1956-08-20 — Page 9

THE CHINA MAIL, MONDAY, AUGUST 20, 1956.

TRADE and

-

COMMERCE

SECTION

US BUSINESSMEN · DISAPPOINTED NY CITY BANKS

LOANS UP WITH DEMOCRATS US TEXTILE

HONGKONG STOCK EXCHANGE

{From Our Correspondent)

Business done on the Hong- kong Sluck Exchange

this

morning amounted to approxi- rately $4156,000. Noon quota- long and the morning's irons- actions:

Bharee Buyer Sellers Balca

BANKS

14 Bank

INSURANCEA

Unter

Lunbard

DOCKS, ETC

K WHALE

Duck

Provide

(0

LAND, ETC

JIK tel

HK Li

Husoplareys BURDEN Amalg UTILITIES Ten

IMU 12 1040

** 1000

3

13 2014 201

60

26715

15:10 16 40

5500 or 1.20

19 NO

20 1000 12 20

130

24 20 24 3000 24.30

137

Ế ếch 10, 240 24 20

21 24 J100 on 24 10

C Light (N) 21:30 21:00 Electric

Star Ferry

XD

Y sunsti

Telephone (0)

901

Protection - Like Implications

Of Convention

Trade Policy Plank

By JOHN MORKA

New York, Aug. 19.

MARKETS

REVIEW

By HENRY J. BECHTOLD

New York, Aug. 19. Cotton futures moved irregularly last wook but finished mostly on the up- side.

Gains in the first two sessiona more than offset losses the next two days Friday's market was mixed,

Proponents of a more liberal US foreign trade policy were somewhat disappointed with what many described as the "protectionist-like” implications of the trade plank adopted by the Democratic Party at its Chicago convention last Wednes-ruled 33 points higher to day.

At the close ca Friday, the list Ava points tower $1.15 a bale high- er to 28 conta lower than last week's close.

The Democrats, while acknowledging the importance of promoting world tradę and promising to support the reciprocal trade programme, also gave broad assurance that "serious brought about a short covering economic injury" to American industries would not be ignored.hedgin and iquidation

Woo

getting

The net effect of these plat-American Arms seeking higher | will fall next year in

diaturits or quotas in the forth- Jolleini sunction for any quota to į form 300 24.10 #ppoint liberal treders, many of euing congressional batties, provoke strong opposition from American industries and groupe for their well-being dependent

Among these are and motor

1200 mm 3102 ) than more,

more positive whom looked for

The fe

tende groups pec expression favouring the "princi- ! 31 311 1200 a ple of less protection rather themselves as being on the de- 【ensive, at hvast, for the moment, They

Insist it

the will take

contain mosi concerted efforts the mountáte

which pressure protectionist groups are expected lo put forward on both political partles.

IN

INDUSTRIALS,

Cement

251,

25.20 24 30

30

STORES, ETC

Dairy

Walaun

15.10 12

10 1900 15 00

China Emp.

450 9

COTTONS

Textile

Curp

NVESTMENTS

Yangiste Allled

4 10 4.20

6.00

320

Exchange Rates

Busters wall done

morning at the following exten:-

The protectionist blocs, it is felt, have by their mUCCESS gotting the Democratic Party to

need for acknowledge the port relief. In effect scored psychoʻngtoni victory.

IB-

$1

the

that 1 thus appearal strategy of some American in- dustries ut both the Democratic and Republican convention serma to be to get both parties com- mitted at least, fer part-to tariff relief.

Succeeded

unofficiat

exchange

the vend in

shin market

V.B. dular (por $1)

6 03

Storting notos (per

15.04

Australian notes (per £

Indonesian rupiah (per 1001

Biam tical (per 100)

Bear (Straits)

12 25 19.00 21 20 187

To this extent, ut least,

licy suceveded in Chicago.

of the principle AcceptancTA of torut relief in the platform of both parties, could conceivably a further wedge by be used as

Far East Private

Investment

By HARRY W. FRANTZ

Washington, Aug. 19,

The Commerce Deparment issued last week a review of private investment which opportunities in the Far East, simultaneously reported a continued ex- pansion of Soviet economic activities in that part of the world.

The review said that the is still the area with the most diversified United States interest.

Philippines active and investment

pura-

and several other investment

Some cbscTVÕIS read in Democrate Party platform

Invitation νία suplied

the

Uiyo

on exports, the tobacco dustries.

Possibility

Is

of treat

Prices rose as much as $1.20 on Monday as a lack of offer- jogs, particularly from the south,

movement with only scale up

evidence.

in

The movement continued early but mill demand on Tuesday

Inoved prices decreased when above the 33 1/3-cent level and gains for the day were cut sub- n-starttally, but not before most

deliveries

Casonal highs.

while

new

SPOT MARKETS

Support In nearby States, which rose 23 points

New York, Aug. 19,. Loans to business frus by loading New York City banks rope by $180 million In the wook ended Augunt

18

due to added borrowings

by sales, finance and pahilo utility concerns.

Companies In these categories recently

with- bond

drew prospective Innden from the market be- orque investor vicida were 100 high. They apparently obtained their funds from banks iustend.

The

wook's Increase parriod to $10,123 million total commercial, industrial and sariquítural loans on books of the 17 New York City Institutions re- York porting to the Now Federal

Roweryo Dank. Thi Whe the pocond highest level of the year, Just $4 million under the top reached early in July, and nearly $2,000 million more than a year ago,~~ China Mall Special.

WEEKLY

TEXTILE MARKETS

REPORT

London Markets Buoyant:

Moderate Trading

By C. T. Hallinan

London, Aug. 19. Markets have had an incredibly buoyant week, at any rate, buoyant if measured by prices, though actual turnover has been moderate,

British Governments were wanted with Old Consols and War Loan rising some 25 shillings and the railway nationalisation stock 27 shillings 6 pence, all this in five days of trading. These government stocks are still very cheap-when viewed by the common investors. But the banks who suffered substantial losses when they fell some time back are not yet convinced that they have reached the bottom and the city believes that 'this week's sharp rise was not due to institutional buying,

Just ordinary investment buy-

Jog

In the market for high-grade | MEXICO'S GOLD Industrials the samt phenomenon was noticed

Buying of Rolls-Royce 1fted their prices by 8 shillings to III

6 pence shillings-only

below

the

con-

AND SILVER

Mexico City, Aug. 197 the 1956 přak-end 124

Mexico's gold and silver pro- moter industry makes no

dropped considerably cealment of the problems facing duction

during the first six months of mk the

export market. The market moved into The

Tobaccos were

with this year, the National Franco strong doldrums the next two days us

New York, Aug. 19.

British American up 4 shillings Agency rald today. traders became cautious because thre Further.

good

Moderately better sales and Imperial up 3 shillings. So Democrats of the increased volume

Gold production during the postility that the

stores of featured cotton grey cloth were most of the chain Tots first half of__1988 'totalled” 6,919 might retain Congressional con-bedging which developed when un tral in the November elections, new seasonal highs were reach-markets over the past week. which gained 1 or 2 shillings. kilograms. The same period of Woolworths were an exception, 1950 was reported at 4,580 kilo. Increased trade even if the Republicans win the d

buying Volume of business, while remakning unchanged. But

grems. boosted nearby deliveries with Eisenhower, Presidency

sub-stil relatively light, showed virtually all the well-known ones

The difference in silver pro- Democrats are traditionally ex-startially on Friday.

Ford Chemicals, improvement, and prices of liko Imperial trade,

duction was even greater, with and others ponents

gained at virtually all constructions Motors

figures of 1958 against 603,468 The Republicans are considered

|feast a shilling. from

| kilograms this year. abroad, with

were steady and unchanged. so many

ila Recovered

Mining circles said the drop economies tied closely to their

could be attributed in pert to a ability to earn dollars by

Print clothes sold in moderate October,

Oils recovered tharply when lowered dead and zinc produc- the amounts for deliveries as far as porters to the United

the Middle East situsion tooks tion. Golts and silver any infringement on this effort week, reficcted low certificated nearly to the end of the

Royal acted from the same mineral to a cotton stock of 4,462 baies com-with some orders taken for early a more chcerful turn. would most certainly lead

rose 3 sterling to 70% structures,United Prem. Dutch th deterioration

a year 1937. Sellers continued to reject In the US, post-pared with 27,485 bales

Still cheap compared atering. vids below the existing market with its recent peak to 157 #hill- tion as the protagonist of inter-ago. national

trude. Tho United Z.

ings but its 1930 high at States would therefore be under

Some business was taken in shillings a pence is still some strong pressure to avoid any

present will be influenced by carded broadcloths for deliveries distance off Burmah getred move which could lead to word

In the major spot to the end of the year. Sheetings shillings and Shell Transport bitter ruphre in its relations the basis

developed a firm tone and some sliillings. with s economic

partners.markets

fair-sized orders were booked.

But shares of the Suez Canal United Press.

If a low spot basis market is Moderato trading was reported Company for excelled the major to induce loan entries, it notes, in sateens, drills, and various oils In their recovery for they higher prices can be expected fine goods items. later in the gotson, in which case the purchase of futures on |retations appears warranted.

escape clause provisions.

It's still mylxdy's guess just how far the protectionist groups whil get next

their year in efforts

for more protection. | Both Democratie, cundi- dates Adle Stevenson and Gov. Averen Harriman →→

are international trade manded President Eisenhower — due to be renominated

the BG

Re- publican standard-bear -- Ekowisc

a proponcel of world trade with fewer restrictions.

Liberal

trade

groups nettled no end en Wednesday when the platform drafting com. mittee gave a specific pledge to pass corrective legislation to en- hance the

position of American

affected by imports

by sub- Singapore Rubber. standard foreign lobour A strong-worked document, it was taken

reversal of party's upditional sponsorship

223 i

of five trade policies.

Withdrew

the

Market

đ

A lending broker

the Boy's action in the futures market at

level.

year

182

$40 -

BRITAIN'S SHARE IN WORLD EXPORT:

London, Aug. 19.

The Board of Trade today brønded efforts of British -

comparatively poor per

rose 74% sterling to 02% sterling: Porters to increase their trade their lowest lost year wes

formance, Better demand was reported in sterling so that it is obvious the

they fmished goods, including con- have taken considerable punish- verted goods, work clothing

of mont. Their However, it adds, if

honde .gh was 112.25 per cent in the two years 1924. the fabrics, and various domestic

of were cut

the futures market advances before items.

week. German picture all

Dawes on heavy impoundings take place

both esented and Young Loans, and non-ascented, rose sterling

Singapore, Aug. 19. The market eased oll Saturday after a steady open- and the spot basis ug on some liquidation Init intentlers of cotton the afternoon it firmed on buy-cotton will come cut into

Futures:

YARN DEMAND

The Boerd pointed out that while world exports

Increased

and 1956, Britain's share went. up only 13 percent while West Germany's

share went up 49 cent and Japan's Be ne per

cent.

but the two Potash bende del per sterling. Only changes in the

Britam still held her place as

West Germany is now crowding

It sald West Germany made Grk big advances in machinery rayon

g on Suez conference news. mapply" through that medium Cotton yarn demand inproved Japanese were in the 1930: whose Hours later-cody after strong

and dampen prospects for higher with indications of expected euented and non-resented both the second largest exporter but protests from abroad and others No. 1 rubber per lb. Sept. 91-99 prices later through that medium, larger buying by electrical firms fell a scrling and in the axrent her close, said the Board -did the committee withdraw

Nov, unquoted

5 and with interest shown also by at the Tokyo conts which

per The weekly weather Was In favour of

the No. 2 rubber per lb. Sept. 831.0

PriceA

sterling. for weavers and knitters.

144 jumped mostly favourable 0411-95

except this plank toned-down version omitting the No.

0115-04

were generally unchanged over bonds were the drought area

marked in Oklahoma the week. In mercerised yarns blahly irregular actiers but the jexporter, capturing 30 per cent promise of remedial action. A spot rubber unhaled 2746-883 and late Texas areas and heavy

3:17-110 76-70

shedding in Georgia and bama-United Press.

No. 1

spokesman for the subcommittee | No. 1 pale crepe explained that the release of the Blanket crepe withdrawn plank голя

mechanical error

В

But free traders tools small comfort from this explanation. They insist that the plank itself Was

pushed by strongly en- trenched textile interests from New England and the south. These groups have claimed that heavy imporia of cotton

and other textile Imports from Japari have jeopardised their businesses.

-Man

through the Ameri- |

United PreRS.

a *up in

Fress.

Ala-a fair business was sighted with Czech loans fell, Chinese bonds of the world market-United

all down 1. sterling expectation of mer prices."

bys who were !

Wall Street Stocks

Fail To Reach

Industrial High

By Elmer Walzer

New York, Aug. 19.

Stocks made several half-hearted, unsuc-

with only a moderate business alarmed by reported.

Rayon fabrics continued quiand bad to

considerable

Middle Eart an i sought to get their money into In wool goods sellers were a cafor ecariciny. Joolema for unchanged prices in

NAMESAKES

Answers:-1 Caesar, 2 Needle, Gold shares hed one of their 3 Nile, 4 Antony, 5 -Egypt, short-lived revivals; they, too, Shaw, 7 Ptolemy, 8 Fyramide, 9 Spring. 1957, men's wear in represent "safe first to many Actium

Cleopatra.

although

of resumption

the

Perth and Sydney wood sales, on investors-United Press, Aug. 27. Increased interest was reported in wool and silk mix-

tures.

Hard fibres were more active, In the hemp, a good busines was done with rope and twine manufacturers. Prices of Davso: grades were up 1⁄4 cents a pound with other grades firm, and un- charged.United Presi.

agreements After reviewing policies and licensing

Astutic mount. prostammes la many

"BUTING hos announced a countries which are potentially

kvestment policy attractive to American private liberalised

the Department and considering further 12-

visions in its mining

laws. "Malaya is studying

possibla the other "On

hand, Soviet

Liberal trade groups feel that economic activities in the

Incentives For special

for foreign the protectionist bloc wei East are continuing to

capital, and Hongkong's favour- expand.

able to make itself hoard in The Soviets are capitalising on

onable commercial, legal, labour the Democrate Perty counclis wams, local impatience and financial circumstances

without

effective Darry the more selective private- enticing foreign capital interest.

Textile unions and "In India enterprise approach to economic development, and the reluctance countries,

tunities indicate that for many stitute were particularly

oppor can Cotton Manufactures In- cessful assaults on the record high for industrial of many

private foreign

in proposed undertakings considerand carried considerable weight

vocal shares during the past week. vestory to expand their baresis in the area under pre-able local resources have been during the preliminary

On Wednesday the industrial average reached mobilised and are availablo for sent conditions,”

It was only after the strongest The Commerce

an intra-day high at 521.11 but it closed at 517.70.| s Department investment if agreement can be

from some liberal wald, however, that opportunities reached with United States firm opposition

technical spokesman that the party voted To beat the record high of 521.05 set on April 6, the supply are increasing for private United far

itself know how Farauistence,

and Against specially pledging States investments in the

sook quotes for the texille it is necessary for the average to close at the new Fast, with proposals from many machinery.

groups. For nearly eighteen top. countries related to technical

months American textilo assistance, patent liccesing, and Joint-venturo operations withi private sourcin in the United States.

Information

Capital

bearings,

The

Bank Of England

Statement

London, Aug. 19. The Bank of England Blade. ment for the week ended ‘Augā 15, reads as follows:

Nucelpla

Ratio.

Oils with a stake in the Middle East were better performtre

1,000

Creste. have tried to pot con- Rebuffed each time the list Inney, failure of rells to con- 14 rang grossional and government got now the tops, it fell back firm the rite In Industrials, and Note in clanulation "Investment opportunities in approval of import quotes in the final sesion en Friday a supply ares around tire year's | pubile deposits this category include plants in covering cotton, textiles end calls scored a small gala etter a high, bringing out selling each Prisleerposite Iodia for the manufacture of apparel from Japan and other airing of losses in the preceding time the average neared the quer melu

Lour stasions) Aircrafts, selected | top. paper and paperboard," "yam | countries. from synthetlo Abres, electrical

steels, and special fesues also were higher in the FriMy version. The Department offered to appliances, wire electro-metallur-

The big obstacle to scores in Burnish information concoming gical products, medicinals, and

sitaining a new top was the lack The Dow-Jones average pltwád various industrial projects in

In order to resist the proter of volume. Daily average enles the week at 518.70, of 1.69 "Capital is reported available Ceylon, Indonesia, India, Japan,

year, fall to 1,800,012 shares from last auty: 70.27. on 0:47. offensive, mbet

points, Rails 185.65-2 on 20.2 The Bank Of France Pakistory, Philppines, Tolwan for investment in combination Cianist

with United and Thailand.

trade circles here feel that more work's 2,307,021 shares State participation Department for the manufacture The Commerces

of textile vilective measures will have to were the smallout since the Week: stocks 101.19, of 1999

Blending Juns:29, last weale or in p

Offensive

maid that in recent months there machinery in Pakistan; a cement be taken than heretofore, the boor much Far Eastern and lave factory in Taiwan; and

timber pulpwood

mctivity in new....ecodom!c: deve- |20 inbeggbertron; in. -Ehdonesia,

lopment programahti.

*Trador

sawmill

second five-your plan increased for

als recony, the committee second quarter and the eve of tree in for a foreign, trade polleý---Jong, the in the battle for freer trade Stew

Boon

Aeroplane ineed ung back toward their division. Genera

rosa 4% points sues fons by 40 per cent to 853 pa Paper lost 136

Long Bell Lam

AVAB: exir. | announced vanthate it would party. They stepped up.opetai.

States pro suspend operations because

· mudastrini motivity. Bu #higher dusta in Japanesecrate ins | formal dalks are now! weld)") to | for alvei, held high and was po9-1);

wine expansion whippewelly Coylan and mineral develop

be taking place non various ancaraistaining factor for the

be in the public rather than the ment in Burns are open to add groupe and forgoeslantiinte

in liberal tračio look-

Statement

TYPHOON MAP

With revised codes in for

April, 195

$500 MOUNTED

$490

uth China Morning Post Lt.