1956-03-26 — Page 9

THE CHINA MAIL,

MONDAY, MARCH 26, 1956.

Page

TRADE

and

COMMERCE

US MILLED AMERICAN ECONOMY

RICE FOR

SALE

Washington, Mar. 23. The Agriculture De- partment said today Gov. ernment-owned milled rice will be offered for sale on competitive bid basis to approved

A

for export

foreign destinations.

The Department

sald

sale probably will be for ex-

Drst

port to Indonesia and Pakistan

with whom foreign currency fruer aggrebnents

(+)-

nounce recently.

Under

the

Trade parts these nations agreed

Experts Endeavour To PI Congressmen

Analyse Dow-Jones Industrial Average

New York, Mar. 25.

The penetration of the Dow-Jones industrial average past the 500-mark during the past two weeks was being closely

to buy about 8 million hundred scrutinised by monetary and market experts last week.

pound bags of rice.

Sutcl

The Departinent will not be made on a

sales

1012

that would depress world prives for rice or disrupt nackets for This commodity.

The Governmen owns about 11.175,000 hundred pound bags. of milled rier and about 1,315,000 bags of rough rice.

LIMITED

11 value To be offered will

be Hited to varieties produced in the southern states. Th California varieties, Calrose, and Californ pearl, will not be

Teresi.

The Department sahl if Fla stocks of milled rice are cleaned onl, more will be made avuil- uble by

Bor

awned rough rice.

Satey

of the from

Businessmen felt generally that market prices are simply

a reflection of the current high level of industrial operations and a solid indication of the optimism regarding future business prospects.

Experta, having been a bit and many with big incomes may tou cautious in their predictions have to sell stocks to pay their taxes. They'l prab-

now Ussumed

meome

for 1950, are busy now rely want to sell at high prices gering their facts and Agures.

that there to get the most they can, and I may be dips in this or that the experts are right in their

but there'll industry,

the levels will be be in-

predictions in others to balance off bith on that dale, Proses the log. Tho

same for the stock market,

The breeching of Lho 600 inark last week in the Dow- Jones Industrial component te described Он motivated by investment purchases rather |tion_speculative buying. It is rice will be pointed out that money borrow the commodityed to carry stocks at the end

office l servier

February was actually lower Dallas, Texas - United Press. than at the end of January, des- pite the higher prices. The accent is to be In the Breglion of rush buyum.

hundled

Mablisation

May 20

World

Trade Week

Washington. Mar 24.

today President Eisenhower morlaimed the week of May 20 as World Trade Week. He urged Federal offeipis a ca-operate and asked Father Americans lo mark the week with

gatherings, discus-

with

won

Ires

all nations

and stalv

The experts insist the market stil is air ag und some are now setting their sights für it drive to the 525 level.

Trouble?

When will Into trouble?

the market run Many hak.

Of course, no one can predict the course of the market with But some experta suy certainty.

could that something

happen almost any time. But without some extraordinary change in The news, some in Wall Street think the difficulty might come after March 28.

two That day represents reasons for a sell-off on profit taking:

stos, exhibits at other appro

tate activite

The President said it is this 1. It is six months to a day country's retinuing desire to since the market broke wide of tiendahlp open on President Eisenhower's trengthen

at the frinese.

Many

bought stock that day and have piled up some "Expansion

national handsome profits. Holding that [ the enlturni And Social.

business stock six months makes the relationships," he said, "promotes profits subject lo long-term the unity and solidarity of the capital gains tax. nations of the free world... United Press.

2. March 20 is approaching the annual tax dote-April 25—

Rhodesian Selection Trust Advance To Government

Salisbury, Mar. 25. The Rhodesian Selection Trust group of

is copper companies advancing £2,000,000 to the Government of Northern Rhodesia and £1,000,000 to the Government of Nyasaland to be spent at the discretion of the Government on the capital costs of African development. Half of the advances will be made by Roan Antelope and the other half by Mufulira.

New Buying

Brunting that some resetion may occur cu realising in late March, the experts say that the problem remains how far the market will go down and how much buying will be attracted by the decline

well

Early lust your most of the Intermediate dips were followed by new buying that gent prices above previous highs. But it is pointed oul, prices were much lower Than they and traders were were now. much less cautious.

well-known agency, Mourys.

the changes of revelions must mercase as activity mounts In the market but adds no basic change in policy is suggested by

says

*གས ན་

rerent events

64-Million

Attack On

Tobacco Leaf Imports

Manila, Mar. 25. Congressmen from to- bacco regions in Luzon as one man today accused President Ramon Mag-

aysay of paving the way for lifting the ban on the Virginia importation of leaf tobacco,

The accusation stemmed from President Magsaysay's announce- ment last Monday that he would create a five-man technical com-

determine mittee to

whether the Philippines should import high grade Virginia leuf tobacco from the United States.

Dollar Loan conference that such

To Tata

tion would be

In

connection

The President had toldo Press importa- approved should it be found mecessary to blend tocally grown Virginia tobacco with the

imported

variety to maintain the high

quality of locally manufactured cigarettes, Pinsident Magsaysay made the New Delhi, Mar. 26.

arumuncement

tobacco the It was reliably reported with attempts by

in the US. today that

Congress to proposed blee

relax ita deal make the Philippines 61-million dollar loan

restrictions on the importation of between the Tata Steel Virginia leaf tobacco. Works and the US Export- Under A Philippines law,

lent tubseco Virginia

may be Import Bank has been

imported in case of a shortage of der negotiation.

the local supply.

1103-1

to

The export of US steel India has been dropped because American quotations on equipment

higher are European continual rates,

SECTION

BRAZIL-EAST GERMANY

TRADE TALKS

Rio de Janeiro, Mar. 25.

Brasil and Communist East Germany will begin trado negotiations in fow works to exchange large amounts of Brazilian coffbe and polton for machinery, qualified sources said today,

A delegation headed by George Kules, of the

Kart

German Central Bank, will arrive in May to

negotiate payments agreement with the Bank of Distall,

Braxlifari

Foreign Ministry spokok- man ask.

Commercial dealn aro expected to be in the

ha Bald... agreement, United Press,

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morning amounted proximately $200,000. quotations and the transactions:

ap- KOOK morning's

SHARES BUYERS SELLERS SALES BANKS

INSURANCES

Unton Lombard Underwriters

HK Bank

IGRO

Fast Asia

120

10

DO

DOCKS, ETC

K. Whart Provident (0)

XD

Whirelock

72 721

13

540 $15 350 3400

13.20 020

no

RK Butel

XD

14.10 14.40

BK Lond

XD

50 1309 50

300 a 391

47 BU

1.NO

Following extraordinary

an caucus last night the Congres- slonal tobacco bloc led by Rep. 1.AND, ETC steel Ferdinand Marcos claimed that than President Magsaysay had

to even think of a plan rich would endanger the liveli Tala is seeking the money to hod of the people of Northern Anance 4 two-million-ton ux and Central Luzon, Inited

The experts look for the in- dustial average to exploit the the higher altitudes still further. for a betler per- Many look

the so-called by formance

and secundary

speculativement equities, now that it is the in- vestor and business psychology appears to have firmed con- siderably.

Quite Optimistic

Some observers, while not overlooking the favourable enr- porate earnings and dividends reports as market factors, are willing to gauge their market commitments in part by the way busloess executives deal in the shares of the companies they head.

S. News and World Report,

which

The Com- most

Press.

pausten programme. pany said I had placed

equipTM of its rders Jour new

with

companies side the U.S..

that and Import-Export Bank rules say Impo that money from it must be used to buy Americoa goods.

Tala expects to get its needed

The Bank Of England Statement

· London, Mar. 25.

financing from the World Bank, The Bank of England state- since the Indion Government ment for

is

the wcak reported to have provided the March 21. reads as follows:- necessary guarantee to enable Note in ciroulalon Tata to get 89 million dollars-blic deposits United Press.

Lagos Trade Figures

Trade

Private déposita Government securities Other securities Receipta Ratio

Resity RUABER

C. Light (0) 20.50

103

500 or 14.30 500 14.40 500 14 30

London Markets Ignore News.

:

INDUSTRIAL INDEX UP

By C. T. Hallinan

London, Mar. 25.

Stock markets last week-like the

week before-showed complete indif- ference to the world that Britain is living in.

They not only ignored the coming budget, scheduled for April 17, but disregarded the official disclosure that Britain's balance of payments in the second half of 1955 details it may be stated that this meant that the balance was running at an annual rate of deficit of 240 million sterling which would be decidedly serious,

rose

Buyers, professional and higher the various taxes on amateur, paid no attention and tobreco? Uncertainty has sprend the Financial Times Index of an These shares. while not leading industrials

more actually at the 12-months lows, than 2 points to 179.7.

are only a little bit above them. Associated Electrical In United Press. dustries rose 2 shillings 9 pence and Rolls Royce 2 shillings G pener while Unilever, und others in the sa improved

shillings.

between

Vickers class

1

and!

Oils Irregular

were

Overseas bank shares popular. Shares of the Rong- and Shanghai Banking kong Corporation jumped 11⁄2 sterling 10 92 1/3 sterling and those Di the Bank of London and South America rose 2 shillings 6 pence.

ils were

bighly

irregular. While Royal Dutch

- tose

1 sterling to 07 sterling- new Bigh-and Shell Transport nearly 3 shillings. British Petroleum fell 4 shillings and Burmat Q 2 shillings 6 pence.

Strongest section last week has been British Government atacks.

They are cheap nowadays and the yield from an investiment in thenr is relatively high. De-

for mand

War

for Ian. example lilled

the price, 12 1000 2.10 shillings 0 pence and that of

percent Consols by 10 shillings while Old Consols 24 per cent rose 7 shillings 6 pence, in the old days of security any one of 600 or 17.80 these good-as-gold stocks could spend a whole moving no more than 2 shillings 6 pence,

In foreign bonds

the two German Poinsh

improved Reich Loans were unchanged except for the assented Young Loan which im-

'Trust

UTILITIES

Yaumall Ferry

XD

C. Light (N)

Electric

+

20.30 7.70 Bonus. 27.80

Mucal

ended

Elec (0)

Macau

Stering 1,810,136,601

Elez (N)

Telephone

13,730,302 321,373,600 200.341,629 34,044,827

18.1

X. All

INDUSTRIALS

Cement STORES, ETC.

Dalry

180

8.30

21.00

132%

17.20 17.30

10

1000 22

COTTONS

Textile Corp. 5.20 5.40 Nanyang

7.40 MISCELLANEOUS

TOD K

Yongisz Allied

01,448,627 Watson XD 20.GO

United Press.

The Bank Of France.

Statement

Paris, Mar. 25. The Bank of France state- Logos, Mar. 25,

for Issued ment

ended the week Agures just that

more

PARUTE was only just more thari Advance to Stabil

glass

sterling but the

Int'l Cotton Standards Conference

Washington, Mar. 25.

The Agriculture Department announced today the 11th Inter- national Cotton Standards Cou- ference will be held here on May 11.

Representatives of Cotton Trade Association of Great Brl- tain, France, Germany, Belgium, India, Japan, the Netherlands, Spal, the United States, and the Department will participate in the conference, officials sold.

Representatives of producers 10-operative associations

and

i Various farm organisations also

are expected to attend.

The conference will examine and approve the universal cotton

prepared by standards

the Department under the United States Cotton Standards Act.

Under the universal cotton standards

agreements. the signatory ussociations foreign

have agreed make United Stules grade standards for up- land cotton the basis for all their contracts for the purchase of some of US cotton in which grades

specified-United

Press.

to

450 17.30 proved sterling, Japanese London Foreign

and

2

were also virtually unchanged except for the 19078 non-

which

Jumped 7.40 assented

sterling

the 1BUS non- 0.10

asmented which rose 1 sterling. 4.43 0.23 4000 or 5.1 Sume of the assented issues im-

proved a few shillings.

In Latin-American issues the shures of Angio-Lautaro Nitrates fel 5 shillings.

Sixty-Nation Wheat Conference Ends

Tobaccos Lose

Of the curiosities of the past few weeks has been the exodous from tobacco shares. Normally there is a widespread conviction that smokers continue to smoke in calm disregard of peace or war, boom or slump, But now has come shift: people will con- tinue to smoke but will tobacco companies even the very big. ones, continue to make inoney? Will the government if 11

Exchange

London, Mar. 25.

Foreign exchange rates cloned

on Saturday as follows:-

New York

Montreal

Amsterdam Brussels

Frankfurt

Milan

Paris

Zurich

Stockholm

Others were unchanged

2.5011⁄2-2.80 9/10

2.80-23011

10.0492-10.6

129,00-130.88 11.725-11.7337

£705-2764

9842-0647

14.53#1435/2

12.2434-12

Unlled Prem,

Exchange Rates

Buainers was done in the local tinoficial

exchange

market thin morning, at the following raten: U.S. dollar (per $1)

in a study of these operations, reports last week that "the men who run U.S. Industry seem to be

quite

optimistic aboul business prospects enough So to risk their own money.

the whole

they've been On buying mare stock than they've show Nigeria imported March 15, read as follows-

Trance been selling. A year ago, they Japanese goods worth

Total gold holdings 301,264,307,420 were in more of selling mood.

than 10.5 million pounds sterling Total other eur-

rencies

18,077,215,00I Here's where the so-called during 1955.

Bight_balance abroad Insiders are buying, according In the previous year the In EPU

178,235,000,000

Geneva, Mar. 25. to the magazine:

sion Fund

181,100,000,000 Anance companies,

9.4 million pounds sterling.

The sixty-nation international Tatal bulls discounted 1,322,134,079,182 trial machinery office equip- The greater part of the im- Banknote in cir-

wheat conference ended its fifth oulation

in- 2,796,950,312,405 | week here yesterday with petroleum radio, ports consisted of cotton fabrics ment, paper,

Current accounts and retail television and appliances, supplemented by

dications fabrics

it was of

reaching the deposits

118,091,511,22 trade, rubber and tyres, soup and synthetic fibres.United Press.

-United Press.

final stage actually drafting

Sterling notes per t of an agreement, cleaners, steel and iron, textiles

Australlan notes (per £1) Indonesian rupiah clothing, tobacco

For the second day in a row, and

| Slamu (feat (per 100) com- a newly formed "articles

Singapore (Stralis) miliee" met yesterday morning, and it was understood that their job was to work out the morn Ing of a new agreement.

Conference officials and de- gates' last week clamped down even stricter secrecy than had

observed in the early stages of the meeeting.

For lack of other information, this pact was seized upon by many ob-

ond

titles.

Not Sure Clue

Where company officials re-

duced stock holdings; Airlines, autos and equipment, building materials, chemicals, containers,

magazine

foods and beverages, leather and shoes, mining, non-ferrous metals, motion pictures, rail- roads,

bus

Jiness and other transport.

The ma

cautions that while these reports on the inside The loans to both Govern- The Group wishes to take transactions are "not a sure ments will be interest free until | advantage of the current pro- clue to rent values of eny indi June 30, 1960. Both Govern- aperity of the copper industry vidual stocks," they do reflect ments will then have the option to make ʼn special contribution in a brand sonso the changing of repaying the loans in full or towards the solution of these business

part or of converting the loans problem 1.

In full or part to Northern The group is mindful that, Rhodesian or Nyasaland Govern-unless these problems are satis- ment bonds. These bonds bear factorily solved, the continued Interest at 4 per cent per stability of Northern Rhodesla year, and the period of redemp and the Federation, -on-which tion must not be more than 20 the copper mining Industry's years..

future prosperity só vitally de- pends, may be in jeopardy.

Copper Belt

Mr R.L. Prain, Chairman

..

why the loans have been made, ment as well.

To the Governor of Northern

Rhodesla he writes that Jilg

group of companies recognised

that the presence of the copper

́Own Resources

belt in Northern Rhodesia, "tho The Northern Rhodesian payment by mining companies Financial Sparetary,

Preas.

condilicas, - United

India Needs Second Shipyard

Preparations For

Osaka Fair

Washington, Mar, 25.

an

pervers as another indication that the conference mot on February

The Commerce Department announced today that it will send a mission of officials and 20 to make a new international of Japan in wheat agreement. The present businessmen to visit 14 cities

one, signed in 1952, expires on connection with an appearance at the Osaka |July 31.—United Press, International Fair from April 8 to 22.

The mission will visit Sapporo, Otaru, Sendai, Yokohama, Shimizu, Shizuoka, Nagoya, Osaka, Fukuoka, Nagasaki, Hiroshima, Kobe, Kyoto and Takamatsu during or after the Osaka Fair. The purpose is to meet with businessmen and trade association groups. "Many subjects, including textiles, food processing, handicraft, ceramic and heavy industries, will be open for discussion," officials said.

will

US RAW COTTON EXPORT

New York, Mar. 25. Raw cotton exports by de stination as reported in bules by the New York Cotton Exchange for the 1955-50 season as March 20 were as follows continent

Britain

Canada

Total for season* Same period last year. "excluding "Unters ·

10

71,200 30680

86,200

1.087,300 2,610,850

United Pres.

A similar letter to the Nyasa- land Governor explains that, as of ranny Africans working on the Rhodesian Selection Trust,

has copper

belt have homes in

New Delhi, Mar. 25. explained in letters to the Nyasaland,

spocial problems Indian Deputy Minister of Governors of both territories exist for the Nyasaland Govern- Production Satish Chandra sald The mission will be composed (the American Marketing. Asso-

tonight. there is need for build-of four men, headed by Eugene clation

Braderman, director of the ing a second shipyard In India, M

Singapore Rubber Before their tour of Japanese of the Ho said in a broadcast that Far Eastern Division

Other cities, members of the Mission

Market steps are being taken to train Commerce Department.

members

Charles A. will confer with U.S. Emblaxy technfeal

Singapore, Mar. 25. be personnel.

Keough, of Philadelphia, Prestoffelais from Tokyo.

The market opened uncertain Indian shipyard The

At the Osaka Fair' they will on Saturday, en lower overseas dent of the Balithrall Trading has delivered

Company Apart Proaldent be prepared to answer questions advices. It eased later on small

Iquidations, ` and the sold that if the development tenth ready 19].deilvery,prpial of the Foreign Tradera Asabela- in ways which will help ::10 | truded. Introduction LOT those em- plan was agreed to by the tonnage s

tion of Philadelphia; E. Krogh simulate two-way internationgl | closings "were: 60,000

ter. New York, Pres! trade, according to officials. No rubber: April ployees of relatively advanced Legislative Council the Govern

of Rochester rendra living conditions has created ment would provide – from

sold a plan to indent of Sibley. Linsay and Curr They will be supplied, with special problems for the own resources over the

amount of reference 2 rubber, April Company and a director of the large African Northern Rhodeslan Govern= |four years asum for Jet cround the yurda capacity in algili Merchanter Counod kad materials to help them kunswer ment in relation to the educs-development" in the territory order to build four diesel ships Rochester, and Vergil Deed of questions, including more than. Nowher

development of amounting to more than double a youth was expected to be put New York City Vice President 1000, trade directories, catalogues poor rubber unbal tion and Africans throughout. the terri-the Rhodesian Selection Trust into effect by the and of this of the 13. Walter Thompson | trade: papers and periodicals,

| Joan----China: Mali Special, Your United. Press,

Company-basi President of amplain, said United Fres

Mr RA of relatively high wages to Nicholson, announcing the loan, ning whips in five years," with

employees

ańsket, crepe.

May

June

Future

Enqubted

1244

(per 180)

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