THE CHINA MAIL, TUESDAY, MARCH 27, 1956.,
TRADE
and
COMMERCE
SECTION
HONGKONG ECONOMIC IMPLICATIONS OF US COTTON
1
STOCK EXCHANGE
(From Our Correspondenti
Busines done on the Hong- kong Stock Exchange Chas morning amounted to apgirikis mately $185,000 Noon que..." Hons and the morning's vetibus
MHARKS BUYERS SEJERR SALEN BANKS
UK Bank
Fast And
INSURANCES
Улица
101 1975
12
220
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Lombarel
50
Uruferwriters
5330
Wakeboat
171
72
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Log
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4-12- Rope
STCHELS
Datty
COTTONS
FULL
EMPLOYMENT NY COTTON
White Paper Issued By
British Government
From Ronald Boxall
London, Mar. 26.
The British Government's White Paper on “the Economic Implications of Full Employment” is an interesting document does not go as far as it goes. The trouble is that it anywhere near far enough.”
It may be that what started out to be a full-scale economic exercise dwindled into a brief essay on tug of war between wages and prices when the Government realised that it was getting into deep political waters. In any case the White Paper's message can be summed up in a variation on the You can not eat a larger cake than you well-known truism:
have made.
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OILS HELP SAVE
LESS ACTIVE WALL STREET
New York, Mar. 26.
Oil shares and selected special issues were the saving features in an easier, less active stock market today.
Oils rallied late in the session to run up gains ranging to more than 2 points in Pure Oil.
Copper chares, reilveling Jers
of an easier ice saluationt, Cond a la
mut on the dow or life will botces Erimaneretal Credit
2 points in
יזיז ג
heurly threin Anteondamental Out of Bel more than 2 in Keantel Overall, how t changes were carruw, with 507
out
total 1.228 Jasues | Dow Chemicals Closing Jower on the day while 170 finished higher.
Industrials
group averaged 0,81 lower, ralls 0.30 lower and stilities unchanged.
AN
#
evotionuy prices rise,
becomes inflated and
Mars formace it: money costa which bas pra mase of supel
Until now must people in resulted in a 50 per cent rise of
Bettain have been able to comm- over the past nine ye.. and be separaded from the pensate for Uda constant rise in
by demanding themagh-
nure very money aint in conditions of full t
Hej frk with al
employment these demands are Compared with Magh level
otways ennerdest. In r-che
these eir- In- prewar average
cumstances infintion does not Feat employment, at over
appear to be half so bad as it The rate see the was has never
In fact, the per vent. is made out to be. en
packets-even Incl for Bust at the pertad bigger wage
they buy only the same amount under review 15 has been under
of goods-give the impression of Two ja cent m
winch everyone en- prosperity ive che per cent.
Chely the satuation 111 joys. BraLare Torlay when tfreeetp\¥t; Short tirpe weerking in several baricostrues there stilt angears lo
4
#
THW
he ner undled vacancies than
nemployee workers tan by deserted as "run corployment." Ther
Berlasting to manny
cotalri weitets
FUTURES ACTIVE
New York, Mar. 26. Cotton futures closed to- day flattened out following a sharp opening setback in active dealings.
Accumulated weekend liqul- dation and hedge selling drove prices down as much as $2.75 a bale, with the forward de- liveries running far in the lead. At the close the list ruled 4 points higher to 31 points lower. Opening prices were of a to 54 points. New Orleans closed olf 30 to up 2 points.
Continuing uncertainty over the omnibus farm bill, and Gov- export plans for sar- ernment
TIEW plus
cotton, broguht flood of selling ordera at tho start.
Nearby months showed +- lative steadiness, meeting scaled- | down support through mill in- terest, shippers and other trade interests, partly an technical and against export
reasons commitments.
til Mollie 1 some
omejal
Enstein
EXPORTS SLUMP
The
Washington, Mar. 20.
Agriculture De- partment reported a stimmp in United States cation exports today.
During the first half of the current market your.... which through the period of July, 1958, to August -1856-US cotton exports
tomailed 779.000 bales of 500 iba ross, the report said.
This
U2 represented a per cent decline from the total of 2,040,000 bales for a similar period of a year ngo.
At the
same time the Agriculture Department predicted that "moderate Improvement In the volume of exports may be expect ed to the end of the cur- sharp rent stason, with a acceleration in exporta be- rlaning August 1 unter the new cation export pro-
gramme announced 021 February 28." United
Press.
WORLD RUBBER MARKETS
Page
Selected Industrials Pace Modest Advance In London.
London, Mar. 26.
Selected industrial stocks and olls paced a modest advance in quiet trading on the London Exchange today.
British Government stocks, too, found" demand, and long-
New York Sugar dated braues finished with gains
Market
[running tip to £1⁄4.
Issues,
Changes were few in the mala ot body of industrials, Losacs New York, Mar. 20. three to nine pence appeared in World No. 4 sugar futures | some
But British closed unchanged to 4 points Aluminium jumped almost three lower with soles of four con- shillings and Associated Eleo-
trical tracis.
Industries nearly two. Domestle No, & sugar futures Borax Consolidated, was another closed unchanged to 3 points strong spot.
salos of 149 con- higher with tracts.
Both futures contracts Were influenced by the trend in rows 1.5 trado Interests operated cautiously on either side of the
market.
Futures:
Contract No. 4 (world)
May
July
September October
Oils Brisk
Brisk trading in ells pushed Royal Dutch ahead by £ while British Petroleum, Burmah and Shell Transport were other lenders, Anglom
3.2 Exyptian g added neatly
128 three shillings, but the group 3.31 failed to hold the higha when 130 profit-taking appeared near the 329 3.29 close.
Foreign bonds moved narrow- ly. A few gains were scored] among defaulted Iron Curtai
Russian six 'per- 5.40 issues, with
March
May
July
Spot-cents per ib, zob Cuba) Open Interest: 1,400 contracts. Contract No.
33
May
July
September
November
380
New York, Mar, 26, The No. 1 Rss rubber futures
with sales of
SLOW DEMAND Southern advice, however, re- ported a slow mill demand for
in the past week. spot catten Atlanta acecunts noted only a few inquiries for prompt ship. murat, with indications that the demand will continue poor un- closed today 145 to 100 points
announcernent lower is made concerning new crop contracts.
Gets!
The standard contract closed support prices and the
126 ernment export programune.
to 170 points lower with no Prelimlagty
new
sales reported crop acemats were mixed,
Prices
weakened after belt
reports noted very lle steady start, with presure from farmi work was done in the leading dealer interests at the southeast Jual week because of close Baling buyers ninot. LOV temperatures and
Shipment offerings from the Belds.
Mephis said land pre- East generally were held above parations
workable basis, but made good progress | #
local But the real danger shows up, despite the cold weather. Los buyers marked time awaiting 101 The country's external Angeles reported warmer day- developments In Indonesia accounts. There Are severni lime temperatures. reasons why one country's ex- ports sell better than another's, but as far as the White Paper makes clear the basic factor is
Crux Of Problem
а
and other buyers continued Indifferent.
following the recent reduction The certificated stock rose 58 in the export tax.
posi- bales from the previous
Factory Locally, tion to 212,819 bales.
Volume
Spot No. 1 ss were quoted nominally 312 cents a pound, Futures:
#minent
In which there were ctuation
tany a three per cent of the working population unemployed, price.
The first question that needs to be answered. If we are
full: White Paper, "untess our prives Get. study the implications of
fully competitive our ex Dre What exactly is Bre employment is
ports will be inadequate for our Nat invant by hill employment?
Vital
May natical needs, our curdy, and this be its greatest hostemming the White Poney will not retain its value Total
world markets and un- attempt ut Pupscal
from result definition The Chancellor of Ployment will the Exchequer, Mr Hard Mac shortage of raw materials."
So millan, was no more informative when employment is ut such a 3t comes down to this: on this subject when the ques- when emp tion was put to him at a press high level that money Inemnest are driven up faster than the rise in output of goods and ser-↑
rise. vices, prices will this rise of. prices is
were: Here is the crux of Britain's · Month
According lo
:he Mov le problem.
July
conference 10 White PapeZ.
introduce the
Does Not Help According to the Chancellor stute of full employment
A
k
At with
the
e-
An
But that does not ordinary man understand
#2
Unless
halted,
sooner or later we may flod vur- selves unable to sell our experts.
Contract Ndi Ran
vipen interest
Volume. Open interest
14,700
342.200
38,400
304.000
34,300
304.400
March
30,00
49,00x
362,200
May
30.75-00
$5,000
130,000
July
30.40-60
17,300
70.200
September
1.1.200
December
20.23-30
180,700
1,639,000 alon
Standard Contrael:
March
30.30
NEW YORK
May
30.60
July
30.11
Prices of futures closed today ns follows
September
29.45
December
200
Spot
March
30.03
May
36.64
July
33 50-51
The
Uci
Dee.
Mar
May
July
NEW ORLEANS
was
20.40
SINGAPORE market
quiet 3229-31 #roughout the day with more Interest towards the buying close. Futures: No. 1 rubler Per 15. April 021-925-
May
01%-011 June No. 2 rubber por ti April
32.27 31,75
Prices of futures closed today No. 2
that happened we would not be able to pay for our Imporis of raw materials that are as follows: needed to keep our factories at work.
affairs in which there highest possible level ployment consistent
In the final stage of in- expanding economy and stablo
would flation full employment prices.
the come crashing down about our help
cars. what employment. is meant by full Obviously the present situation sharp falls a long way short of Mment that last year Britain had
"of a balance of payments deficit of, ideal state Macmilin's
£103 million. The situation. per lb. were as follows: affairs. Are we to assume then
Old contract 12% that we have over full employ-sald Mr Macmillan, was 19% ment? And if so
much serious than one might suppose how unemployment is needed from the size of the deficit: for to bring us to a state of "full" Britain must have a surplus in' its balance of payments if it is employment?
these to remain solvent.
Chryster Motorn
164
1276
Colgate-Pituative Co
**
Magma. [
extrapecodes ulls Ber eritrolabated Falam
Bis
+
116
Crane Co. ..... .. Cresen Zellerbuch
$12,
Cuban Aner. Supor Diamond Alkali
100
Dupont de Nemours Eastman Kodak
#0
El Paso National Gan
44"
Eile Hatironch
2P
Ford Motor ..
#
General Electric
ti
General Foods
General Motors
471
Gundrien Prco
Goodyear The
the
fevden Chemient Tomatake Mining Co
37
15215
0424
¦ Interchemical Crep
In Harvester
for Dusiness Machines
500
a
International Nickel
Hist
13:
while
4x
414
13001
since
Instead of answering questions the White Paper deals with what its authors hope are 24, less controversial matters,
rise Of the 50 per cent
In the war, it anys,
47
22
700,
entirely
Chrysler Slumps
Chrysler mctors,
slumped
in
Gudden Ca
losing more thon 2 Ingerulf-Rand while General Motors tela inhind Steel Co.
point.
Ford held unchanged, Turnover dipped to 2,720.00
thurts from 2,080,000 on Friday.
In strels Bethlehem and International Paper
land lost around
two
US Steel dippet a fraction.
Boeing sparked afrerafis late in the session with gain of
more than two.
Activities centred in Standard
NJ. which
Improved fractionally and Westinghouse Electric which dropped nearly a point.
Exchange
New York Stock bond volume was $4,390,000.
In Tet & Tel
John-Manville Co, tnew! Kansas C. Power & Light Kennecoft Copper Liegelt Meyers Teb. Co. Lockheed Aircraft Loews. Incrap. Lone Star Cement Co
Louisville & Nashville R.
Lowenstein & Sons,
Mesabi Iron Corp.
Minnesota Mining Mimion Development Monsanto Chenileal Ca. Montgohiery Ward Motorola Ine, xit. National Cash Rex.
American Stock Exchange National Dairy Prod.
volume was 1,000,000 shares.
Dow-Jones closing averagts
were:
30 industrials
20 ralle
15 utilities
65 stocke
40 bonda
Commn,
Moody's index
Comm, future price Index.
1 price index...
Closing Prices
Allen Die. Acy.
Allied Chemicals
012.42
171.43
07.32
National Lead
National Steel Corp. New York Central Olin Mathieson
Ot Elevators
Owen-Illinois Glam
Pacifle Gas & Elec. xd, Pacifle Wertem Poll
Paramount Pleturen
more
ק!
't
No. 4
35.00
Spat rubber umbaleri
Blankel erope
33.47-48
No. 1 pale crepe
32.23-24
LONDON
34.30
37.21
3.04 6.59
4.60
cents up five shillings to RG.
Gold and copper shares eased. in quiet trading, and dollar 548 stocks were adjusted higher- -United ProKA. United Press.
Spot-icents per 'eil NY
ex-duty)
Open interest 3,140 contracts.
P.O BIEA
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwarde "CARTHAGE”
"OHUSAN”
"CORFU**
"CANTON"
Leaves Loudon salird
Doo Hoogkong
2nd April
13th April
27th March 23 April
30th April
38th May
Via Bouthampton, Port Said, Aden, Bombay, Cakralje,
flomewarda "CARTHAGE”
quoted
00-91%
*"CHUSAN” "CORFU" "CANTON"*·
90-D0%
για
00-00
B6-02
03-1335
1053%-100%
The market was steady with spol quoted at 27% pence per
Ib. Prices:
Petang & Singapore.
Leaves Hongkong Due Landst
0th April
29th April
4th May
1st Jimo
7th May
24th May
4th June
Md July
Singapore, PenDr. Colombo, Bombay, Aden, Port said & London.
* Also callS MARSEILLES, FREIGHT SERVICE
"SHILLONG"loads 31st Mar. for S'pore, P. Swetten-
Spol Muy
July
This warning was given a point by the announce-
Det Dec. Mor May
July
No. 1 Ran spak ....
277-28
LIVERPOOL Future alorings.
Settlement, house term:
in
pence
May
271-27%
June
July/Sept.
Opt./Dec.
204-2632 20-201
"BUNDA"
23,70
Jan./Mar.
-... 251-25%
23.30
24.25
April
... ซ.พ
28.73
May
2074-77
June 24.40-50
Estato unquoted
crope
thick and
2014-27
thin
No Mention
no
more
Mar/April
May/June
July/Aug.
New contract
May/June
July/Aug..
Oct/Nov.
25.25 Egyptian Karnak Mar Aprit 4945
SAO PAULO
General markets, clf bass, ports:
-United Press.
Future closings, in cruzeiros London Foreign
20.50
30.20
-31.30
Exchange
The Government's remedy for
per kilo were as follows: sell- all this is quite simply
May prices about one-third can be explain restraint-by workers in making July
claims, and managements October ed by changes in taxation sub-wage
31.05 margins fixing profit sidies and by higher poly prices so that
and December
In the United States, the total money
New York prices. The rest was
average price of 15/16 middling ontreal ric incomes
than faster 24 due to a rise in home costs.
cotton at 14 designated spot Amsterdam total output." All tornis of money income
Spies Frankfurt Will self-restraint be enought markets was 35,57 cents. I have risen, but some have risen:
10,749 Has the Government abdicated totalled
bales-United Stockholm 40, foster than others. By far the
Zurich... all responsibility De biggest slice of incomes-four-
for regulating Press. money 4814 Bfths-is
the taken by wages and
total amount of 151alaries and gross trading profits in the economy?
131
04
Has Govern-
of companies and public enter-ment expenditure no bearing on the problem? The White Paper 751% prires. The latter rose con- Alderably more than the former makes no mention of it.
4112
between 1938
and
1948, but
7019 since then they have both risen
220
Third Slice
Government's No doubt the reply to these questions would be
LONDON METAL PRICES
London, Mar. 20.
2
Parks
London, Mar. 26.
2.00 7/16-280 0/10
2.80-2.801
10.05-10.8514
11.723-11.12
2841290334
14.4144-1433
173-11.234
Others were unchanged.
New York foreign exchange rates were unavailable-United Press,
NY COTTONSEED
OIL
Now. York, Mar. 28. Prices of cottonseed oil futures closed today in cents per lb. as follows:
September
*
ham, Penang,
Aden.
Port Said,
Havre.
London, Hamburg, Rot-
terdam & Antwerp
Soads 12th Apr. for S'pore, P. Swetten- Aden, ham Panang, Fort Bald. Alexandria, Marseilles. GEDOOL
Havre, London Ham burg. Rotterdam, Be Antwerp
·
With Uberty to'call at Belawan before or after Straits Porta and at Bombay if inducement okers. Tanks available for carriage of ail'in bulk, pace for refrigerated cargo, · Limited Passenger Accommodation.
BRITISH INDIA SN. CÓ, LTD.
or SERVICE --. 1840 1859 A HUNDRED YEARS “SANGOLA” walls 27th Mar. for Bingapore, Penang.
HasFood & Caloutie
"SANTHIA” due 3rd App from Calcutta
Balls 4th API for Japan
"FULTALA” 12ll: 16th Apr. for Bingapore, Penang,
Rangoon, Calcutta Chittagong
P. & 0./B. I. JOINT SERVICE
"UMARIA"
due 30th Mar, from Bomber à Karwebs * MASIH - 221 Apr. for Japan
"URLANA" due Trt Apr. from Karachi & Bombay
salis 8th Apr. Ios Japan' -"SUBAÐAR” exilis 28th Apr: for Suspory, Madras,
Colombo & BOMBAY from Japan { "TERIA"
for Spor, BOMBAT, Karach, Basah, Khor ramshahr, & Kuwait
dug. 27th Apr. sails 28th Apr.
EASTERN & AUSTRALIAN S.S. CO., LTD.
spot 3-month Copper spot
J-month Lead 2nd half March-115 Lead and half June Zine and half, Zine, 2nd half
buyers sellers (7024: 700
701
390 JH
May ...
16.82-03
10.00
40.04-05
October December
19.03
10.22
3024
303
1101
January
15.220
1742
March
16.33
110
"KANTIN”.
00% sy! “Unlied · Press.
Sales totalled 274 contracts.--
wild United Press.
at a more or lem equal rate that is economic implications The tin market was easier in of full employment and not in, the morning but steadied in the by two-thirds.
flation as such that is under; afternoon. discussion. But are the two in
Copper was steady at decline separablo? The Government while lead and zine were safer. The third important alice of says they are not-given self-Prices closed in the afternoon in Incomes those which are drawn restraint from dividends-aro
Perhaps they are right. One storting per long ton as follows: discussed separately in relation to wages, must at least hope so. For the Tin
out most thing that stands shows that
Britak's recent although
wages and dividends clearly from more or less in line by experience is that abolishing the two-thirds-between 1945 and misery of the unemployment a 2 1995 have risen much less than problem has been created which
wages
compared with prewar the economie counterpart of lovels. In terms of the things the atomic chain reaction. they will buy wages have rizon we can control it, it can be a by 40 per cent since 1990 white mighty power for good. But i dividends have declined by 30 gets out of hand it could bring our prosperity down in per cent.
The White Paper's Immediate ruins, London Express Services 1323% cuncorn, however, a la not 110much the question of how
Pan American Airways
101.11
$4.60
Parke Davis Co.
10201
Penny J. C. Co.
181.40 Penn, Salt Co.
412.30
Pip Morria
4414,
Procter & Gamble Co,
107
Penburgh Plate Glass
Publieker Industries
DTL
Pure Oil
480
211%
Radio Corporation
The White Paper
3221
Republie Steel
4
-Abled Mla Inc.
34
Reynolds Metal
093
All Chalmers
Shell Oll Co,
Ho
rose
American Airline
Sinclair OIL..
a
Ainerlenn Cyanamide Co.
73
Secony Mobligil
Am. Mach. & F dry.
20
Southern Railway Lam.
141
Anierteen Metal
7
Standard Brandi
American Smelting
6734
Go
77?
m
Stokely-Van Camp,
10
on
Studebaker-Packard Cort.
5
10
Swift & Co.
4755
14 Taxas Co.
402
Union Carliidę
bo
Union Pacifle Hallway
Am. Sugar Ref.
American Tei & Te American Tub. "D Anaconda Copper Arineo Steel
Armour
Baldwin-Lima-11am. Baltimore & Ohio
Bendix Aviation Corp.
Bengoat Cons.
Bethlehem feel
Boeing Airplang Morden The Co Durmuh. Add Machins Canadian Pacifte it.
CUT, T. Financini Corp. Cat, Tractor MikesAda Celanosa - Corp... CHAMI ACLEList, "Dank
Etandard Oil at Caí.
103 Standard Oll of Jod,
taStandard Oluf NJ.
Sterling Drug_Co.
Dal | Unitril Aircraft
1/2
UB, Gyptimi
78% | 18, Líne Co.
801.B. Hübbbr. 2.
Smelling
3 US steel.
14
Warner Bros.
dijs | Westinghouse Electrio
'West Va. Pulp & Pap8;
Woolworth
#0
the
a national cake should be shared between the various claimants
ده
NEW YORK METAL
FUTURES.
New York, Mar. 20, Prices of metal futures closed "today in cents per lb. as fol- idwa:
"Load"
Exchange Rates
Business What: dope" in
market.
Usti
ine
21% but with the effect on the homes exchanges
all of them fay to go homing at the following salesl Cconomy"
64
69 on indropsing the phures, in. But :USidoliar.(pdf 191)
when money incomes-rise, sister. "Alcoline ɛnoted, hdur: 21 than output-that is when total. All caller notas 45% stared in the cake "arou, larger
Press.
Hart) eskpials (per 100)2)
theo the
cake, intellechte Singapore) (stralia) oper
J5.436 377,300 90,780
NEW YORK SILVER PRICES
New York, Mar, 20. Handy & Harnan, bullient dealers, today raised the price of ver cent to 914 cents a fie noo, the highest in a month. Harman said tiklay's randy
reflects boost
ДП increased demand for silver in the face of diminishing uppbyvai Ar 33, In London, wapos kilveną KEL quoted at 79 pence, umehanged,
United Prem.
loads 10th Apr for Sundaken, Rabaul, Brubace, Bydroy, Ziel- bourne, Gerions di Adelaide
All vessels have liberty to call at any parts sk or-off the route as the route & mailing aro' PERJOCH change or amendment, with or withaich BOILE
Fur full particulny, opoly to MACKINNON, MACKENZIE & NI OF HONG KON: +8 Telephon. No
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