1956-07-23 — Page 9

TRADE

:

THE CHINA MAIL,

MONDAY, JULY 23, 1956.

and

COMMERCE

US-BURMA IKE'S DECISION BOLSTERS

LOAN TALKS PROGRESS

Washington, July 22.

The United States and Burma have made pro-

gress in preliminary gen-

for

eral discussions on a major developmental loan Burma, informed

said here.

Tise next

step

sources

will be [05 But t to draw up in that of speedle projecta and industr30% in need for foreign capital for consideration by United States economic <xxrts. Until then thest Regolations could formul

Informatis in touch with

present talks soid.

These

informants

113

predicted

further exchanges on the foru

through diplomatie quiskom channels in both Rangoon and Washington

the ensuing the weeks. They predicted

would "sympathetic" to any But the request.

Undvend

A Burm

Suites

Embassy spokes

man wall Bat Burma would be Interrated loun

US ECONOMY

TEXTILE

Investors Return To Stock

To Stock MARKET

Market Encouraged

By JOHN MORKA

New York, July 22.

President Eisenhower's decision last week to seek re- election seems to have bolstered U.S. business sentiment this past week.

However, the second presidential "yes" was certainly not unexpected and to some extent at least was discounted by business and financial circles.

There

ΕΠ

WHS some piekaup market truding 41.5 in lock vestors returned to the market, the no doubt by encouraged President's decision and by the hust <rf favourable business this past week Prieta meanwhite continued Orm,

with the general pattern of the past

Tieve's

Weeks

which Dow Jones industrist k saw the

REPORT

New York, July 22. New business in cotton textiles developed at an low pace unexpectedly last week.

SECTION

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Busines done on the Hong- kong Stock Exchange this morning amounted to approxi- mately $700,000. Noon quotations and the morning's trarisactions:

Shares Buyers Bejlers Balen

BANKS HK Bank

INSURANCES Lombard

The lull, dating back to late Underwriters June, provod especially disap- counted painting, some sellers

on a quick business pick-up as oon as the mill workers Binish- ed vacations in mid-July.

freight building quantities of sodium and callum Conektuotion,

Now chlorides. and petroleum industries. 11 look its af the pinch will

With consumers'

income ut beme

more progressively serious,

record levels, and given an early with more and more

of the steel strike, its dependent jadustrien

Jeopar-Bettlement

it's fell that the U.S. might wall | dised

some new records for economies activity. in a lot of departments In 1956-United Pres

Court Order

only if completely

a devejojurentul Just k

WATC

Bun

from politles carly L 1953 had asked the United State to

average edge higher until it is of mw within halling distance the record 621 05 Tached on April #

meter emergency

strings,

diwontinue แม berityise

political objectious,

SAW MERIT

Governme

that they NETW

cropitists sui merit in a pro-

s by Dr Everett Hagen, a fending 178 economist. That Jo Lo Burma

should

fr mutual security funcks

Dr Hagen,

ודיאקה

who Jins two years JED Burma doing research for the US National Asuoraboar wierd Planning

recently that the Soviet Union 2213 Extens Burnt's supplier of cipital Hoois To avoid this he urged the US to resume econownie aid to Burma.

A loan from the World Bank of comparable size would have to be accompanied by a number of conditions because of Bank rules and regulations. Wherea

Government an equith be

LL

made on Custer teras.

Burma alredly has taken out two World Bank loans, tolalling $19,350,000. Or this $14 million was for extension of port fucili- Hes at Rangoon, and the mainder for modernising rallway facilities-China Mail Special.

NEW

The net effect of the Prest-

dent's reentry into the pollend battlefields will be to further Portily busTOON confidenva

Investor

Removes Question

net

World Copper

President Eisenhower, 11 18 understood.

a court 10 srek

national the under

of the provisione Taft-Hurley Act providing 80-day cooling off period. couki niso preber #f-Anding investigation of the issues

for

atz He

Production

Will Rise

So for the steel strike has cul to prompt down the palmm's Industrial participation In theutput by

at feast 4 per cent utket by investors. It

is like. to Rive vise expected

added

in steel A wage settlement impetuus to the proproed plant

Will

inflationary umplien - NSION wiki relubilitationi tions

the U.S. economy. Most experts experi the price programme costing billuns

New York, July 22. of steel to 1 hy al lenst $10

An official of one of the ton. Any gains won in steel world's biggest copper sellers will undoubtedly be reflected in

predictest today that by the end other Industries. The resultant

Hot 1060 free world productive rige in prices will tend to create capacity By and large, therebare, it is

of the strategic metal what some described as no "in-will b bonted by 25 per cen! fell that the President's decision

and removes another question mark

flationary psychology" from the business scene,

staen will help pred the public lover the 1958 level. anto seeking hedge against clouded by the nineteen-day-old

Jeno Vuillequez, Vice Pre- the ravages of inflation throughsident of sales of the American steel strike Atant 9 per cent of the nation's steel output has Investment in the stock market. Metal CO. LM.. said in breezy disrupted. Hundreds thousand are already Jobless and the worst is yet to come us the steel pinch becomes

NOVET

now

more

[113

The

malery jew Lhat Ou companies,

chemicals, exclusive

will n

feel construction equip copper industry Highway

the national steel mem manufacturers, butiding the pinch of materials suppliers, electronics

sulke mulcas the tie-up should than six to and aircrafts are said to be in drag on for more

eight wooks. a favourable position for carn- ings this year.

A big factor in the outlook for this year and ahead is the construction heavy volume u

Wall Street still think the strike will be a short une and as such will help cut dowri 1) accumulated Inventories and thus set the base for a strong Busine upsurge

In the fourth planned months. Some think the

for the next six

Mr Valliquez printed out that

the auto industry. have heavy inventories of steel sufficient t sustain motuction for period

big copper 1290, particularly

Failure of the demand lo materialise was coupled with: 1. The lowering trend of spot cul- ton prices; 2. Availability of cul-rate raw cotton from the govemment surplus to domestic mills; 3. The lengthening stoel concern over slike, with more

effect “ባ the

national ceunomy.

Cautious consumers, watching the trend of retail sales in the fake of additional labour layoffs, incident to the steel shutdown. and uncertain weather condl-

indicated tions,

un intention t time pending the govern-

colion

estimate. стор

Me,

Sosed

for Aug. 8. This will

give the size of the crop for the first line

Litst this season. month's report showed m expectedly large porcoge under cultivation.

DESPITE PAUSE

Despite the business pause, some mil executives continued to express a conviction "a big potential demand CXINIS," and that definito upward swing is in the offing," possibly at the ond of July, but "certainly dur- [ing the forepart of August,

Underwear

programmu

Irt

ith #t

1605 160/2

47

* 1600

30 040

2300. A 33

WIPPING Wheelock

DOCKS, ETC

Wharf 03 Dock

4955 Ivident (0) 14.80

LANU. ETC. IK Hotel.

HIC Land

Humphreys Ready

730423 22500 a 14.10

1000 14.00

Page

London Investors Amazed By Steady Advance

By C. T. Hallinan

London, July 22.

Stock market pundits have been completely nonplussed this past week at the steady advance in share values despite the prevailing uneasy climate.

All the big

institutional investors, like prudential, are out of the market, apparently from the conviction that Britain's economic problems are not being solved and that prices, accordingly, will go still lower.

or

Nevertheless, small Investors, carried away by the spectacle 37 16.30 of highgrade shares seiling at

prices yielding 6 per cent more, hayo been buying every day, with + result that the Financial Times andox reached 184.1

10 70

•

Az

1000 15.0%) 503 13.70 200 ca 200 02 08

2:1 20.20

2000 20

1121>

20000 m 1.80

5000 os 1.5.20

50000 61 1.50

RUDBER

Amalx

1.475 1.523.

UTILITIES Tran

24.00 2320

C. Light (N) 29.20 22 40 Klectric

32

19000 1.820

700 @ 24,00 1000 24.90

30 m 24.00

NOG # 25

Star Ferry Yaumati

141

144 114 110

25

500

200 or 24

1000 600

2014

Telephone

25 00

24

2006 20

INDUSTRIALS Cement.

371 37

10003735

STORES, ETC Dalt

Crow

20

7.70 2.00

Wat

Lotte,

COTTONS Nanyang

INVESTMENTS Yungtaxe Allied

1500 37

105 10.00 1100 10.00 12.70 12.00

6.43

7.10 4.30 0.45

Russia Steps

Bately a year ago today, this average

reached 223.0, ita highest average ever. Today 11 stands some 17 per cent below that peak. la that cheap? Not

Japanese Exports To Burma Decline

to those who are depressed by the current inflation of com-

Tokyo, July 22. modity priers and

the The skidding price of rice by government's slowness in con- and belt tightening import quering it.

Oils Strong

restrictions imposed by the Burmese Government

Optimista, on the other hand,brought a sharp decline in went after British Aluminium, Japanese exports to Burma, ifting the shores da to 77a 6d. the Foreign Ministry said Associated Portland Cement up today.

up

de

68,

Royce

4B, Rolls Haviland up 3s and dozens of

up 28.

At the same ume the Ministry. Faid goods shipped to Japan from Burua reflected a similar decrease largely duc to a drop In rice prices.

ASSISTANCE

Qus were strong all week, despite persistent profit taking. Royal Dutch TOSC £1% to £85%, just £1 below its peak. Burmah Oll gained 5s and Anglo-Egyptian "B" nearly 45. Shell in the middle of the week went ex its new capital Issue which lowered its market value some 8s but I will look ilke 4 exports to Japan in 1954 ac-

Monday bargain on

counted for about 23 per cent Among foreign bonds the of her total sales while im- continental buyers the main-ports from Japan mounted to

this section-went

Up Purchases spring

In America

Washington, July 22.

The

south

But mains

I said Japan still re- one of Burma's most important customers. Burma's

the same percentage of total after Japanese

purchases, very strongly usually Inactive

Ministry noted, however, The Manchurian non-assorted jump- that since 1950 the balance of ed 3 sterling, the 1930s, Tokyo trade between the two countries

and cent per

the Tokyo has always been unfavourable Electrics тоже £2 and others

to Japan even though trade were voluma trebled up until 1954. the Assenteds were gained £1; is Soviet Union

step with these generally in

The recent declino at trada steadily increasing its pur-rises.

Germans

wide world touched off by the Berlin 6 percents were holdings, the Ministry said. chases of "peaceful" goods arratie. in the United States, ac- unchanged at £91 while Dawes

Commerce cording to A Department spokesman.

The The

outerwear

Buying spurts devaloperi priet claths und broadcloths. While the demand was not sustained, exporters kept check- ing the market fer prices unti deliveries. Some of this was

Lo be presumed

covering anticipation of the government's export subsidy cotton goods, scheduled inlo effect on August 1.

Yara spinners reported small ing for delivery 30 to 00 lot buying

Knitters days theact

and weavere made Inquiries for fourth quarter.

and knitters niso placed some orders, that but hostery producers were slow

Hayon grey to operate.

goods new tabuk- According to u

News - tion by Engineering

sellers

an reported

improved The American metal Record, the volume of heavy

market tone in the wake of con- tive, whose conctrn has uxton- construction for the next six

sive copper

holdings in Africa,tinued outrtailment of mill opera- months will

the

tions.United Press. The stalemated steel negotin- | Huffl

biggest aid copper capacity by the end ол record, second-half-year no closer to tions were

of 1960 will increused despite

downturns, this past although

some

3,870,000 President averek

Eisenhower

This boom, The magazine said, will become

superboom' to buth Wil

"ต have a blunt warning

with optimism in 1957. again sider that he is ready

So for widespread in every_sector effect some settlement.

the United States. By the end Ex-the President had maintained a

construction contracts of June, were signed at a record rate- ng was believed to have

2.8 lug in industrial produc- prompteci by the Growing 1ST

deterioration

in many segments on alone. $10,387

of the

Industry la 1,170,030

Pronomy, 137,867 showing signs of worry, with 2.131.231 shortages already evident In 3.425,038

plate and structurals, Affooted

·United Pres also 171 varying degreen fre

requarter

sultant business improvemeÅ will carry ovee strongly into

YORK RAW

1957 also

COTTON EXPORTS cement,

ودا

New York, July 22 poklon Raw

expres clestincion as reported in bathes by the

New York Challen

on

act 10

change for the 1955-56 »enson to "hands-o[T" attitude. His wa July 17 were as followe.

Britain

Continent

Orient

Canada

Point for Reason'

Saine period last year*

• excluding Unters

American Telephone Had Irregular Week

By Emler Walzer

New York, July 22.

American Telephone, the highest priced active stock, and Benguet Consolidated Mining, the lowest priced active stock, featured an irregularly higher, quiet stock market this past week.

be

Might Ease

more

Thus was 126 per cen than in the same period a year ago and 19 per cent more than In the frat half of 1061. the previous record year when de fence expansion was at a peak !

War Korean

10

the

meet

emergency,

The rate of industrial build- ing might case over the second half, the publication suid, but it is still expected to run some 24 per cent higher than a year ago. Other construction records Arst-half 1050: sewenge during contracts, up រប PET cent; water- works, up per cent; bridges,

And per cent.

thiese

e

28 38

23

should climb to

categories should

further new

zine predicts. About the only

tons in 1955

to

from 2.975:000

Exchange Rates

Was

than

the

21

The

were

But

it added

which

Far

that since the £1% and the

of 1055 guin

the. Burmese -assented Young Loan non-assented roses, assisted by a 43

The assenteds were idlo.

million dollar loan from Indis The spokesman disclosed that

But Potash 7 рет

loan from the Department had Isaurod

23 and the 816ents tumbled and 35 million

percents £2 World Bank, is taking step to licence in May for the sale of Czech loans lost £2.

case present import restrictions British Governments were all 7,800 tons of sheet steel, valued

Japan's leading

exports to $1,400,000, by 1 private down by amounts ranging from Burma are the products includ American company to go to a 1/16 to 9/10th sterling.—Uniteding cotton piece

Plece goods and Soviet car

This will Press. factory.

amounted to about 15 done In die local be the

first US shipment of

million dollars last year. *The unvificial exchange market

Ministry sold Japanese textile morning at the following rates: sheet steel to any Communist US, dúllas iper $11

European nation since 1947.

exports to Burma accounted for 10.23

added: Sterling notes (per £1)

The

spokesman 12.43 Australian notes iper Ell

more than 50 per cent of the within a

few days the De- ruplati (per

fotal value of sales to that Indonesian

18.30 27.30 partment of Commerce will be

country. 1.81

of figures issuing now set

show which will that the trend United of trade between the States and the Soviet European Bloc pose lo $8,501,850 tho highest quarterly total for slx years.

In 1950 lease".

added, fe

Busincas copper production is expected to

by 365,000 tons. be augmented

how- Vullequez stressed, Mr

projections are contingent on continued labour in the Industry-Unlled

ever,

peace Press

that his

Siam cal (per 100, Singapore (Straits)

100)

Cotton Futures

Close At Lowest Level

By William T. Plunkett

New York, July 22.

Cotton futures staged a mild rally in

Heights, the maga- the forepart of the week only to settle back weakness anticipated is in again and close the period at the lowest

ent level in a month.

the

PASSENGER CARS

that During

quarter. Soviet Union bought $7,088,181 worth of agricultural products end equipment. Other MoOW purchases during those months included new passenger care and

Singapore Rubber

Market

Singapore, July 22. were

reserved

on

Sellers Saturday and There was Futures:

prices advanced.

no

factory interest.

Other major export Items to Burma include galvanised fro sheets amounting to 20 per cent No. 1 rubber per 1b. Aug. 0.91 of the total and machinery which

Sept. 01-01

Det. unquoted

0714-8724

No, 2 rubber per ib. Aug No. 3

No.

Spot rubber unbaled Blanket crepe

accounts for ten

Burma's

lead

cent

leading

exports to

001874 Japan consisted of agricultural 63-4 products. Rice Bccounted for 155-0194 B5 per cent of the total and 71-72 ju-113

No. 1 pale creunited Pren.

smail electric motors. A

To the Soviet Bloc generally, shipments Included:

$50,503

worth of vitamins and drugs to and Poland; Easl Germany

| $171,040 in equipment for

#

rayon factory in Poland; plus quantities of wool rags, breeding

cattle, fertilisers, photographie

goods, gloss products und bristics. China Mail Special,

decline, the housing total will At Friday's close the list ruled off 9 to

18 points, or off 45 to 90 cents a bale lower The Bank Of England than the preceding week.

Benguet churned up a tremendous activity in the Wednesday session. That day it had sales of 190,100 shares. For the whole week the issue

is the propoxi had a turnover of 278,100 shares and helped keep the sales total higher for the market as a whole. tion programme. In three to five

Tho

The subsequent reversal re the colton surplus on a <カレー for flected

the more noticeable petitive bid basis.

8

nt

about

D

cut

Statement

London, July 22. The Bank of England state- ment for the week ended July 18, ready as follows:

miering 1,040,041,017

10,028.375 280,043,402 221,006,020 63,710,800 81,704.034 tinite Press,

30.0

housing, now down 11 per cent from 1955. But even with a

suil be

a whopping 5.6 billion this year.

Another

big boost

for the U.S. economy

highway construc- government years, dotal US spending

streets activity in

Earlier in the roads and Benguci close at 60,83.

construction

| pauso in trade demand for newy The existing method has which is a Philippine gold miner week the utility average hil will increase from the current crop ainnings as the mills anti-trade participation int cotton

to more than was said to reflect talk of nickel a new high since March 20, 1931. 5.15 billion

cipated deliveries out of govern- futures to the slowest pace in Note in circulation production in the islands which The

In-billion, finally lovelling, oft Standard & Pocra

ment's cut-rate surplus stock. 31007W. Hopes for, a change on Public depolar... might involve Benguet,

Austrial

and composite indexes about 10 billion per year.

Government securities Inactivity of the textile trade, that score, however, were dach-Private deposits This kind

will of spending

of other securities tell it all time highs but the Dow-

the Department Austrian Telephone

demand plus concern

possible ed when ram!Destiona Jones industrial average, failed sot off a tremendous

Recaipur sald

wheat the aberply when the company un-

prolonged Agriculture Items. It's

*** Natio its former

strlico in the steel expostolly

lop et on for hundreds of announced a stock o

scale

industry, arrangement would not be ex- estimated That each additional favourable crop news and the tended to cotton, or other com- offering to raise $75,000,000 for April 6,

Oil shares were given a whir! billion dollars of rund construc lowering trend of spot cotton modies, for one year at least. construction as it two billion expansion in 1956, but enthusinem „for the groun tion will take obout 18 million values were the other handicaps further

part of

Deprostement why start releasing outton under is current export

les

programme. Shipments will begin one week earlier than

Paris, July 22: originally planned, but actual

The Bank of France ainte- Fortier, the market's buoy expart of the cotton cannot be ment for the week ended July ancy partially reflected strength |mado unifi Alig, 1. The rise hesitated when the point or Aluminum rose 41⁄4 in

12, retade an, follows: in wheat on the heels of the TA,

A great deal of this cotton, government's decision to coupe, however, Will 10 averages dipped on Wednesday

To domestic Total gold holdings. but there was no rush to sell. ite department. Carro de Pasco Further, by way of example, selling cut hate grain for export mills, trats sources said. Under die her purrricles Bight_bolanog abroad #ained 0% in the coppers on Volume tell off as traders "Dided

☐ 60-foot centro island, plus and fum the busine lack over the rentations, buycin of the "in EPU MENU their time."

It will go into production of that lying on either side of a to vate, bindung.

government cotton have the Advance to Stabliss tion unders hoped the programme right to subtitute. That is, they road bill counted 1801202,500,149 *The Industrial average rose aluminiinn, Warren gained more highway, requires

about eight 8.47 points to close the work at then 7 and advances of more tone of fontlllmer per mile, 00 might, be extended to cotton.· may sell to mille provided they tank notes in cireu- 514.07. Ralls, still haunted by than 5 each were set by Gulf and pounds of weed killer. In addi-Trado Teodors have persistently export an identical.: number, of the stock strike, closed at 107.00 Antrada in the oils. Unitedon, there are the demands for urged a change in the govern bales before the year up. AR 0.00. UWuitios galnød 0.45 10 Pros.

maintenance, the need for large Iment's present method of milling. United Pron

barrels of cement, nearly one

anti

Slowest Pace

It railled again but the force of waned later on a warning that million tons at a bituminous, 18hampering rallying tendencies., its dip was enough to check the gasoline WIS being over-pro-million pounds of, explosives steady rise to now bull market duce.

of substantial amounts highs for the market as a whole. Among the wider gains wero

pro- Alles Powder, Georgia Pacife chemicals and chemically

cessed materials. Average Rose Corp, Hunt Foods, National Lead,

and Stauffer Chemical, all up 0

more. Kaiser

Centre Island

Monday, the Agriculture The Bank Of France

Statement

frano

301,204,2012, 420 110,100,000.040 143,706,450,000 141,000,000,000,

Current accounts and

deposits

101,430,283,207

Prem

rā cotton 11 per cent,, the

| Ministry said.—Unitey Prés,

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