TRADE
THE CHINA MAIL, MONDAY, MAY 7, 1956.
and
---
COMMERCE SECTION
US Businessmen Confident, But They See Danger HONGKONG US Regulations Adequate
PRODUCTION CUTBACKS IN AUTOMOBİLE INDUSTRY
These included the following: 1. Continue production cut- backs in the auto industry and the whipping Inventory of sold ears.
Continued housing construction.
ensa
107
By JOHN MORKA
IT-
fooders,
STOCK EXCHANGE
(From Our Correspondent)!
Business done on the Hong- koog Stock Exchange this morning amounted to appro- ximately $225,000. Noon quota- .tiona end the transplion;
SHARES BUTERS SELLERS HALES
BANKS
HK Bank East Asia
230
20.40
DOCKS. ETC. KC, Wharf
bu:
Dock
To Protect Textile Industry
President
By Stewart Hensley
Washington, May 6. Eisenhower and other morning's Administration officials have told Congress that they believe present American and Japanese regulations are adequate to protect the United States textile industry against injurious Japanese competition.
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8,90
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UTILITIES
Train
New York, May 6. Businessmen talked confidently about the U.S. economy but they also kept a close watch on potential danger spots.
There's lots of talk these days about the economy "taking a breather on a high plateau,' or else undergoing a rolling readjustment," others see it as "a pot-pourri of a varietyPPING of inflationary and depressive forces." Whatever the high-sounding | The Value
Industry Line survey REUS | BUTTO phraseology, the #ECTRI Inst the prospect of carnings declines | probably won't block a price week was on the chinks in the of rm 15 to 40 per cent for the boost of US$10 to $15 a ton, ACORNEDY
industry's "big three"-General Top steel leaders recently Motors, Ford and Chrysler-and have argued that a price hike is "crushing losses" for the third justified in view of the fact they succesive year for the two in-can't hope to raise enough money un-dependente American Motors | from inventory to pay for the
and Studebaker-Packard.
tremendous expansion programme needed to
de- According to Wurd's
keep pace with ports last Friday, the past week's mand. 3. Wealmness of fann prices automobile production dipped to On the other hand, anyone and declining farm income. Its lowest level of the year. The attending al the stockholder Steudy buildup of Inven-statistical agency estimated the meetings during the past two
week's output at 110,165 cars, or
weeks would have received a 14.7 per ex below the previous cross-section of American bus- It said truck production, nesa unexcelled for quality, and estimated at 22,290 last week, woukl have hearti the
Electric big Auto salea so thr this year are remalied "relatively strong.
business say the economy was Last kill some 20 per cent on average
weck's combined US- |sound, growing, And bound to below the year-ago paoC. Pro-Canadian production Whe make new highs in the period duction schedules
have
been silmated at 152.871 cars and
ahead cut severely
with 183,224 in some instances, trucks, compared with
unterployment
ome the previous week and 215,756 areas described verging on the during the ilke week or round That period ahead could have crivent.
dealers have 1955
been a quarter, a half year or The Labour Departmen! re-many years. been forced to the wall and now It looks as if the expected sea-ported last week that the num Eugene G. Grace, doughty
rise in sales
workers luid off in the Chaliman is slow in ber of
of Bethlehem Stel Industry That should (autorabile getting underway.
by Corporation, nationa second make it difficult for the Industry
largest steel producer, looks for to unload some 900,000 cars be
full operations for the remainder for the new 1957 models hit
of the year. the market this fall.
Industry
will talk fourth confidently that the job can be
4.
taries.
Auto Sales
Sume
Raders
In
JATAI
Biar Ferty
Yaunal Ferry 102 103
This was disclosed today by informed sources who said Administration officials, seeking to reassure worried Congressmen, have made two principal points.
1. The US Tarif Commjesion they would lose in a constitu- has scheduled summer hearings tional test
and prefer to go K determine whether USohend without one in the belief that the shopkeepers who do 1.40 manufacturers
actually red by Imports of comply with the being injured
law - will Japanese blouses, pillow cases, achieve the effect of limiting velveteens and corduroy.
If Japanese
textile sales, whichi there has been such Injury or was the avowed purpose of the 11 danger there will be, the teplstation--Unlied Press. Commission then would recomm- mend that the President act to
incrcused duties impose
C. Lght (0) 21 00 22.70 800 22,80
C. Light (N) 19.90
300 er 22.70 500, 1900
PN
29.00 quotas.
2013 20
304
31
BOT
His
Terpie
10.00 .23 70
330 14 22 DO
12
12 10 1230
180 108
12,10
12.10
Cement
.
30 3315
STORES, ETC.
Dairy Watson
Crawford
10 10 18.30 10.30 11
34
COTTONS
Textile Corp
A38
INDUSTRIALS Full Operations
12.000 last week to 137,000.
The report was based on auto factory unemployment in seven states where more than three-
Grace's company plans Lo ht
the nation's auto-spend 300 million dollars to ex- mobile workers are empi
are employed. pond over the period to July Steel Section
1957. Me Grace looks for labour peace in the steel industry and The Department sald there he says inventory building just were 18,000 new layoffs during in going on there now. hos "tollen the week, wittle 8,000 employees
Presi- Albert L. Nickerson,
dutie
but olings weren't so sure, According to the Value Line Investment survey, the auto in- dustry, pace-setter in the 1855 vconomic
upsurge
by
the wayside.
Crushing Losses
company, Ands demand for the steel section, according petroleum products Increasing
long time.
to
The
150 10 20
or
He has done this in
recent years in two ɖelebrated cases, Swiss watches and British
bicycles.
2. The effect of Japan's self- imposed export quotus on shipments of textiles to the US which went into effect last
han January
only recently begun to be felt. It is believed that when latest figures are available, they will show that Nanyang 7.00 780 1000 1.70 the Japanese themselves have
limited their shipments to point low enough to avoid any damage
the American industry,
MISCELLANEOUS
Allied ... 0.40 850
Heavier Trading In NY Stocks Joseph W
By Elmer Walzer
New York, May 6. Stocks advanced during the past week on what heavier trading.
honours as chief en wen top a sort of consolidation of gains, record high,
of New
**** | armed
more lon
onl
on Tuesday up
ind
to
"
A
ICAC Annual Meeting Tuesday
commerce,
Page
LONDON MARKET
MOVES
STEADILY AHEAD
By C. T. Halliban
London, May 6. Stock markets have again moved ahead with the curious sobriety which has marked them for weeks,
This can be partly explained by the fact that the dividend season has started and speculators can see possibilities; also partly because Imperial Chemicals display of profits suggested that the year 1956 may easily see things done in a similarly big way.
Olls
were fantastic In their
rise. Royal Dutch Rose £43/4
to close at a new peak of $10 The Bank Of England
1/8; British Petroleum jumped 7/6 and Burmah 7/- though
without establishing new peaks while Shell, up neatly 7/-, just falled to establish a peak,
Sensation
Leceipts itatio
Statement
Sterling
.... 1.048,748,142
12,094,80
200,161,942 270,00,619 30,223,700
*8,572,02
.០
United Press.
London, May 6. The Bank of England state- ment for the week ended May 3. reads as follows:-
Unilever
Nate in circulation and Rolls Royco Public deponita were up about four shillings Private deposit while other well-knowns gained Government Securities between two and three shillings.her securities
Serisation of the week was the wrong report put out by a reputable nows agency regard ing British Patroleum dividend
pending which was so much higher than the market had oil expected that jobbers shares hurriedly bought all the shares they could get hold of
Paris, May 6, at soaring prices. They were The Bank of France state- "Luck
with the shares but ment for the week ended April accepted it philosophically and 20, reads as follows- the excitement died down. The Error was an accident,
The continent unloaded ap- Sight balance abroad
The Bank Of France Statement
Total gold holdings Total other currencies
Pranes 301,204,302,420 18,350,100,33
102,310,000,000
180,200,000.000
parently large blocks of Ger man bonds on 11 reluctant | Advance to the Stabi- market. The
1mation Fand non - assented Total bills discounted 1,288,833,272,420
Bank note in circula-
Current accounts and
depoelia
Young Loan and the two Potah fell £3 and the Dawes nearly £2.
Very often when thero
selung of the non-üssen.tod bonds it leaves assented bonds unaffected but this
past week
that did not happen; the 09- senteds of both the Young and Dawes Loan tell exactly the same amount as did the non-". assenteds.
followed
Disappointed
rick
2,834,422,379,305
140,008,300,524 United Press.
US RAW COTTON EXPORTS
100,087
431,800'
*831,049 111,410 1,401,034 2,881,100
--United. Prezi,
Harry Odell
says
Washington, May 6. The International Cotton Advisory Committee, com- prising 33 nations, is scheduled to open its annual meeting here on Tuesday with a Russian observer at tending for the first time. Concrete Moves
Russia has recently, become
New York, May 6. a cotton exporter, this affecting
Raw Coilon, exports by. de Ometals sald these two the world trade situation, and
stination as reported in bales reassurances apparently were
as n result appears to have be-
New York Cotton Ex- In the Japanese list the non- by the what House mitiorily leader come interested in the
Martin
Ad-assented 1030s fell £4 and the change for the 1935-50 season Jr. was visory Committee meeting, e- In fact, it formerly idled were called back ident of Saccony Mobil, giant mil
to May 1 nero as follows- assented £3 1/2; they talking about
WOTE when he said
Britain attainment of alto work.
perts sulch stales, even
by a sterling fall in Continent carlier today that ho under- The Republic of the Sudan Tokyo second best your in 1958, seems
Electrics, both Den-Orient stands "definite and concrete will also be represented for the assented and assented but an elusive goal,"
to News Week Magazine, top fon
the Caneda moves"
under why to first time. It is also a Chief cause of the auto vastecimen
The heads of many other com-
cotton others, were be called may
changed,
eased Total for season protect the US textile industry exporter.
same period last year*" ponies
last year's in-Washington next month for a panies had similar good news woty 14
Greek bonds were 10/-. only
excluding intere from Japanese imports.
The chict tople of discussion active ventory excesses, Value Line "full-dress probe
from Into stoel There were no automobile mee
last week, up at least Mr Martin said he had dis- will be the large surplus of saiet The otcessary correction
nud profits. prices
£1: the Czech loan come later-Ford on
similarly inys. They
some-cussed the matter at the White raw colton in the world, par- of the output pace has come so magazine said it has learned US May 24 under a tent in Detroit,
rose £1 1/2. Department ticularly in tho House and State
United States, slowly and grudgingly on the Sen. Paul Douglas, Chairman of It
will be Ford's first stock-
British Government stocks and my
conversations have according to experts here, part of most manufacturers, I tho Jolt committee. on the holders meeting and it promises
The
were regularly higher, most of averages wcra highered me to believe that dennite adds, that stocks are likely to econonile report "has alerted for to be a big one.
them. 33 NATIONS
Old Consola with ralls at a new high since and concrete moves are being
and War remain high throughout the hearings" because of recent talk There have been adjustments Oct. 11, 1029,
Loan closed unchanged at £54% axi Industrials of prak perhid
de about higher
to work out promptly stasonal
planned here and there in the comomy, within five prices. steel
The 33 nations which com- and £73% but funding 4 por their points of
Пол protection
the textile mand.
To Douglas,
"who
prise the commitee Include: cents which has crijoyed a big dvantTM
industry In this connection Chase But the real performances
Martin represents
Aegentina, Australia, Austria, market, gained £1; nationalisa- Mir
the sayer in the
Bank, one campaign, all Manhattan
Belgium, Brazil, Canada, Colom-tion stocks generally rose 2/0. 1952
steel York glant Institutions, said the issues not included in the group textile manufacturing is an im- France, West Germany: Greece,
were in the special isstres and in State the talk abdul higher
of Massachusetts, where
bia, Denmark Egypt, Finland, Whether n 6.5 million car prices was ready-made reason current tendjustments can be making up the averages. sales year will be realised in for calling stoelmen to Washing-negotiated
bring you the finest of successfully
Guatemala, India, Italy, Japan, portant industry The market rose sharply and I
Omeinis said that US imports Koren, Mexico, growth can develop in business Monday, declined
Netherlands, 1000 depuis according to the ion," Newsweek eald.
talent at popular prices, He probably will suggest that activity.
of Japanese textiles in January Nicaragun, survey, on the success of sales
Disappointed with the new Norway Pakistan, Wedney, turning and February still were very Peru, Portugal, Spain,
EUGENE ISTOMIN the scheme handing over to Ameri- efforts In this current spring a stoc! price Increase cannot be
Many are euerting on a record
in in the two sessions. heavy because they represented Sudan, Sweden, Switzerland, can interests a large part of the will give a piano recital at the quarter, However, it adds, the justified in view of handsome expenditure for plants and new "Higher appropriations for the falliment or crders fnliure of sales so far in April Industry profts.
placed Syrin, Turkey, United Kingdom |ontrol,,,shuseholders of Borax UNIVERSITY GREAT HALL equipment by American
forces helped Uve late in 1955 before the Japanese and the United States.
Consolidated have been selling to Improve upon the March rate Newsweck said the hearings dustry this year. Outlays during defence
The highway imposed their quoia
These natlors together on
clearing pro-ind
on Friday, 18th May, out; but the Is somewhat disquieting.
may prove "rough going" for the first quarter were ot an plan gave
rond
builders and shipments
duce or buy about 99 per cent (Americans pie vager buyers and
at 9.30. p.m. estimated rate of 33.2 billion
foncements a 11. Olls were strong However, March and April of all the cotton which moves lave held the price much higher dollars, some 31⁄2 bulion
Book now at Moutrie's or then the
on highly favourable reports figures, when finally tabulated, international
ac- than it would have been if the £955 third quarter of
will reveal a considerable drop cording to US offlelais They dealing had been confined to
at the Empire Theatre. more than 15 cent above predictions from that industry.
Talk of a trend tow
toward easier
com-the London-market only.--
Admission $12.50, $10.00, the 1863 rate. The second quar-money in the Bedr Aftur helped as a result of the self-imposed organised the advisory
$7.60, $4.70. fer and third should see an even the market generally, Also there Japanese queja, they contended. mitte in 1930 to meet onnually United Pross,
Įto exchange information on further rise, all of which should were many favourabls predic
Below Quota supplies, demand, and policies help keep the eco..omy moving tions made on the sestry ca a
which affect production or con- at a good clip.
and government
Japanese officius, in fact, sumption. The body is largely an In addition, expenditures by non-government sources.
asserted that shipments of informational agent. the Federal government, state
the It has been open since textiles to the US are actually SOFT SPOTS Jocal municipalities, are ex-
any interested running below the quota in- beginning to pected
to rise during the re-
Russia had their manu-country but mainder of the year.
The experts noted, several posed Further,
more showed any interest previously, taking did not appear | Fac for soft
aro spots but consumer expenditures
of the
US official attractive jone
said. Russia services and Tondurables ere overly perturbed ayer the deadvantage
in Japan which has has not joined now but has on to offset the clino in automobile output and market
resulted from & rise in prices designated an observer to attend. The world's surplus exists, in At the close of the week the there. mainly reflected intention of
Blood average
at Some American officials said the opinion of officials here for buying and spending at favour-industrial
First, production able levels.
316.44, up 4.41 points from the they believe that by the time two reasons:
increased since previous weeks close; rofla the summer Tariff hearings are has greatly Tax Cut?
178.23 tp 1.27: tities, 0.80, held, information available will World War II in Latin Ameri- other countries. 0.05, and 65 stocks, 183.27, show that the Japanese Imports and soine
Second, the United States .For those who
are no threat to the American polt has for several years pro 1.09. up dedit stringency, the President Gains ira the average list in- Industry.
duced far more than it could In the past week sald thecluded one of nearly 8 points in Meanwhile, two southern
consume, and at the same time Federal Reserve is keeping 4 Du Pont and one of more than states-Soxith
Carolina and has lost of its world markets. close tab on the money market 7 in Standard Oil
Alabama which of California.
recently The The May contract edged up a plus announcement of sales out to determine if credit dries up
United States present Elsewhere dew points, but enough
requiring to set of the governinent
Clark Equipment enacted surplus too drastically.
and a now high for the season
its annual consumption at stock.
will do the soared 174 points on its road merchants selling, Japanese tox surplus is about 14,000,000 bales The government an-Federal Reserve will act to 35.98 conta. Trading in the spot nounced on Thursday that a total the situation, the President sus building prospects. Gains of 7 to ties to display a prominent sight about 9,000,000 bales, month will end on May 14, of 10,387 bales to bo old at
more For a while, it appeared as it Ex-Cell-O
than 9 points were set by to that effect, are reported to be Opon contracts
Minnesota Mining ignoring violations. បទ the week average price
tax cut.
Owens
The constitutionality coming:
of the Foberglos, 100,000 for basic middling 15/16 inch That ended
Isn't prospect
The meeting this year will be bales.
cation, and it was about two ruled out but its prospects are Lead, among others. The July contract showed in-cents more than generally ex-bright than a short time ago.
by the Japonese on the ground hold from May to 18, with dependent strength at times pected, traders..
Tom & Hass, A Tow
one of the that they violate the Japanese registration of attendants dfari- notod and that in Jabudry, when 1,000,000 tendons after moeting with the United Pros
This past. under
week Congressional champ losers, commission houso
fell 181⁄2 points. "American Treaty of Friend-log on Monday, May 7. trade buying attracted by
ship, Commerce and Navign fts bales were sold for export the Secrety of the Treasury said wide discount under Moy. and last, price was at 25,60 cents astmates of a budget surplus a belief, that contract tenders at | pound. end of the acasoti ming mol ba an While the first reaction to the silty of tax reflet this year.
Singapore Rubber appear to rule out any possi Heavy as previously expected. nown was bullish, some quer United Hiss
tere later were not so sure that interpretation, cipirring, that Recently some quarters felt if the mapply to be whitzed the July delivery, which will down, appreciably, the, govern-
Cotton Futures Close Firm
By William T. Plunkett
New York, May 6. Cotton futures closed the week on a note of firmness after see-sawing narrowly in quiet dealings.
Most of the interest centred in the nearby deliveries while new crop deliveries idled as traders walted for proposed new farm legislation to crystallize, and pending a clearer view of government policy on raw cotton exports.
approximated
FIRST REACTION
and
and
whole from
being counted loss in durable outlays which farm implement production.
worry about
facturers
because
Хат
of 27.00 cents the histion would get ontley Pitsburgh Metallurgical, National state laws has been challenged
DE
be the last delivery under the ment may have to eat Exchange Rates
15/10 ineft copiraci, might be a cepting lower, prieš, Depart Milumping "ground" for unwants ment of Agriculture officials said ed cotton. Commencing with the Alio 27.50 cent level was not October delivery, the contract "Soor price." They predicted *will be based on one-Inch cotton; | sales :: HOURS" DISK UDAKUKANG Lada: Arthrose, its a new subtop cuture since deniers, now know morgbe, talboided with Con- Aller: Laval, a witch the De gressional proposala sa tulee peace partinent tell selliënte ko "upports for some Thuate drop, United Pres
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tamarket,
(8.94
Market
:
Singapore, May¡¡§.
The maricel opened steady
on Saturday còn short c
Induced. by better
advices, and lochi labour alta
tion. Frutice, doviles were
|
No. 31:rubber, par ib. bfast
No. 3 rubber! per abú
ench
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The opening session on Tues- tion, which
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is, expected with on address by Marvin L country's producte discriminatory freatment in the Melain, asistant Secretary of
Agriculture, anong other
country
After that sessions Call in at any time Federal omeiaja
speeches. generally that the state statutes are losing session
be private until pe
perhaps the Agred unconstitutional. However, the
and examine specimens
other
The Sudan, lifeds to sond of quality printing which only way they can be tested in two delegates who will be the
in court case resulting from first officials went by the Sudan we shall be proud to show you. one of the states charging some to the United States since, thịt merchant with a violation:
Would Lone
counted; obtained ¦ dié-irklebetid»
*Two Portugese representativës ERACORDEOLICÍ,to arrive here on rastand a the Midsling.
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