THE CHINA MAIL, MONDAY, MAY 28, 1956.
Page 9.
Revised Procurement Directive
Washington, May 27.
A revised directive covering procurement by the General Services Ad. ministration (GSA) of materials for the United States stockpiles of strate- gic metals, minerals and commodities has been an- nounced by Mr Arthur Flemming, Director of the Office of Defence Mo bilisation (ODM).
The directive was sifiri rod remained an offical secret. It would be applicable on stock- pile purchases for the currect Ascal year" of y up to the end of June, the new US seal
wonki begin your
on July 1, 1950. B Was stated
A
alement ispurd by
Mr Flemming
Istaring
materials.
tha
-
phants will be placed bartering United! Stater sterplus
wheat, rice. commestilles
ley, oals. ryo. maize.
!
cotton,
cheese mad butter for foreign-
produce materials
The directive Mr Flemm
14,
+
Macusparteles
Murther pros
foreign fuorspar
o kartony und the fiSA has «determine the possibility of acquling addition, 3 domestically"
panes
WOULD CONTINUE
TRADE and
COMMERCE MERCE
Bloom Off United States
Economic Boom US Government
AUTOMOBILE SALES CONTINUE
TO SAG WITH MARKET
By JOHN MORKA
Will Help Textile Industry
New York, May 27. American business this past week had more misgivings costs about their economic future than in months.
The American mood was definitely bearish. There was more talk of a day of reckoning ahead. Even the ugly word
Others hopefully optimistic – "depression" was mentioned.
were less so than for a long time.
HONGKONG STOCK EXCHANGE
From Our Correspondent) Bites the Heng Stork Exchange
TA
[!
Chipm
kou! ETROLIG! proximately $300,000 Nuot quotations. fransarebbons
ASUTT HANKS
As previous ODB purchasdog. Brectives, the new car
continue the pulley of materials fros
tel
wild Inry lug Suites proble
11 31
b
dellar purchases
HK 2
Ses
But if the materins could not
from domestle Ana purchased
Hources they may be acquired from foreign sourced by barter." Mr Flemming sal
The GSA official sizzl
materials for the national stock-
pile would continue
wow not
not pussible to lead sur-Thangheys plus farm producta with friendly Overseas Countries, but the bene invetive Indieated there might be on appetumly for the US to dasps of some of its surplus Potamoditi fe added that the dollar purchases, following thes remain would stal practice,
secrets, China
orr Yaunati Peres
Illetal
Special.
The bloom for many experta, For is definitely off the boom, all practical purposes, American sou no major busteen now
They upturn lend this year. talk more of mugging economy,
with u
sumice hall whent, and a possible pickup in the fourth
A 5
as for
quarter The
The stock market prices con- Tenue hump, batting their lows Sona Unng like 18 a valuations has been halfled to the Dow-Jones In- die had average as of April 0.
Distressed Areas
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INSURANCES
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ABE | COTTONS.
1781 Textie
12 40
323
18 20! MISCELLANEOUS
20 40 Yangthe
033
$30
340
I B2 Alla
|
rise in employment costs. Others asked for longer wago parts.
of labour are
to
Washington, May 27. The Administration ia trying to decido how to
textile help cotton
pro- ducers
compate in foreign markets where materiala and lower. Commerce Secretary Sinclair Issued Weeks, In a stalement late last week, assured the in- Administration dustry that the ક developing
effective the problem, approach" aggravated by heavy Imports of cloth from Japan's revived ten- tile Industry.
19
to
***
The Japanese government has announeve that its producerN thia year have agreed to adhere ix to voluntary limits on exporte the United States However, US reportedi v 2101 producers
In the all acution, last week Mobilisation Director Arthur S. Fleming promised to investigate
charges that
excessive foreign oil Imports are damegugatshed with this arrangement. domestic markets,
Department The Agriculture
W
Mr Robert L. Wood, President announced on Monday that its the Independent Petroleum programme selling surplus ra
#:314!
mt | Association of America, said he | gelton competitive bidding fur export-as as aid to domestic
who sell exacted the promise from Flem-
abroad- White House conference producers ng at at which Mr Wood submittal would be extended on August 1
textiles, yariys Insport figure which he claimed to cotton supported the IPAA allegation. Spintable water
Mr Wood sald Mr Fleming not to look into the shly promised Isatuation but would ask Preal- dent. Eisenhower's cabinet Fuels
for Fanmittee
rextuces
other review.
1-
SUBSIDY
Reliable reports Indicates! that direct subsidy payments are under consideration to domestic textile producers to help equalise markets competition in world
In-
The immittee last your urged bom lower cost foreign products that imp its be restarted if they in other forms of compensation were found damaging to domestic may also be decided upon, productions, Ten days ago, forined sources said. suggested a new Import formula under which certain area would be exempted
SECTION
Premature
Report
Paris, May 27.
An authoritative Argen- Une source here described S **premature" London that agree- press reports ment had been reached between Argentine and eloven European countries for the establishment or a mulateral payments Kylfem.
The source said progress had
ind been made but at least another fortnight of nego- flatione was necco«MPY
Com
to
reach a final agreement. It added that as the end of this fortnight manique would be drafted and was
expected to "positive", Final cleven
frow
experts member-countries of the European Paymenla Union and the Argentine delegation Jod by Roberto Verrier, Under Secretary of Stale for Finance, have been meet. Ing in Paria to put Anal touches to their study for a common polley towards the establishment
of multilateral payments syn
tem and the settlement of the Argentine debt,
The Argentine Economis Counsellor in Paris mald mrelings in Paris will be for cothe time suspended unill Lbe Governments concerned have studied a report on the present state of the negotiations sent la them by their respective delegations, China Mol Special,
Rising Freight
Charge In The Far East
Worst Decline On Wall Street
In 26 Years
By Elmer Walzer
their
New York, May 27, Industrial shares suffered severest decline in nearly 26 years on the stock exchange during the past week. The whole market joined the decline which lopped 8 billion from the valuation of all listed issues.
The total loss since the industrial avery re set its record high on April 6, amounts to 13 billion, against a 16 billion break after President Eisenhower's illness. The latter loss was more than fully recovered.
Here are the market statistics as measured by the Dow-Jonca avenges:
were driven down when copper prites
Stocka joined wire cut, the declme. Aircrafts were sold down.
at special issues, had wide losses. -- United
Industrial average closed the week at 472.49, of 23.00 points, Presss. widest weekly decline since the 28.95 points break in the work ended June 21, 1930 dustrial igurent
above
WAA
nly
The
Chemicals
the week's US TEXTILE
16.14 points
the year's low get Jan 23. Industrials have de- feliner in 23 of the 35 sessions
since Apr 6
New Low
ฟมม
MARKETS
A weekly review
New York, May 27.
and finished fabrics,
New business in cotton Railwads 185 30 ĐT 9.61 Widest decline since week ended July
textiles developer at an It 22, 1933 when
10.37 extra-low pe this past pants Hails have declined in week, both o 18 of the past 35 sessions.
grey goods
Ulities
closed the week at
Buyer Interest, chilled since 65.13 of 1.04 on the week and late April by the long spell at up 2 10 from the tow of the year. unfavourable weather over mont Industriels were at a new low of the country, showed no sign since Feb 16, rails since March of thawing out. B. and utilities since May 2. The A Norwegian shipping execu̟-
gowral average was at its lowest since Feb. 29.
the day business boom for the rising President Eisenhower said "yes" Fure of freight charges in the
Manila, May 27
Is 111 prospect industry the American textile (ive blumed rising esta and
East.
a
for the re-election
Whatever
the final decishm, Mr Wooks said-end he gave no hint as to what it may be.- the overall policy will be loved at On the farm front last week, providing "appropriate sale- tested" fuaY That means they White House staff study show-guards And unremply ment of between li
ed that ther
The programme will per vent of the labour force
that Amerien's farm surplus also "operate within a sound last for that was
expected to 119 east for months
As "distressed" can be solved through foreign policy." Mr Werks said, which "safeguards the interests
Mr W. H. Sorensen, For Fast government cut expuris. Areas, the
four million American Manager in the Ostu headquar familles who rely upon foreign tem of the varian Lines, suld trade fer their livelihood. and the Increase is especially notice- presevves the present overseas able in the Far East because of market for the products exported the freight war which had pre- from some 30,000,000 acres of vaited in this areu until recent- American farmland."
result ly as a
of competition Independent
500 m 22 00 | help with lax write-ofte and
(defence contracte
..107
34
"Only in the event of wide- spread and repeated crop failures in Important producing countries would a large enough increase in exports be achieved to make sub-
Elsewhere, copper fabricators 2003 1200
report new bushiess off by some 2100..
230 25 25 per cent from the levels of a
few
Meanwhile, stantial months ago 434 1930 home builders, appilance makers, farm equipmiest manufacturers 3022an 1300 160 | contime operations under re
diant schedules In the face 200 94%
shumping demand.
300
111)
The City Worked
Free Of Wall Street
By C. T. Hallinanı
London, May 27.
Stock markets began last week under the influence of Wall Street's daily tumbles but gradually worked free, thanks to the diminution of local selling and the re-emergence of the small buyers.
reduction izi current traublesome aurpluses, particu- jurly wheat, cotton, and rice in the next few years." the report of sold.
And last week, the black and white television Industry ...
yees with
The report
was presented for President Eisenhower and Secre- Ezra ↑ ct Agriculture
kast October and was
the rise was faced try
A minor Benson troubles. 732 A
Slutop sevne to have set in. Sales released recently in Pont weeks are off by about one-thi
In Line
Receivers have piled stores and wure- Iz otoit houses and are being sold at big
Mony of the conclusions of discants. CBS--Columbia, tele-
document, bicluding thes the undt of and radio Vist
proposals for soll bank, were in the recommendations company sisiderhig a complete shutdown farm legislation sent by Elven- hower to Congress in January.
colendra Rindcasting system.
Announce
the
was
manufacturing operations.
If
In the aules, the
the
Mr Weeks also said the Ad- ninistration "shall continue its effort to be helpful to our textile Industry "United Press
New York, May 27. Itaw cotton exports by destina- tion as reported in bales by the New York Cotton Exchange for 1955-50 season to May 22 were as follows-
Britain
Conimert
Orient
Canada
Total for me amon
Sorte period last year
among
in Japan.
wor TH
operators
He said the "gradually disappearing."
Mt Sorensen suld rost vf operations and the cost of build- rising. These ing ships wes
with the combined
business boom in the United States and the Europe were reflected in
because Orlent and intensified
lack of bottoms in this
120 270
of the 524841 Arta.
Mr 936479 124,953 Manila 1,717,826
Sorensen
arrived
11
on Monday aboard the
newest of his firm's fleet-United Press.
3.05-4232 notorship-Ivaran,
excluding inter-United Press IVE
steel industry with Gwynn Garnet, head of the major underpinning | Foreign Agriculture Service, sald
there of the U. S. economy
report's analysis uf the www
new tonglus. Many
ny foreign disposal outlook is in see the chances
. Une with views his agency has little better than even, Industry held for many months. --United Tenders now predict a 10 to 15 Press.
of
strike a
per cent drop in production in
the third quarter but sce comeback in the last quarter.
However, much depends on what Record Sea And the auto industry
next few months
does in the
Air Travel
Final Quarter
New York, May 27. Ranking industry. leaders, Foreigns and air travel by government ofcials and analysts Americans this year is headed & new record, 15 per cent put the US enemy under close for
this sarutiny
at over 1855, Pan American. World
Airways President Juan separate conferences. was Ai Hot Spring. Virginia, 100 of Trippe told the Air Lines Annual
top industrial and financial meeting last week. the
The Financia: Times index of leading industrials showed a total fall of 3.6 points to 184.2 after touching 184.0 mid-week; the close
Tids refusal of British vestors sell precipitately going ex-dividend
to means that they have largely closed down 4s accepted. advice from New York to its low.
undergoing correction of a rather run-away market and that the long-lenin 1956 outlook over there is cop sidered sound.
Wax
Od., also close
Wan
£112).
past
week
T.
mcnt's Business Advisory Cota Western Pacifle area as likely to
in the
The
Cotton Futures
Experience Nervous Week
By William T. Plunkett
New York, May 27. Cotton futures this past week went through a series of nervous rallies and declines in a period of quiet dealings.
Nearby July developed outstanding strength
more than 9-points down over the last three weeks.leaders that make up the govern Mr Trippe singled out the late in the week, soaring to 34% cents a pound, a in- the year, while Rio Tinto, after ell, were seeking the real busi-be the greatest potential for new high for the year, and a rise of $9.50 a bale mid-week, nem trend in the final quarter future growth. But, he told the from the lows of the year, just in contrast of the
They foresee an upswing in the meeting, better hotel facilities in
new crop months which backed down considerably last quarter but some think part
Japan, Australia, and other to the effect that Wall Street is Among the whole idie Ger-of the increESE ia economic Western Paelfie nations must be while traders pondered uncertainties in the crop much-needed mans, Berlin 6 per cents, stood nctivity will be due to higher developed before that potential picture, plus government policy on exports of raw
out with a rise of £2 to £100 prloes. Secretary of Commerce can be fully reallad.
this Mr Sincinir Weeks figures yepr (peak this This
dus to
bt- this
national product
Pan AM President also cotton; dullness in the textile market and a grogs ginning cf official
negotio final quarter will match last said a proposal for new less-than slow-down in mill demand for spot cotton. lons to rerume payments on your's fuel quarter-297.3 billion, tourist air line rates might boost
traders the bonds by the device of The GNP during
At Friday's close the list ruled | strued bearishly, other first quarter foreign travel 60 per cont. But capitalising the
higher to 40 points concluded, in the long run, the extensive 1958 stood at a 398.0 billion the proposal would first require 32 points
would be beneficiel of lower, or up $1.00 to down $2.30 move chip arrears of interest. The Young annual rate. There were strong approval Industrials here lost about 9 Loan, both assented and non-warnings made by these experts governments and air curriers.a bale, compared with the pre-statistically, inasmuch as the bill also included the soll bank pro- assented, retained
rise of about the inflationary dangers of United Press. penco or a shilling but a few, lika Bayaters Paper, Imperial 108. Od.
Buying in July was associated vision offering aid in reducing wage increases. Similar attacks and Unilever, were Japanese W
a number of factors, in- surplus production. Gome strong were voiced by the National
with Chamicals
The 1930s, Shares which buying.
both Assvolation
cluding: 1. The low certificated Bd.
Manufacturers down la.
sters The Bank Of France stock; 2. The moderate open -Crop experts sald worry over ex-dividend lost week classes, led the market with a land prminent went
position outstanding 3: Possi- the late start of the crop hod Bike Rolls Royce, Dunlops and rise of £2 1⁄2 while the non-leaders.
gained 1wo were down assented 19249 Associated Electric
blity of a tight supply situation been modified by the arrival of for free cotton when the season clear and warm weather in most ends July 91.
sections of the main belt,
Most
Dutch Down
of
the
bluo
#
Dr Ralph Robey, economist from two to four shillings, in pounds and the assented, £14. for the NAM, said "unregulated
and
power each caso a bit more than the
uncontrolled" dividend.
unions controls is the underlying
He urged controls on
1
amount of
Oil shares went largely ex-
dividend last week but the
Dollar Stocks
from
归 number
Statement
Paris, May 27. The Bank of France statement
reads as follows:
Dollar stocks were, naturally. ure of the new, Inflation threank. for the week ended May 17,
Royal Dutch dia not and honvlly markod down
by unions to rest bargaining to too
coding week.
Bearish
However, privato reports sug- gosted a sharp cutback in acreage Previously, soned the way sellers rea- this year. One survey pisood eniors supply might the area around 10.3
nevertheless fell £1% to 270% ļamounts ranging up to 11 points local levels., "oddd that the motal gold holdings 301240,308,480 bye a. burden on the market bes | hores, a figure 8.7 percent
Total other currency.
nation's economy Was bee (it high this year was £82) in the case of Shelf Oll and of
Fondan while Shell
fell 12 points in Bethlehem Steel. Transport
"Blocks angered because of the **] Sight bianco abroad. 26. 30.
British Government
dency for wage rates to
Bbw any dennita northal Mining shares wore rather onsed almost daily but re-without vulnerable last week though the covered, How and them, and relationship to market cordlund, outlook of many well-known defines at the end of the week tons, Mr. Benjamin Fairies, CONCERNE POTmina eropilent. werd mostly no mom than former Chairman of the US Steel
De Beers Tell 7′′, dd, to three sixteenths sterling, urged the nation to redat in
ed., close to its low for United Prop
šarbeitet, 12se inflesionary
own
Advance to Bibike-
bilis diacounted Dante sa pus
Euston StuDA Current, scoatinte and,
B. deposita
18.10
cause of competition from cotton below the acreage cultiva 181,000,300,000 being shipped after Aug, 1on on lost July 1. and 6.3
.800.000.000
The
extent
the decline would seem to indicate a selling climax. Wall Stres experts enld this was because of the situation of light
in money, softening textile and a lag in retall trade, The additions were talk lull in steel operations in the third quarter and further auto comment bearing out the recent predictions.
of
A total of 1.414 issues uppear- ed on the tape. Of these, 1,185 declined, 142 gained and 107 held steady. A total of 26 issues made new highs for the year and 319 made new bows.
Railroad issues were hardest hit with the oils second, Metals
The Bank Of England
Statement
London, May 27.
be
Gloomier observers were coming resigned to a "inkssted season" and were looking ahead to the preparation of fall and holiday cruise nes.
weather While unseasonable continued to be the chief factor
other for the slow-down, servers listed the followùng rêa¬ sons 1. Uncertainty about future raw cotton price; 2, the stock markot side. 3. Tightening cre dit, and 4. Possibility of a strike in the steel industry,
which traders, The apparei account for about 40 per cent of the nation's textile produc- tion, have been practising about the market for several weeks. Users of industry fabrics, which account for another 35 per cent of the output have been idle for an even longer time, especially the automoblie makers.
With the oppearance of more resale offerings at lower prices
the wide on
heavy weight fabrics, more mills started to ourtnil
However, production
some market appraisers viewed the cutbacks os more construc- tive than otherwise, because the
Ac-
The Bank of England state-step would prevent the ment for the week ended May cumulation of inventories which could return to plogue tho 23, reads as follows:
Sterling market in the autumn. 1.807,770,00
Buying in rayon, acetate and
ramadayd
Note in circulation
Publie deposita
Privato deposita
Government securitier Other securities
Receipts
Itatio
1
16-370 400 290,107349 synthetic grey goods 207 256,020
- basi, with conventera 10 11000 apparently determined to avold 34,555,170
any inventory United Press. United Press.
100
accumulations.--
TYPHOON MAP
with revised codes in force as from
1st April, 1956,
$500 MOUNTED
$4. UNMOUNTED
from
the governmast exportale per cent let than the national South China Morning Post Ltd.
programme, similianomaly, with nervage aliphment of 17,347,000- The arrival of new crop innings acres. Moreover, it would be the vero front the carly, producing arose.""" amallest prog planted to cotton
While pressure to well the sur-beremce 1882 14 years. plus at world prices-was-con- United Press.
-Untied Fram.
HONG KONG & KOWLOON
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