1956-05-31 — Page 9

TRADE

THE CHINA MAIL, THURSDAY, MAY 31, 1956..

and

COMMERCE

SECTION

Page

HK Pot & Pan Manufacturers PURCHASING Canadian Rubber

Accused

SUICIDE-PRICE GOODS

FLOODING EAST

AFRICAN MARKET

Birmingham, May 30.

British pot and pan makers battling to hold West African markets against "suicide-price” goods from Hongkong and Eastern Germany are appealing to the Government for help.

Some manufacturers bove all which, they say. ready lost vandreds of thousands to equal

of pounds worth of orders in standards. Nigerts

by ordinary

is impossible treding

and the Gold Const. The worried pot and pan men They believe they are having to jare asking: fight subsidised competition

EXPANDING

BRITISH

REFINERY

Construction work begin at

ROTIC

WHY cannot Britain come to agreemen with West African authorities about these subsidised goods that are nimed specifically al squeezing Brilain out into the cold?

WHY-AN Britain is the biggest customer for Wes! and palm -- live-and-let-live nr.

African coCDA cannot e

rangement be reachedi

Fighting Committee

A six-strong

"fighting com -

mitbox" Ima now been formed has by the frustrated pot and pan men. Through Jual MTs and B.P. Kent Oil direct appeal

to Government Refinery, lale of Grain, on departments the manufacturers

lamching major

expansion ore

the

scheme which will enable protest campaign the refinery to process Soon they hope

7,000,000 tons

1

nationwide

to be joined of by other British manufacturers

in the glove and electric torch

At Industries who arc facing similar competition abroad.

Botne crude oil a year. present its capacity is some 4,500,000 tons a year.

The cost of the expansion, which includes a 130,000 tons a year aviation gasoline plant. estimated, at £28,000,000.

One flm badly hit by the frading stranglehold was former- by the biggest vitrous enamel- producer in Europe.

1953,

wane

In

the company Major processing plant to be employed 1,200 workers and ex- built includes:

distillation ported £180,000 worth of goods init; one catalytic reformer; me to West Africn — 14,000,000

one

hydro-articles all told, thermal redormer; two

stabiliser; two finers;

one solutiscret two copper chloride unita; one alkylation unit. Now Jettios

Two

Said burly 48-year-old man- aging director Karl Silk: "Today we employ four hundred people. Many of our huge new work- shops are practically allent. And our present exports 10 West

Two new fotties will be add-Africa are nil."

ed to the seven already serving

There will also be a considerable

the refinery along the Medway

number of additional storage

Road and Tail extensions will ilo be necESSITY.

Vast Piles

TIGHT CREDIT UK Chemical Group

POLICY TO*

CONTINUE

Melbourne, May 30. Australian trading banka will be forced to bontixinə their tight lending policy for some time because of their liquidity position, the Bank of New South Wales states in its latest quarterly ruylow,

The roview forecasts that by September this year the liquidity of the banka will be close to the minimum beyond which they would consider it f prudent to go.

Unless the aviradas ba- Lanot of payments proves, the banks will need to husband

their limited resources very carefully. For the foreseeable future. the supply of money will tend to coninct rather expand, doo largely

than

to the downward trend in the batanes of payments and to a rovision of the terms of irade to prewar relationship, the review adda-Ching Mall Special.

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this mom- kg amounted to approximately $350,000, Noon quotations and the morning's transactions:

Bayers Bellers

Shares

BANKS

HK Bank

1040 1005

East Asia

INSURANCES Union

230

Me

8334 2415

Sales

Continues Research

Imperial Chemical Industries spent £33 million on its construction progranime in 1955, making a total expenditure of £223 million on new fixed assets since the end of the war.

Higher standards of living in

the many ports

world in- for the creased the demand Company's products, exports of which rose to £71.1" million during the year, £3.6 million higher than 1084.

Total expenditure on research and development amounted to £9.44 million. Experience shows, the Dinoɑtoru say in their annual report, that chemical processes hardly ever reach such 16 slage TC- of perfection that further search cannot give rise to im- provements which amply repay the effort. As an example they add that although ammonia has been

of the one

Company's 30 major produce for nearly yours, a great deal of research I still and development work In progress to discover more and to And emerent catalysts,

Stiffest Competition

In Years

are

New York, May 30. US business mon meeting the stiffest

com petition in years in world markets.

Good from Russia, Japita, ound Scores Germany, England | methods of producing hydrogen

of other countries are follow (which is one of the materials

ing into trade channels for the production of ammonia) more economically from fuel-

pace that has many US manu- facturers quite worried. from

oil than is now possible coke.

Research Conferences

Research and development facilities have been considerably Company's extended in the subsidiary and associated com- panies in Canada, Australia and South Africa.

During 1955 special research conferences on a number of sub- jects of common interest have been attended by reprezentatives of these companies and of the appropriate ICI Divisions, ond methods of improving com ordination of the activities of the various laboratories have been worioed out.

The volum of exporta 1 1560

alkali producis was greater than 1015 in the tires previous years, with 10 1045 marked increases in the- Middie

East and British West Indice.

Arrangemente maene made during 1955 for shipping crustic 300 de 80s liquor in bulk and the first which shipload of 9,000 tons,

70 E U

of

DOCKS, ETC. K. Whert

Duck Provident (0) 13.50 13.70 1000 or 13.70 was loaded in 24 hours, was Wheeluck

in LAND, ETC.

6.60 0.70

et. a

POWER

DROPS

New York, May 30.

Only five out of 60 of the world's currencies rose

Industry Vulnerable To Competition

Toronto, May 30. The entire Canadian rubber industry is be- lin domestic purchasing coming increasingly vulnerable to foreign_com-,

power over the

last ten petition, Mr W. H. Funston, President of thể years, according to * Rubber Association of Canada, told its annuall survey compiled by Pick meeting last night.

World Currency Report.

DEVIN

Canadian

VODES

are

"The time has come for us to Led by the Soviet rouble,

OLIT

to warn the which gained not less than 57

public that pysent per cent in purchasing power foreign trade policies until the end of 1058, they in Jeoparding the expansion of cluded Iraqi dinar (20 per cent), secondary industry which alone the Philippine peso (12 per

can provide the additional job cent), the Panamanian dollar

will be no- opportunities that (5 per cent) and the Cuban quired as Carrada's population peso (4 per cent).

grows in the years to come," Mr Unchanged

in purchasing Fursion said.

power were only the kyat and

.Burmest

Portuguese escudo. '

saw

the "well-managed

Hardest Hit

he

Tha

pro-

帶

WORLD

RUBBER MARKETS

7142-734%

Aust

-

423-7272 95-97

**Although footwear

Singapore, May 30. All other currencies of the ducers have been hardest hit by Rubber prices today declined globe lost in purchasing power, imports."

sadd "there is on fairly heavy/selling. There The US dollar, the world's umple evidence the margin by was some trude support for for monetary pivot, shrank 17 per which producers of other rubber wards but orders were mainly.

Futures: cem to buying power

been able to very small, over products have the past decade.

date is narrow No. 1 rubber per 1b. June 221-733 Some coun-javoid a similar tries

their monetary and becoming marrower."

July Mr Funston wald deterioration nita diminished more than half

Unquoted Canadian od the in purchasing power. Many of

Industry's No. 2 rubber ger lb. June 7144-7196 them, like the waits of Chile, competitive position was caused No. 3 rubber per. 15, Jane 71-1115

No. 4 rubber per ib. June 0915-2014'. had their by two factors. He said one was Spot rubber unbeled Paraguay, Bolivia,

the development of the rubber blanket crepe purchasing

practically power

try in the No. i pale crape manufacturing indusay ope wiped out.

low-wage countries of

LONDON Among the countries whose

and Asia, and the other currencies experienced a lose of Canada's foreign trade

was policy purchasing power: India, 10 per which

The market was quiet and "has Consistently rub steady Total world trade last year, cent; Pakistan (eight years)

with spot at 10

21 15/10 ordinated

interests of pence per lb. Prices: the Commerce Department ro-

cent; Switzerland, 19 per secondary

industry to the ports, came to 171.0 billion cent; Ceylon 11 per cent, Wat

interests of primary Industry," compared with 156.8 billion Germany (eight years) 23

This

has steadily policy 1894.

gains The biggest

in cont; Ireland, 24 per cent;

Italy,

aly thrown Canadian markets fox 24 foreign trade were chalked up

per cent; Denmark, 27 by nations in the European vent, Netherlands, 20 per cent; manufactured goods more open

Norway

Turkey to foreign competition in return Jan/Mar Payments Union.

29 per cent;

for wider foreign markets for 92 per cent; Hongkong 33 pict cent; Thailand, 33

cent Canadian primary products," Mr per cent Malays (eight years) and New Funston said. Zealand,

34

Mr Greig B. Smalth, mangur per cent; Australie 50 cent Finland 62 per cent; of

per

the Association, told the American companies are feet-Austria 54 per cent, France 66 meeting the tyro industry can ing this stepped up competition per cent; Japan 67 per cent; expect a further modest in- from foreign countries both at Ismael 08 per cent;

Indonesta crease in sales this year.

Tho market was dull. Prices hope and in their overseas (nine years) 69 per cent; For- He warned however, that closed today in guilders per markets.

mosa 85 per cent; Korea 90 per import competition in the kilogram, cif June as follows:

footwear industry promises The big battle ground at pre- centUnited Fress.

to be

be more severe thin over. South sent appeara America, a lucrative market for ail kinds United Bründa”, of

Indications are international trade this year will go over that of 1955's swollen total.

Presa.

Farm Bill

London Tin-

Market

per

Tyre Sales

* 2131⁄2-2

No. 1 spot Settlement houe terms: July

AUR. July/Sept

2014-20

Apr/June

General markets cif basis, porta June July

Estate crepe thin July

273%

thick unquoted

AMSTERDAM

Aut

to

No. 1 rubber No. 2 rubber No. 3 rubber

Tyre

sales

this year have surpassed sales of the same period last year, he said. He at- tributed the Bales

rise to "optimism" in the auto indus try, an increase in the number

new tubeless truck tyres,

sent id Jamaica Jammy Viewed With the morning. Spot and three of vehicles on the rosh and

HK Hotel .. 23.40 133, 100 13 1956. HK Land

Humphreys.

Realty

17.40 to

KUBÍZH

A. Rubber 1.20 1.25 3000 **

LITH 130

UTILITIES

special grade of 'Alkothemo (tho Company's brand of polythene) was manu- 1.25 | factured for insulation purposes

in the transatlantic cable be tween Canada and Scotland.

22 21.00

200 m 22.00 200 or 22.50

Trist

ITam

Star Ferry Yaumat Kerry 100

135

C. Light (0)′ 22.30 22.00

00020

100 2.4D

1000 tin n

Co-operation

Apprehension

"

London, May 30. The tin market was steadier

months both rose 4 points to the common price of 730 sterling. Turnover was 110 tons, Morning prices were:

pot overw

acliora

(3-erotih buyers

'ollers

New York, May 30. President John T. Forritt of The Liverpool Cotton Exchange `said 'today. The new Harm bill ́of

non the Unfled States causes

interests to American cotton

Bome an view the future with

apprehension regards price.” was 20 tond:

0

He thumped his desk And tarke, about 500 miles of new declared: "No man in this

with oil pipelines

pumping

our facilities, and extensions to the country can compete with

forelign competitors' fantastically steam, electrical, cooling water

low prices

his Fun

fretory

The volume of overseas sales and effluent disposal services.

economically and still make an honest profit. They have copied ectric

Light (N) 19.00 19.80 250 e 19.00 of pharmaceuticals was also

30 30%

The value showed record 1800 30 our goods. our designs, our

Ria 19.10 10.30 700 1900 increase of 24,7 per cent over qualities.

Miação Elec.

0.10

the figure for 1954. Yet they are putting

Telephone 22.20 22.40 1000 @ 22.30 identical arücles on the market

11.00 at half our prices,"

INDUSTRIALS In his red brick

* 345% 343 workahop Cement

Rope nearby vast piles of metal STORES, ETC.

and plates, mugs, bowls, pota

Dairy Watson COTTONS

At the peak of the construc-

1958 tion period carly In labour force of about 5,000 men isikely to be employed.

West Germany To Double Bulgarian Trade

Bonn, May 30.

pans lay neatly stacked awaiting buyers. Their value? Mom than Textile

£200,000,

Explained Mr Suk: "These

made in advance to bo WOTC ready for the extremely short pressure buying season in West Africa, Thanks to the crazy prices of our competitors they are now left on our hands"

He added: "Only one thing can be done. These articles were West Germany and Bulgaria designed purely for the African alse- today agreed to try to more, market-they are useless than double their trade during whore. We must send them out the current financial year,

They signed an

there at the ridiculous Hong- kong prices. We shall kose thou- agreement ands on them. Thero's no other

planning the exchange of goods way-London Express Special, worth a total of 30 million dollars

in the year ending March 31, 1057.

year

In tho, last financial trodo ranched only about half the planned level of 23.0 million dollars, due mainly to a bad harvest in Bulgin

Bulgaria agrood after a bund of tough negotiations to a West German request that payments should be made in partly con- virtible marks, thus ending the previous bilateral clearing Byztem. The new systern will fake effect from July 1---Rou-

AUSTRIA PAYING EPU DEBTS

reports here.

Corp.

Au

Nanying

10 30.10

AĢISCELLANEOUS

Yangtzo Allied

应该

7.50 7.50

3.03 0,15 $30

In the afternoon, the un official session was quiet. Spot and three

months fell 22 points to 728 sterling. Turnover Afternoon prices

Undbed Press

China's Rapeseed Output

Solling for home, or the liner were: Exports of antimalarials ex- panded considerably, principal- Queen Elizabeth after a throu Tin spot buyerm 2003 Paludrine, with an increase week US visit, Mr. Forritt said, Both buyers

in value of 4 per cent over the the law might result in a drop previous учат. "Antrycide

-of two or three cents per pound 500 Gr 10.30 Aviostation and sulphnginni on the world cotton market..

dine also contributed to the rise

"Under the now Jegislation,** 15.25 -1.35 2500 Gr 130in products sont to tropical he told reporters, “It looks as if

countries.

the US Department of Agricul between the Co-operation.

te determined to get rid of ture Metals General Chemicals and

a substantial amount of cotton, Division of the Company have keep up world competition and enabled them, nocording to the force sales' the time being at |report, *tor Feast,

to lend the world in, the race for cheaper titanikum.”

What is claimed to be the first Burstory was done in the local commercial-scale plant in the titanium the world to manufacture Tesby the sodium route was opened and is now 15.30 during the year

toms 1,500 1241 producing 10.00 high-grade grmular 23.50

annually.

Exchange Rates

umerficial exchange market moming at the following rates! US, dollar per si sterling noter (per cl Australian notes (per £1) Indonevim ruplah (per, 100) Siam teal (per 100) Singapore (Straña)

183

London Markets Unable To Follow NY.

London, May 30.

sales

“Although footwear appear to be trolding on their own footing, import compeition is expected to make itself felt later in the year,” Mr Smith re- ported.United Press,

Stand Firm Plea

New York, May 30. Governors of 19 plates were urged today, to stand firm against legislation directed at businessmen handling Importiert goods.

A letter to cith of them fol- lowed a resolution sent them by the Legislature of South Caro- Una calling for such legislations. South Carolina and Alabama,

rect a∙low

requiring a ent sellin Japanese tex- siles to display the fact on a

of busines. at his

place of The letter WAS from the Council of the

London, May 90. Rapeseed production in Alto failing on the Quan chwan, China's biggest rapeseed Elizabeth today was British producing province, has shown newspaper Dublisher Lord an increase of five per cent over Unile Rathermere.-United From

of London Lead And

titanium

A plant for melting the metal was opened in July, 1955, and o both plant. for rolling new itanium vod

sheet is scheduled for completion during

1957.

and

Terylene Plant Production of Perspex, acrylic shoot was hereused by 25 per cent to choot the growing de

and. CoversCOS home mand at from material for -corrugated rooling, Indoor and street light- ing, advertising signs, catering transport and television applica

Zinc Prices

.

•

London, May 30. The offelal, morning metal market closed today as follows:

·Copper, spot buyers

maller 3-montłu_buyers

· Lead Zid hull day

AUE

Zino, 2nd half way

AUR.

2:00 X-1131. 100-10812

produces

scod.

are

Uniier States last year's total, the New China International Chamber of Com

merce, an organisation of pri- News Agency claimed today:

and trado Szechwan

Enterprises province, whichvate one-fourth .of

Similar ciclis the organisations.

maintained in 36 other country's total rapesord crop, has 3,800,000 hectares of rape- nations.

The Council, sníd, that if the passed in eristation already South Carolina and Alabama "is allowed to stand challenged, no businessman engaged in any *** trado industry;

will "bo Imaneme to the consequences of

United Press.

The agency

geney said whoat har vest in that province had also an Increase of 16 per cent over last year's .steld.Reuter.

Sao Paulo Cotton dangerous (proven!!

Prices

........ Copper" was firm while load

Sao Paulo, May 30, Cotton. "future. closings, in and zind

steady. very Turnovers for copper, lend and cruzeiros per kilo were as fol zing respectively, were 700 tons, low

weto

1,100 tons and BBD tons-United JUN

Prem

Det

In the afternoon, this unoffi

Dec.

MAT

May

208-007 2949-350

Markets did their best to respond to Wallicos, Street's handsome recovery last night but buyers plant, destined to make 11 Copper spot finally disappeared, were slow to come in and most of the initial gains million lbs of fibre a year, was

A Tersiono polyster obrocini session closes as follows:

ceptions Included Rolls | closed with a gain of 1 shilling Vienna, May 30, Royce and Unilever which held 3 pence. Auttrio has repaid the major gains of a shilling, Bowaters

Germans Pressed part of ity European Payments Paper one of one.... `shiling. 9° Union debta in gold and dollars, pence, and Lancashire Cottonts Germae wore prémód," not. the Austrian National Bank held & pence. In genoml thereably Berlin 0 per cents, which were relatively few declines. fell a sterling to 193 storing; This repayment reduced the " British Governments cemed Young Loan Josh and the Austrian defelt with the EPU fairly fem all the day mill to Dawes Loan "fling: Japan

which hart piled up to 3,700,- wards the close when they met 000 clearing dollars in the first fairly heavy selling whet bost four months of this year to them declines of stening or and in Tokyo Mecutca, Tony only 3078,000,000

3/14 terling Oila were diam,“ Speculatora li ygoto

ese, were quied except for de- clines of 24 sterling Jri she-1007

only Anserica "Urtner, tried to abort as toonle Pol Dutch Jienced 146 The Austrian, National Bank Royal did not "mrice, use of the right ink to 179%) whu Kholl Trans”, thus caye yowatzidi

10 | Corvert. 28 per cent aliis port maid's Brithér / Petrolmam: “Alison

brought into operation, during the Zaut two months of 1954 otad the first half of 1935.

London Wooltop Market

Wob Hop

London, May 10,

figures mørket

with lots pence per ib,

3-month

Turnover was 750 bona, Zina 2nd half May,

.unquoted

6-670

30.10

19740

51.30

The UB markets were cloned for Memorial Daynited "Prna, TN

Tursover was no toe. The war- LONDON PEPPER

|ket war quiet-United-

London Foreign

Exchange

Exchange follows:

MARKET

Court far

Preme

INDUSTRIAL

INDEX

No. 1 crepe

Wherever

210 buyers

2.00 buyers. 206 buyer 2.00 pald

United Press.

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