THE CHINA MAIL, TUESDAY, APRIL 3,· 1956,
TRADE and
No Budget Hints
Economic Survey
From Ronald Boxall
London, Apr.2. the read
British
Those who Government's annual Economic Survey hoping to find some clues to what the April Budget will contain were, of course, disappointed.
1 is not British practice to dustrial Investment reveal contents of the Budget
even by implication before they amouneed t Parliament, Nevertheless, one of the purpourS of the Fenomic Survey as
The main lines Dini out
policy One
which The will
parade in the
514200
GOVER GRE
coming yen
เศ
the
Budget is en important instru- ment of that policy the forward looking ports of The Survey should give some Inthaltran of the general shape of the Budget,
NY SPICE
MARKET
New York, Apr. 2. Spice dealers reported a confinusilon of holiday conditions In the pepper market today with buyers And *ellers at marking Lime awaiting develop. ments.
On a nominaj basis spot Malabar Wia indicated around 3011⁄2 cents a pound, and Sarawak around 291⁄4 cents a pound, with buyers sti Indifferent even at the decline-United Press.
COMMERCE SECTION
In
Govt
New York Industrials Hit New
All-Time High
New York, Apr. 2.
NY COTTON
FUTURES FLUCTUATE
Page
HONGKONG STOCK EXCHANGE PRICES
(FROM OUR CORRESPONDENT)
Business done on the Hong- kong Block Exchange this
morning amounted to approxl-New York Rubber
New York, Apr. 2. Narrowly irregular fluc- |mately $440,000, Noon quota- tuations accompanied ations and the morning's transac- slow post-holiday trade in cotton. futuros today.
lons:
KG) BWAREN BUYERS SELLERS SALES
rik Bank...
1070 East Asia... #no INSURANCES
Lombard... 3015
Extension of the Enster heilday in European and South American markets until tc- morrow cul Belivity down to an unusually slow puco,
With sellers
cautious.
DOCKS, ETC.
buyers
K. Whatt
2-
Dook XD Provident
Wheelock
LAND, ETC.
IK Hotel 11K Land
131
פדי
13.20 13.40
8.55 0.45 3000 € 8.40
14.10 14.20
01 01 1400m 2014)
900 01
100 de 17.40 17.00 1000 17 1.42
prices equally suonded to mamall routine radi ig Industrial stocks climbed to new all-time high between mill interests in the ground and rails to a 26-year peak today in an Earby July contract, plus satu-
covering
export advance which was marred only by late weaknesses to Vagaravia.
einst in aircrafts.
Activity Wes curbed by coun
tainty and the question export polles raw cotton.
Washington uncertainty also | UTILITIES
interest
Trom handicapped mill
in
Yaumati Party
103 100 200 Light (0) Zİ Light (N) 10.80 19,10 1000 va 18.00 500 18.00 110 of 18.00 Electri ... 20.70 29.90 100 on 29.80
Losses in the aircrafts ranged to 2 points in farm legislation uncer has been cago Grains Boeing with Douglas' Glenn Marin, North America, Governmen
General Dynamics, Lockheed and United off one
big substantially while in- vestment in housing after level- ing off has now turned down,
abo
IA
{ས
The increase in fixed invest- tament between 1954 and 1955 was monetrating largely On a mo 'facturing Industries and within
group the
motor industry laumed an cutstandingly take sbury practically doubling 1955 Investment,
Industry
Increase: stocks 5
materials work in progress.
is difficult to pu
figure this increase but the Survey estimates it is over £210 million. This increas want again mainly held by the Throughout Bila pyar, svs the mar
manufacturing industry. and Survey, the aim of the cesmomic: rather more than a halt of manu- policy will be to limit home de facture extra steeks were held rand that more of entr pro-by tire metod using industries, duction can be exported and a that the grout|1
Brake On Investment moderated,"
The Aim
of imports
Mostly Firm
Chicago, Apr. 2. Grain futures were mostly firm of Trade today.
or more.
El Paso National Gos Erie Rallrond
4456
22
Ford Motor
Family Finatice Corp.
23
005
Gon Pub. Uşil
37
more
Gildden Co.
Aluminium stocks were the day's stor performers. Alur minium Co. of America roared 1 pointe to $123 while
Ltd, ndidki than 3 points, Reynolds Metals Kaser
on the Board | Aluminium
higher
more
than
4
and Aluminium nearly two.
Oil shares also wore strong performers with gains ranginų to more than 3 points in Socony
Mobil
in
Goodrich (B. F.) Co.
lesden Chemleat
Hoeslake Mining Co. Ingersoll-Fland
Inland Ateel Co.
Interchemical Corp. International Paper
| John-Manville Co.
Kansas C. Power & Light Liggett Meyers Tab. Co. Louisville & Nashville R Lowenstein Bong Monat Iron Corp. Minnesota Mining Monsanto Chemical Co. Mission Development more Motorola Ina.
131u Pont helped 111 hustrials with a gain of almost 5 points in the chemicals but Allied Chemicals lost
[212 1.
Most gains movet within narrow range with the excep- i
which tion of soybeans istri
wunt mic-! by substantially
In later trading, all LONEL morning. gains moved higher.
early Higher PRICOR for
reflected contracts soybean higher values for edible oils,
Halhes in when met scattered: herige selling and some profit- taking
An extended holiday abroad cuused business in US grains. Formosa requested exporters
ofter: 1,700,000 busirely
Pacifie Coast wheat, it was reported.
Whest closed up 23H cents; soybeans up 14% to 5 cents,
CLOSING PRICES Prices per bushel in cents: Wheat, No. 2, red Spot
231 May 227 i 225% (L) 2271%-5% July
200-
21034
Again "the curse of economie a
The upsurge of investment and development in 1958 will depend skeks building was superimposed on the speed with which the dis-
et a buoyant home demand for Inflationary measures taken by durable consumer goods and this the Government overcome the led to a big increase in demand existing momentum of the boom.
for imported materials. Industries The effects of these measures which should have been catering will make themstives increasing- for the cxport trade were kept ly felt as the year proceeds, 11 la dimeult to force the timing of that exports falled to keep pace su busy kalifying have demand
this change in the
economie, with the rise of imperts and a climate; but if the measures large balance of payments deleit far taken are slow in producing resulted. reults they will be reinforced."
These two extracts from the Survey cortainly do not justify hopes of tax reduction in the Budget. But neither d they reduce pressure af demand can national resourers and release men and materials for work on
necessarily portent a harsh Bud- get.
Divert More
I
export
coming at
iLt
Inactive export
ان
10
Steels Gain
Steels had gains ranging over
a point in US Steel
Motors were uncertain.
group
Industrial stocks as averaged 3.31 higher at a new att-time high; rails 0.55 higher 61 their best since October 22, 1020 and ullities 0.02 higher,
Of a total 1,222 istucs traded, 522 were higher, 174 lower.
Trading slipped off a bit Ku 3,120,000 shares from 3,480,000 on Thursday.
New York Stock Exchange bond volume was $4,230,000.
American Stock Exchange volume was 1,580,000 shares,
Closing Prices
National Dairy Prod National Steel Corp. Olin Mathieson Owen-linols Glam Pacille Western Oil Parke Davis Co. Penny J. C. Co.
Penn. Salt Co.
Pure Of
Reynolds Retal
Shell Oil Co.
Baint Reg. Paper
40
pot cotton during the past weck.
Crop news
featured reports
of goods process with land pre- paration in Easter belt sections, although field work
19. flowed by recent
的
BI'S
341
139
9
413%
2100
ફ
Humphreys RUDDER
Realty
A. Rubber 1.50 1.59 3639
22.00 23
(TX
Market..
New York, Apr, 2. 7 The No. 1 Rss rubber futures contract today closed 15 to 23′′ points lowe with sales of 98 contracts.
The standard" contract closed 10 10 45 points lower with no sales reported.
Holiday in the London and
Far Eastern continued interest
markets and the
Jack
the
of faqtory local spot market kept market Interest at a low ebb.
Spot No. 1 Res 'shouts were quoted nominally at 31 cerils 1.50 pound. Futures:
No: sa
103
May July Sept. Dec.
31:00-07 20.65-07
3040
29.60
Standard Contrast
will
1000 29.00
Don
rains.
29.70
May July
30.85
30.20
Emphis
Ru. 10,70
Macao Elecirte
28 10.70 Sept.
30.15
Dec.
29.00
good
(Now)
0.60
8,30
18,27
United Fress.
sturt
Rates
reports sald land preparations
are up to date and are in shape with
producers waiting for warin weather
to
pinning The certificated stock held unchanged at 12,173 baits.
ореп
and
Veluma
Interest
24%
werc:
137
Month
Volume
38
Open interesi
Mny
10,000
330,600
July
10,700
290,100
Oct.
110.200
384,300
Dec.
1,000
138,300
4,000
108,100
May
1,000
00,100
July
1,000
00,000
Total
65,700
1,642,100 balea
NEW YORK
United Presa
CHICAGO LARD
FUTURES
Chicago, Apr. 2.
Prices of land futures closed today in cents per lb, as follower
May.... July
Prices of futures closed today
34.400
35.07
SOJAD
32.17
52.20
32.24
52.00
NEW ORLEANS →
Prices of futures closed today
(Old)
Telephone
X All INDUSTRIALS
Cement.....
Поре STORES, ETC.
Dairy Wat COTTONS
Textiles
Nanyang MISCELLANI
Yangiste
Alited
*
22 20
34 4、E0 ! 33}
8.20. 7,40
10.20
500 ji
Mar. May
Exchange
Business was done in the local
market 17:20 300 17.10 unofficial exchange
morning at the following rater: US, dollar (per 1)
5.68 0.18
1250 € 1.00
Sterling notes (per-EX)
Australiay notes (per 41), Indonesian rupiah, (per 100).. 17.30 Siam teal (për 100) Singapore (Straits)
P.OBIE.A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwards *CARTHAGE"
· Leaves Londen Das Hongkong
Balled
In-port
Philip Morris
Procter & Gamble Co
109
Pittsburgh Plote Glass
DI
as follows:
Pubilcker Industrien
433
04
July
8016
October
471
December
Sent
Nav Jun
218
Com, No. 2. yellow
The distnitutionary laken by the Government February were designed mainly to put a brake in Investment so
MONESULFOS
St
1419-142
Miny
In
July
South Puerto Rico Sugar Southern National Gas Southern Railway (Com.) Sterling Drug Co. Stokely-Van Camp. Budebaker Packard Corp. Tido Water Amn. Oil Twenty Century Fok Film U, & Line Co.......... West Va. Pulp & Paper
20/
March
MRY
July
10
B3
as follows:
AR
Spot
Sepi
July
31.48.69
Nov
October
32.10
*
Jan
December
12.20
Rye
March
47.31
May
May
July
July
Oats May
*
0815
SAO PAULO
July
08
*
"CHUSAN"
Boybeans, No. 2, yellow Spot
July
27424-43 2771% 23914-34934 240-245
22,75-73
Aiden Inc. Acy.
September October
19.37 13.60 13.42
Futures closings, in cruzeiros per kilo were as follows:
May
"CORET"
"CANTON"
30.50
*
July
*24814
Allied Mills Inc.
3414
United Press
October
December
American Airline
March
03.40
130-140
American Coble & Radio Corp.
New York flour
200 lb. mark
American Cyanamión Co.
Ain. Mach. &
dry,
$13,70
WINNIPEG PRICES
Am. Sugar Ret.
201 10312
American Tel & Tel
183
NEW YORK COPRA
CAND OIL
American Tob, "B"
0
In
the the United States. average price of 15/18 middling cotton at 14 designated spot markets was 33.54 certa, Sales
Anaconda Copper
30
37
Baldwin-Limo-}am.
lows:
Bendix Aviation Corp.
Oats
Benguet Cons
2
+
May
BI
Bethlehem Strely.
101
*
July
707
Boeing Airplane
771%
Borden (The) Co.
Oct.
75
Burroughs Add Machine
a
Ryc
Care (1) Co.
16
*
*
*'SHILLONG”
In Part
May
1249%
Cat. Tractor
+
July
1214
Celanem Corp.
1834
Oct.
1104
CIT. Financial Corn.
4544
Barley
Coca Cola......
Colgate-Palmolive Co.
New York, Apr. 2. Prices of cottonseed oli. futures closed today in cents per lb, as.
May
1153%
Commercial Credit
follows:
July
100
Commonwealth Elec.
4315
May
17,42
Oct.
EXIS
Continental Où of Del.
July
17,32
+
・
Flaxseed
Crane Co.....
"4135
Sept.
10.00-59
•
May July Oot
405
Crown Zellerbach
Oct.
15.00
3924
Diamond Alkali
DIY
Dec.
15.40
332
Dow Chemicals
4842
Jan.
18.47
Dupont de Nemours
Mar
15.85
30
Esimdo Kodak
0944
Sales 371 contracts. United Prep,
New York, Apr. 2. Foreign exchango rates closed today as follows:
England omcial .:.
2.80 7/10 30-day futures 2.79 2/32 90-day futuren 278 13/16 Argentina
0252 others were unchanged.
London rates were unavail- lable,—United Press.
*
"SUNDA"
Brita deal of con- Nov.
These measures Ume when competition in export markets is becoming increasingly If they denote anything at ali sl and Britain's share of ex- May it is that the Government
panding world trade is declining. 1p-
*Sept pears satisfied at the moment to have caused leave matters are they are while (cern.
Is to meet the Jal keeping
tha Barley dislufka-growing one or two
competition of other
Spot countries shr tionary weapons up their sleeve Exporting
must In case the situation deteriorates modernise
her means of pr again.
duction. But she cannot do this at the rate that is necessary and will at
avoid Inflation while home de mand diverts more and
Winnipeg, Apr, 2 Prices of grain futures closed
The Budget, therefore, neither add nor substract any- thing of great significance.
But a Budget that left taxes mon and materials to production today in cents per bushes as fot
as they were would not be a of durable consumer goods. aign that the Government had It is Government's polity. decided that disinflation had therefore, that "other demands gone far enough. All It would on our resources must be re- mean was the Government were strained to make room for waiting to see the result of the higher rate of home investment measures taken towards the end the growth of Consumera
expenditure must be checked,"
of February,
If these succeed in damping down demand sufficiently to
Held Down
Armeo Steel
West
New York, Apr. 2. Copra was today quoted no- 145 | minally at $151 a short ton, clf 361 Pacific coast; cocoanut oll traded
at 10 cents a pound, Coast.--United Press.
NY Cottonseed Oil
at these centres totalled 11,991 bales.--United Press.
New York Foreign Exchange
10
*
13th April
50th April
38th Mar
23 April
Via Southampton, Port Said, Ađèn, Bombay, Colembo, Penang & Bingapore.
Leaves Dongkong Dae London
Romewards "CARTHAGE" 0th April
**OBUSAN" "CORFU
MUANTON
Vin
49th April
4th May
1st Juno
*
7th May
27th May
4th June
NOTICE
.
divort more rources to the ex-
part trade and Inhibit the rise
of imports no further
Meanwhite, until inflation measures cured investment must be held
will be necessary, But if the de-down to a level which the nation mand should go on rising despite can afford. Measures for various measures taken to re-taken to "bring about a change strain it the Government could in business expectations and a reinforce its disinflationary pro-revision of plans "will not how- gramme at short notice.
ever reduce investment below According to
The main interest of the Last year's level. Economie Survey, however, does the Survey the amount of work not lie in the guarded references already put In hand
is so large to the future but in its exposi- that the rate of expenditure on tion of economic developments Oxed investment is likely to be The Survey appreciably higher than in 1950
έπι
the past year.
"AÏ
sums these up a follows: thoug the world economic situa
25 A a whole more than in 1985.
The Government must
re-
tion WEB favourable to the member. however, that the in- United Kingdom in 1053
the vestment boom roflected business balance of payments was un- expectations that the home de- satisfactory and the gold and and would remain at high dollar reserves fell by over one-level. If businessmen now ex- arth. This external weakness pret that demand to be reduced was the result of home demand semificantly their plans for ex- elsing to the point at which our panding production may bo productive capacity was over-revised rather, more drasticnlly
nad our Imports rose flann Is efther desirable more than our exports. Excess necessary, demand also led to rising prices
strained
at home. Since the forces making for expansion
gre too strong
the Government policy was in-
Restrain Demand
or
creasingly directed to restrain-sufficiently to inhibit imports and
ing the boom,"
Investment Goods
that
To restrain homo demand
encourage exports without checking it. 50 much businessmen are discouraged al- together from pushing ahead This boom was caused by too tion is the real risk facing to the with their plans for moderais- much demand of every descrip- British
Government ta
Lion but especially for invest-London Express Service. ment goods.
milton or even and a half per NEW YORK METAL
The industry invested £1831
cent more than last year than
in 1934 in new buildings' plant
and machinery and other means
of production. Comparing tast
year with 1054 (at constant
Wheat, No. 3, 1941⁄2 cente; No. 3. 132 cents-United PreIE.
REMOVAL
JARDINE, MATHESON, & CO., LTD.
As from Tuesday, 3rd April, 1950, the address and telephone numbers of the Company's Departments will be as follows:-
ALEXANDRA HOUSE
Lunch Time, Night & Holiday Service:-
Passenger Bookings & Enquiries
5. Des Voeux Road, Central Peninsula, Hotel
Alexandra House (cont'd) · Room No.
SHIPPING DEPARTMENT Chinese_Shipping Dept. Ocean Freight Desk General Enquiries
(ALL Depts, as under)
AIRWAYS DEPT.
Import Cargo, Kowloon
Station Supt.. Kowloon
1056.
Room No.
220/220 ACCOUNTS DEPT."
30311
Arcade
*
(Day & Night)
Australia China Line
20/20
Marine Supt.'s Office
10/17
Engineer Supt.'s Omice
(Day & Night do
(Day & Night) do
20311 G3311
Cables
215/217 TEA, DEPARTMENT
} 04001 60181
14/16, PEDDER STREET
Cash Desk (Chinese Cashier) (Day & Night) 21017 233/235 CHINA PRODUCE DEPT.
20310
COMPANY SECRETARY ........., (Day & Night). 27401 CORRESPONDENCE OFFICE
280/232 COTTON & FIBRE DEFTA DNIA
(ALL Depts, as under)
38081
- Lunch Time, Night & Holiday Service:----
IMPORT DEPT. (moving from 18 Pedder Street to 14/18) (Fodder Street on Saturday, 7th April)
FUTURES
+
133 141
Management
16315
(Day & Night)'
New York, Apr. 2. Prices of motal futuros closed
130/140. DIRECTONS
30310
Metals & Chemicals Section Pharmaceuticals
do
do.
phy
prices) now bulking for dustry today in cents per lb. ne follows:
and business rose 12 per cent but investment in new plant and
machinery pose more sharply-by
14
pier
cent.
Between 1931 and 1988,
the survey, the Incrosse in The
vestment was traniny -per bosat
it le only alwon' 1053 * -that-in- | availokie-United Press.
Clove Baction ..........
do
7481
Lead
May
П
April April
10.BOB,
18.500
May
24.00b
7 GENERAL TRADING DEFT.
HONG KONG TEXTILE DEPT.) HONG KONG PRODUCTS DEFT."
27850.
Geigy Trading Co., Basle
Mr. Chan Woon Cheung)
KeyKem Kwong Chai
(Day & Night), 3401£
INSURANCE. DEPARTME
zing.
April
12.300
(Day & Night): RENSÖ
THE JARDINE ENGINEERING CORPN, LTD.
MAY
Copper April
PROPERTY DEPARTMENT. SHARE TRANSFER OFFICE
20317
› Costor Radar Sacvide
London malal
prices, wer
*
*
*
*
Singapore, Penang, Port Bald & London,
2nd July
Colombo, Bombay, Aden, Also call MARSEILLES.
FREIGHT SERVICE
for Apore. P. Swatten. ham, Penang, Aden, Port Stald. Ilavre, London, Hamburg, Rot- terdam & Antwerp Joads 14th Apr. for S'pore, P. Swetten- Junut, Penang Aden, Port Sald, Alexandria, Marcellier, Gonca,
London. Ilam-
Rotterdam&c.
Havre,
BUTE
Antwerp
With Eberty to call at Belawan bezire 'or after Straits Ports and at Bombay if inducement offers. `Tanka available for carriaga of eli in bulk. Space for refrigerated cargo. Limited Passenger Accommodation.
· BRITISH INDIA S.N. CO., LTD.
1350 A HUNDRED YEARS - OF SERVICE - 1950
from Calcutta *SANTHIA" dus 3rd Apr.
sila 4th Apr. for Japan “FULTALA” falls 18th Apr.
for Singapore Pang Rangoon, Calcutta
Chittagong
“SANTHIA" Jails 23rd Apr. for Singapore, Penang,
Rangoon & Calculta
P. & 0./B. 1, JOINT SERVICE
"URLANA"
due 02 Apr.
from Korachi & Bombay xalis 10th Apr. for Japan
"SUBADAR” salia 18th Apr. for Singapore, Medias.
"TTEIA"
"ITAURA”
due 17th Apr.
salis 28111-Apr.
Colombo & BOMBAY
from Japan Joe B'pore,
BONDAY, Karachi, Basrah. Khor- ramshahr & Kuwait from_ Bombay de Karmóti Baile 19th Apr,."Ene JapaES**/
due 20th Apr
EASTERN & AUSTRALIAN S.S, CO., LTD.. “NANKIN". 1994# 16th Apr. for Bandakan, Rabaul,
Brisbane, Bydney. Mələ #bourne)- G •SIDAE)
Adelaide
All vessels have -Xhardy to- caấl; xà‚any”ports an or off the route: ái, thà route di salling -are-nabinetry to change er uzmendiant with or wilkent, notes,
Fur trail particulue, apply to MACKINNON, MACKENZE & CA OF HONG RAND AID.
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