1956-06-25 — Page 9

THE CHINA-MAILAN MONDAY, JUNE""" 25, 1956.

TRADE and

COMMERCE

Soviet-Syrian Steel Strike Threatens

Agreement Delayed

Damascus, June 24.

A Foreign Ministry source sald here that Mr Dmitri Shepilov, the Soviet Foreign Minister may delay his departure for Beirut scheduled for tomorrow night, until Tuesday morn- ing.

The source said the detailed discussions now going on here

between Mr Shepllow and Syrian

Government leaders roight not

be

ended in time tomorrow to

allow the Soviet Foreign Minis- ter to keep to his original pro- gramme.

Some reports here suggested that the dalles were

tonight being prolonged on the question and that more time was needed

of Soviet economie aid to Sprin

for a detailed examination of a number of Russian aid offer.

MACHINERY

US Economy

WAGE PACTS EXPIRE

NEXT WEEK END

•

By JOHN MORKA

New York, June 24. U.S. economy was on the defensive last week on threats of a steel strike which could-if prolonged-cripple the nation's industrial capacity.

Steel wage pacts for some 650,000 workers expire at midnight June 30-just six days away. Negotiations on a new pact were broken off over the weekend after union leaders turned down as inadequate industry offers of a five-year pact with pay rises.

were scheduled

AL mid-week new talks about one-half million over the but there was year-ago record. momtleg pessimism

Industrial about the

production con" chances of avoiding a strike. tires at steady levels, despite With sted labour talks enter the so-called "weak spot" in the ing a critic

Fund uncertain economy, phase, mills were going all-out

The Federal Reserve Board's on production and consumers index of Industrial production were preparing for deliveries for May was placed at 142 per

cent much of it as is hedge aguiasi a

trike.

According to usually reliable murees, Russian atıl, if accepted, would be in the form of indus- trial machinery and technten experts for which Syria would

goods pay in

or agricultural prizluce.

Syria is expected to have a a surplus of cotton and grain for export this year following good

theso harvests

A short strike in steel would and

bo could bartered

the Communist įbe bulilsh in that I would per- for machinery.----Router.

mit working off inventory

US Government

Selling

Chemical Shares

The

Herbert Brownell, h

of the

1947-40 average. This was two points under the April pace, but four paints higher than the year-ago level,

Close Watch

Organisation For Trade Cooperation

Washington, June 24,

Chamber

Communist

China's Basic

Industry

New York, June 24. Communist Chinese Premier Chou En-lai be- lieves it will take 15 years to establish a "basic in- dustry" In China and "several decades" before the the country could reach standard of living now en- joyed by the United States, a New Zealand lecturer, who recently interviewed the Chinese leader, said today.

Mr James Bertram, Icclurer In the Victoria University, College, was one of several New Zealand

agriculturm

mission. members. interviewed by Chou En-jai in Peking last May B. He described the interview in the Nation Magazine.

on

When asked about an estimate

China's industrial develop- ment Chou said: "If you mein the estabikshment of basic Industry perhaps we can Bay within three five-year plans afteen years.

The United States

**But if you mean the full the whole of Commerce, comprising 3,200 modernisation of

country, so that the standard business firms, announced to- day a tally of its membership af living of the workers renches SOMC steel items. But a pro-

evidences of failed to produce endorsement the standard of employed longed strike would be a havoc

the United economie activity in the industry.

for US participation

the workers in my to Organisation for Trade Co-States, then we met say several About

Altare leading some observers 40 per cent of

operation-a revise their estimates for second

proposed inter- decades," manufacturing jobs in the coun-S

New statisticnt favourable

try involve the making of steel half 1950. Many are now saying

..

Wero Bome

more

in

SECTION

International Tin Delegates

Paris, June 24

The French delcrusion

the International Tin Coubell - scheduled for Jaly 2—wili Incluido M. Georges Peter, Director of the Office du Niger, who is now being described as the most likely candidate for the office of Chairman of the Council,

The

French delegatjön Government will include

industria) experta,

Rnd Tho

other delegates it- clude 'M. PICITO Legoux. Inspector of the Frencli Overseas Ministry MI. Debart, Administrator of the

Ministry's and Men

Metal

aleur Gadille, Administra... tor of the Secretariat of Slate for Industry and Commerce's Metal Section, Technical advisers in. olude M. Gluthier et leading French firm of Mitterale et Metaux and M. R. Dieppedalle, a

leid- ing French metal trader.

Trade sources here my that the French delegation is expected to give full support to the proposed tin pack-Oltina Mall Special.

HONGKONG

STOCK EXCHANGE

national body to administer the General Agreement

on Tariffs and Trade.

A majority of the favoured a Chamber policy de-

ADVICE WANTED

voles

(From Our Correspondent) Business done on the Hong kong Block Exclunge this morning amounted to approxi- mately $470,000, Noon quota- tions and the morning's trans- actions: Shares

Bales Buyers Sellers Mr Bertram quoted Chou as BANKS claration in support of particloacalling on Amerletre, in private K Bank 1683 1700

on, but not the required two- or official capacity, to come and INSURANCES thirds majority, the Chamber inspoet China, give advice and Lombard

Union Baid.

The question

United pee for themselves that China Underwriters of States membership

is not "one vast concentrationPPING is pending before Congress.---United Pressi. camp."

974

45%

8.00

9.30

аге

Official Mexican

BOCKS, ETC.

Wharf.. make Dock "Our country cannot progress without many foreign |Provideni

(O)

or its fabrication into steel pro-that even if there's a bit more ducts, That would mean about the seasonal stump in the third the chances are good quarter, 0,000,000 workers would be out ar

and

than there'll be a more of job temporarily.

pickup In the fourth Aside the strike clouds, there seasonal

of Washington, June 24.

burring quarter,

course a encouraging Attorney-General,

Con steel strike. Many exports feel Mr developments last week an-struction is booming, more so general business during the re-

mainder of the

summer will continue

only that worse, slightly below current levels. The experts meanwhile keeping a close watch on con- buying sentiment, In sumer is considered a major prop to the economy.recent weeks there has been a Mr Brownell said that he had | Quilays for new construction steady plckup.

nounced that he has approved than previously estimated. the sale of the United States Government's interest in the

·

Rhum and Huas

Philadelphia

Company

Chemical ment

facturers, for

934,405,049.

directed

the

Major Prop

Construction

Outlays

con-

Allen Property will top 1955 by 4 per cent de- The statisticlans and analysts, Offer to accept that sum for thespite a 12 per cent drop in think expanding retail trade Government's 79,213 shares of housing

will should contribute starts.

to sustained business common stock and 4,810 shares total about 44.5 billion,

for the rest of the year, of preferred stock, stized from pared with 42.9 billion actually even till recede for a time. The even though Industrial activity German Interests in the eccond spent last year. The new govern-

may world war.

ment report, it was fell, leads impact of

of consumer spending on s Kreater than added strength to claims of top the economy

for leaders that the expenditures

plant and is basically strong,

disclosed that sumer sentiment just a little bit farmsumer home building, auto,

In less optimism about the future machinery and appliance in- dustries.

than was the case last cuturno,

The transfer of the stock, to Kidder, Peabody and Company, Drexel and Company and syndicate of about 72 under. writers, would mark the largest single sale of seized alien pro

carried out in the perty ever US-China Mali Special,

government economy

and

despite some soft spots in the finest but the University of

were

con-

Elsewhere Prentice-Hall. in forecasts that "1956 will be the the current report on business,

best year in American economic

First Time

In the auto industry, men are being hired at a faster pace than they were being laid off, revers. Ing the trend of the past ten FREIGHT RATE

weeks. In the week ended June history."

auto workers 8. 21,000 INCREASED

elled back to work, while 7,000 were puld off. About 200,000 are Buenos Aires, June 24.

It looks for sustained of jobs however, out Far East-River The

Plate

good sumer spending heavy plunt end. Elsewhere there was Brazil Shipping Conference un-

the employment pic-federal, state and municipal ex- outlays and rising equipment news on nounced last week that begin-

Secretary September 1 freight ture.

of Labour, ning оп

production penditure to offset predicted Mitchell, Mr rates to Far East ports will bo increased about 10 per cent bo that the working labour force cutbacks in autos and cause of a rise in operating will reach 08 million by Augusterate adjustments in other

costs-United Press,

-highest on record. That's

7.

Wall Street Stocks

Edged Higher During Week

By Elmer Walzer

New York, June 24.

Stocks edged higher during the week on light volume which reflected the prevailing atmosphere of caution.

сол-

more

consumer hand goods, housing and inventories,

Total

national output rose= above an annual output of 400 billion for the first time in his- tory in the second quarter of 1056, the opency cald. About 5

in billion of this represented ventory accumulation, BO that total consumer, business and government opending for anal

400 billler tise was just under during the second quarter.

It added that the expected fourth quarter revival in autos and other consumer hard goods, plus continued strength virtually all other nens, is apt to lift total national output of

rate of $10 bilion or better in the last quarter.

More Agreed

meanwhite worried over the political and

Wall Streeters

economic implications of the future in terms of the impact

Cotton Price Down visitors such as yourselves. TO LAND, ETC.

to

400 k

3.40 2000 78.33 94 931

14.40 14%

· 14.40 ··14.00-*-*--

00

1.03

,500.77 1976 100 a 6315

Cotton Prices Up But Trading

Was Very Slow

By William T. Plunkett

New York, June 24. Cotton prices last week crept ahead by easy stages in another period of slow trading.

At Friday's close the list ruled 9 to 38 points-45 cents to $1.90 a bale-higher than the preceding week.

Two

develop-¡

dominating ments of the week include: 1. The extra large raw cotton sales. at unexpectedly low prices, out of the government surplus stock for export; 2. Ad- justments in the July delivery prior to fret notice day

Monday.

on

Crop accounts, although most-

Gold Rumours

And Tax Levy

Paris, Juno 12. According to facial creles

ly on the favourable side along here the rumoured capital levy, with spot markot news, textile which has been responsible for merricel developments, and the the recent improvement in gold usutul run of price-shaping fac-prices would mean that holders little market of stocks or real estate worki lors passed with

reaction.

have to pay an additional tax Government sales for export on these heidings. out of the surplus exceeded $1,0 million bales, or about one-half only when purchasing or selling At present, stockholders pay million more than generally ex.

stock and on dividend reVODNES. pected.. The minimum price was Holders of gold, on the other 25 cents for middling 18/16 hand, would escopo much a tax middling inch at average loca-because |tions, er about 1⁄2 cent less than *******

expected

High Loan Rate

moun,

gold buying is angry-

But

Rumours and

despite these thetr

Impact on

the gold market, à capital levy socms

unlikely,

these circles

claim, because of the technical

Some 117 terms competed in the bidding. on the next sale will be open d

the it is understood on Tuesday, Juno 20.

biggest obstacle would be that of Üst- The trade market reaction to ing these holdings. This would the news, traders said, pointed take a long time and anyway up the small volume of hedge the levy would be unpopular. selling against the government Generally well-informed quar.. sales. Market appraisers peters, therefore, feel that the soned the low price of 29 cents tumours are baseless and that.

of the real greatly reduced the risk

the reason behind cotton carrying in the

renewed interest in gold is the hedged.

lack of confidence In addition, stress was placed Anancial or the prospective high govern Mail Speciai. ment loan rate for the crop this year. The irreducible minimum rate for middling

cotton has been.eet at 32.25 cents a pound.

successfully difficulties Involved In applying

Bids it.

inch

un-

The dal forn rate will bo 300 in call determined on the basis of the 1.00 1000 1.575 zoid-July parity. It the party

closs your door is to block-pro- !! Hatol Today it is America that Land gress. seems to want to close doors, We would like to have Ameri- lenity

but the RUBBER cans come to China.. American government will not Amials. give them passports and soUTILITIES many Americans really bellave Tram what one journalist wrote that star Ferry

faumati Chine is any vast concentratione. Light (0) 24% 24.00 1400

camp....

1.00

..... 24.10 24.20 1750 24.10

E

++

Mexico City, Jund 21. The Government today order- ed a reduction in the official price of cotton permit lower tax cute.

The new ruling, coming after growers continually petitioned for government aid.

will set a quite at slightly the dollar is 15 pound. The tax rate

per cent ad valorem Officials said the order would instre protection to Mexican growers since practically cli their cotton had been sold or

If you will send good people. Telephone was being placed on domestic and world markets,

to investigate the condition of Zearn Government ald was sought our agriculture-they will following the U.S.nounce-something and we will learn INDUSTRIALS ment that some 5,000,000 bales much from them, if they will Cement of surplus cotton would be give us their friendly criticism BTDRES, ETC.

Mr placed

advice" for sale on the world and

Bertram Dary market at competitive prices quoted Chou as saying.-United COTTONS United Press.

A decline on Monday was followed by a steady on prices and business Benil- pickup in prices with the best gains made latement of President Elsenhower's

illness and presidential inten- |

about the long-term than aboiat

The

over future

developments.-China

Bank Of France

Statement

Parix, June 24. The Bank of France stato- 14, rends as follows: ment for the week ended June

Francs

1.45 1.50 8000 a 150 | rate keeps going up, the loan

rate will rise proportionally.

Because of the low prices on govemment sales, agitation has been growing for some form Total gold holdings 301.204,302,43 241% of protections for domestic milla Total biter sureties 17,0105120.113

of low- Bight balance abroad

the

for import

26 CF 24.00 against inmontation 600 is 24.00 priced textiles, Industry leaders

have been striving quotas or import duties---Untied Prc58,

"We are not afraid to expose | C. Light (N) 21.70 our weakness and shortcomings, doctric Bonts especially in modern techniques.

1200 e 32.70

RIS..

... 24.00

Rts

19.00

.... 3314

10,70 18.40

35. 2000. 5) 24.90 601 60 24,30

14,10 4123 14

13.50

800 F 10.30

11.80 12.10

8.30

*

Press.

Textile

Corp. Hasyang

INVESTMENTS

Yomglaze Allled

Invest.

$3 100 15-

55,40

Singapore Rubber Market

Singapore, June. 24.

There was some trade buying during early part of morning on

which Saturday after market fluctuated narrowly,

In EPU

Advance to Suabilen..

tion Fuld

Total

counted

143,700,450,000

103,800,000,000

kg 1,389,027,00-6,740

3,237,560,004,605.

Banic notes in cireulas

tion.

Current accounts and

deposits

The

Future closings, were in Straits 77.10-3283

11.30 11.00 1000 11.40

Small-Scale

Of

Selling British

1,30

H.K. & FE

Government Stocks

By C. T. Hallinan

London, June 24.

of

-136,320,337,873 ---United Prom

Bank Of England

Statement

London, June 24, -

The Bank of England state.

the

703

cents per lb. fob Malayan ports: ment for the week ended June

875-87120, reads as follows: No. 1 R rubber July

Sterling AUT Sept unqualed Noles" ir circulation 1070,136, No. 2 He rubber July, 8432-05 Pubila depozita No. J

8-03 Private deposits No. 4

8115-8144 | Government incutilios,

18,305

an

104-100

30-8014 Other securities #11-00}}} Receipts

RALO

United Press.

Continental Can Company Research

Chicago, June 24.

The Continental Can Com- pany has formally, opened its $7,280,000 metal research and development centre herd which, the management prodiis, wil make the company increasingly.

dependent upon strategic

Feature of last week, and indeed this month is the persistent small-scale suppiles of tin and ultimately selling, of British Government stocks.

the

in the week and shaded only slightly by last-minute Itions, Expenis are more agreed It.louched £00%-its all time Courtaul the shares looked tremendous time, he saw a

evening-up on Friday.

on

the short term prospect

potential in

tho

reduce substantially its depen- dence upon The Financial Times index of government Fogarty, indicated that a major

The President, MÍT.

C.. securities eased every day last week, closing at part of laboratory activity at 84.53 which is only 4 points above 84.49 touched on to experiments with so-called new centre would be directed June 4, which was the lowest ever touched since alternate metals, While some of these metaler sndeht to pro- the index was created in 1956.

hibitively expensive at present, War Loan fell 25/- to £70%. Despite the deuch regarded as having, "a declining he added, they were generally During the real crash on June 4inge reported by such glants as

Rolls Royco and In low-and closed at £70% so Fords, that it is still showing some re- attractive for the long pull;

of coll steel rather than covery. But the whole assembly Courtaulds rose 1/9 and Roll co Automobles issues featured, stocks with visions of hugo.

of long-term and medium-term Royce 1/8. A few well-known using pre-cut sheets from They moved higher in contrast orders the road building

the steel.

Continchial plan- government bonds fell last week showed falls such as Bowaters

milis with a long period of price programno vetro in demand ini

at least 20/-.

and Assy Bod eventually to und coil stoc

Its own steadiness for the industry everal scesiona,

Electrical Industries,

plecaring lines in cutback in production.

Rallroad issues wore soft st

down 2/- Burmah and Shell much the same way as the both were down, 4/- and nearly American Cart Company tanna tatt thway perked up Jato Auto executives sald the in- in the week. Uller ako me

3/- respectively.

Mr Fogarty sold his company crease 'les unemployment in the béthe eupport after their over-

Trinidad quieted down after wood to integrals develop industry had erided. Tho load- nge had been depressed. :ing companies, looked forward

the uproar of the politicians; the ment of its coll, shearing loos continued.

other Wall Street exports

-enamelling and shares Improved it shiling to m recalling in large numbery when

dated chemical, trenlenerste ofiicei new 1937 models go into pro- to talk about a rummer rally which fre the past often hing

Selected gold shares also im- plato, China Mail Special. duction,

Partet Tate An June or early in

Now York,. June 24.

„proved.? Anglo-American, the July. Many of

Itaw them look for

big holding

company, jumped destination as reported" in Valen: But anything is going to 13/peramos YOUT

Rates Measured

by the avenged, by the New York Colton Ex-heppen to Britain, then Britain's The conllitent bought Gà-di Sales for the week averaged Industrial, (tocks eloo The change for the 1000-60 toason, to industries will suffer to some, mans heavily, fung Potash 7 Bulbs done in the local.

but these are not being per cont" £15 to #252 and the morning at the following is exlont

| unaffola)=kkatlarige ZMAJKAT; THIN 1,009,440 shares, sanallest since week with a gain of stud at June 19 were as follows:

487,961 rails up 0.74/at 107.54;.

"Drilain

1473 Wall Sri" any precipitate fashion: 84/per cotile: £ 15 d'ouw weak 19 dollar); peri 1). last July 19 teskion,

Continent Motaled hack perioda, “of jutilities imp 0.17 at 66,40 anal, the

Orient

The Times Index of, lodding in* £228 Young Loun niors-unsorted ||Sterling noteber RIPAS strength, rabtably the coppers.ixty-fiva arbocker- used? is thóre Caudal

dustrials which on Wednesday rose 20 and the sciented Astralian Toters (per 2,111,

30 +Indortesian rupials, (per:2001. 049, United STOCK) TOP PERRITO Song of the chemicals notably averaged up

#2004 at 170.D closed on Friday | bolheto new highé--United Bm testit per: 100) same period fent 'yess Du Pont, were strong. Coment Prows,

P165.170.2

Stigapore"{Birnita) 79

Summer Rally

Traders continue to emphasise the continued selectivity of two market. Many see a period of uneven price movements ahend for the near-term, and there is general salinfaction-price-wise with the President's apparent return to freath-United Fres US RAW COTTON

st

EXPORTS</

1464.108

There has been no sign of in- sillutional selling but neither has there been much evidence of institutional buying. The main trouble is the climate of opinion, proving uneasiness regard

the long-term outlooks for Britalt In

Trinidad Quiet

Exchange

M

Spot rubber unbalot Blanket crepe No. ipsis repo

United Press.

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