1956-06-05 — Page 9

TRADE

THE

CHINA MAIL, TUESDAY, JUNE

and

1956.

COMMERCE

SECTION

Page

WAGE-PRICE SPIRAL MUST STOP New York Rubber HONGKONG

Chancellor Warns

1

Trade Unions To Cease Demands

From Ronald Boxall

London, June 4.

Britain has experienced and scraped through-all kinds of economie crises since the end of the war. Fuel famines, balance of payments deficits, devaluation, too little or too much investment, over. spending--we've had the lot. Now we are facing perhaps the most serious, crisis of all-the wages crisis.

the British

I say the most serious because up anything the rise of wages and other - Jaumer does not want. comes without parallel increases

years.

Jow

The

COD)-

Mr Macmillan has made two

Bank Clearings

New York, June 4. Тре volume of bank clearings in 20 leading United States' cities In Ute weck ended May

30 to-

alled $18,270,474,900, 06- cording to Dun & Brad- street Inc.

This was 17.1 per cent lena than the proceding fatk wock. The değiipo was dpe: to the Memorial Day holiday. -China Specjal

Tokyo Stock Market Review

Now

Tokyo, June 4. buyings without Geven any

clear-cut reasoning days to warn the trade unions that another round of wage in-

Dow Jones average creuses like those of

an all-time high of the two years would be disastrous

yon for the week to the national economy.

of May 28-June. 2 on the "If every rise in prices suing from previous wage in-Tokyo Stock Exchange. creases is DOW to be regarded

past

saw the close at 491.33

**

de-

in production has been lunggoly fighting speeches within responsible for a lot of the troubles during the past ton Hitherto we have been treating symptoms: ducase itself is clamouring for attentlots. And time is running out

Britain's economic Most

the past decade as ground for still futher wage troubles over have been due to "coal-induced"

Increases then we are certainly

he Indation. Prices rose 50 per cent on the rond to ruin,"

1955 between 1948 neud

and etared. two-thirds of that rise was due to higher costs of production at home.

Production went diaring that period by a little under a third, but the British Prople look

much profits and money-in wages. so on-producing these OXเจ Kods. That was the situation at the beginning of this year. The only difference now is that it looks rather worse. Wages have continued to rise at an

almost

ענן

even foster rate-prices are follow- ing them up and production has Jovelled off.

ni

Now Reinforced

Little Headway

The average was higher by previous 1.07 уста

over the wook.

for

The Chancellor wants. if possible, to beat indation with the understanding and co-opera- [10 tion of the trade unions, But anyway he is determined to beat It.

Shippin issues were most conspicuous again. On Friday shipping transactions accounted entire cent of the per dealings on the market.

NYK

Osaka rose to 85 yen, yen and Misul to 83 yen. Other shipping issues such ад Kawasaki, Yamashita, Shin Nippon

Nitto End

Shosen #showed gains.

Shipbuilding issues were par- cularly

leadin active when

in accurity firms were buying volume in antidpation of capital noreasts. Mitsubishi Shipbuild- ing, Kawasaki Heavy Industries, Shipbuilding Werk

"We have begun to make

he said. "but little headway."

we shall do more if more needs to be done."

This was a plain warning

that the Government has other weapons up is sleeve for fight- ing inflation if appeals to self Hitachi restraint fail to stop the wage prices spiral,

popular.

NEW HIGHS

shipbuilding

the In

Wall Street Stocks

Gain

Strength

By Dorothes Brooks

New York, June 4,

Stacks strengthened a bit in another, slow sússion today.

Volume picked up just glight-

from

ly over Friday's nine-month low tolp to 1,500,000” shpres 1,440,000 and, ot a total 1.İşa issues traded, 500 closed higher while only 340 showed declines on the day.

A few sharp gains among the leaders helped lift the Industrial average 2.59 on tho day and the rails' 1,02.

WORLD COTTON MARKETS

Now York, June 4.

By and large, however, stocks heid in a very narrow range in- Cotton futures today dicated

of any see-sawed

a luck of market

terest in the absence new influences.

好

The market opened in a very to range but appeared there would be no extension of real-offs, prices began to edge

up.

Motors Neglected

Steels stood out with Cains mixing almost to 2 points in point in Bothlehem. National, a

There were fans of a point in Dow Chicznical, Monsanto, Unles Carblue, Allied Chemical.

Halls had gins ranging

or mure

around a point or mere in Santa

Fo.

narrowly

on

either side of the previous close in extremely quiet dealings.

Traders

gentrally

un-

changed to a points higher. The

Closing prices ruled

market opened up 1 to 4 points. New Orleans closed up 6 to 8 points.

practised caution_reflecting uncertainties in the Government export pro- gramme and the mechanics for operation of the soil bank.

Dullness in the textile trade, along with generally favourable quiet Dad the crop accounts, demand for spot cotton, also hindered new market interest, traders said.

Dealers Pause STOCK After Early Rise EXCHANGE

New York, June 4.

Rubber futures trading flattened put in the early afternoon. After the accumulated weekend demand, built up on strength of foreign markets and lifting of the Malayan export ban to China, the market turned quiet.

(From Our Correspondent).

Business done on the Hong- kong Stock Exchange this morn ing amounted to approximately $850,000. Noon quotations and. the morning's transactions

Sharra Muyers Sellers BANKI 18 park ....... 1068. Far Aða INSURANCES!

30

་

Lombard

D

SHIPING Waterboat

2.

Traders en both sides wanted fair volume at around 1⁄2 cent Union a new look at tho.blötume." The over Friday's basle, 1150

disappointing and caused early buyers on the terminal market to liquidate, Sellers met the market in the DOCKS, ETC.

SINGAPORE

hero.

and

Halee

103 1045

2378 13.00

In the local delivery market, afternoon

prices. Whert.. Oct./Dec. one shoets were done closed two cents below the best pock by 143 at 25% cents on the opening rise, | levels, Unconfirmed

reports vident

Wheelock 0.70 3.00 7000 8.75 with about 80 tons a month in sold the amount allowed to ship LAND, ETC. volved. But later, traders sold to China was about 2,000 tons a UK Hotel 20 13.40 133 100 15.40 the market "appears to be feeling month. Future closings were the continued pause in manufac-No. 1 rubber per ib. Juno 70-7014

turers

Interest, buying Priem st 1800GMT an hour. before the market closed ruled No. 2 rubber per io. June 73-7454 50 lo points higher with sales No. of 1.200 tons. July 20.75, Sept. Spod rubber anbaled 25.93, Dec. 25.35.

to

No. 4

Danket crepe

Earlier news of the lifting of Na. 1 pole crepe the British embargo on rubber shilpments out of Malaya China touched off a speculative buying rush in rubber futures hero today

· 138

Y'mati Ferry 100 108

20000 5 1.39 240.6 1.45

2040 6 1.50

8828 38.

HK Land... Stumphreys RUBBER

Ev

8:00 G

17.40

July 7412-75 Aug. unqunted

A.

*Rübber 1971%

1.40 34000 @ 240

20000 # 1433G

131-13% 321-2313

| Trust 1,47}

70-7016 ITILITIES

73-78 08-100

TYR

2240 22.00 1100 > 22.70

Star Terty.

Bettlement house term:

August

September

July/Beptember

October/December

LONDON

C. Light (0) 22.70 23.90 3500 en The market was very steady | C. Light (N) 19,00 with spot quoted 32-8/16 Ecotrie 3034 301%

at

Bonus 27.20 pence per lb. Prices: No. Impot ....

Rt 19.30 1940 2015-2016 Telephone, 2230 22.40

Bonu 1.00 11.00 July

INDUSTRIALS Cement 341 545

11.70 2276-22% BTORES, ETC. 2172-72

1500

1000

1000

12.30

11.00

Jantory/March

8135-214

Dalry When

16 10.10

600 11.80

500 @ 10

10.40

290 @ 10.00

.

April/June

219-2115

Juna

27-2214

5.25

July August

2134-2216 Navyang

7.70

Estate

crepe

unquoted United Yangtze

1000 $ 0.00

Proza

1.30 : 2000 m 1,29

and

than a cat a pound before the market levelled off a little in mid-morning dealings

Prices shot up a little more

Lent Colour

Strength

London- of the Singapore markets lent colour to the embargo-lifting news, "but on later rellectora marked" realists awaited

were

catrtions

further developments before drawing conclusions.

One version was that China now

obtaining "all the rub. Evening-up operations in the

ber she nood" from Indonesia, Motor shares were neglected. July delivery, anticipating first

plus amounts coming from Dey. Gul! and Jervoy Standard notice June 23-provided same

'

rubber-for-rico to of the activity. Open contraction under the picked up around a point stand out in a narrow oil list. in July at the start of trading barter arrangements.

New York Stock Exchange todhy totalled 197,300 bales. bond volume was $3,420,000. The certineated stock totalled American Stock Exchange 11,942 bales, a decrease of 31 bales since the previous posting closing averages early last week.

volume was 600,000 shares.

Dow-Jones

were:

KOUD

20 indyetziala

20 roils

13 lin

43 plocks

Measures taken by the Gov- The majority of commentators erument to deal with the gener- have little faith in the effective- stluation-the news of exhortations of the trade Inflationary high bank rete, credit restrie- unions to "play the game." They Nippon Kokan rose to 86 yen. tions and the rest of it-have belleve the Chancellor will have Yowala Iron and Steel to 83 yen reinforced by the to use his other weapons sooner and Fuji to 80 yon-all new now been

| highs. Government campaign to bring or liter.

the home to the British people and

Coal Issues also were on those who are or especially

and bright side of the market, mining the Alle-seem determined to have a which is to restore a 10 per cent ganised inlo trade unions

are last fling. Their advantage is payment also jumped to the 100 gravity of the risks they

and yen lavak. running if they go on trying to slipping away from them

to get all they can Kuwasaki tron and a quart out of a pint boitie. their aim gef

Metals before the door is slammed in Sumitomo This is not proving en thing to do. Since the appear the faces-London Express Ser-Steel were heavily ance of the Government's White vice.

easy

Paper on the economie implica-

Lions of dull employment--which fired

Arst

shots in

the

But the trade unions---it not the leaderships the rank

and

Steel, Kobe bought in

the steel issues.

Ajinomoto closed the week at 224 yen the same Agure for

campaign-one group of work- CHICAGO GRAIN the previous weekend. United

ers after another hus 'submitted wage claims,

in

MARKET

Chicago, June 4. After a weak start, all grains rallied and sold at or near the the Board of day's highs on Trade.

Engineering workers have put claim for "substantial" in- Crease which is taken 40 mean an extra El a week. Wood- workers in the building industry want an extra ninepence hour and other building opera- Interest by local and corrunis- submit sion house brokers stimulated to

Aives are expected

Other railway

most certainly parallel risc.

an

al-

with

Press.

Singapore

Stock Market

similar claims soon.

Locomotive men are claim-higher edible oil and soybean following stock prices: ing a 15 per cent wage increase. meal markets.

Balu Lintang Rubber men will

wheat was light Lia. Trading in

Elomeo Petrolcan for ask

throughout most of the day, and British

Syndicate the

generally clear weather is

Tin Smelterm Cunsoldated

Ord. If these claims were, granted reported over most of the south- in full higher wages would cost western arcas, and areas of Fraser & Neave Lid, Om.

industries Ahooo thro

alono Kansas are overcast and some Fraser & Neave 15% wh some £200 million a year. And moisture is pralleled during

or ex- the next five days. claim submitted

the

40. bonds Comm. nature price index Compot price index Moody's "Index"

Closing Prices

Aldan Inc. Acy. Allied Chezzxdemla Allis Chalmers American Airline Amarlean Metal American Arnetting American Tel & To American Tod. "B" AMponda Copper Affrour

Baldwin-Lima»Eimeri. Bafiimore & Ohio Benguet Cona. Bethlehem Steel Boning Airplane Canadian Pacific L Chose Manhat Dank Chrysler Martore Colgate-Patrolŝue Co. Commercial Credit Commonwealth Elec. Consolidated Edison Crane Co...... Crown Zellerbach Cuban Amer-) Sugar Dupont de Nemoun Fastman Kodak

Ford Motor

| Cheered Elecrbche

davens Footw

General Morber

be

Cautious observera reasoned that it shipments are increased from Molay, it may mean that Just that much less will shipped out of Indonesia.

tho move mean, опо Atlanta reports noted• very

observer asked, "that producers Uttle demand for now стор

will be 42 cotton last week.

be reducing one pile while Maanphia re 103.63

building up- partedes for shipment in another plle is

sort of a rob-Peter-to-pay-Faut 17020 Juno

Jul wero made in 90.64 fair volume. Announcement

Arrangement?" 1. that the Government had de- 159.72 471.20 layed to June 19 acceptances of bida against export salts was expected to "Ughten the spot situation, the report add 191 Month

Volume Open interest

11455 July

0,200

137 000

15,000

2000,000

2312 Dre.

16,600

234,000

287

Mar

*A,500

214, 200

20%

May

3,700

110,000

18915 July

9,400

117,400

Det

2300

19,900.

70% Total

21

NEW YORK

Another observation was that if the Western nations lift the ban a shipment of natural rubber, will similar action be taken an clearances of synthetle rubber?

**

2-22 222-2314 Hope

General markets, eif basis, ports: COTTONS

Textile Corp

211-22 MISCELLANTOUS

Alitedas

*

*

*

240 10.00

P.OBIE.A

COMPANIES

કન

PENINSULAR Ở ORIENTAL S.N. CÓ

PASSENGER/FREIGHT SERVICE,

Outwards

"CARTILAGE" "ADEN"

to the

"CANTON" *CORFU

on

Speculative reaction news here centred entirely

Agents the terminal market. said US factories and other con-

Some were apparently un- Impressed and continued to act 50,000 1.456.300 bales on an "as needed" basis.

Shipment

offerings Thalland today wore available in "air amounts

at, prices about a 1⁄4 cent over the domestic party. Buyers paused to see whether the seller has "discre tion"

Prices of futures closed today

bo tollows:

@pod

July Oktober Dederber

May

July

October

NEW ORLEANS

36.001

31.39

3154

21.01-67 22.70-71

21.30

Frices of futures closed today

G4 as follows:

toybeans prices

along

Singapore, June 5. Brokers today quoted

Co.

Opening

*.**

4B9d

2834

October

$2.03

Glidden Co.

Goodrichs (B7) O

December

物

$5.70

Goodyear Tire

March

Hongkong &

ng & Shanghal Bank- ing Corp. Hongkong Tin""" Kempas Ltd.

Homebake Mining Co.

34

1875

| Ingcraolt-ft-aquit

80

B

Inių puslovi

Machines

420

October

$1.57 Lunas Rubber Estates Lia. 0.5 Mainyan Browesien...................... New Sexandah Rubber

Inti. Hoevester)

359%

International Nickel

$.45

International „Paper

1201

In e. d. Tel.

$1.00

John-Manvils" "Co.

50%

Petaling

Id.

Kems C Power & Light.

James Hotel

$2.231

Konecott Copper

Singapore Coks Biorage South British Insurance Co.

$140

Lookhood Afternit

Loews IncoCE

$27.00

Lone Star Cement Co

pealed to be submitted soon Bhort-covering disclosect light

4

by the coal miners. farm workers, clothing workers eervants, among others, would add many millions more to national wages bill.

and

the

Does Not Follow

And that would be on the top

conto.

Ltd.

offerings and only Almited hedge-selling was reported.

Wheat closed up & to 3 cmis, soybeans up 3/5 to 6%

CLOSING PRICES Prices per bushel in cents: Wheat, No. 2. red

Atrails Trading Spot

213%

Biralls Steamship 200-14 207-14 United Engineers Ord,"

July 2005 (H) 2013(E)

million a year. But during those Corn, No 2, yellow

period of 1955

Special.

Exdiy-Ching.

$3.42

3.10 1111160 $7.70

NEW YORK OIL

AND SEED

Minnesota Mining

Mistis Development National Cash heg, National Lead Bunn Mall New York mantral

atle inevator PALA Pacific dan ak Elec. Pan American Airwpora Paramount Pielurn Parke Davis -00, Pittsburgh Fide Plew Radio Corporation". Republie Steel... Now York, June 4. Reynolds Metal

cottonseed oil Shell, Oll Co. of

Bingleir. Olt - fulures closed today in scents doceny Mebfoll per lb. as follows

April these totailed over

-ed this 'year, Up to the end of

of wage increases already grant-

Bep.

Wrame Fro

£260

Nov. Mor.

2104-1 2114

• odeb

four months industrial produc

Spot

104

July

tion was practically

the same

os it was me the corresponding

Sept Nov.

1501-4

130/-130

Mar

Iyo

It does not follow that bo

Bub- causa word claims are milled: they will be met in full or even at all. There has been little resistance to them in the past. But the chances are that the next round of claims media different

July

17616

wil

Labe

Bent. 945

July Sept goybeans, Na: 2, yellow

Spol

lept.

120)

63

601

Zuly

Bept.

Qol.

303-203

Dec.

JAN.

Маг.

Nov.

2014-1%

May

July

Balen

Spot

Prices

LIVERPOOL

Futures closings by pence per

1b were as follows, 201604 contract July/Aug

Oct/2ov

Hew contract July/Aug.

25,00

28.30

25.00

24.50

Oct/Nov. Doc./Jom.

* $4.25-30 Mar/Apr. unquoted Egyptian, Kamak Jinly/Ang." 03.00

SAO PAULO

Future closings, in cruzeiros 1 per silogram, cif June as follows:

BL

30.20

"CARTHAGE"

Leaves Loudon

Buffed 20th June

10th July

18th August

Das Hongkong Zilb· June

20th July

20th Augi

This September

12th September 1th October

Via Southampton, Port Bald, Aden, Bombay, Colombo; Penang & Bingapore,

tromewardą "CARTHAGE"

from

*

*SURAT "CANTON",

*

*CORYU"

"CARTHAGE"

which might cause holders ta concede something in order to move rubber at today's higher prices,

Indonestar

cfferings of ambers also were reported In

New York Sugar Market

New York, June 4, Wold No. 4 sugar futures today closed 1 point higher to point lower with no salér reported,

Domestic No. 8, sugur futures closed unchanged to 2 points

sales of 215 cone lower with tracte

Most of the business done in the domestic contracts centredi In the July delivery with tride interest reported on both sides of the market Futures:

Contact No. 4 (world),

*

Leagra Hongkong Due London

29th June

11th July'

24th August'

Sixt July

13th August

2412 September

21st September 2nd October

19th October

10th November -

Ad

Via Hingapore, Panang, Colombo, Bombay,

.. Port

Bald London.

Abo calls Hamburg, Rotterdam & AntwerD.

FREIGHT SERVICE

“BINGAPORE"Loads 11th June for Singapore, P. Ewel

"BOHALI"

"SUBAT""

tenham, Penang, Aden, P. Seld, London, Ham». burg, Rotterdam Antworp

louds 18th Jume for Bingapore, P. Swet- tenhain."Penang, Actatie

P. Sud, Genon, · Mars eillon, ilasne. London, Hamburg, Rotterdam ARHED

due 27th June from U.K.

BRITISH INDIA S.N. CO., LTD. 2854 -- A HUNDRED YEARS OF SERVICE —– 1958. "WARORA" due 12th June from Jacan

salls 19th June for Singapore, Penan

Rangoon

Calcutta

MIA". due 19th June from Calcutta

Kaile 14th June. Jer Japas

P. & Q./B. 1, JOINT SERVICE

*TTOLA"

unquoted

July

NOS

July

Bep

#14.

43:3%

Off Doc.

01.50

Oct.

Mar

Cunquoted

May

July:

Soulden" Railway (Con.)

Hath In the US the spot price wILM unavailable. Soles at 13 markets totalled 15,201... krales-United

Slopi.

Spot (cents per' ib.

Cubaj

BAT

Sept.

Nov

Spoj (cents, per lb. exx-duty)

1.00

| MADI

*ORDIA"

United Pres

í 17.25-27 | Standard Brande

Standard OIL

Standard Oil of Ind

London Foreign Exchange

.10.27

15.22

|23.394-96 || Biandard. Chil

10.83

Sterling Dru

15.79..... “Blakely-Van Camp,

192

19.00 Stadelinker-Packard Cord. 16,00 Belt & Col

1283

-11815

177% New York 644 Montreal

Amsterdam 25%

Parts

Biockholm,

London, June.

2006-9,80~3/18 2.775-8.77-9/10

-10.0-

Almaty engineering employ

ers have taken the apprecogent-Mar

ed step of announcing-oven Burley.

before the dormal wage claim

has been presented that they New York flour

will refuse any further demands

in vibw of the inflationary silua

300 16, mek

2025

130-140

$13,50 WINNIPEG PRICES

Winnipeg, Juno 4. Pelops of grain futuros closed Cfging in conté, per. bushel as

don and the fact that the last ware inerpore dates back poly 'a' couple of months:

Fruly *Optober

Other employers are likely, to colors: follow this feat. Ever - thos who might wish to overt labour trouble by meeting the demands may and thornselves for the arat 24 time in 20 years compelled to turn them down. For Industry is having troubles of its own: homa shleifare not a Day is they have been, thanks to the credit squeeze and MrMacmillan's Bird, purchase, restrictions. And will Germany and Japan murensing, through

mahow/ other countrima feINE longer ready and var to!

206 contracts Texas Co Soybean oil was quoted at Ugon Carbide 10% cene por lb., while cocon-Union Facile Railway

United Aircraft nut oil was qudied at 11% cela us Gypsum a pound, West Coast, Copra was up 8. dalne.. Co. offered at $165,per short ton, clf Us, Rubber Pacino Coast United Press.

LONDON METAL PRICES

London, June 4, Pelces of motels, closed today in sterling per long ton pofol- lows:

in Spotkaniping

Bimanta Copper #po

| Zihonth:

„lead, let trai

zinglidin` half.

3.8; Smeltiaze,

Winner BrONLİ

3: WestleighanING

Wor

CHICAGO LARD FUTURES

Chisago, "Juno

New York Foreign Exchange

NEW YORK METAL

FUTURES

New York, June 4 Trios of motul futures closed. today in cents per lb. as follows:

June

July

Zins

dus

oth Juse from Bomber

ade 11th June. for Bingapore, DOM- katia 13th June DAR, Katsobia Haerah.

Khorramabahr.

Kuwait M & Mops-al-Ahmedi due 20th June from Bombay salis 22nd Jupa for Japane

EASTERN & AUSTRALIAN 5.5, CO., LTD. "ARATURA”: Wedi ein June ter sendakan, Rabinu,

bouma, dok "NELLORE” dus zin June "from" Aisteaian (N

or off the route & the reste à“ adling: kro, mahloch)

to change or amendmena mlik de wilkoną: notte,

For full particulars apply to: MACKINNON MACKENZIT & CO OF HONG KONG ITO. Telephone hoz: SPAA.