1956-04-16 — Page 9

THE CHINA MAIL, MONDAY, APRIL 16, 1956.

TRADE and

COMMERCE

S. AFRICA'S US BUSINESSMEN

WOOL CLIP THREATENED

Durban, Apr, 15.

South Africa's wool clip, valued at about £60,000,000 annually, is threatoned by n comparatively

weed

now

which produces a small burr not more than a quarter-if- an-inch square.

An

This burr, the seed-entrier of the Ane-bristles! brgrass (chenchrus vildas)

ruini wool if it gets into the neces

Other South African burra can be removed in the wisdi and cleaning processes, but but- Krass is extremely difficult, of not imposible, to clean out of Beece,

AL

MAY BE CARRIED

prezent buigrass is com Aned to Durban,

agricul- 10! turleta

foor that it May be i carried by its burt, they parts of Natal and eventually

all over the country.

The gears by believed to have been

South i introduerd Inter Africa when a trump steamer ducked in Durban in 1940.--- China Mail Spreint.

The Bank Of England:

Statement

Note in circulation

Public deposita

Sterling

LAST WEEK

BEARISH

Fears Government Would Raise

Bank Rediscount Rate

By JOHN MORKA

New York, Apr. 15.

Despite some good news last week, the mood of American businessmen and investors showed more bearish- ness than bullishness. The following developments were given: 1. The biggest ohe-day loss in the Dow-Jones industrial index, dating back to last October;

2. A continued lag in auto sales and reports of sporadic layoffs in the auto party industry;

3.

New warnings of inflation;

4. Peak gasoline sales coupled with expectations of a price hike in crude;

5. Concern over a steel strike this summer, along with prospects of a steel price rise.

6. Continued tightness in money and fears that the U.S. government might raise the rediscount rate in order to take the pressure off banks funds.

Aft

1830.103.15% Icema

14.06.080

hitting nyAN

#

in the

?

HONGKONG STOCK EXCHANGE

(From Our Correspondent)

Business 'done on the Hong- kong Stock Exchange this morning amounted 1 op

Noon

proximately $320,000.. quotations and the morning'a transactions:

SHARES BUYERS BELLERS BALES

DANKS

JK Bpk... East. Agla INSURANCES

Union SHIPPING'

221

002

Waterboat... 19

DOCKS, ETC.

K. Whart XD. 74 Dock

1003 20 1600

37 Provident (0) 13,60 13.70

....40 15 4700

Wheelock

LAND, ETC.

HK Hotel

IK Land.. Humphreys RUBBER

A. Rubber UTILITIES

13.40

1

0.40

13 70 13.00 2000

01 0 120

A23

1300 1,59

Tram........ 223 22.00 Y'mati

Forry 100 101

C Light (0) 22.20 22.40 200 or 22.40 2000 23.30 Light (N) 10,70 Berira .... 20.00 70.80 300 30

Bunu

128.00 11. 2010) Kts 10.70 18 PO 2310 e 18.BO Macau Elec,

(0)

Sun, 0.0

10

INT

8.60

Telephone INDUSTRIALS

2345

Its

12-

Cement

3334

14 0 4

Dairy

Watson

15 70 19.90 1500 15

....11.10 1.30

34

L.. Crawford

COTTONS

On the positive side: A pick- Experts, however, emphasise cest in 1965. Meanwhile, orders up an employment, reversing the" that he market was due for still continued to outpace supply seasonal frend; contimated high some kind

Steel scrap prices are moving of corrective action level of expenditures for plant-after months of improvement to up, as American milis compete London, Apr. 15 evastruelina; record steel pro- ; new peaks

with foreign buyers for this vital

American ingredient The Bank of England state-durtion during flest quarter 1950'

They ment for the week ended Aped and a rise in persial mexne

unticipate that

wners camplain that the foreignTOREN, ER neur-ferm the market will con-heavy demand for scrap in th 11, reads as follows: -

highs tinue to have its ups and downs, U.S. market, has caused an un- WETK the Dow Jones They abo see that there will be usually big rbe in serap prices. industrial index

a erective general market for They demand export controls. 303,743,376

suffered 272,206,620 | Widest one-day break smce the month ahead. Many hist

41169rtaber

in Tuesday's well-vit that the favourable 17218453 dipped 848 points, with the the geconomy outweigh the many

blagest lovetes tumig the sunsolved problems which called blue-clips. Royal Dutch, tinue to present themselves.

2M kown

the $40% had wittest loss in the list of the 10 most active issues for the day Other hosses were in the range

Private debORIES

Government securlhes

Other securities Receipts Ratlo

-United! Prem

The Bank Of France Statement

Paris, Apr. 15.

The Bank of France statement for the week ended April 5,

reads as follows:

Tulat gold holdings Total other currencies Sight balance abusad

in EPU

Advance to Stabilisa-

Francs

301,204, 2.431

jt

alone to three points

Factors Blamed

to raise

aspects of

Warning

The House Banking and Currency

Committee

in

the

ex-

The fact that bond yields are U.S. approved a two-year becoming inoru competitive tousion of the 1949 Export Con- appeared to] trol Act last week. But it warn- with stork yields

† worry rome expert observers last ed the Commerce Department week There is some specula- to find some means of slowing Dort that the recent netten of down the drain on America

Government bonds In on and steel scrap supplies. experiencing

61 sharp

of

decline The Committer

Textile Corp 8.25 5.33 Nanyang... 314 MISCELLANEOUS

Yangiszó

IIK. & F.E.

Invrat....

060

11.30 200 11 10

Singapore Stock Market

Singapore, Apr. 16. Brokers today quoted the fol- did not rỤCOM-

~M" | Zowing stock prices:

Businessmen and marke!

ex- through the lows of last August mend complete export con-

the Federal Re-trol as it explained that a com-Batu Lintang Rubber Co. Ltd, perty blamed number of might prompt

erve Board to mire the redis-plete control on exports would! Bril Borneo Petroleum factors by the day's zelkoff

Syndicate 17,534.300,372 These included increased tension runt rate in order to ease the be "too disruptive of our inter- Consalidated Tu Smelters

available funds. A national relations" - United the Middle East; increased stram n 170,235,000,000 || 111|

volume stock welling

private cash in substantial 42,700,000,000 order to meet income tax com-

corporate financing announced Total bills discounted E383,043,072,100 | 145

in mituents on April 15: forecast of

recent weeks appears to have Bank notes la circulus

been responsible for the drop. ZFTIN,472,060,030 | decreased Brst-quarter earnings tion

The rise of discount rates and by Dupont de Nemours, unte of

America's industrial giants.

interest rates would make new corporate Anancing more ex- pensive

restrict

ttoos Fend

Current deposits and

current accounts

150,251,9636,1022 -United Fres

COTTON FUTURES

EXPERIENCE NERVOUS WEEK

By William T. Plunkett

New York, Apr. 15.

Cotton futures climaxed a week of nervous fluctuations with a sharp reaction on Friday.

New crop deliveries became the target for general selling when traders became increasingly confused when trying to anticipate the ultimate fate of the farm bill.

At Friday's close the list ruled 8 points higher to 29 points lower, or up, 40 cents to down $1.45 a bale, compared with the preceding week.

Farm Bill

The question of whether the farm measure will be signed, or vetoed left the trade in

1

and possibly

| Corporate financing.

Elsewhere

SECTION

WEST GERMANY. BOOSTS STEEL

PRODUCTION

New York, Apr. 15. West Germany boorted steel production last year by 4 million tons to more than 21 million tons to become the third largent steel producer In the world. 4 German in- dustralist sald today.

Dr T. W. Stebert, direc. tor of one of Germany's blagest steel firms, said that despite the industry's miraculous rise from tho rubble of the last

war, steel demand is such that West Germany still has to import the vital metal.

Dr Siebert noted in A report released here that German manufacturers have hichd the line

stock prices even though manu- facturers have · to Import coa)

and have granted several wage increases.

Underscoring Germany's epio recovery, Dr Slebert Aall his company had in- creased sales from about $101.5 million in 1948 to

million nearly $300

lost year!

The German magnate sala kis dra han established a wholly-owned subsidiary Canadian Western Pipe Mills 140, in Canada and a partly-owned subsidiary, the Alberta Phoenix Tubo

Pipe Ltd.. also In Canada --United Press.

*

South American

Issues On

London Market

WEEKS

WAITS

FOR TOKYO STATEMENT

Washington, Apr. 15.

Secretary of Commerce Mr. Sinclair Weeks reserved definite comment today on remarks, said to have been made in Japan by a United States Commerce Department official concerning United States imports of Japanese textiles.

According to a report's question at a news conference Eugene Braderman, director of the Far Eastern Division, Bureau of Foreign Commerce, had been quoted, to the effect that there is increased room in the United States for Japan's textiles. The reporter asked Mr Weeks' opinion.

He

Mr Weeks replied that he is waiting for a complete report of whol Mr Braderman said. sold he understood 30 pre- luminary

information that Mr Braderman's remarks were originally published in a Japon- ese language

and newspaper, later translated back into Eng- Hish. He suggested that the Anal report may not have conformed to the original remarks,

Boycott

Mr Weeks said, "I am sure his

London Stock

Market Review

By C. T. Hallinan

London, Apr. 15. Pension funds and other institutional buyers of securities.

general intention was to discuss stock exchange the question on a constructive | continued last week their basis, and to urge the Japanese methodi purchasing."

not to flood the United States They strange pheno- market with cheap goods, but

menon, on present to consider speelm lines, and a stantial sed entirely

OD.

war development,

SUU a post-

They know

the blue chip

want to buy

buy

Mr Weeks had no comment very precisely on reports of a South Carolina

industrials they boycott against

Japanese an

why they want to such them. And they pay no attention

textiles, lic sald that

movement

and stopped.

had started in to the outeries about "inftition" several states, but he thought it and "crodit squeezes" and a "harsh budget" It is unquCK= ionably their buying which last on week ifted the industrial simro index 14 points to 184.3, high-

A reporter then asked whether

voluntary

curba to the United States are proving effective.

est in the past nine weeks.

Mr Weeks replied, #1 don't

Turning to the stocks them- think from the statistics I have selves we find moderate rlses London, Apr. 15. seen that they (the voluntary not usually exceeding a chilling

have yet Brazilian

had a real mixed In with Royal Dutch Government curbs)

chance to prove how effective falling 30 shillings, Burmah Oli issues had been completely they are."

nearly 3 shillings and Anglo- idle and unchanged last

Egyptian "B" up 2

3 shillings week, while Chilean issues Jap Competition.

Gold shares were down. pence. from 1 shilling to 4 shillings and were fairly idle.

He said that Japan increased Coppers were easier.

Foreign' bond's were strong, utility exports The only change in

to the German of velveteens

Young Loan bords was in Pernambuco which United States last year, getting assented jumped 3 sterling arid

marked

He the 34 to 43% 7 per cent of the market.

1: Dawes, the assented

both sterling. Industrials were fairly said that Imports of Japan cloth variaties, gained about 2 sterk kle. Rio Flour Milling rose 1 last year were about 200,000,000 ng 49 did Potash

yards compared to total United Japanese 1910s and 1924s both shilling pence to 35 shillings, States production of about 11, rose 21⁄2 starling. The 1930s 2 highest since the end of January, 1000,000,000 and United Stoles sterling while others gained from this year. Sao Paulo Improve exports of between 440 and 500 % to 1%.-United Press. ment was marked up 6 pence million.

Opening

$1,00

Ord...

40/03

27/ed

Press

*

The increase of Y rate was later confrmed,

discount

Hongkong & Shanghat Bank

Fraser & Nehve Lid. Ord Fraser & Neave Lid. 7500

cun pret.

ing Corp. p.

Hongkong Tin Lid.

Kempas Ltd. ...

81,07xd

15.30

SAND

$1.02

Was

Lunas Rubber Estates Lid Malayan Breweries

0,77

83.23

New Serandah Rubber Co.

Ltd.

Petaling Tin Lid.

$1,70 $3.04

Business was done In the unofficial exchange

innrket morning at the following rates: US. dollar per $1)........... Sterling notes (per Ri) Australan notes (per Indonesian rupiah (per 100) Stain teal (per 1001 Singapore (Stalls)

local

Res Hotel

$235

this

Singapore Cold Storaste

$1.47

South British Insurance Co.

B.M

Ltd.

$21.00

15.33

Straits Tradi

$20.50

1)

(2.54

Stra: Steamship

$11.60

1.20 United Engineers Ord.

$0.10

$2,00

-China

Elsewhere, Du Pont, nouncing increases In Is pro- posed plant expenditures this year, disclosed that its first quarter camings from opera- tions would probably be belon the corresponding three months of 1955,

However, Income from

its holdings in General Motors should probably bring its over- all earnings in line with 1955, it said. No figures were available, The 1950 first quarter drop was due to price reduction in textile fibres.

The U.S. oil industry is ripc with demands for an increase I the price ot crude to offset rising costs of drilling and ex-

ploration. A. P. King, Jr., Presi- dent of the Texas Independent Royalty suggested a rive up to 00 cents barrel from the prevalling

Petroleum Producers and Owners Associallon,

а

price.

Exchange Rates

20.20 Wearne Brus

1.83

New York

ina Mail Special.

Market

Sell-Off Sharpest

Since January 20

By Joseph Michalski

New York, Apr. 15.

Prices on the New York Stock Exchange slumped sharply last week. The sell-off, on a weekly basis, was the sharpest since the week ended Jan. Gasoline stocks are now in the 20. Industrial shares met the brunt of the selling.

or 20 million awaiting on the news neighbourhood

The rails, however, managed to finish the week 12 million probarrels about mized cut-rate collon ex- this time

year ago. The around their previous close. Utilities were down Expectations seasonal demand for gasoline is were that an announcement expected to get underway later slightly.

t:me of

the

port

govemment's

programme.

over

this month, when demand is may be made on that score next

a record dally week, or after the President has expected to hit acted on the farm bill.

on

Steel High

shares

. While the farra bill held the facturers Institute told governs industry is not altogethat taking was

ing

cluded w

up

to 12 shillings 3 pence, highest since July, 1953. Others were unchanged.

re-

Ho referred to Japanese com-

in special lines, petition

ns velveteens, blouses,

wastes and gingham.United Press.

London Foreign Exchange

In the Chilean Issues. Anto- fagasta Preference fell 11⁄2 and the ordinary 14 points to 52 sterling and 181⁄2 sterling, spectively, due to the disclosure that only one year's armoars of

New York preference dividend are being Montreal

Amsterdam pold.

Brummels Paria

weeks.

08

Anglo-Lautaro held firm all Stockholm

and finally closed 2 Zurich shillings 6 pence higher at shillings 0 pence, highest since March, 1952. Others were un- changed.

Chilean Gavernment stocka rose 4 to 371⁄2 sterling.--United Press.

1

JAPANESE

TEXTILES

CHARGES

are

.

Many factors contributed to the sell-off. The average of almost 3,800,000 growing tensions in the Middle East was one barrels daily, or about 200,000 excuse. The tightening of money rates was An originally outlined on Feb. 28, the government-owned sur barrels more than last year.

another. However, as one expert pointed out, they plus would be sold in world'

Washington, Apr. 15. markets at competitive prices.

were excuses and not reasons for the seal-off."

Charges that imports of quandary and brought a pool Trade leaders have raised ob of liquidation orders, along with Jections to permitting cotton

Others felt that the list was the market, On Friday, bow- Japanese textiles injuring But some big all man-A. I

Americm market ignored this the

manufacturing hedge selling, decided to cure taken from the government stock Nickerson, President of Secony way over-due for a sharp down-ever, the

Industry are simultaneously decided to curb being

staging a

basdless and tendered

ward movement. futures Mobil Oil Co-does not see a

Prices have news with prices

"mighary," according to activity

sharply modest recovery. further contract. pending

been moving up. price rise this year. He says the recently, developments.

pushing Industrial Chemical shares were hit the publication released today by the The American Cotton Matu-supply-demand situation

for Improved all-time

United Du Pont Council to now

High hardest on the week. not yet justify a price rise. The peaks.

some pront

with a was the ligga;d here spotlight of

Statex-Japanese Relations. attention, other ment

As a result, representatives equally influential factors hold privilege would result to a agreed about the wisdom of

in order. Despite lors of 734 pints to $227 1⁄2-

The Couricil, which is spod Atlantic Coast Line accounted most of the adverse news last market interest in-

great deal of short time, and price-riso. While some fer, that week, the future appears highly for a part of the gain shown in sored by the Japanese Chamber I Uncertainty over other unwanted cotton, being a price rise might spur drilling

the rail average on the week. of Commerce of New York, sald export pro- tengered_on_futures contract, and expansion,

Forecasts currently others insist Optimiallo. for surplus coiton; 2. and would create new problems that the pressure of low-priced at first quarter earnings reports. It closed on Friday at $51%, that US. cotton manufacturing interests are seeking to mis- Krdelayed announcement | for the milks.

foreign cll make it inadvisable are going to be highly favour up 5% points.

lend "American Publie opinion by nblo. to anise prices this year.

With most major indus- Metals moved irregularly.

"massive and well-financed" The oil shares had losses prepagatida campaign aimed tries operating in high gear The steel industry meanwhile the first quarter results should ranging to more than 2 points. curtailing imports of Júpanese continues

to operate in high be better than the same period Houston Oll, however, gained faxties. Pending an announcement on gear March production, totalled last year, some Wall Streat 27% points to $181. Die interim loan rate for the 10,921,000 tons, highest for any

Toxies Co. apal Standard Oil During each month of 1985, Bwitching between old and 1880 grep, statisticians calculat, mouth in history. There were

of California were down more US productions of cotton and crop deliveries by com- ella poselble loan area ragging reports of buying for Inventory

han 2 points each.

related fabriosoltained a muchi minion houses and trale from 31.50 to 35,20 conte a buildup on Wall Street anticipa

Motor shires, moved down». higher level, than in the corra- Interests accounted for

good pound for midding one-inch, ton of a possible strike in July

Ford which unished the week counell saldThis continued to under the leadership of sponding month of 1934. the Nearby port of the turnover.

based on varying parity per should ho Jcbour July met an intermittent des centages and the old and new tion fall through According to most of its selling on Tiheday with a load of 15% points to 807. be true ri the last six months mand attracted by its discount parity "formulné,

the Wall Street Journal, to 10 Rumour what the derbi | Of the 1,450jimura fraded in when imports were supposedly per cent of stool shipments Are Reserve Board was going to 609 seen nii hed, the week wreaking havoc on the domestic said to be going into, inventory, ratte the rediscount rate, con- lower): 414 tiododh higher, -147 | Industry "" the Council, sald compared with lam thun. I per armed late. Thursday,, unsettled | Zold unetianged. - United Press. | United Prem,

the government's

The

on the Interim loan rate for the now, crop; 3. The slow down

in lextile market activity with

a rosultant drop In mill 'demand'

for spot cotton.

Trow

Loan Rate

of 21% cents' a pound 'under, the This wide range town poes

spot May delivery. Next to tho' | bitities also neted to hinder new

traders marked market interest United Press

nerotid

quarters are predicting.

Chemicals Hit

Last week; tho maridet met

7

NEW YORK

COTTON EXPORTS

non-

percent.

New York, Apr. 15. Raw cotton exports by de- stination as reported in bales, by the New York, Cotton Exchange for 1955-56 season as to April 10 were as followst

Continent

Orient Consda

London, Apr. 15.

2.50-13/10-280-15/10 Britain 2.60-3/10-2.80-3/20 10.0415-10.04 130075-130,7216 903-06014 14.0490-24.5431⁄2 12.264-12.20

-United Press.

Total for season" Same period last year*

excluding inters

12,000

137,300

-United, Press.

TYPHOON MAP

with revised codes in force as from

1st April, 1956.

$500 MOUNTED $400 UNMOUNTE

South China Morning Post Ltd.

HONG KONG & KOWLOON