1956-05-21 — Page 9

TRADE

THE CHINA MAIL, MONDAY, MAY 21, 1956,

annnd COMMERCE

Demands For Easier Money

NY COTTON

"

· FUTURES

END HIGH

By William T. Plunkett New York, May 20. Cotton futures bobbed up and down on the price ladder this past week, covering a range of about $2 a

bale, then finished with prices on the high end of the see-

SAW.

At Friday's close the list ruled

11 to 37 points higher, or up 35 cent to $1,85

preceding week.

bale from the

Nearby July,

the single exception, closed off

the

9 points, or 45 cents a bale. May contracts went off board On Monday, holding st the scason's best level of 35.08 a pound, the succeeding July contract, for

Centa

♫

time,

In

United States REACTION

HOUSING AND AUTOMOBILE

INDUSTRIES HARD HIT

By JOHN MORKA

New York, May 20.

There's a new economic bogeyman in the US these days. Only a few short weeks ago, everyone worried about inflation. They talked about rising prices, over-borrowing by businessmen and housewives and of impending doom.

TEXTILE MARKET SLUGGISH

Came

So much so, retrenchment be abroad ong must often go the fashionable thing, beyond what one would con- Credit-personal- and busincas skier

the customary obliga- --became tougher to get. In- tions of good corporate citizen- terest rates rose to the highest [ship,” he declared, levels in over 20 years.

TO GSA BARTER

New York, May 20. The amended directive announced by Mr Arthur | Flemming, Director of the Office of Defence Mobilisa- tion recently covering pro- curement by the General Services Administration (GSA) which allows for the barter of domestic agricultural products for lead and zinc met with a mixed reception in the trade here.

Some traders felt that if the CCC, which under the plan The President of

would hurter or exchange the the ble domestic agricultural commodi Asiatic Oll Compreny did not tios for

the metals were to minimise the risks and uncer-acquire foreign bood or zing it tainties inherent

In investment might aid the sagging markets in foreign nations.

abroad

But nowadays there's less talk of inflation as the threat to America's hearth and home, more of deflation, with all its AL depressing connotations. least that's what more and more

Не listed

So far the decline in the prices 19 "imposing" these barriers to overseas Investment, of these metals on the London soying

the difficulties in getting profits Metal Exchange has not consti- out of a country, a rising labour tuted any serious threat to the movement

domestic market, but it might in countries

well become so if prices abroad should undergo a further serious decline.

New York, May 20. Most sellers of grey Americans into stiff resistance at and finished cotton tex-days.

borrowed strength

May

but ran the 341⁄2 centa level.

Opposition in coupled with expressed week of disappointingly theory

that being the Last trading month of the old

July also was tiles reported another

ari

crop slow business.

Bre

Defer Purchase

year, it facer competition with The end-April buying boom le Almost daily, there are new The new crop, which will be print cloths, when "tens of demands for some easing of the supported at a lower luanı level,

with the object of replacing st lower prices luter on.

A news teature of the week

the

of Announcement WIN Gowrnment sules of 223,544 bales out of the surplus stock for

export at a price range 29.23

cents a pound, to 27.50 boals middling 15/10 Inch. This came us a surprise to many who hod

predicted

the

quantity would be very small, and posa|- bly at lower prices.

the

un-

which have recently attained their in dependence, and the tendency of foreign governments to subsidise local competing hdustries.

Men's Minds

Others pointed out that with domestic bead ant zine consump tion falling off the probability was that the offers of domestic ally produced lead to the GSA

supplementai

stockpile.--

AGREEMENT

1

י,

millions of yards were sold to credit brakes, The home build- chain

order houses, ing" and mali

industry-ti pointing LOWER PRICE

gannca: cutters and plece goods sharply downward demands the Moreover, since the

buyers, as a "one week wonder," Government make money easier. ensuing

for the stockpile would show a crop deliveries will be at lower

brokers declared.

The hard-hit auto industry--led Market analysis

But Mr Priolegu stressed that material Increase. If that was continued to by

President American Motors General contrect price busts,

deliveries

Horlow

Industry's 18 billion the case the question would be might prove to be heavy. Also, blame the long spell pi

Curtice blames ila slut stake in overseas nations is vital, raised as to whether the Govern bold and Tainy descasonably

of 900,000 ungold Bulos on the "We would have to turn experts noted, the export

bockment would still encourage the weather for

discouraging Government's credit mart for the most part, will be

policles sausfled out of Government turn of event. Yet a lingering which he charged, lowered on the clock many years as far as acquisition of foreign metal for

our living standards are

con- the among sellers the fidence and caused consumers to cerned," stocles, while mills may act to hope existed

Chima Mall Special. he said, "it the

row cut inventories of raw cotton next slx weeks will bring defer purchases.

materials of theso countries cough sunshine and business to

were ever lost to us." balance out against the past six The housing industry made a weeks of gloom.

strong plea for Government

"St We are for KI Czecutives

rellef meanwhile croit

uninspired and DUTCH-ISRAELI Spokesmen

we should unimaginative — It said they are confronted with an builders end realtors complain

While extra dilemma.

buyers that housing starts in April are default at a time in the world's history when conflicting Ideo- waiting for down 20 per cent from the year- holding off, of krep

and systems are comi- logles better weather, or lower cotton ago pace. They say the situation prices, manufacturers production

won't correct

sist peling for men's minds, the re- itself and insist that the Federal Reserve Boardult could well mean the end of casts keep going up.

and other Government agencies our way of life," he declared.- MACHINERY BOOST

United Press. must increase the supply of credit so that more Some mul managers

people can The Census Bureau reported plained of a 10 per cent boost in

obtain Government-backed loans at 41⁄2 per cent. domestic consumption of raw the cost of machinery replace-

April at 721,577 bales in

ments since March 2. On top of The next few weeks will be compared with 016.390 balesh

that they are worried about en-

watched closely by Government used in March and 005,188 bales other round of wage increases experts for signs as to what consumed

lost in April

yon for mill workers. The daily

cffect current credit curbs are rate of use in April Pressure from second-hands taking. reached 30,750

If present indications bales compared made some weavers uneasy and are borne auf, then it is expected with 30.050 boles used in March Inclined to meet the competi-that the summer might see some and 34,759 bales used in Apri

tion, but other firms held the casing in the credit picture. last year.United Press.

price line. Somo contended that they

the goods until August or September and

Yarn spinners market as

sluggish g

conion

can carry

London Foreign still sell them at a

Exchange

London, May 20,

Foreign exchange rates closed

on Saturday as followe:--

New York

Montreal

Amsterdam Bruxels Fontchart

Lisbon

Milon

Parl

Stockholm Zurich

2.0033-2.80 13/10

2,7834-2.79 7/16 10.6734-10071 100.0734-139.20

11/70-11.09% 80.10-60.25

||1250}}-17667%

0001-003, 14.53%-14AZIL

12 2014-12 201

Others were unchanged.

-United Press.

com-

the

Continue Unabated

RECOVERY

OF ACID

SECTION

Singapore Rubber Millers Desperate

Singapore. May 20. Rubber milling factories In Singapore were in "very precarious position" because they could not get enough raw materials from Indonesia, the president of the Chinese Chamber of Commerce, Mr Tan Slak Kew, sald hero today,

Of all the factories In the Colony, only three or four were working, Me Tan said,

Indonesia's polley, he explained, was to reservo tla rubber slabs for its own

Even if the Indonesian Government released sur- pluses for export, the price for buyers in Singapore might be too high for local milis to operate economi- eally, Air „Tan · added mu Reuter.

London Oils Push Upward

By C. T. Hallinan

US

Textile Industry Spending Millions On Research

New York, May 20.

The US textile industry is spending millions on developing new uses for a new type of loomless fabrics.

An estimated $8,000,000

is will always be a big market for being spent in intensive ro-woollens in the US, and search by 'dome of the leading non-wovens using wool textile companies in America will probably create its OWT to promote this intent industry market. At any rate, they in- -which many feel has a tre- aist that non-wovens and mendous potential as new sp-woollens will eventually supple- Ilcations and uses are uncovered ment each other to a large ex- in the laboratories.

any fibre

tent.

^

So for most of the principal Thus on the basis of present tisee of thèse non-woven fabrics research on non-wovens, no are as towels, napkins, dispos- jone thinks that the British- able draperies, interlinings in long the premier wool source apparels and industrial felds, need worry about losing their ribbons, wiping cloths, Non-present stronghold In the 'woven asbestos cloth for pipe [American woollen market, coating is also finding accept-

It is pointed out ance.

that, the British woollen Industry es |pecially in the lower and medium grades-might meet in- creasingly stronger competition from other countries, notably Japan and Italy, where Inbour costs are lower.

60m Pounds Sold

Even glass yarns are being treated for use as insulation and as Miers

In the few short years since

Little To Fear

靄 $100,000,000 business. future ahead

the war, the industry has grown

Trode leaders

to

for

About To million

pounds of but they callously point

seca big non-wovens ouh

pretty test

non-woven fabrics were sold that its future is still

15much wrapped up in the even tubes and laboratories.

ism.

London, May 20. The London Stock last year, and the industry

hopeful of doubling or Market last week Bawtripling this volume over the oils on the upside with next few years..

There's no amount of optim- But they also see a long Non-woven fabrics are made and arduous road ahead. They Royal Dutch gaining % sterling to £77% (its either thermoplastically or with reling, promotion

by bonding layers of fibres realise that it will take lots of and money 1956 high thus far is adhesives, Cotton, dacron rayon before the industry can entrench

and nylon, among other fibres, itself in the American fashion. while

British ave already been successfully market. £80) Petroleum-on a market bonded. rumour that a free scrip issue

imminent is gained 9 shillings to gress in apparels has been less 1488. 9d. And Burmah rapid. rose 2 shillings. Anglo-

"I" lost 2 ploited Egyptian shillings and sixpence.

On that basis, therefore, non- British woven experts feel the have little to fear--at least for the time being-United Press.

Although the

has Industry had some success in the indus- trial and disposable fields, pro-

So far only one type of non- woven outerwear ras been ex- commercially. Known the commercially as "ilion," material is used mainly for skirting. Its manufacturers claim In some ways the biggest the bond of cotton, nylon and

of be ironed, is washable.and dry-

Dutch-smell trade talks, helgure of the week has been the acetate fibres doesn't have

The Hague, May 20.

here from May 1-14, have led

quietly

emerging

figure

to

WORLD'S SHIPYARD

/ TONNAGE

New York, May 20. to a new trade agreement for British Petroleum. People have clearabic.

to assume that it was

for A markot

The world's the skirting the period May 1, 1956-April 30, tended

shipyards had 1957, the Economic Affairs severely damaged when it

was fabrics

1833 being developed

shipa, · aggregating Mindstry announces.

pushed out of its monopoly in throughout the United States 19,604,310 pross tons, on order!

hopetulas of April 1, compared with 1,700 ships totalling 17,820,545 gress tons on Jan. 3, according to the Shipbuilders Council America.

other

and

47

HAS THE OIL

even

of

of

of

The overall value of goods to Parsla but the company's annual and its producers are

Chairman's re- for the future. be exchanged between the two report countries in the period is eat-marks call attention to the fact

New Materials about 40 million that the company's fly-fly mated at gullders. Last year Dutch, im- share of the oil, reserves of

On April, 1, 1955, these ship- 11.8 Kuwait give it over 19 per cent

1,402 ships of For the most part, however, yards and New York, May 20. ports from Israel were

inillion and exports 37.1 million. of the world's proved oll re-the answer to non-woven outer-11,970,688 gross tons on order, division of the Allied

Holland will supply mainly serves while its share of current wear is in the laboratory test

The Council, noted Chemical and Dye Corporation

Industry experts · expect

that the has patented a method for the agrarian products, fats and oils, oil production is only 6 per cent. tubes.

to develop pharmaceutical

new types of non- latest figures do not include chemical Brid recovery of contaminated or products,

wavens for oute-wear but not Fellah shipyards where reports textiles and metal

Indicate there are 58 shiph before at least five years. tised as buyers,

ahromic acid solutions products,

130,000 gross tons on order. Many feel that capital outlaya probing lower

used in chromium prices, placed

plating,

They The main Israeli products to

Great Britain again was well speak hopefully are at or about their peaks and

That is to say, unlike most of small poundage orders for in stocks.

all-it is expected that by summer-

andising and copper stripping be exported to the Netherlands the big oil companies, it need developing new materials incor- in the lead with 458 ships of But spokesman for time, buying for inventory will operations.

and It is being made are eftrus fruits

porating and

exceeding 4,533,288 gross tons, followed by manufacturers clung to the be- have dropped off, thus casing generally

waste no more of its resources the properties of some of the Japan with 207 ships of 3,331,010 available for in agricultural products. China lict the market will

on exploring for oll; it has the more popular naturai witness

bres, tons and Germany with 456 ships the overall demand for financing. dustrial B

the Mail Special. without use marked improvement about mid-

of 2,927,501 tons oft which is more than half the such as wool. requirerpent of any formal

battle. Its shares viewed from

US shipyards - continuted will have worked down inven- credit appears to be relatively lleence, the company said.

Industry leaders minimise the hold the 10th epot with 30 ships this long term angle are now threat that the non-wovens of 437,100 tons. tories and be through with their unimportant these days is in vacation

vsted the cheapest and the most might subsequently pose a threat hand-to-Wall Street, largely on a

The process is described mouth basis. Business

promising mated financial district would welcome involving exchange treatment quiet with no significant change some new gesture to make furti for the removal of metallic

vestors. in prieca.--United Press.

available. Wall Street would impurities

Washington, May 20. ironi, like to see. Credit go

The Census Bureau said today into in dustry so that the boom can aluminium and other metals by that 721,577 running bales

of continue unabated The release passing solutions through a contoh were consumed in

the to credit might

compared be inflationary polyvinyl aryl compound. Such in Apri but here too, market men look treatment on a hydrogen cycle 095,188 during April, 1958. with favour on a boost along

permits the recovery of baths that line, inflation supposed to help common

which have babamo inoperable, stocks because they are presumed to be

China Mail Special hedge against deflation. They are supposed to rise as fast as Erscobar Falls so that the holder

July. By that time conSUMETU About the only place where

New York Stocks

Finish

Above Their Lows

By Elmer Walzer

New York, May 20.

Of

course the

وا

of

0.3

U. S. COTTON CONSUMPTION

copper,

protected against dollar The Bank Of England Cotton on

shrinkage.

As for the stock market itself, there's little need for credib, The market these days is practically a cash market in contrast with

pyramided on credit,

Stocks declined further this past week the one of 1929 which although they finished the final session above their lows.

way

+

In tho oll KOCH, tho President of Standard-Vacuum Oll Co, warned that unless. US

This lift came because of a starts were reported. A strike firms seize the initiative now in rally on Thursday after the in- in a US Steel subsidiary loopt overseas investment "the future. dustrial average had dropped in steel úperations down from prospects for doing so may well

time for steel be lost to us."

eight straight sessions.

capacity The The recovery wha considerers wage negotiations May 28- merely technical after a sharp neared and frightened some drop. The Industrial average traders who anticipated a long showed

a loss of 10.33 ^pointa strike

from the recovery high of April With the market making a

Labour Movement

Statement

London, May 20. The Bank of England state- ment for the week ended May

10, reacts as follows:----

foto in circulation... 1,000,085,403 Publie deposite

12,700,810 294,014,733 291,781,620 27417,764 10,341,290

-0.1. *United Prem.

Privato deposits..... Government securios Other securities Itecipa

لامام

to

The above figures include only

tons open to British in- to the woollen and worsted in- ships of 1,000 grous

dustry. They explain that there over-United Press. ..

In the Tendency

week has been to get out of foreign bonds.. German 7 per cent Potash sold at a rate to lower, the price. 4 sterling to a new 1850 low of £238.

U

In the Japanese list there was the

bit more activity in

In its monthly report on cot- the ton and linters statistics, Bureau said. 7,071,573 bales were consumed during the nine monthe through April 1950, comparod to 0,722,182 during the same period a year' AKO.

hand in públic storage and consuming estabpeculative, non-assented Hishments totalled 10,204,804 only one-half sterling. bales on the last working day whole list was fairly, quiet, of April, compared to 13,035,063 on the similar'day of 1955.

The Cenmin Bureau said there

active cotton were 19,290,000 consuming spindles in the US on April, 28United Press

seated bonds than in the non- assented, ; The 1910s asserted fell £15 while the *moré

INDIA'S RIGID CONTROL

Bank Of France foods during India's second

Harry E. Priolenti sold thThe

Statement

26 and was down 28.30 points pour showing some investore fununie capitalism does from the record high sct on chose to realise proits which April 8. It closed the week at were big ones and subject to not reverse the trend. In many 490.39, off 4.90 points from the long-term capital guine toes foreign nailons toward · · stato previous week's close,

This type of selling, however, operation of Industry, and Rails lost 2.70 points on the was mail og noted in the dialy growing mistrust of American work to Madakt

B178.17. Malen totale, Tobacco move motiven in these countries, Us

-Pariz, May 20. Utalties, best performers, dp-up Friday after Ligete & Myers investments will be squeezed out for the week onded May 9,, yead The Bonic of, Franca statement pad only 9.21 point on the woeic announced

not of these rich potential markets, as follows:- pelob risa to Anish" at 06,17,” on average.

by the other, mokora

Mr Priolonul addressed that

Tight Money

followed

of cigarettes,

G

** Class "inton had lowers, zang= 40th drinimi ruseling/hore of the rutaj gols, hot

ing to 75 points on Owens Naloriat »Trickistrial Conference „Zotal dihur

Ressons for the duciibo were Corning. Bethlehem, lost 4% Board? the samo da thow of last woest, mód. Leikepal liceat) grafnect that Sonia were emphasizes a bit | amount, "- Kermocos; Peninch ={th mčky, notably auto production. divkland and declared karpecial progran bright, moner pravoslavlan which, sent the stockclip, edora enje

the number one tim wots for thao

on the walk; : Unitäd «tnärket dificulty, Tawar Bousing (Press.

'Sight: bel

New Delhi; May 20, Indian Commerce Minister Dr Karmarkar today forecast rigid control of import consumer

| fvo-year period. '

He told un ÷ import {advisory council that the government's general policy will give highest" priority to import, of machinery. and equipment.... for búste In- mong with" dustriew, and transportation,

indutrial row. materials

cased

The

British Government

stock be banting. The continue to shorts and the near-shorts tend to resist selling but those with a lite of 10 years or more acem to drop it anybody says so, Last week' Old Console and "Daltons" fell 10s while one of the railway nationailuation, "Touris fell 12 shilings 6 pince but the lom, very popular with foreigners, "lost" only a shillinga à pence-United Press.

hugs wor

י!

US RAW COTTON

EXPORTS

New York, May 20,

How coffor exports, by dés»

· Lustión no reported in bales by Mum, – the New York Cotton Exchange Ho sok that during the next; for the 1965-50 metron to: May/ Aven years India: mhilst import 15 were as 100WN AN ($2,000,0 ROGD) worth of

Wallets

Cominent Orient,

TYPHOON MAP

with revised codes in force as from

1st April, 1956.

$5.00 MOUNTED

$4°°INMOUNTED

or

South China Morning Post, Ltd.