increase of 4.2 per cent over And last week, the Wall

Elsewhere in the United States, in brief:

⚫ American bullish in 1956- The Federal Reserve Board street Journal found that most

survey of 2,800 families queries on their 1950 spending plans, big industries in the current

shows that emsumers plan to quarter will top 1055 records.

ns many homes, Paper, metals,

um purchase petroleum, automobiles, furniture and utilities arc chemicals and

household appliances as they among the gainers, with autos did last year. Somo 3.0 per cent and farm equipment on the

pinn to buy a house, 8.2 per downside.

cent a new car. The survey is the most optimistic since the series started in 1840.

Natural rubber producers are spending milions on research in hopes of taking a slice of the synthetic rubber market.

Officials of the Natural Rubber Bureau here admit the programme is one of self-defence Output of synthetic has grown tremendously since World War II when the government-built industry Rising Profits turned out man-made rubber to replace natural resources cut off by the war in the Pacific,

about 23 cents, a pound March 1052.

tho

Record expenditures for new

will

.American companies

For the current quarter, plants- Wall Street Journal said "indi-

of rising profits for however, fewer cations

equipment

Paris, Mar. 18, The Bank of France statement for the week ended March 8, reads as follows:-

Total other currencies Sight balance abroad

in EPU AM Advance to Stabili

Aloes Fund sour Total bills discounted in nolea Bank

circulation Current accounts and

deposits

201,204,302.423

47,35721816

the

both asscated and non-assented by

Other issues gained £34.

Jost £14. Germans were idle despite the Berlin bonds which gained £3 £1011⁄2.

to

Dollar stocks, as not so much British buying as on the violent rises on Wall Street, were rather dull.-United Press.

Exchange

Rates

Long Bell Lumber featured by rising 172 the specials

News Favourable

were

Other wide changes Rohn & Hass up 8, Simmons Saw up 04, Philips Petroleum up 34. Union Carbide up 5, Werthington Convertible pa Wort

senior

Singapore Rubber

· Market

Singapore, Mar. 18.

The market

ferred up 34% in the

was very quiet issues, Warren Foundry up 4%, on Saturday. Trade interest was National Lead up 54, and In-negligible but sellers remained ternational Business Machines reserved.

Future closing. were: jup 1714

Business Nows generally was No. 1 rubber per Ib. April 006-0815

Miny 1745-0752 favourable with gains in such. lines os automobile production, No. 2 rubber per Ib. April 001-97

June, unquoted 5.03 construction, crude oil output, No. 3 13.73 12.42 and retail trade. Others dipped No. 4.

and the general Spot, rubber unholed 10.70 only slightly 26.40 index ef business moved ahead No. 1 pale erene

Blanket crepe.... a notch.--United Press.

Business was done in the local .170,235,600,000

this market oficial exchange 184.600,000,000 morning at the following rates:-- 1,338014,202.005 US dollar (per $1

Sterling notes per £1) 2 2,030,440,602,503 Australian notes (per £1)

Indonesian rupiah (per 1001 116,333,116,497 Siam tent (per 100) United Prew, Singapore (5trails)

New York

1.00

York Cotton A

Trade

Nears Stalemate

New York, Mar. 18. -Cotton, market experts last week, reported conditions approaching a business stalemate, The market price is now the This year,

of gradually Marking the sixth week 35 billion big stumbling block. Natural autos are expected to be sold exceed those of lower preats. spend a whopping rubber sold for an average price and natural prices may decline, Farm

producer for new plants and equipment diminishing activity, buyers paused in formulation. of 392 cents a pound last year. This could bring it to a more nuto and auto parts firms expect this year. This would be: 22

bout hele has been selling at competitive level with synthetic, reduced carnings in this quarter. per cent above the 1855 record of autumn promotion plans while they waited to

since Rubber Bureau oficials divide, But 20 other industries hope outlay.

see how consumers react to Easter-spring line the market roughly into three for new gains or little change,

promotions.. parts.

the electrical

industry, The third is where nathalie would show gains but for Another, regardless of price protracted strike in Westing-

is for natural, also house,"

These expenditures, according The Rubber Bureau problem regardless

last The 1955 compliation of carn- lo of price. The

the Department of Com is to narrow the price gap and third is the battleground area— Ings showed gains ranging up merce, reflect favourable sales their product more where either can be uscil and to one of almost 72 per cent for prospects, Manufacturers hope competitive. To that. and. price is, the determining factor. 29 Iron and steel produests. for a 6 per cent rise this year, laboratories in Oritalo, France This last one-third is what The 1965 percentage change, trade companies 4 per cent, and and the Netherlands are trying the natural producers hope, after taxes, ad complied for utilities a 9 per cent boost.

Auto sulca turn higher some industry groups: 4 airlines,

this make

Shot Up

to develop new uses for natural.

through research, to capture.

and to improve present types.

The price of natural. rubber

Consumption

Autos Up

in

If the ultimate response is weight shootings continued tight serve as a tonic with bag cutters and industrial good, it will

users reporting difficulty for all buying pians, cutters and indicated. goods buyers

locating dosirea fabrics this side. pièce

of late spring. for ver, they admitted wintry

Yarn spinners, faced with weader conditions so far have

cut into the normal wage increases and higher costs acted to

materials were studying volume of apparel moved at of this cagon.

individual markets to determine The stock market rise to new the advisability of passing on pook in the general thero higher costs to the retail Meanwhile, nclivity 04.0 per cent; has prompted a rise in auto national economy picture in a outlets.

rosy light, yớt a note of caution was limited to All-in and late million automobiles. Tires for Consumption of natural this per cent; 18 texilles, up 08.8 per month. Protution of auto crept into parts of the textile second quarter, deriggs at th autos nnd trucks use 80 per year in estimated cent of all the rubber--natural fons

Dulness in the, morza very 000 500,000 cent; 12, rubber companies, up makers for March is expected field becture of the slow-down prices. as against 910,000 tons of 30.5 per cont;13 motals qnd to totèl 610,000 units, 1:10 "masin' enlds of the basic print cloth and synthetic consumed.

but su fabrics, and dwindling is of goods market was pointed up by Februar ‚up 64.2 per cent; 17 cent above relation was €30,000 tons of natural Synthetic output war

Prices for nylon filament garn. tively limited last yearns the and 090,000 tons of synthetic. government sold the last of its 20-avar-time, planla to private Researchers are concentrating per cent; at tools and machinery for, the Art 10 months of Interests and

shut up last year as demand was Intensified by sale of 7

up 30.8 per cent; 14 aircraft The pickup in auto sales in makers, up 0.2 per cent; 28 autos tie inst two weeks of February all-time

17.5 production

schedules

טען

點 equipments,

24 petroleum products,

P

this

synthetic. Last year's consumpuipments, off 7.023 per cent under the March Hindustatai: „upore like the auto- | further, feluetioris announced an por cont: 33, chemicals, up 30.0 1955 level. So tarproduction mobile and coating industries. Bosion reported low-frad- demand for un now products such as soles| up: 10.1 spor-cent; 20 food pro2 | year have lub 47million Phebdd.Wage Increasea," and worsted Yoma in Ineq -1

**

natural increased. Helping this for shoes, thrend, and a wide dubte, up 19.5 per cent 16 compared with the 70 million Resde Catering lowstyd- fie of the weekening situation In was a demand for tubeless tires range of processing improve we compelles, up 19.3 per turned out in 1966 United procinadores print svine orice the wool top, futures market, a

coatyard buit lights United Prod which psa more natural,....... ments-Unlied Presa:

Locut

4

++

+

129-90

02-MIL 114-118 United Press.

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