1956-04-23 — Page 9

BREMEN

COTTON EXCHANGE

Bremen, Apr. 22.

Members of the Bremen "Baumwollboerse," which

handles German cotton im- porta, called today for re- opening of the Bremen Cotton Exchange.

In a note 19 the Federal Economic Muster, Prof Lud-

1 kont wig Erhardi,

gonisers recalled that beft the i war cutten exchanges functions | ed in Laverpool, Le Havre and Breman. Cmily The Laveryond market haul reopened, In 1854. and German traders wanted the peatcation of their own voliten futures market

TRADE

THE CHINA MAIL, MONDAY, APRIL 23, 1956,

and

COMMERCE

SECTION

Page

US ECONOMY HOLDS FIRM HONGKONG Farm Legislation

First Quarter

Corporate

Earnings Supports Evidence Of Boom

By JOHN MORKA

India Imports Japanese Locomotives

New Delhi, Apr, 22. Minister of Railways Lal Bahadur Shastri today in- formed Parliament that India will Import locomo- tives and electric coaches from Japan.

He said an agreement, had been reached with a Japaneso Mr. Shastri said the arm. Japanese government had also offered India to help them manufacture electric coaches.

a 'Calcutta and Company to electric

some

New York, Apr. 22. A wave of brilliant first quarter corporate earnings reports supported by new statistical evidences of the U.S. boom helped impart a firm tone to the U.S. economy last week.

There

was still some concern over the threat of Meanwhile, the Indian govern- inflation, however, money was tight and the bond marketment has entrusted

Arm Jessop was depressed, after the fifth round of increases in the manufacture

coaches, interest rate the week before. The auto industry still showed no definite progress in its months-long effort to whittle down placed with a Japanese firm.

needs And stock market prices con- coaches inaediately to electrify record stocks of unsold cars. wortel

tinued to churn indecisively last week toward the downside- following. the pattern the week before when Middle East tensions helped depress investor sentiment.

At present, they saİ, they could not hedge supuned changes on the New York Colin Ex- change. which Openis several bours after the start of basiness hrre

Reopendor of the firemen ex - i change. The mole Baist benefi

and

Germany Weat European Text

Industries. since it would more accurately i reflect conditions

bere

could be done by the New York or Liverpool exchanges. Prices arrived it here would give the i textile industry

ant abeller more stable basis on which to plan future produvilon .-- United Irena,

The Bank Of France

Statement

But despite these uncertian-than

$2,000,000,000

Hew in the economie picture last construction this year. week, busine men wore for the most part bullish,

Thus there for new ventor to clean up.

nuy be a tendency for buyers to bold of.

J.

בנה

With demand at peale, the Aluminium Co. of America

There were two reassuring re- ta ported plann

bulid ports on the level of inventories Some of Amerien's industrial$80,000,000 prinuary

inst week. lumiitalasa glante had a hand in shaping production plant. sentiment Jast week. reporting

sules, net profita und Incomes Doubled

gales in many cases.

Paris, Apr. 22. The Bank of France stale-Order ment for the week ended April 12. reads as follows-

Frater Total giu hot 301 204,32,24O Total alher curren

Bytes

Sight balance abroad

In eru

Advance to stabibiza.

tion Fund

Heated

France & abroad Bank notes 10 14-

Quintion

Current necounts and

deponita

17.530,004,75!

178,234,000,000

187,200,000,000 1,334,948,717273

2,864,404,837,115

147,144,084,07 -United C

The Bank Of England

Statement

Landan. Apr 2!! The Bank of England states ment for the week ended, April 18, reads as follows

Note in circulatin

Pubile depot

Private deposits Government securitie Other secretilen Receipts

Ratiu

Sterling 1,842,075,421 25,802,742 201,755,200 201,010,023 40.502,707 35,282,947 12 0

Tinted

Standard & Poors,

for example, finds the problem "is less acute than is commonly believed, even though total in- ventories have risen by billon In the past year."

0.2

months were up 14 per cent,"gross national product not income was five per cent en increasing since higher

middle of 1654, averaged out at a billion

How's businesél

And the government announced Genoral Elvelric, for example, that America's booming economy

At the end of February, the reports it never had it so good, tumed out goods and services ralto of inventories was almost

for the

that with company'snt a record rates during the first identical

1 year. 200,000-ode proficia WEST 30

as at earlier, for sales have fully quarter of 1950. Output was at per cent greater thùn in the pre- rate of 309,000 million, some matched the rise in stocks. vious high, get in first quarter

above the last three Inventory buildup has been 1.7 billion 1055. Sales in the first three

months of 1055

The so-called heavy in auto and related lines. elsewhere the inventory haa but the necumulation has been "relative- Last year itly foderate," the agency said.

Key Ratio

Sales Increase

Carbide

andl

ไฟ Union Carbon Corporation reported sales increase of iù per cent in the first quarter compared to a year earlier, net income rose 28 per cent,

record 387.2

Prentice-Hall,

well-known

An order for manufacture of similar coaches has also been

The government

the

the Calcutta suburban railways as a part of its second five-year

Programme-United Press.

JAPANESE. STEEL TO INDIA

New Delhi, Apr. 22.

steelmakers have

Japanese

ed to reopen bargaining with lesdin for the sole of half a million it was learned tons of steel here Lodny.

The steelmakers are expected here next month.

Negotiations broke down last June when the Japanese fused to accept terms offered by the Indian government.

A Japanese Embassy spokes- mon sald the fresh Japanest gesture was occasioned by "the

re-

changed world situation follow- Ing the Geneva spirit and re- cent Soviet moves to relax ten- alon."-United Press.

US RAW COTTON

$

EXPORTS

001.002

760.778

2,794,651

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Rong- kong Stack Exchange this morn.. ing amounted to approximately $530,000. Noon queletions and the morning's transactions: BARES BUYERS BELLENS, BALES 1000 2018

DANKS

HK Bank East Asia

INSURANCES

Union Lombard BHIPPING

....

220

DOO 003

601

GO

Waterboat

10%

DOCKS, ETC,“

K. Whart

XD

7015

100 Gr

Dock

2011 3716 600

Provident (b) 13.00 Wheelock

5.70 0.73 1000 5000

8.00 3.70

13.00

14 500

1500 G 14

100 & 02

LAND, ETC."

HK Hotel

TIK Lond

Humphreys UTILITIES

Tram

22.00

Upsets Cotton Futures Market

By William T. Plunkett

New York, Apr. 22. Cotton futures last week ruled alternatively steady and unsettled as traders swayed with the changing com- plexion of Washington news dealing with farm legislation.

At Friday's close the list ruled 35 points lower to 45 points higher or off $1.75 to up $2.25 a bale, compared with the preceding week.

Following the Presidential velo

of the farm bill, prices futter- 13.00ed incertainly as the market ran into a new sot of uncertain- tles growing out of the govern- 100 mi 6216 175 100 17.40ment's programme for sale

23

800 4 22.80 the raw colton surplus in world 800 6 23.00 markets at competitive prices.

Some disappointment also was expressed at the parity support rate of 82% per cont. C. Light (0) 2245 23.10 1000 or 22.30 set for the 1850 crop en nidal- C. Light (NF 19.00 20.40 300 19.00 ing inch cotton. This would

22.00 500 22.90

Star Ferry 130 Youmati Ferry 102

Agure out to around 324 cents 800 30.50 pound for middling one-Inch 1500 ( 31 cution. Some quarters recently

33.25 thought the gure

would be nearer to the 33 cents mark, 100 1.20 300919

Surplus Bids

1433

220

4)

20

Electric

31 311

Bonus

R

เค

20.70 30% 12.80 20.20

500

Macao

Elec XD Telephone

R

2.50 23

000 23.30 12.30 12.70 3010 12.30 200 of 12.40

INDUSTRIALS

Cement .......... 341 343% 300 34 500 34 Metal Induct 1.75 1.85 400 a 1.50 STORES, ETC.

1035 0.70 2750 m 16 Dairy XD

600 or 10.10 Watson ..... 10.00 11.20 10111 COTTONS

Textile Corp. 3.40 1000 $.40

Nanyang MISCELLANEOUS

Yangtzo Allled

2003 15 845

7,00

1

1500

5.16 5.30

FOREIGN

SHIPPING MONOPOLY

Washington, Apr. 22. The US. Chamber of Commerce tokl Congress last week that further re- duction in cargoes carried by U.S. vessels would pro- But other quarters pointed mote 8 foreign shipping out that the rate

for one-lach monopoly. cotton was just a little more than 2 cents a pound under the rate for the current crop for Vice President

G. Ward, assistant the same grade. and compared and Transportation of the Olin- for Purchasing with a three-cent drop original Mathieson Chemical Corp., New ly indicated, during debate on York, the form bil, as desirable

by views the Secretary of Agriculture Mr Subcommittee.

Benson,

Donald

presented

the farmers' to a Senate Commerce

Д

Moreover, the Department of

The group is considering 6.00 Agriculture figured that If the bill to exempt

surplus. farm quality of the crop equals the commodities from a law which average of last year, the suprequires 50 per cent of gover"

AUSTRALIAN BLUE ASBESTOS LTD.

Aus-

pot price will average 88.4 per ment financed cargoes to move

cents

First bits for the government surplus stocks will be received On April 24.

to

added

cent of parity.

by American ships. The Cham- Moreover, if the parity rate ber of Commerce, estimates that shows an increase in the July the government is presently Sydney, Apr. 22. Contract for purchase of report, when the final loan rate financing about 1.5 billion worth On the International level,

$3,000,000 worth ol west will be determined, the interim of surplus crop shipments Eugene R. Black, president of

rate of around 321⁄4 New York, Apr. 22. Australian asbestos from

foreign nations. the

Bank International

for

Raw cotton Reconstruction

exports analysts, find that the key ratio destination as reported in bales alghed here last Friday by

by tralian Blue Asbestos Ltd., was pound would be raised propor- and Develop

Mr Ward said American lag A tionately.

vessels now carry a "dangerous predicted that national continue generally below those

York Cotton Ex-R. Fisher,

low" percentage of all Ameri President of Johns incomes

af a year ago. in the United States

Big exception, it by the New

of New York, and Europe would be doubled in

change for the 1985-86 season Manville Corp., bled in reports, is in retall hard goods.

can exports about 20 to 23.per 19 to April 20, were

for cara-

The contruct stocks of unmold Hugo

cent. Under the provided He about 20 years.

The Census Bureau forecast

proposed Industrial

follow**

reported some 900,000 have pushed train

purchase of 7,000 tons annually in varying the

of raw axemption, he said the percent- Growth

for the ratlu

Frext for all parts of the

Inventories to Continent

five years of Witte domestle comsumption

cotton during March totalled age would be still smaller. noon mines production.

916,398 bales.

would The figure came That, Mr. Ward said. Blue Asbestos formerly sup-about 10,000 world. In Latin America, the monthly sales above the post-Orient prospects for

Canada Korcan

But average of 2.03.

bales, ahead of have a "serious effect" on the son were "very substantial"

Total for season" Industrial expan-

Johns Manville even here.

plied it notes, the ratio same period last years

from trade expectations arid South Africa.-United Press.

of an adequate com- maintenance

"marine. He Ala,

countries notably well below the post-Korcon excluding linters-United Press.

pared with 760,680 bales used merchant xa and

high of 2.41. Japan-which

There was rise in manufac on orderly fition moving ahead in

turers ratios notably hard anci pil producing countries, stand the best changes code, from 1.98 as of January i to 1.00 on March 1, 1956--but for increasing output. And this past week saw an-

this partly reflects bigger prices Thus, the wealth of favourable hikes in raw materials than in nouncement of the largest single

developmento #d much to corporate expansion pro-bolster. your

finished goods and partly steel investor U.S.

and hedge buying. gramine in history. The Inter-

business

last week. psychology national Telephone and Tele

Wall Street obstavērs

The agency notes that rising trends ip tinued bullish last week desplio | Keny

manufactuers' th ***ventories

ure still continuing. the market's easier trend. Emphacis is being placed by the They would be more serious, it experts on the markel's con-adds, if the new order picture Unued selectivity.

While there were

Jones & Laughlin, No. 4 pro- ducer of steel in the U.5., set a host of new marks, rolling up highs for net income sales out pul, Reynolds Metals boosted its net by 58 per cent Sales were up 21 per cent for the the quarter.

All the evidence thus points to the establishment of another high in uggregate profits,

M graph Co. has earmarked more

WALL STREET STOCKS

IRREGULAR

By Elmer Walzer

New York, Apri Stocks moved irregularly in

week with volume at the lightest

since Feb. 17.

are

con-

is some concern in the market's failure to rally at some slages, it is felt

felt generally that the influx

noting:

not

BO

satisfactory.

Full Books

LONDON STOCKS

BOUND UPWARD

By C. T. Hallinan

Bureau

In February and 893,238 bales that it would move us further consumed in March last year, toward a monopoly of foreign The New York Cotton Ex-shipping of the transport of star change Service

est-foreign trade."United Press. mated exports of US cotton for this sensen will not top 1,000,000 bales compared with 3,440,000 boles shipped last

United Press.

SCASON.----

London Foreign

Exchange

London, Apr. 22. Stock markets bounded upward this past week as soon as Mr Macmillan's budget moved New York

Montrest fully in the view of the City of London. In fact, Asterdam the extent of the rise was rather disconcerting.

index of leading Parts The Financial Times industrials rose 10,2 points from 184.3, it's close col a week ago to 194.5 this past week.

It seems agreed that the basic shillings for much the same factor was a general relief that reason.

of favourable corporate cornings reports will help no end in sup-

"Although new orders in the porting market sentiment. Many Brst quarter ot 1956 are oft look for the market to sustain

from the late '56 volume, there's periodie

corrections, no sign of a further downtrend market but the overall market future in coming months. New orders continues to be a bright otte, in 1055 were 24 per cent aboye In the opinion of the experts. the 1950-54 average, stabilsfi

Steel Heavy

ing a new plateau of economic activity.

the Budget was not as harsh os But the general picture was Consumer,

and many bad feared it would be: This one of rises of three shillings of business government spending will all is obviously a short-term reaction a little over; Associated Electri- combine to keep most manu-and could casily be modified on cal Industries, British-Americah facturers' order books full

further consideration of the Tobacco, Bowaters Paper, through 1956."Unlied Press, fundamental question: Is Mr Vickera and Woolworths wer

Macmillan pulling

the country all

class. Imperial shillings but it is still cheap Its peak of the past 12 months.

Insurance shares were

in D class by themselves snd bene- fitted directly from the budget

One important bulwark, a fcording to obervers, is uc fact that more stocks appear to be passing into the hands of the

-

Industrials lost in every session except big holders trusts, pension Friday when they regained nearly all their earlier drop. Rails stood out by setting a new high since Oct. 18, 1929, utilities moved narrowly.

mena

#

Singapore

Stock Market

in this

out of its inflationery deul-Chemicals rose four pared with!

ties?

Un-British

This is still

compared

funds, profit-sharing funds, etc. These holders are considered elements of market strength in that they tend to resist down ward price pressures. -Most of the buying by these investment giants is generally done for the

There is no general agreement concessiers

of tax rellet on long-term rather than for any

on this is yet.

those members of the publle The irregularity that prevail- Į Steels were depressed for

a bear market buying annuities for their old overnight speculative gain. An od most of the week reflected time

odlimated 30, por cent of the

Singapore, Apr. 23. with prices of the most attrac ago; Prudential Assurance "A"

Industrial on talk of a bit union equities on the big board are

shares just one thing.

Brokers today quoted the fol- live

still shares Jumped 23% to 2404. according to package demand coming up said to bo maritet

held

by Tuch lowing stock prices:

with. Instep-dividend, but choph

it is Very high when the negotiations get under market that had risen for

Opening year.

well below. Its high of £544. long time and was in need of a contract on June 30,

away in, advance of oh expiring

|| Batu, tändang Rubbér· Co. the bight of the gover

This famous Index of leading

Oils, aus $1.02. consolidation.

effort to curb business Brillah Bomeo Petroleum ment's

Industriale is elit below, the also in nearly always, were by themselves, Byndicate

203.5 nt which Coppers momentarily waver-borrowing by boosting its redis

It began thisRoyal Dutch

nearly jumped Consolidated Tin Smeltern ed when prices for

year, not to mention is short-to a new high at £714, and copper count rate last week, business-

Ord. softened in the London market mon were making

asses Fraser & Neave Ltd. Ord. $1,07

lived peak, touched in July last Anglo-Egyption "B" 2/0. year, of 223.9. Copper experts aald demand and ments of the inventory situation. There were a few things held supply for the metal soon will One reason for the government'

83,70

As another rescue optration" prisingly strong despite the fact Back to produce cross currents. come into balance. The same Ughter-money, action

the budget is not criticised in that they seemed to be ignored Tension in the Middle East held was said for aluminium but the feeling that many purchagers Hongkong Tin Ltd.

Conerolo terms but it le only so far as press commment went. back some buying. So did firm outlook for a drive for

moderately praised, Flutic new were buying now in advance of Kempar Ltd.

Lianas Stubber Erates money. On the other hand, markota for the better metal an expected rise in prices at Malayan Breweries business conflated strong

In sustained the stocks,

somo Interdites, Thore wia New Bermudah Bubber. most lines except autos and the The strength in edils almost always the dange preliminary estimates say thost balanced off the loses elsewhere slowdown in buying 1 Will mark their second Best hall and loft the market about

Oils Good

In history-the that being 1955, changed in the general average.

As a result of the dashes of

stimulant the intriot held in a harrow range most of the 4me.

Rails Up

White leaders met some pets The Industrial average closed backs, new deimant developed on Friday at 807.22, a rise of for special

of 2.87 points for that day and a

new

Fraser & Neave 48. 736% Honkon

cumú preef,

· Shanghai

the

Akişding Corp.

a major pealing Ten 12d.

Italien Hotel Singapore Cold Sto

47/60

mentally it aims to stimulate

greatly The envings move

within the British

43.30

€1,73

2.30 81,45)

mont

$3.00 139,00 $7.003

$20.5000

Special

Exchange Rates

local #HA Amociated Portland Cement

including thỏ Bouth Beschts maurence, Co. automotive tradey have been streite Trading particularly heavy buyers for straita Stepinadalās Inventory Some of the stocked Untad Brigmans Déd

up flon of higher pricin and possible steel striker this maminer, Outside the auto trade, it is 000,000

the work, selung now highs on dos of 2.70 polis on the week estimated that some

The rali average: closed: the Monday and Friday, They were helped by favourable rail enins wock "at":174.24, up 2.28 sonte tona-of-- last

nice and a wind in car loading to from the previous week's close went into the inven a new high sued 1001

The average for the 03

tot 0.63 point to.08.2004 cothee the sito inducky A Õlle daruba endured a good container: In the industrial that the soonal ups market from time to time oh and utility averages, lost a more turns the salas takes place, the in- teavier ties of gasoline and talk 0.04 on the week to close, a dustry will tackle production al "of higher- polons for article çik, 100.31-1/makielä ̧ iPompa,

[the 1987-module-with a big tom..

a

Foreign bonds

were

Potash Wobble

LA

sur

publico the adoption of Gorman Young Loon assented the very un-Ekitish device of jumped £74 and the non-assenta the, "tory bond" heretofore £71hey were rising almost niways slated and the general every day

of the week. The despitb results can only become ape Dawes Lore astented,

going ox-dividend, gnited &1. parent months from now.

Companet with a week ago, The two Potash Loans wobbled the blue chip Industriais seed wood, doul but closed moderálo mostly tomto three, shilingly lower with the d per higher Shares of Royrolle big onts down 21 Japanese

higher by 10/ electrical Keralbwers and menu Were

Ča and thi

Brussels Frankfurt Libon Milon

Zurich

Singapore Rubber.

Market

Singapore. Apr. 23. After a hesitant opening ther market frmed on Saturday and there was good trade buying. It eased slightly in the after-

London, Apr. 22,"

2003-280-15/16 nosa. Futures: 2-19-13/14-2.761% No. 1 rubber per lb. May -331⁄2 10,8574-10.64 139.7214-100.76

July unquoted 11.797-11,74 No. 2 rubber per lb. May 9202-9114 00.30-60,40

!

No. 3 No. 1

panket · crepe

Spot rubber tinbaked

No. 1 pale crepe

-United Pres.

TYPHOON MAP

with revised codes in force as from da

1st April, 1956,

$500 MOUNTED

from

$40 UNMOUNTED

Flumped wight phillings but the Tokyo South China Mornina Rosts tea

rete

The tile knotype A KINDEREN MEin, khoek, a very bottro week

Lother Full TYPE but based guch more on quirk |

Unilever,

Rolla

andreactions than on strong con- wwere up around sex vietson United Fress.

BIN CONG Lo

: