1956-06-18 — Page 9

Weekly New York Cotton

Market

By William T. Plunkett

New York, June 17.

week The

futures trading witnessed a

gradual

decline

cotton

whieh

the

earried the market to lowest level in nearly month.

At Friday's 、 1its •

The

ม

hist

ruled of 27 to 34 points $135

to $75 a bale Jever thres the preceding

Chest interest 1 13

11

market ve Elteni azotund the meas by July delivery where dealers neljaste-d

La before

whil

first molare day June 25

awading the uutemme of bal

submitted to the government re- rently for sides out of the sur- plus stuck

*** -

Toding developed at ala Fremely shows patre ante late 1 the phot Wit

OK

myterest

lower pures

t

Breted selling in nattergution Rovernment sales at man42

**

paktan

helge selling, definide news on Bin vx - would be forthcom - part sales. ing over the weekend, or early next werk Meanwale, pelana- eran malevalated the Conmocht v Credit Corporatum would have 11 sell rottun, Jasa ding 15 10 tigh

234 cents W pron, at port, in store, in order To bar competitive with rempar - able American expat cultor.

Senator Mustand, spokestinati for southern eston farmers, sa. bads should be devepted at 25% Immediately Jather Han all Aug. I

Fay

Crop news was mostly mamalie, a leading spot frm, in is teal erop letter, said pro Brea during the part west WASH

The consered. In the good in cast, mustly good ui central belt. and good to excellent in the west and far western belts, with jew exceptions.

of raw

The Census Bueras reported domestic cotizaimpkun cotton during May at 713,040 bules compattarel with 721577 bales used in Apen and 704.029 bales consumed in May last year

United Press

US RAW COTTON EXPORTS

New York, Juno 17.

exporti

Row vultem

by testhation as reported in bales Ex- by the New York Catton change for the 1955-56 seatran 1 June 14 were as follows:

Britain

Fitt

clast

Catton

Tulis for DEVORA!

1130 บา 003.703

1/30.07

131.374

TRADE

THE CHINA MAIL, MONDAY, JUNE 18, 1956.

and

COMMERCE SECTION

Page

AMERICAN ECONOMY WORLD BANK Ike Recovered &

Less Bearishness About

President's Ability

To Run For Re-Election

By

JOHN MORKA

New York, June 17. Bullish sentiment in the United States rose several notches last week.

There was less bearishness about President Eisenhower's physical condition and his ability to run for re-election in November. Stock prices--a good barometer of the nation's psychological mood-firmed last week on news of the President's progress in his recovery. The previous Friday stock prices hit their year's low when it was learned the President was ill.

And the warmer weather had its good points-wilted collars to the contrary. Auto sales picked p. a bit slowly. Construction is booming, and with H demand for

For building material notably lun-

Canadian Apples

Indonesia

Ottawa, June 17. Indonesianta are good custom-

fer Cantuan apples despite zuri, sunt surcharges La eight costs that make the fruit Eu luxury, according to report

tom Bjakaris.

a

glass, hardwares, plate struational steel. There was also electric demand ble

conditioning uppitances. units, summer wear, sports item and gardening equipment,

Dir

And now it looks as if motivy and credit will ease somewhat after being held a restraint by

nation's the

Be they manager to ward v on ki. abstensibly flation.

And there's

new optimism...

element

production, labour offickils meet tomorrow to consider counter- proposals by the "big three" of the industry.

Many think the key to steel be the union's re- peace will actions to these proposals.

The auto industry reports in sme sporadic improvement sales across the country. A Wall Street canvas showed sales are turning "a little better. Hall of the dealers canvassed reported better sales. This pickup has

Meanwhile been long overdue. smo 200,100 workers are now

in the jobless

industry as The Canadian Commercial

June 2. Despite this and other Secretory

Indonesiun the an

guarded-about spots, Lotal employment capitul, W. D. Wallace, wrote thestu smewhat

the U. S. rose to 65,2 million as WIL Die of May 16. possible

Auto assemblies this report for the trade Department"

current steel wage negotiationth are at the slowest pace publication Foreign Trade,

He stud fresh

It's still 100 early to forecast theof from upples

the year, as the Industry bul the wuge talks, Canada were in the local luxury result of

olf kano 900,000 unsold cars. cluse because of their high price, people are talking less about apples with the job of selling but this coustry's apple exports crippling strike on June 30 when

WAS From Washington, there totalled current wage agreements expire. In 1955 to indonexiu

the about uklai assurance 3,185 bushels, worth $8,770.

Employment is high despite

sute of the nation's economy. The European und Chinese

mourting layoffs in the auto and Secretary of Treasury George M. | peoples in Indonesia were the

auto parts industries. main apple customers there,

lumphrey sees no harm done by the recent rise in the discount Mr Wallace sold that Austre-

Lightness in credit United States 14. 1314

and

rate and While conceding he opposed the Canada were Indonesia's chief

which the Ught money measures

Summer Rally

But NOT most experts

NZ PROGRESS

LOAN OPENED

Wellington, June 17.

The New Zealand Finance Minister, Mr Jack Watts, bas announced the terms of a Gov-

ernment £10,000,000 1856 pro- gross loan for which subscrip- Lions opened on June 14.

The tenns embraced an terest rate of 4% per cent for an 11-year term, 45 per cent for a five-your term and 4 per Mr cent for a three-year term. Watts, bald the introduction of the

short terin tack would Where money meet a dernand required for other purposes w available for temporary invost- mant.

the

Apart from a conversion offer recently, this is the first out- right loan flootext by the Gov- ernment this year and the first pince the Cast loan of

£10,000,000

under wis subcribed by £1,000,000 wards the end of last year,

SURPLUS

10-

Mr Watts also announced the New Zealand had a surplus in her public accounts for the last financial year amounting to

£6.3 million, compared with ourplus in the previous year of £0.9 million.

CHIEF LEAVES Wall Street

TEHERAN

Teben, June 17.

Mr Euriae Black, Pre- sident of the World Bank. Loft Excro by atr for Saudi Arabia today after dinerus-

tons

with governachŹ officials

in- on Persian vortement needs for ber meyer - year development pkn.

Mr Black, in a prepared statement issued after his departure. recommended Persia to attempt fewer Initially. bat projects gradually to increase con struction iphumo in latter part of the year period.

No

th:0 neven

Ledson concerning

Persia's million dollar loan requer was reached at thip iveting, but it underwood Mr Black Will with discuss the ion.n Washington associates on his return-Reuter.

HONGKONG

STOCK EXCHANGE

to

Stocks Advanced

By Elmer Walzer

New York, June 17.

Stocks, inspired by President Eisenhower's rapid recovery from an operation last week, restored all the losses his illness caused and kept right on going-up.

In the first three sessions of the week all the losses of the preceding Friday had been more than made up-

On Thursday there was a slight reaction in all but the rail group and on Friday small gains finished the week.

The market's performance was

seen as highty satisfactory

the experts who now are

to

pre

doting a summer raly in International

with the tradition of the finan einl district.

At the close of the week, the. Industrials registered their best weekly guin. since Feb 3 and rolls since Nov 21, 1955. Trading, however, fell each day andi the daily svetago 1,774.070

shures WAN

mallest since the weekt

of the ended!

Bank Report

Washington, June 17. The International Bank ne- ported today that 25 nations have

International Joined the Finance Corporation, leaving | only five more needed to bring The industrial average closed that agency into

operation, points provided their total $75,000,000.

Oct 21, 1955.

at

10.02 485.01, up against loss last week of 5.34 points. Rails rose to 100.80 up 4.77.

Best Guine

In addition to the favourable

come

to

The natiors which have joined so far subscribed $04,565,000. A membership of nations with subscription totalling $75,000,000 is necessary to start the corpora- tion. Its purpose will be to loan

have

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this However, the past year's sur-morning amounted approxi-regiorts on the President's re-to under-developed countries. plus had been achieved only mately $840,000. Noon quota- covery, Wall Street hach other

Twenty seven nations to chow on The after drawing or cash reserves lons and the morning's trans- news

outstanding itern was a rise in expressed their intention to join in the Consolidated Fund to the actions:

automobile sales sparked by hot and several of these have com- extent of £11 million, of which

pleted the necessary legislative weather across the nation. been used to

Steel operation around 97 per steps. cent were just about as high as ty could go with some plants [Thoy

hampered by the need for Ipairs.

of the highlight of the week has been have been criticised strongly in The Bank Of England

apple-suppliers in postwar years "bul Canada's share jarket has fluctuated and shrank considerably las year. -United Press.

Exchange Rates

was

Statement

40 1600

The latest to join are Sweden. Norway, Pakistan, Jordan and El Salvador, Other members art and Australia, Bolivia, Canada, Cey- lon, Costa Rica, Dominican Re- public, Ecuador, Egypt, Ethiopia. Honduras, Guatemala. Halti,

10

chemicals Oils, metals, steely made, the best gains.

.on gudried Continental points and Gulf Oil mom then 00029. Santa Fe rec, more than

in the rails, Du Pont mice than 13 in the chemicals,

Gains of 4 points or were set by Wilcox Oil, Union

Warren Carbide,

Petroleum, Corning Glass, Cutler-Hammer,

30039,25

11k Hotel #30 14.40 1000 e 14.38 Ex-cello-N, among others,

more

thkun

D

had £7.5 mill

million meet expenditure or the capital BANKS

HK Lank works programme,

Mr Watts noted

the "re. Enal Asia

INSURANCES markable" Improvement in the last two months in Post Office Unton

Lamband XD savings and said that the Gov- Underwriter aid

restrain ila SHIPPING ernment's efforts to expenditures were now having Waterboat

(0) their effect.

(N) He added that the accounts wheelock disclosed

the nalist's that Binances were in a satisfactory state. China Mail Special. ......

Mas

Bwers Helters

Sater

ICDS 1700

230

..

007

44

22.40 21.40

020 $1,30

DOCKS. ETC.

K. What .. በገ

1000445 Dock

4316 44 2004 1315 Provident (0) 14 14.90

LAND, ETC.

HK Land.. $15

14

500 G 6

Realty ...14735 RUBBER

50 or 64% GOOD 1.80

1.43 1.35

10 3000 @ 1.50

1.09

***

34 24.20

Star Ferry

130

issues traded during the week,

Youmatl

112

113 200

11

of this number 967 advanced,

200

112

# 110

24

5:00

23.80

32 371⁄2

Emus R..

200

582 6 21

Telephone

21.40 24 80 Hite.. 134%

200 24.40

1500

15.40

-1441

13.00

5:00

572

1572

80

200 @ 30

London, June 17. The Bank of England state-Amalg. ment for the week ended June 14, reads as follows:

the stock market's Armness, many quarters, he insists there no "alarm” about money Evon the big selloff last Friday wag was viewed it is more favourable tightness. He told the Joint Sub- light

market me! committee on Economic Stabil- because the strong support above ure Maysation last week that conditions are basically sound. A good 28 lows.

thing about the money tightness, Wall Street was also pleased he said,

that instalment

Nate in eirculations This. this with succeeding sessions in which buying has slowed some.

415 | Public deposits added, Friday's losses were recouped. The

wus good for the | Private "déposita

Federal Government securities While the

securities maintained to Board silence, it's now felt the Board's | Ratio" polley from here on will be one the

Business we done in the Juca!

exchange

ฝ

market

Inolving at the following rates:-

US door (per #1) -

SPU AN A result of these things, country.

1.085.190

Sterling noted (per }) Australutatea (per

13.73

lj

12.35

bullish sentiment dominated,

Same period last s4484*

1.222 M42

Indoziemne ruptah (per 100) ..

1130

Slater en per 100

20.60

Singapore Stralis)

12

•uters excluded

Undled Press.

London Market

But

Steady

Worried

By C. T. Hallinan

London, June 17.

Stock markets were steady last week

but without any strong convictions.

All talk of a summer rally is hourd right out now instead of in whispers.

Reserve

of critious neutrality away from active restraint, as ici

The bulls note that matual past. But no one sees a policy of

funds

at this time, unless piling up active case have been

showa economy

further ba the must that 1013

cast: of

deterioration. reinvasted when it comes, gains

Press Strongly

are looked for.

UTILITIES Tram

1497,934 301940,970 200 120, C. Lurts (0) 13.70

20,368 35D

Light (N) 10,70 27.003299 Electric...

United Presa.

US SURPLUS COTTON SOLD

6.5

New Orleans, June 17. The Commodity Credit Cor- paration sold 1,507,278 bales of upland cotton solely for expert on Tuesday, it was announced

the minimum price at which

average cents per

It's new felt that just about all the bud news that could de-

business and investor press

There was new pasalmis in sentiment is now in broad view, trade circles last week about the

the cotton was soldy basis Wall Street fears the unknown, chances of enactment this year

15/10 at but it can live with the known of two of President Eisenhower's middling

25 locations, was Experts see the market's future trade measures—custom's linked closely to political IT- plification and U. S. member-pound,United Press. certainties inherent in President ship. In the Organisation for Eisenhower's illness. Some feel Trade Co-operation (OTC). that the near-term price trend will

determined

probably be

fluctus, unco

sim-

11

The

INDUSTILALI Семете

Rope STORES, ETC. Dairy Watso

3G 15.75 13.30

20.00

13.50

Ford gained more point and Chrysler nearly 2 polats in the automobile section. Tyre shares rose

points better on improved nows from There were 1,368 the Industry.

or

Iceland, India, Mexico, Near agua, Panama, Peru, the United Kingdom and the United States.

United Press.

Singapore

Stock Market

Singapore, June 18.

Brolars today quoted the fo)-

209 declined and 132 held un-lowing stock prices;

changed-United Prea

The Bank Of France]

Statement

Paris, June 17.

The Bank of France statement

13 0 for the week ended June 7, 13.50 reads as follows:

10.10 16.90 2800 m 10.80) 12.20 12,5 100 12.30 COTTONS Texille Corp 6.25 8.33 1000 do 850 Nanyang XD 720 INVESTMENTS Yongleze... 0.03 Allied

6.23 6.40 2000 5.30

New York Textiles

Sixth Slow Week

an op-

Total gold boldings Total other cur-

ronicles

Sight balance abroad

in EPUA Advance to Stabilisa-

Francs 301,304,232,420

17,483.301.134

151,018,000,000

tion Fund

200,000,000,000

Total bills discounted 1,395,464,870,000 Bank notes in

culation Current adcourts

deposite

and

1,885,837,930,000

178,303,385,734 -United Press.

Briti

Bortico

Opening Batu Lintang Rubber Co.

a.

$140 Petroleum Syndicate

4ȉ* Bellera Consolidated Tin

Ord.

20 Fraser Neuve Ltd. Ord... #1.78

Fraser & Neave 74% cum.

pref

$4.79

Hongkong & Shanghai Bank-

ing Corp.

Hongkong Tin Ltd.

Kempas Ltd,

$1.84

Laimas Rubber Estates Ltd.

0.75

$1.47

Malayan Breweries'

New Berandah Rubber

Ltd.

Petaling Tin Ltd.

Rames Hotel

Singapore Cold Storage South Brillh Insurance Co.

Ltd.

Straits Trading

Straits Steamship

United Engineers Wourne Bres,

Ord.

• exdiv-China Mall, Specia

Top oficials of the National more by political than economie Council of American Importers factors, and to the extent, at said that tho Administration had least, the market will reflect this failed to press strongly for Live new uncertainty. Further, it is OTC measure. The OTC would In Wall Street the Dow Jones industrial felt, the market in business. be the administrative agency for Accordingly. it's felt that the the General Agreement on average closed at 485.91, down 6.7 per cent from its price pattern henceforth will be Tarifs and

Trade (GATT).. with some has been under heavy attack

New York, June 17. peak while here the Financial Times industrial least

tram American Eventually, however, the ex-groups.

felt it

Sellers of cotton textiles reported average closed at 179.7, down 11.6 per cent. Both

Another ofonist

too late for con- another week of slow business-the sixth were politically disturbed, the one by President perts think investors will begin was much

assessing prices in terma of grossional action on legislation Eisenhower's second illness, on the very eve of the autumn busintas prospects rather aimed at further simplification in a row.

fourth quarter than

pickup, of coming election, and the other by the shock of the helped by a stendy uptrend in ruston's bill was passed by the

of customs procedures.

And prospects for an early break-up Tonbridge by-election, plainly indicating a middle consumer business and govern House last year, 1 rue in the prolonged lull were considered

ment spending.

the One of the ing class revolt against the Eden-Macmillan manage-

bill proposals of the Of course much of the fourth major

bo to make the main remote by observers who pointed out that ment of the Conservative Party.

quarter's vigour will depend on would

weavers, finisher and dyers now 'are Neither market should find it did this-but there were a few consumer and business psycho standard for evaluation of in- logy. If these two factors hold parted goods the price at which easy to shake off its worries. showing rises or falls of 1/10 or jup favourably and many ex-ikay were sold in the export gradually braking production as mills

Last week represented pro-1/8,

pect, they will it President Elsen-market. In the foreign bonds the Younghower decides to run for office

enter the summer vacation season. fessional buying of shares pre- viously sold short plus an un- Loan enjoyed an unusual de-again-then a strong foundation

Sales Up for

(among | departments to adjust from a third

Resales, and anxiety recovery known percentage of bargain- | mand.

some sellow to brighten the parent conflict of policy, hunting by iciatively small The non-assented jtamped £13) || quarter letdown will have been

to £104 (1058 peak was 199) laid.

The corning of summer--the order book" for third and fourth Mill executives said this over- Investors.

time for motoring-is expected | quärter'i delivery ciented the hanging one-of- Japanes This lifted blue chip industrials while the assented rose £2 19

£137. Bky Associated Electrics,

The Dawes Loan was Ford

to help lick temporarily an period structure on print cloths imports on an increasing

problem

• Inventory

In the and a few items is the indus- has been a big factor

for the Matorr Roll Royce and Wool stationary, and the 8 per cent

petroleum industry. Current trial Tabrion group.

fast wocky dullness and is worths some 2/-, while others in Berlin loan fell £25 to 2014.

Elsewhere last week:

gasoline stocks are now 8 per same category improved a Potash 0 percents managed to

Market uslysis continued to causing polential buyers to hold The Commerco Department cent above a year ago, sales are blume, the long period of fictie oft for a while, shilling, more or less, The com- gat off the bottom by a fraction.

reporbod that corporations up only slightly, Refinery runs on a a host of Influences: 1. The facing Courtauldsal rise to £31722.

In Japanese bonds the shares to Icup 7%1⁄2

the move instalingg reports paid

out 3.7 are about 4 per cent, abong the pose, spring appareil season by Tokyo Billiora in cash dividendis first 1955 level. Sumer demand will cause of unamponable weather pence at the and of a very active monts woro erratic. wook

Electric

Compolition with nylon bend wont five months of this year is probably outpace last year a rato | 2. Erratic slook staariood swings Main Interest for swift-dividend last week which would per cent increase the year ago by from 6 to 7 per omt. But it's in the wake of President on other syntetle fabrica has been moving

maru-reit payments by

thir will not be enough hower's lines; a. The unstain an additional handicap expertál money was in oils, mean a fall of

sterling, stimulated by the uproar over a total of 2 but it tumbled period

Ny Lon-contes begin building up The shadowy Jaborar picture in agersta admitted.. Trinidad 011, Trinidad; elowodh i gosling some very kovkwani kit" Facturing comvorations wine up on mosarrua" socks will | course of raw cotton prices; 4ly-in the iniustry, field, mill

jell-20 per out, and increase of al- probably the week at 748. Royal Dutch in the non-assedted fell a most twice the average for non-again in autumn, Laat week, the steel industry::B. Confusion fabrics te boe maiding deep far-less active, roso £1, 10s. d

5 perc

porcents

B. Peterson, President.62," the British

pools of low-cost. Potrovun Bs.

foreign-madh tarpmiin, truck?" bevers,li, and pattern. MA2110

μάτα

Steel production for the Int Standard Oil Comparty of Calle vorment, Dolley im inroads in oction for 12 for multiple uses on the derrds for Burmah nearly a

All

los five month this year was at pornin, weld that in glow of the textile pent stocks clowed treek rooord highs. Output this pens verabundancy of all praise Social of Me proteus larvested caps from South China Morning Post Ltd. lovemal pointe Following according to Iron Age mazine, especially gasoline, no kredo Beton's Brad ppgiroval of immolature faithfully the rise in Wall Street. will son 1958'2 100orth 117 million in grado zurices would be glas - port quotas, followed by an in. British Governments mayed up Tumover for the week way tors, Any like quartor ledown fod. The company daclosed miso direct dental that hentavours textila, apsy gooda masclöntum, work- and down a good deal but ended small, averaging some 8.000 will be moró, thári vor sol By Chintans for spending $850,000,000 ducta, left, the toán quan thued culta unha mostly un the week mostly Inohonodbarninu recorded por, kom fourth quarter surge, vndet. for ospătalo Taxpajalan tapede dary and deterfaces Downl | charms Fasadnut this background of phak | graminen. - both War Loan and Old Consola Uriliki Pr09.

for the State, andā

the

1

prod

now

Awkward Selling

Tako

anter

£2

Elsewhere

STA the manufakturing Industries,

-United From

Competition

TYPHOON MAP

with revised codes in force as from

1st April, 1956

$500 MOUNTED

$4. UNMOUNTED

•HONG KONG 16 KOWLOON