THE CHINA MAIL,
MONDAY, JULY 16, 1956.
TRADE ́ and
COMMERCE SECTION
COTTON Wage-Price Increases Expected HONGKONG Construction Hits
FUTURES
EASY
By William T. Plunkett
New York, July 15. Cotton futures ended the week on a note of easiness after see-sawing inde. cisively over narrow limits.
111
ויד
At Friday's cluse. The med 5 do 31 penats lower off 23 cenin to $1.55 u bale Trom the preceding week.
Finad evening - up aquealm.
in the July delivery, prior to its expad on Friday, pavy nárul Else 2 activity.
Intere
11-20 tog monte
kagged while truders reappraised
crop-supply
the
perdert List
trading
Dist
み
sikter
government's plât to continge the
enle of surplus cow cotton
export on a
stabdy
competita e
rather flank
asrangement
by the trade generally
hancers the
·tr,༈༢-༩』
apparut ing
Hedths was pre stred
new crop
to
be partly
mif hepation
agamist purehunes of government export ection. Shippers in y sell
11
expert cottini
ii、T1N{t+
mill- tulee the cubstitulum pe Vdege, but such sales eventually must be offset by exports of an equivalent at
fremu
OFF THE BOARD
fle
sither cotton stocky
Juy contracts went off
Bla
board without unusual suedeal,
trading at 34 56 3160
In United
States
US STEEL
PATTERN MIXED & CLOUDED SHIPMENT
BY 10-DAY OLD STEEL STRIKE TO RUSSIA
By JOHN MORKA
New York, July 15.
US industry is girding itself for a new round of wage-price increases. So far the pattern is largely mixed and somewhat clouded pending a settlement of the ten-day old steel strike which has now idled 90 per cent of the nation's steel capacity and hundreds of thousands of workers in and out of steel.
still
Right now it's taken for granted that steel users will bo wage paying at least $10 a ton more for steel following a
Already six settlement.
major producers -- those
have announced price boosts unaffected by the shutdown ranging to $16 a ton in most cases.
Germany Signed Up
With Russia
Bonn, July 15 The West Granan Governm
a pund. The event marked the fond Burina today sgwed a thum and of the 15 14 inch contract, and a half yeu wele ogreement Commencing with the
pistool covering delivery.
The
report
1.
That para la ent at 1
1.
NOW
The peturinavi
of her take cres affecting a
*
tu m
Koletion aberran
ANUNTION, FUTURE -
1
At the same time, nung nations and any too ale
vetjenient a
trend-selling steel still have on important effect on
anet wage pallentin an -taht
negotiations
Indian Airlines Corporation
Washington, July 15.
STOCK EXCHANGE
(From Our Correspondent)
kong Stock Exchange this morn- Lng amounted to approximately $700,000, Noon quotations and the morning's transactions:
Hayers Nellers
tk Bank 100 1703 INSURANCES
nasties done on the Hong-
MORIES
HANKS
The United States has authorised shipment of 7,800 tons of sheet steel to Russia in the first
such sale since 1947 to any Iron Curtain
ition country, was disclosed last night.
A Commerce spokesman said an export Alcence
Wheeleck for the steet, valued of US$11 Gullien, was granted to a bust- | packs, ET,
K Wharf negt frm on May 15, after co- sultatio artong! Government Duch" agendes escorned.
10.
Haber
1700
All-Time High
In America
By Robert F. Morison
Washington, July 15. Construction activity rose
to an all-time high of 20 billion for the first six months of this
year, the Government reported last week.
New construction of all types put in place in June rose seasonably to 4 billion-- up eight per cent from May, a joint Labour-Commerce Department report said.
18
The six-month total value of cent over the first half of last new construction represented 1300
year, Spending for office build- two per cent increase over the Ings and warehouses totalled 607 old mark west in the first half million the fast half, up of 1955.
per cent from last year. Out- laps (r stores,
restauract, garages and other
commercial construction totalled 981 million the first six months, 21 per
11
D
Contiberri Wateclat
107 Department waterbout
43
23.10
124.
1 :III
1 DA
400)
30
Na
42
1100 4175
147 1460
100
14
14:00
170 1450
1100 to 1470 07. 700 67
18:20
143
Fik
140
8000
G
t th
14
UTILITIES Tran
241
24 TKI
2161 244
FUN
1
Sini Ferry Yauhti
Laki
C Light (NI 21 20 2212 Eeltie Macao
130 143
114
115
100 $14
500 130
23 10 25 20
30 m 25.10
375 32
20 26 20
1007 23:20 200 22.20 1000 - 32
300 20 100 - 20:10
The spokesman said the licence did not mark a departure from LAND, ETC current US policy. He suld the tel TIK Land steel, usexi primarily for automo-
Exophary bile ixxiles," is non-strategic and ↑ Realty
From is not source in the US
·ROUBER other sources,
however, it was
Amel hearned the steet sale wus cleared | Trus by highest Administration of- ciais
The spokestmat sand the name of the #em that obturned the
Floo thence is confidential, In with goverment policy
CURRENT POLICY
The spokesman said the sake to Telephone Russin was not announced at the
time the scence was granted be. | INDUSTRIALS
are normally cake such grants Ibanubdicht
打 only
regular
other in-
New Delhi, July 15 ment preking.
Goverment - owned v}t«c} {i{atit*i£ -
Airtines Coporation has decided
buy xx Husman twin-engined Bignotum 12-44 tretepata us mas placement for ats fleet of Dadenton,
↑ ruskejahenger, maksta
Higher Prices
A.1 This
it was announced
quarter-yourly reports, the next Daley
Sd which is due in August,
The report said that outlays
| 50 37,000 -- 147.In the Brst six months. If con- Hinued at that pace for a full 1,470 year. would result In about
100 US$44 billions worth ป
לי10
Cement
30
STORES, ETC
1054 10.70
$200 13
183
710
336 A
He emphasises the sale was Watson
fine with current policy," in Lane Craw
said
Wugher pre ve the retract base will priation between the two ream- 1
Tion Curtain countries. malen.nl. Will
Delivery will begin next that of non-strategic goods wor If
The INVESTMENTS be middling inch votion
at a pare 61 US$250,000} So will add su of course more
pokesm
there is no Yangtze
Alliert government's thist crop
blanket policy And a 16 de a West Germany will export abs
will reach
covering adivi- of the
senoon, giving they
The Soviet places, resembling fitual cares under this polley but jogben, on will noted, prievy an and the ximatel SLOVEN
* cultiva (dustrial machinery
American Convair, have n thethe
<uh application Is judged "on them on July 1, ad Litle appen-investment goods for the burkl- fevinch ly ties to rus
|ueyele landing gear, a cruising
its merits ent market influence. The up of Burmesa indolis met wall new pol
speed of 225 miles per hour and
While the United States has So la mo
heks 1. plenti reiched 18,882,000 acres, etsive in zeling a kuge quantity
sher på ducts bien Įrunaway inflation,
passengers But there's y 21
permitted
nominal shipments of fully three-quarter of rice and
Etiam CES said the plane Certain
ki Tron types of stre as Hushess Werk magazine
Is not as eeunonical ass other
countries heretofore, the Curtain E- arteping puts
used by
ww.rki types currently
spokesman said this was the first: airlines but they blamed dia's such "atbstantial" order to any shortage of dollars for the races-Swist ble nation since 1947 -- NEY to purchase
باد
clinical
..t Friga for Barmut was agreed upon.
Actes
pected and
than < Indented farmers
44443 川 1/
The carteles
ех-
$14
A
acreage allotment
planted 073
17,400,000
131
R
than ever
nest
Experis, FAVOR whit anong other things mulfelpale any marked examer
scholarships vules for lett
resistance to the expected price Statisticians pured with cen-
German technieni < Bergen Tart thud favourable
dvances. They're counting on weather
con- | Banese students
Įpeak personal incomes to absərbə ʊumb)3,000,- ditions o
• Grop of the
The agreement was conclutied 1
tight w 000 bates could be "reivonably |
price hikes. Minister U Burmese Trade
before more people Last year's produc- | Y expected, “
Finance Minister Br
Fare working-68.5 millkon s amounted
14,721 (Ds and Lion
T
Khin Maung Gale, currently on June another year With
tom of the Federal Republic heavy golds to the nere. summe
FANPOSTATOS on tre nyitation of quarters considered The p
Ludwig Minister
Erhard --- bility of
new Increase
United Prese year despite
stooks this
Ciki
the the
export programme Derrage controls Und Press
US RAW COTTON ·
EXPORTS
Australian Wool Proceeds Fell
Sydney, July 15 Wool pivcevik fell during the New York, Jul 15 Ascal year of 1955-56 despite it
pauction. Raw cotton exports by destina- | record
4 as reported in bales by the
New York Colten Exchange for
the 1955-50 season to July
were as folinwe.
Estain
Continent
Orimit
Canada
Tutal for season*
Same period last year*
*excluding linkera
10
vealed last Saturday.
WHEN
President of the J. S Gale, Natumal Camel of Wool Selling
&#¢{ Brakes
that Australian wool brought nearly 333-million 663300 sterling, a decline of more than 1.160.7 20-millum sterling.
100,307
137,497 1.305.7
He said he revenue loss came
14,109,000 bales. —United Press
3.410.480 despite a regend production of
United Prek
FIFTH
WEEKLY
ADVANCE
OF
N. YORK STOCKS
By Elmer Walzer
New York, July 15.
Stocks advanced for the fifth straight week in the post-fourth of July holiday trading.
past five trading days.
The big skel companies will probably the lo pass their price bousts to their customers But t
everyone else will be abit to du so, Makers of heavy jespumpment, for example, any m
tremendous jenjoying u
1.
the Russian United Press.
planes
They said the deitvery of the Hyushins will be art of the Soviet-Indian Trade agreement and payment will be made in experts of Textin goods Ituussia. ---United Pr
The Bank Of England Statement
London, July 15.
of England state-
GERMAN HI-FI EQUIPMENT FOR US MARKET
1000304
1800 10.20
500 1 10.00 300 1070
209 29
4 185
London Tin Trade Welcomed Thai Decision
The
London, July 15.
announcement
**
new
building, around a billion above the record last year
Practically all types construction shared in the May to June rise, the report said, although spending tor houses and apartments continued
to log
Private Outlays
new
Spending for privately- Ananced Industrial buildings, publie utilities and sew** and water facilities hit new month- ly records. Those for highway construction commercial build- ing and public educathinat con- struction registered new marks for June.
Total
seven
rote
ย
11 cent increase over a year ago.
Now construction Whats fur this year has followed the anti-
palteri cipated
for except privately-financed homebuilding which has stubbornly clung 10 lower levels. This is blamed on tight credit and shows no signs of early Improvement although informed FOTOS have some lossening agencies concerned
United Press.
said by government is planned.
Eden: "The New Battle Of Britain” Loudon, July 16. Sir Anthony Eden today called the British struggle against in- itation
"the
battle of Britain
The Premier said: "We are In mortal peril not of immediate employment but of poverty by
stages
שיון!
private outlays in June for new homes, factories, ware- houses, stores und other pri- vately-Дnanced building from 2.5 billion in May to 27
That was billion in June
He said Britain's gold and per cent monthly dollar reserves have been riskog every month this year and that ja balance of payments surplus is expoetext for the first six months, He said this compared with a small deficit for the same period Just you.
The
crease, but was two per cent under June of last year. value of new private construc- tion in the first six months of 1956 was 142 billion, one per cent ahead of the same period last year.
Housing is still the drag OT
Sir Anthony warned, ever, that this was not enough.
restraint
further saving
how- inst
good week in Bangkok that the construction. The value of new
He asked for further Thai National Assenibly privately-financed home bulld
anct In
for buying ing in June was 1.2 billions, un had approved in principle a
but seven per cent from May
He said the crisis in British government bill permitting 14 per cent under June of last
chic bo the Thailand to join the Inter-year. In the first six months of labour was
82 deployment of manpower neces- 1956 the outlays totalled national Tin Council was billion, 10 per cent below tast sury if industry is to concen- its efforts in the areas they will do the most United Press.
New York, July 15. Olympic Radio and Television Inc., of New York, has agreed to market the high delity a Im radio-phonograph equip-
West German wee-welcomed by of a
ment Leonies Arm, it was today
The
agreement.
announced
between
tk nt[ ul Olymple and Loewe Opt AA.
u ullut SRI
30 ent
The Bunk above the 1955 rate They look forwardd to passing on nad often for the
14. wuds au followe: the price hike to theu
Ikas
Soft Lines
Capita go-ca manufactures estimate that steel costs repre seut 15 to 70 per cent of their mruufacturing costs. Thus a 10 per cent increase in steel costs would mean arise of $1.5 per cent to 7 per cent of tolaj ensts for the companies.
as
But others especially in the "soft lines" and those under great competitive pressure. such
autos, appliances, kitchen equipment, furniture are not so sure about what they “t 7 do. Auto makers estimate that for each $10 boost in the ton of steel, car making oosts thee by about $20 a a car. A refrigera-
seiling for
for $350 contain an average of about $20 worth of
་ ་ shel. A A railroad box ear, hoa- ever, recording
Woll Street Journal, sells for $7.88K), has about 70 per cent of steel. A
per cent Increase In
W/F
ten
casts of about $40.
1
steel
Hote in eirovelist kers
Pubile despost:8
Private depurlin Government securities tuner securities
| Revegale
Ralo
G.. of West Berlin, provides that sterling ewe's hi-fi radio phonegaphs 19,104.223 will be marketed in the United 19.021,437 States under the point hame of 270,010,020 Olympic-Opta.
$33.320.163
24.049.430 20.607,531 0.4
United Press,
The West German raclio- phonographs are to be imported as complete units,-United Press,
London Market
Quiet But
Prices Rose
By C. T. Hallinan
London, July 15.
London.
The necession of Thailand will mean that all the main producing BTC W members of countries the Council. The others are the
Congo Belgian
and Ruada~ Urixli, Bolivia,. Indonesia. Molaya and Nigerla.
of
the
re-
The Bank Of France
inte the tin trade year's first half.
Public spending for construc- where tion rose 10 per cent from Mayged
per cent rrine to 1.3 billion.
The higher than June a year age. report showed the total value
construction new public
was billion, first six months
the four per cent more than same period last year.
Spending by all units of gov- This will mean a further res ernment for new highways was the chief factor pulling up this allocation of the votes on the
in the first six months the producer-coun-total. Council of
16 ner tries. Al the inaugural meeting outlays hit 2 billion,
cent better than in 1955. last week of the Council, Thal- land's votes
allocated amongst the other five producers in Thailand's absence.
were
Anticipated
Record business expansion
reflected
The re-allocation will probably take place at the next Council (plans this year were
in the 14 bithion spent in the | meeting Octboer 15 i Thai-
for factories first six months for member- land's application
buildings. ant other industrini ship has been recalved by then.
This was an increase of 27 per
FILLIP
Council sources in London welcomed the news from Bang- kok and anid Thailand's acces- sion to the Council because its powers to prevent large fluctus- lions in the world tha price would be greatly increased and
the international prestige of the
Council would be enhanced,
Although the jeading in-
producing countries of the world
Stock markets had a quiet week but the would mean a rise inbox car baffling climate was unchanged. Prices rose quite Some of theat consumer pro-handsomely but without arousing any enthusiasm. dicers, therefore, will probably A bull market which seemed to carry no convier price pattern becomes "ore ob-
romain vn the sidelines until the
pass on part of the steel price
prious especially, in view
lines.
Several developmenta helped Utilities at the close were at the market. The number news
tho was
statement
March 27, a new high since President Eisenhower will be a 1031,
cipated obscuro Street Hist.
week outing
with
Cost Advances
of
tion.
Investors have been
now members, two Im- Bartarst consuming countries- the United States and Western
the
vious. Some will of course y to In the case of British Government stocks, the Germany have so far not joined
the International agreement.
The news gave a flip to the In those five weeks industrials have risen boost down the line. Others win explanation is that the whole list sagged all this 35.81 points. They gained nearly 7 points in the probably find it difficult to raise year until on July 4 the Financial Times index of London tin market last week torrine competition in these government securities reached 84.00, the lowest it and the metal clocot £7% n has ever been since it was started in 1926. That to higher at £749 a ton. Tho three months price advanced Companies with more diversi-
In making the announcement one 69.38, up 0.67 on the week and fed, lines will probably be able means that banks, insurance companies and 28 101746
are holding government last week in Bangkole, the Minis to weather the storm better than private individuals others, it is felt. Such as securities whose market value has depreciated ter of Industry said Thailand
it advisable to
would contribute foreign ex-. enralidate. That had been anti- The averages failed to record right And
in edvance prices in their heavy in alarmingly.
fread
of ore to but
change It cleared one some very wide gains made
Industrial products to cAGE the point in
Wall | individual issues not used the
picking were steadily bought. Imperial buffer stock. This is in line with the pressure on some of the can-
most of the other producers. the group comprising
sumer items.
them up at the current bargain Tobacco enjoyed a rise of 3s. 6d. Since the announcement by the Secondly, business resumed averages.
prices the index which closed anxi Rolls Royce leaped 48. Od Unlied States Government that its stride after the holidny Aluminium issues
were star
last week at 84.43, closed this or market gossip about Its
would the Texus tu meiter except stepi where a strike performers
Aluminium
week at 84.00--but it will take Canadian subsidiary, but most recond
Limited up 10 points. week,
Coppers
a terrific lot of buying to lift of the blue chips were up about continue in operation until next been clear 10 January, it has So for steel shortages
ran up several points. Selected There's also talk that some init to 90.10, its January 4 uncers Unilever and Lanca
Imperial Chemicals, shliling
Producers that there will be brought any real Industrial issues in the oils, Chemicals and dustries will pass along a price. Old Console last week rose
utilities made widź advaneca, pinch and hence haven't dis-
higher than that of 109 to £52 In turbed Wall Street,
and War Loan shire cotton. Associated Electric surplus tin to spare and in con- Panhandle increase The
producers would themselves the same providing
amount
to £71%, Inthistries and Great Universal sequence the The market met come, op- Eastern Pipe Line, up
more thereby with capital for ex-Preity good, but Д substantial Stores both gained 18. Dd offer cash for the stockpile in-
stead of metal,-Uulled Press,, position its rise in the than 6 points, urnished cast
further recovery
will depend Ons were in an extraordinary. Thursday pession after -the push which went that indexpansion and in anticipation of
unforeseen vant advices.
upon Me Macmillans' ability to upheaval
Amerlenn buying dustrial had risen in Ex to a now bull market high.
Airerette had their ups
and straight scesions and utilities in
On the whole, however, the check the inflation of British concentrated upon Royal Dutch.
£14 sterling 11. In the Friday wession the dowres. Some specials had big next few months will probably prices and remove the fear that up
it the current recession may end up practically
prakt-and losses were more than mado tip. Josses, Owens Corning Fiber-And US Industry under
At the week-end the in- gizd Tost more
than 0 points, for creasing pressure to offset any in further pressure upon sterling upon Shell, up 64 to 2018 (peak gain in unit cost. They emphasis and a possible devalution of is 203). But the others; were dustrial average stood at 11.10. example. up 0.08 points on the week and Among the big gainers were wall of course be on lower over the currency.
Burntal down is 0d and Coffee less than 10 points under its Magma Copper up B, Kennecoli all production costs anxi to raise Well Below!!
New machinery and
idlaw Eagle downt le 9d. Coppers the best level since May 7. up Uli, Georgi Pacific, Corp, up
Leading Industriais, atul-wil word,rong with Rio Tinto, Malls were at 108,02 up 0.00, 10. Clark Equipment up premod, where possible. United below their previous 1960 rising 48 and chartered 3 Bd
attractivo peaks, looked beat since May 23.
to
haven't
utlitics,
of
record hiih set, on April 6 and Copper up 0%, Jaeger, Machine, tomatkom, therefore, will be
United Press.
a
to 84% Exchange Rates
down British Petroleum and
and United Press.
no
Business was done, in the local
Statement
Paris, July 15.
The Bank of France state. ment for the week ended July 4. roads as follows:
Aratio
Total gold holdings 301,304,302,$10 Total other cur-
rencies
Balance abroad
KPU
Advance
101,483,040,423
In
143,700,450,000
150,300,000,000 1,444,330,137,000.
to Stabllinn-
tion Fund....... Total bills discounted Banknotes in etreuin.
ilon
counts and Current accounts
deposits
2,001,217,930,935
145,073,400,150 United Press,
TYPHOON MAP
with revised codes in force ds from
1st April, 1936.
$500
UNTED
$4. UNMOUNTED
from
moaning of lowing a South China Morning Post Ltd.
(UM) dollar, (pør":91)
morning the rated
testing notes (per aki) WITH 18.00, 18.00 Australian noise per 1 1140 Indonesian rupiah, (per 100) „ Ainm Roel (per 100)......” 27,00 - 1.00 Singapore (Sira}{a}]
HONG KONG & KOWLOON
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