1956-07-30 — Page 9

TRADE

THE CHINA MAIL,

MONDAY, JULY 30, 1956.

and COMMERCE SECTION

Up-Valuation United States Expects HONGKONG | Equalisation Fees

Of Mark Inevitable

London, July 28.

Unilateral up-valuation of the West German mark begins to look inevitable, perhaps the only remain-: ing question being when. Весаца of lingering respect As the Germans

NY COTTON

MARKET

REVIEW

New York, July 29, Colton

prices, with the

Steel Price Rise

DIRECT RESULT OF STRIKE BUT INDUSTRY

et for the dollar (little exception of the distant SEES LABOUR PEACE NOW

and December,

October

need

worry

about that, any more than about European currencies) it would prob- ably be pegging.

finished this past trading.

slightly higher

week in quiet

done

by

u

At Frblavis close, proves milest 184 inte digthen to 35

142

90 centy Baghiere a 55 Now th a bale, commparsel

1

14

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at pe boo

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Jon Aur &

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Week

Chittur samt house selling of the dontestant Melober and December world het bot dehyccuse which was soul that

exchange

from the theory there might be A ambacho fo ution un the presetet exp reaped takbo to supply

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surpluse Heads

By JOHN MORKA

New York, July 29. The US. economy braced itself for a steel price hike and labour peace as industry and union negotiations reach agree- ment on a new wage pact covering some 650,000 workers out! on strike since June 30.

STOCK EXCHANGE

(From Our Correspondent)

kons

Business done on the Hung-

Stock Exchange this morning amorented To Ap

Noun proximately $180,000. qulations antal The morning's trongactions.

shazen

BANKS

1K Bank

INSURANCES

Buyer Sellers

Nudes

1070 1070

SUPPENU

WIDT

W

Actual signing of contracts and the actual end of the strike will take a few days, according to an announcement. But for all practical purposes, the industry now foresees labour Land

remained to be ironed out. So peace. Only technical details

1 K

HP?

... 47

1800

On Exports

New York, July 29. Overshadowing all other developments

in textiles last week was the announce- ment by the Department of Agriculture of its programme to grant "equalisation fees"

on exports of all cotton products. The programme will become effective on August 1 and the basic rate will be 6.58 cents a pound.

This rate is based on a sliding scale reflecting the difference between the average price for middling one-inch cotton in It spot domestic markets and the average price at which the American government sells the same type cotton under its raw cotton export programme.

There will be different rates. 125 14% of payment fo De

variou

types of cotton procharts to be the depending on 15 to exported,

London Stock

Provident

47

LAND KO UK Heter

1510 412)

100%)

13.20

Li

EN

2100 19754

c

rinverting the products.

uppseximate processing lost 1*

111

raw More

1'110

all M!

143

decline

Market Review

And ben

far the strike has cost over 7,000,000 tons of steel production.ITIES There will be some further loss, too.

Harply

Tran

25

Yaumati

Th 112 269)

12

Fight

1 24 20 24.00

with at even stronger

N 21 22 19

ėlostin

02

Is 1500

32 23

31

Velo palaattis

20 23 K

40 25. 1100 @ 23.40

5 20

Herause al la late pnpacted are mond day adends berakine od quarter

heat up the furiate preputa the cautionary steelalations matte fourth quarter. No adler motive pitremees, la ade

1 Gist half earnings 1 the prospert ergon to restarting sheet Jag treat than OMAN anore than

which Be structured | Buy retut in a lower han leges alone. IN T

Dent your's troj, prostem as Rong to WOENCIL.

is likely 141 angtunted by spare relative foarfal

Since Ph

thin 201

J

זױ}

Tonking

th will takes from

AST

1048

13

to three weeks Se the the

Hul the anger Aport of the Ingas in Two months in wevey, on Friday, amount of the

Na higher market

antiasto JINS

1

pr

Bacon

34

MOSTLY GOOD

will be atomped US$30 ton ad The cncrase experter to be

for the Myt Now formu

New Fears

ny and as canula.

clarks

5.

Heve that there is no other wort vui, spectulation on arvaduation would auesane * nierely, 1 pant hotel

of

fun ing

Get mys

DOMESTIC POLICY

A deniesbet proday when

| Germans regard as

unalterable ha breme PLOYME

patatele

W.D.

A

h

UN

10

change cate how triatk

Grandy

determutend sacrire ail external considera- tions, and all other anternal ones, Į to the categinical, draperalive of

So bar repressing any or

ternal costs and prievs, yewe ngaunting presure,

flag

ར£ ¥༣བྷཱཎཏྟཱནཾ*yhཎ1༽▹ཎྞil s wer-kly porn said conditions

were mostly good exempel in port ; et Aldama, et mest at Texas Texas is badly at need of rain

דן

With fan most of living on t

17t

יד, 43

Optimism

of

FENELE 44 esteti parave 1 much to do with

tema Ase upstage

Colt-

decer anal epithean, there was moner Cothfor: gleaned on the attesting to wealth of stufustan

madas Janki Jevel <

of the busi Supporting

for thi

economy Jentents

dhurmat this period has been the high level of consumer speed-

Hetal sales W**** four per LINDSTRIALS

above the same period year age, despite the shampan! auto sales

On The Rise

SPORU N BATEA

16-20

3027

freemar

Att med preopet we the President's Camel uf

Anda

W

radestly a

both Bla

Late peare sexperied give the Cocivany a w soles of

Meanwhile government buy.ne on the Jast of gods and service 12 The malkout's putput rise Investment by busness in mall-Inition- hugh analne w ponts Tove to the

hiondollo record construction T

4065 pallation

gramme are expected to bolster However, during bun second quarter

Tus

art vity all down the line thank the nation

alea 51 bilbon from redderate pe got quifer

cafe nd 211 wal he

112

in 194 1 expertis

COPTONS

+

and

DHVESTMENTS VACARLAJA

PIT

1

-econd

1441 woudly in the fid

for

So far the 1055 boons better that anyone Ahnaghi wa Many new think that 1956 | may well shape up as the best

Taks .f

wall wind afstedly 叶 The market failed to respond jeans to Thursday

ך d

ht

of cotton textile

tutes. The huskyng amerriment for the timeouts Exchange Ad

Just then unge dog all

ton

in

in the arm" to the www tud toodi Javon Se after rolling up new record my tors dur

first the half threat for stend as 18- **** (pected in by intense over the with most of hext half vest.

prestare concepirated Estreloral Mirel, pbites oft-pine |

costesete k15/

As expertext. President Fasera- hower nigred the bill to amend Se Comm-4y Exchange Art. After Hiting the limitation mills using the

the tuturve market by

puranit-

has now brought her external¦ Thiạc thơm to hedge ip to a full products ferediton status to an intolerable ¦ vrae of their

extreur

With

world 11

atrob balaster of payments, he ha

T

my t

requires foretog be

11

Matkat observer sausi [anch Bem the soundest internal hide too early to expect mulls to reuzete mitos lo go in having jenter 11 futures market under -The world's met destationary the Lew Machine.

whirha

policy

noi make Bull mage toivrable

est metad The

bfal

A policy winch as minte sight internally Jone Tetra wisely Something extet till WIONK wil be to agave, anal the way p1 thing

To be the Dark exclud or tat Chika Mat Sosial

Bethlehorn Steel Comp "Xarople. bake all recorde

1.2-

frut

$ prealanta ay sales su maring, during The Arst six with d bant 1956 It has been strafe sance United States Steel Corp

stles dia 1 mexluere The Commodity (redh Corp turif ༈ །།

'sterpelay reported add 137,120 bikes 11 the market a lows and of upland rekton of an average ju expected la be price of 25 11 cents pound on

This com to spielend in July Joped with 303,629 bales putet al.

Vee price of 25 12 reals pomisl Du biler opened two weeks earlier - United Press.

No

t

5 bar w

Cambodia, Singapore

Wall

S history. United Press.

StreetTM Utilities Set 25-Year High

New York, July 29.

The programine IN experient

to halt The steady American Apr

texties which reached An wil-

N1

ne shot a bullism and one 1000 3416

Extat 13480 - 24:49 | half square yards in 1047

are now running at the ente f ca half billion yards per amani belysed that the clumina-

the f

priem advantage which other nations have 25 Joyed in the last your because of their ability to buy eution werk markets 4! BERTS SAN cents

to eight cents n pound tulee what American mills are compelled to pay wil strengthen. position of competitive American suppliers, especially in

Western Hemisphere In Doldrums

1000 20

38 75

MIMMI

34 50

51

341 25

Fa

1130

300 10 28

RUN...

Meanwhile,

trade HE both 11

starimater

a. grey and Anished goods was

1

រ

By C. T. Hallinan

Landon, July 29. Friday paralysing day--- made the stock xchange week almost meaningless. All the alless private end. culations which had into the long-term value of this share or that suddenly lost their point in a diffienli an unpredictable world.

But if we teltwie Friday we fuvy a pacture of the shares of off companies tumbling mighty

tws from Cain--Royal Con the doldrums, Dutch down 13, sterling to 84 Sentiment, however, improved derling, British Petroleum down the annonce- shilling to 186 shillings, co- As a result ment at the government's plan pored with their woont peak of

salate exports of outlin

Oll down 183 shillings. Bummah N by Smi Industrial fabrics markets were 10 shillings, Ange-Egyptian "B"

A us buyers down

suthings and Shell New York, July 20

slightly mare active

1wn 3 shillings. American industry is spending asked mills to renew shipments | Transport

which delivery axpence fabrics (11 $14,000,000 avery day - 10

But even so, they re- search activities and this figurestixement

math very expensive shares. quested.

US INDUSTRY RESEARCH BILL

1

may be erased by 50 per cent

いい

within the next few years. oc-

the cording

American Cam

| Company.

Stendy

7711

ו/th

payments

I' been

+[

WIN

1/10

Cartoon

yarn markets were Exlusy but there

In- was enough quy to convince spinners that Caner saya the onewal 7''-

asianble volume of business s search bill of $5,000,000,000, in the offering. Prices wetr ngures out to $30 for every per- son in the country, as industry

The spot wool market provides the needs of a popsala- tion that a growing at the rate quite active and there was

movement İsubstantial

ut firmer Utilities featured the stock market for 2.700.000 a year,

ner grades

prices. A spokesman said that Can Further buying is foreseen during the past week. They, outgained all packaging research extends into

oil to aspirin boxes. An examplePress, groups and set a new high for more than every consumer died from motor the carpet wool division--United 25

Railroad issues managed to of the results the scientists ex- years. close higher while industrials were down, are concerned, food cans of ter

It was a week that witnessed the end of the steel strike, an expropriation of the Suez Canal by Egypt, a week of many

America Has Big Trade Prospects recort earnings gains.

Interest In Suez

By JOHN MORKA

New York, July 29.

Singapore. July 29

1

favourable

CWN

uul- unfavourable al-

An unoffend Singapore dough Wall Street was worried delegation left Singapore today. by air for Bangkok on their way to Cambertin and South Vietnam for trade talks

My Tun Keng Choon, leather

of the mission, told reporters at the airport prospects for

LAM

411-

came

I only re-

pect 14 that t

r

alto Lin

textay's

morrow will be "unrecognisable"

standards of in" eons. Unted Press

FINAL COTTON LOAN RATE SET

The nite reflects 24 per cent of the parity price of 35.56 cents a poundl,

The loan rate for 1956 erop extra length single collen was

with 21 00.02 et average mile of 50.70 cents for and 51.70 American-Egyptian cents for Sealand and Sealand cotton.

These rates reflect 75 per cent of the parity price.- United Press.

London Foreign

Exchange

London. July 20. Foreign exchange rates closed

un Sattard: y us follows:- New York Montreal

F

Milan

Stockholm Zurich

2.784-2.762; 2.73-273 00.15-80.25 1740-1747 9701-0001 14.41-14.419 13.10-12.30

United Press.

Dibers were unchanged,

East pils The Near

Washington, July 29. back from their lows with the

The Agriculture Department Parts other sections of the market

Gilf, hardest hit of the has at the Brul average loan the per sibilities inherent in

rate for 1956 crop cotton basis group ok down to $137, off the Suez Cand incident.

On Friday, The

had $8.50 a share, from the previous middling a inch at 29.34 cents wife decline and a sharp re- close It regained $3.25 of the a pound. covery from the lows.

On

Joss. that

Getty Oil fouched 354.25 Gay before

market opened and closed at $56 for a loss of Win

allowed the course

$2.50 on the day

Texa Company closed at Although Great Britain, Frunce and the U.S. Teased trade between Singajare

and Carbon and Vietnam were 11 prins on the London Stock

| Exetsange

Puris

Bourse 560.75, loss of sightly less have the major stake in the Suez Canal, other "very bright.

shuures *****

Royal Dutch of Suz Canal thun $1 a share nations of the world are likewise big users of the rice from Vietnam we

He said Singapore would

poorly. The Briti

forex morts sterling also dropped inva 21 cents of a $5 low, Middle East waterway nationalised by Egypt in and raw rubber from Cambe de pound

closing at $100.6254.

Wall

the Street

regarded surprise move last Thursday.

Egyptian situation as a serious one although the market was at a hoss

0 interpret relation to other events in the francini district. The others all were favourable

with out- look bright for on early of steel operations csumption at 100 per cent capnelly. Arther

Singapore, July 20. favourable carnings reports

The proft-taking again pre- from the big corporation---US

vented any runaway in prices Steel on Tuesday and a pick-here is the rubber market on

consumer buying.Saturday. United Press.

Eiturly for remilling.

Mr Tan sold the mission would | certainties

in

10

the

1473-

inanekal

Selling Developed

spend three days in Phnompenh district fiere "nd three days in Saigon Reuter.

Ships of 48 nations plied the canal in 1955. As was Great in the past the most frequent user Britain, with 28 per cent of the total. Norwegian tonnage was second with 13.5 per cent of the total. Exchange Rates Liberia was third with 12.1 per cent and France 4th with 8 per cent. However, since nearly all Liberian tankers and many Panamanian and Hondulan ships are U.S. controlled, U.S. interest actually rank second.

The Sucz Is the key to the a record high of 107,508,000 world's supplies and require- netrie tons. nents of petroleum. In 1950 ell and oil products made up 14 per cent of all the commodities pats. ing through the Canal.

With the industrial develop- ment of Europe and particularly

of the U.S. tremendous tonok

of old were needed to feed the

In the afternoon on the same day me selling developed in the local the col | sues. The stocks wiki done in Burizers was unecin! exchange inarket this

Near

business Eaglern morning at the following rates

403 were the widest loyers. Jerrey ino Stardurd, however, maintained a 12.07 Arin

tone. helped by its first 27.30 bus corninus report which set

1BI record high.

us dollar per $11

Sterling noten iper £1) Indonesian rupiah (per 1001 Slam tical or 100 Sinore (Stral)

Australian notes (per £11,

10.00

LIP

בון

وية

London Markets Retain Firmness

London, July 29.

stendy growth of the industriel IN the face of so many un- machines.

U. S.

For the U.S. Suez has loomed especially important since World

Metr importers of oil that War II. Over the past afteen

travelled northward through the years trattle to and from the U.S. through the Suez has multipiled Canal in 1958 were Givat Britain lons), France Afteen fold. Vast quantities of (10,888,000 strategic materials-ores, rubber, (12,005,000 tons) and the oil, are imported via the Canul (8,070,000) tons.)

Following Is the Ilst of the by the U.S. In 1038 American Emports and reports passing principal users of the number of through the Canal totalled only transits, and Suez with the not 680,000 metric tons, y 1055 thy tonnage hauled in 1955: rose to over 121⁄2 million tons.

World Tonnage

Great Britain

Norway

Liberta Franco Italy Panama Netherlands United States Demmatk Goods pasing through the arunce Canal

25 overaged

million Japan metrie tons before. Worki Wardr

[Portugal II. In 1055 the tonnage resched

World wide tonnago, through the Suez has increpsed spectacu= |des Early over the past 15 yourą.

Transit Tonange

32,700,874 4,388 1937 13,504.947 1,000

14,030.172 1317

10.620.255 1,370 0220244 104 B074,000 4,774,000

latars Sterling benefited from these implications.

the Arm- Despite

very unsettling D-mart developments sterling was also helped by the weak- franc ness of the French causent by Franco's new tax proposals, her North African strain and other inflationary pressures.

factors the settling

markets con- ness of most tinues significant. The way in which

hns Wall Street shrugged off the steel clrike bespeaks

much underlying strength and confidence.

It is almost as if all parties con. cerned lind agreed that grave disturbance

Was the ideal way

needed to effect, tho

of inventories, and correction

bank advances, A market which refused to go down in Buch conditions is plainly displaying technical strength. Confirmation of Mr Eisenhower's, hoa second-term candidacy been construed as likely to strengthen US business con DO) 244 ·Пdenco and so helping to 787,010

'maintain, the world supply of United ·Free,

3,134,230 307240

If it is needed, there is a prospect of the British 'banks reducing ticle liquidity by a "volun- inry funding of some of their

quid assets.

LESS FORMAL M

It would be less formal than

the November, 1031: opero Lot, tind still lesa, so than of variable any device iquidity ratios or secondary róstryds, But it would, 100- fully reinforce credit policy,

10

it

Singapore Rubber

Market

There was some trade interest with nearby position lending to harden. Future closings lo straits cents per lb. fob Malayan ports were as follows: No. 1 Ba Aug

Sept Del

and

Case some technical problems of monetary No. 2 in Aug.

No. management.

No. 4 Mr Gaitskell's renewed attempt spot rubber unbaled

(his decond in six months) Blanket eripe

switch British Socialist No. 1 pale crepe

crude policy from

nation- alfsation to a properly-owning

In bureaucracy too remote to need immediate discussion; it can hardly become relevant unill about 1959.

One

specific criticism from both ridos, however, namely that it

United

9394-131

unquoted

211-02 D1-91!

0735-0015

11-117

US RAW COTTON EXPORTS

New York, July 29. Raw collon exports by destina-

would give the Government a tiert as reported in bales by the vested interest in high profile, New York Cotton Exchange for

la serious only in that it would the year 1953-55 to July 24 were

do so too gradually.

as follow

CORTERAK Dedy, neais a high-Britain

merstality.

Proute aro Continent

Orient by for the likellest" sourer, of | Canada themselve papital Invest Total for season tent that is required, -Ching. Some perlon last year.

"excksuing #inlees. Mall Special,

COMPANY REPORTS

were

Even more Interesting three company reports showing has that the "credit squeeze

However, reucind Consumer |reported its turnover down 30 per Eleries' profis t. General fell 13 per cent on seduced con-

demand Universal Story

*

And Great case of the Klant

chains - showrd them at 1 was dragging its feel.

The

the Were

all week.

blue chips Sawture of indecisie Impænal Cirmicals Tell 18. 3d. anet Lawarhire Colton rose Is. fell 1s and

34. Courtaulds Rolls Royce noge

amuru

by the saME

Brush Governmetal bonds the week's com- suffered fin Unuous pressure against sterling “ጊ which closed the week

with compared US$2.78-11/16

week's

US$2.79-7/18. - United Press.

1

TYPHOON MAP

with revised codes in fores as from.

1st April, 1956.

$500 MOUNTED

$4.9%

UNMOUNTED

104051 South China Morning Post Ltd.

002,117

1,201.760

2.160.40

3,438.

„United Promİ,

HONG KONG & KOWLOON