1956-09-03 — Page 9

TRADE

THE CHINA MAIL, MONDAY, SEPTEMBER 3, 1956.

and

COMMERCE

SECTION

Page B

PROOF OF US ECONOMIC VIGOUR Dock Workers London Markets

NY COTTON Reflected By Increased

MARKET

REVIEW

By WILLIAM T. PLUNKETT

New York, Sept. 1. Cotion traders last week watched the upward price movement, under way rince late July gather enough extra momentum to carry nioat futures to Bew life-of-the-contract highs.

1

R

werkend hjklay, ak ingat.

tset $ 1. *** Prass Ram, but

Ponds $14 close will ruled 5 1.4 50 pound

the

bat

25 reale 16 32 50 crente a Take higher than the preceding week

From the best July 23 the hugh!

week

niniki! - + 5.1 A connutativ £f $7 90. $1025 a bale

Man babes gene fing pureshiftum presti

A

ין

Blac Koop prompt

Dylowagerd de ught and need an Jestaban Paperbal inte

4

Interest Rates:

Anti-Inflationary Moves

By JOHN MORKA

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Butines done on the Hong-

Stock kong

Exchange thin amounted 10 ap- proximately $270,000. Noon

moming quotations and the morning's

transactórie:

Bhares

BANKS

New York, Sept. 2. The current money “lightness” in the US reflecting higher interest rates and new government anti-inflationary moves is viewed by financial circles here as added proof of the country's economic vigour and good prospects for the future.

Some experts admit that new government credit curbs over the past week which saw the cost of borrowing move to highest levels in over 20 years might take some of the steam out of the investment boom. Others insist, last week that the advance in money rates might even aggravate the housing decline, and possibly affect the pace of instalment buying and higher auto financing rates might even dumpen some of buyer a NY enthusiasm for some of the new 1967 model autos just now setting introduction, others hold.

Ce the whede in TYPE Tw

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the re 116 maik

ME LEN US$8 (49) DUO ELE ballem of 2 5

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Buyers Sellers Balea

1045

INSURANCES

1000

45

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SHIPPING

Wherlock

บ ป

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0.03

DOCKS, ETC

When

13

13 30

13:00

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continued ryneback · LAND, ETC ast week after the recent strike HK Hotel Chutput for the week is schertried ent of eppavity, m

comp: d

A

with

DK Lond

Pastare

UTILITIES

ut a 3 par 2,378.000 tons. 95 8 per cent or 2,389,000 ton. | Trazu_XD. Piduets

tight with Star Ferry stone mills turning down orders, Vacuatt No rt-up & cxpected over the next few months It will deperek

what the antio industry does, Electrie

Temat

K

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e obined rase in rack ports: 5. A 114

Parity index

NEW HIGHS

All delivslos from Mch A wird use to new saspiegel h ga Nearby December duplicated th previous top 33.94 as a pomat, establishing petalum of about a Cent a pound over the average Ioan rate Flavige sling creased noticeably figurs

The 1

12-

"Most of the trade antspate

deep cut in the government Beplanter

estunude.

scheduled Je

<10

Segit

10 Market interest next week will be dominated to the private surveys usually drofore the

governumeral Peyret The est government quie wan for 13 mullion bushes.

1.

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was orgme

extr bullish incentive at {qནཾ ¥* only will affect the mascent ci p

will be fact.

but

Buceveling tway

Producer to entleg ha dat total 71,204 bales e impared with only 15,339 bul

1 th

2

period last veal Terlude as

however, Baaghi had not yet rented a ir við "ha constitute ៥. stret foundation". United Paner

11

Exchange Rates

Business was done in the local Unofficial

exchange 11 K

arathes Areerd ogh, these in

11 1 at

12. 1 Pderal Breves Sytem lot wek Calming is reduce APİTA

Ketils

15

man tht night deeds a

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The Jeljim

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The new Cus

-United Presa

SINGAPORE

A DIR demand from Thay autre Industry ht

11

da "Thany the test market t emplete turmuli” aceant ng D

Agt. National tucket reaction

working Jes fate

mal pubbestan But regardt - furth quer 4 the prvi po dve lukes in the. Was ei auto sales

frum Putomotive int- Hustle & demand 48 dustry will be heavy to hmudle of the Guaranty Trust campe of Now Yonk

In its event

The base into preduetin schedules uf survey of dAisaress. If poles that wete sprout even parlors rang- The met that the Reserve made iig bican less 7 th t The anther bf in arest the advance (slightly more then two monthe of mos

Lates by

Moodie experts Dok ahead into the

mency market te dy The ug the purchnet of governe amaz "strongly sug- They main of the (11

1's fell That over-expummon the long-term ther than TINTANON, 1 still the high rest rates have tended

thewat

to attinct havexion to traps, tell. C lor de prive

the uker of uppert if the wash

Juk have Additon lly. higt.c ales ke brekonst tenn

distrage paulafay Laking tute Megszler

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BO00 m 1,221,

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14 1250 13 90

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1000 19.00

Contract

New York, Sept. 2. Talks hava bun оп Now contracti lot dock workers in New York and nionz

the Us Atlantic 2nd Gulf coastą to replace Agreements which will Expire on September 30. tr ho contract is reached by the expiry date, there is a bus: 161Hly that dookers will Fufust to work.

COOKI

The talks are held up al the moment by the innka - Lince of llre uslun, The International Longshore- men's Association, that a single contract be negodiat- cd for the entire from Maine to Texas.

The New York Shipping Association and ather em- ployer groups have refused to agree to this change in the traditional negotiating of locat OxTecmenta for (zch

port area.-China Muil Spicia).

Far East Conference

To Be Held October 4-5

New York, Sept. 2. (Jose to 300 Asian

offteinls

Affected By

Political News

By C. T. Hallinan

London, Sept. 2. Markets have had a difficult week, mainly duc to the shock of Mr Macmillan's warning that the | August gold figures would show a very serious decline; another factor, difficult to assess, was the government's action in inducing France to join in the threat of force over Suez Canal.

And finally there was uneasiness over tire possibility that the annual conference of the trade union congress, opening Monday, might defeat any attempt to halt wage demands.

Thus markets were thin, faced with troublesome situations both at home and abroad,

British Kovernments which started the week with a good , demonst which Ufted the Finan- rial Times index on Tuesday arul Wednesday to the highest level of the month endre with three surecssive days of 2014

Old Consols drop of 1270 and War Loan of some 117- brought both of the

gain eluse To ely 1950 lows.

Industrials Down

וזין(

2

000111 200 24 00 102450 government.

and I

Leading industrials were vir- leading business exccutives | tally all down by amounto 350, in industry, commerce and ranging

shillings marker! against finance are expected to at-

Associated Electrics-lown to a few pence. 1300 24.00 tend the forthcoming Far

However the solling of strictly professimal and

was no sign that investort were on running away

23 20 2360

134

110 112 1ight (0) 24 20 2440

CLgHU ON!

31

100

3170

Telephone

IND

INDUSTRIALS centent

STORES ETC Dant

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30.

07

10 363

15. Na 16 10

100.. 14

12.00

29 10

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29 40

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COTTONS Nanyang

EINVENTMENTS

Yonker Allkd

RUBBER #illatgh thane appear to be a

༡སྶརིན༡༢

in

1.000. 31 large vedune, worde

that GARINEN GES

pattern

will be main months meditly whrad "

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last hurine

& nglak, teves

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party authente f..

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a light credit situatire to devise pa

1.

1

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MARKET

24 10 23 10

23 90 24 3

1.25

300 10 10

7 no

500

A 10 2000 gr g

Singapore

50

Stock Market

East conference of the Far East-American Council Commerce and Industry October 4-3.

The ninth annual reeting of

New York,

The rganisation will takes place

The general theirs of the con- ference, recording 15 Mrs Mildred Hughes, executive vice president, will

WILS There

Mexico Barters For Italian Motors

Mexico City, Sept. 2. Mexico will barter 325,000,000 worth of cotton for Italian diesel motors under a deal an- nounced today by the ministry of nonly.

agreement the Dina

Omelala id the was concluded with Automobile Factory which will the diesel motors in vehicles assembled here.

It was the first barter opera- then concluded under the "cotton for cars" programme announced last month. Oils were conspicuously active by the government

making various imports, chiefly fessional sprelators very much for in Mexican cotton. almost every day with

automobiles and parts, payablo Net result by the

In evidence.

end of the week was ci

זי

pro-

The move was made to esque

In Royal Dutch to £77% while the sale of Mexican cotton after

be "Asian-American British Petroleum los nearly the United States announced it

economic relations-prospects for jectnomic growth.

>

The growing Importance this subject 14 underlined by the fact that two-wee trade between Asia and the United States Dow approaching the level of 4 billen a year. Trade figure fo

five months the lr

of 1050 show that exports to the United States from Asia (Pokistun 1 Japan) have climbed to an an-

On was placing five million bales of

47 and Burmah about 2/0. the other hand, Anglo-Egyptian surplus on the world market at "B" which had fallen

on a (false) report

Egyptians were to seize Hs re- Anery regained 27-.

heavily competitive prices.

the

Officials

Raid the GOVETA- ment viewed the barter plan with "high optimism" now that

first agreement with foreign country had been made.

United Press.

Suez Canal clown! unchanged the at £85 1/2.

Foreign bondu fost ground virtually TO

werk. German bends were marked

Singapore, Sept. 2 Rubber counters on the Singa- pore share

market continued steady during the week despite easing commodity prices be- cause of optimism that Chinn

Brokers today quoted the fol-nual rate of about 1.8 bill down E sterling to £240 and would buy Malayan rubbre next Jowing stock priced

nbout 10 percent

Is

B

Singapore, Sept. 3.

eencludes

year. activity pre In LANG The rubber section

crn-, strongest

group in the Joint sme es, Standard Pested "stock prites chuld an

to elvetlen Tinte să ng up to

day Singapore and Malayan unofficiat It rents however, IN

Trade melons now in China and Skogh of her market local

Ta are convinced Collated operators

Spiciter Pempened by a 1 ap-

that Chuna will purchase Malu.

Fraser & Neave tid, ord prezinte rose na interest rates or

yen rubbee on a bigger

Fra10! Neave Ltd y' it there were to be an

cum pref x year pretext

Hongkong & Shunghat Hank- Trade sources here said that oltretungs. The

mmg Corp despite

the rubber

fe Tice Hongkong Tin Lit Jogevement between China and Kenpaa "Lad,

Ceylon and the possibility

of Laas Tubber Estates Ltd

Mokayan Breweries increased purchases from Indon-Morower tubber Pesta, Communist China will u11- Lid

doubtedly make some purchoses Petaling Tin Ltd. from Malaya.

Rafles Hotel They

Singapore Cold Storage that king 1- asic

South Britian Instance vously was aware that The Lid

16. then, the 11

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Testities

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です

01

gove fanent

Ty

P. sar

Ti

Magazkie

taken duras June

ton

ed to Wall Street in kets

poleg is not to stop the busmesse serly as yomate as the

public about bare but the centi i it and me -

Indieristat

* .1

1

vent a potent that could eventual-vetual like best Q ly loud by cm-bust."

bat: Lutu The need

the A Rest

malku.

wore bearic}

morning at the following ades

US dollar per si

$ 04

Sterling notes (per £1)

13.00

Australian antes oper gh

12 12

In W:1

15 30

27 30 bir tan

**

chlite

Indonesian ruplahi iper 100)

Siarn Heat (per 100)

Singapore (Stralis)

15steinte

W

1.

drem Sextiles op-

higher that

last year, Imports into the area from the United States are run- ning The annual rate of almost 2 billion, about 15 per cent ahead

the

British

Batu Lintang Rubber Ca, Lid

·

Opening

31 03

Borneo Petroleum

Bynduak

50/-

27/-

of 1935

$1 97❘

$5 00

SOBO

6/3d

$1.8z

V.80

#2 B7

Ca

$1 704

$20

12.40

$140

Co.

CO-OPERATION

-

According fo Mrs Hughes. attention will be focused upon.

outstanding the

questi relating to increasing Ask- United States economie

the actors eperetion end volved in it. There will alte be discussions of the ecoomle and industrial progres being made in Avin and of ways and

means $33.58 to increase exports to the United $24.75 Slates.

internallens,cles 1250 die Day which I 3,000,000 Chinese เท Malaya Straits Trading

14.50 would be affected one way or

Straits Steamship

$8.55 the other by the price of the Wearne Bron

United Engineers Ora

2.97 cummextityUnited Press.

Exdly-China Mail Special.

NY Cotton Textiles

May

Improve

New York, Sept. 2. Labour Day may mark the turning point toward better business in cotton textiles.

That conviction was expressed with more confidence by more sellers in the primary cotton goods trade last week.

would

cotton

Signs that the long overdue govemment plekup may be in the offing | estimate,

vere discerned in the lay, new market interest. buyers probed the market for prices quality

and deliveries

for a number of basic construc- tions.

of

Day

critical

the poid fr market seval Lane, ps the jo On 1:14 hitome

market d 1 great divide between bull and ་ ས་་ bmarket-- 1929, 1937 1

pa t

record for industriels has been SE)-50 between declines 11/1

Ras polven

in that th have risen 25 timer by the p 50 years, declined 33, Industriais ever that stretch hayat siin ja ་་་་

27 and declined in 31. Utta

in the 27 years of their average

hverken & times and declined

18

Competition

The competition for funds in der to merit the tremendou demand for leans prompted the new move of the apparently Federal Reserve. Time deposits affect mostly secounts of feeign banks and foreign interests and crop some US commercial companies. The maximin inter rates

both In

Brilliant Recovery

On Wall

Wall Street

By Elmer Walzer

New York, Sept. 2.

Stocks made a rousing come-back in the Friday session last week after four straight days of decline had hacked over 4 billions from the valuation of all listed shares.

Potash

Singapore Rubber

Prices

Binghpare, Sept. 2.

€220 respectively, Dawes Loan, both resented and non-assented, lost

£1 sterling and the

Don- assented Young Loan was down |

The market ch Saturday ruled Japanese assented were steady t 15/-.

quiet throughout under more pressure than the the non-essented, the 1924s. losing ang and their was only tnttle interest from The trade. £ 1/2 and the 1830s £1. The

However, tower grades non-assmted 1910s g. 11 last

Ingleced and furnover was small. £1. Chinese lost 10/- in

Futures: cases and 5/- in the others.

No. 1 rubber për ib. Stat. 051-9031

Oct. 06-08 Nov. quoted No. 2 rubber per b. Sept. 23-04 No. 3 NO. 4

Mines Out

TWO

Ingkong and Shanghai Bank spet noser unbaled shares, recently at their low of her stepe

£89 1/2, recovered and closed No. 1 pale crepe ut co 1/2.

were COTTI-

Were

."

931-93

90-21

951-003 73-77 13-117

-United Press,

NAMESAKES

Answers: Justice, 2 Brob-

Mining theres pletely out of the picture. They The Far East-American Coun-have, in fact, had no attentive eller Commerce and bidustry is following for many months, but a private, non-profit, non-politi- a handful of specialists, Пете

Organisation of Amt rlean Bad In South Africa, keep them dingnag. 3 Vanessa, 4 Yahoo, 5 As with

nation-wide | moving up and down. The Liliput, 6 Houyhnhnms, 7 Dean, membership representing mor Financial Times Index of-gold a Dublin, 9 Estella, 10 Writer, than 50 Helds of Industry, finance mine shores, which stood at 100 11 Gulliver, 12 Fiction, 13 and commerce--Unyed Proza,

just a year ago, closed this week Laputa. ut 80.-United Press.

Jenatho Swit

The Bank Of England

Statement

London, Sept. 2.

The Bank of England stair- ment for the week ended Avg. 28, rada os follows:

Note in circulaticia Publie

polis

Government securities

Receipta

other recurities

a

The Friday rally restored half of that loss The with United Aircraft the outstanding feature on a 6 point gain and the steel group soaring on outlook for record business in the remainder of the year.

hold

*

volume

sterling 1,907,400.64%! 13,010,000 204,842.0 237,440,020 43,073,6' 44,844,103

14.5 United Press.

Bank Of France

Statement

feine 301,204,302,4215

10,803,135.10O

110,016,000,000

14.640.045.000

Tab,768,131.410

*****rited-Press.

A

NEW

COMPANY?

From the word "GO"

place your prihting order where you are assured of personal attention, expert designing, the finest materials and craftsmanship, »

From Articles of Associatioh, "Share Certificates to Latter

Headings and the many other essential items, consult the Printing Department of the South China Morning Post, Ltd.

still hamper established by law on time de

borts are as follows: 1 per can! Meanwhile, mills maintained on deposits fat up to 90 days; a firm front on prices. Monu-per cent on deposits of 10 days

Pogls, Sept. 2. facturers mid they had no other to six months.

The Bank of Frango, Elate- Broadcloths, prinio, bag sheet. alternative

view of The

ment for the week ended Aug. On the border economic front, ings and

row

28. rende is follows: several heavyweight recent climb in

cotton Industrial fabrics, ke sateens, prices and chances that produc-most experts are benking on a

Timid bulla soid early in the Datly

averaged a Total gold holdings rise in the auto industry aleag broker twills and wide drillion costs may be boosted even with the team in steal to

week on Labour Day fitters. mère 1,006,478 shares, against Total other currencies got the best call. Several mors by new wage increase de- the pattern fer a wide advance

The main body of investors 1,770,550 shares a week before. Bight balance abroad houses selling heavy goods re- manak.

stocks. their over the

Despite the rally on Friday, Avance to stabila- next few months.

tion Fund ported their best volume in

esilmates forecast Adverse factors were the market closed lower on the Toul bills aircounted 1,525,034,007,102, Preliminary several months, Indicaling con-

Spinners reported a growing

from unchanger

Jast week, week,

Dank notes. Ră circu« auto production of the 1057 confidence sumers may be in the verge

namely Buez, tight money, and

lation 7, 2093,593,120,305 models at 1.75 million units

Despite the selloft several Current accounts and cardal and combed yarn prices. during the fourth quaéter. the fallure of rails to confirm Issacs managed to rise on the drpolis ments,"

A gradual rolling pick-up over

the industrial advance.

week. The Curline-Wright: the past month improved pro- This would be about 10 per Tight money Inst week. Istures were up more than 2) duration backlogt enough 10 cent under the output for the brought some mato increases an Increase and fren manufacturer price comparable period last year, but end started a move of savings ease type of views lifted Granite schedules, Some producers en improvement over the pace banks to increase their Interest City Steel by 41⁄21⁄2 But more 'cautious obstrvers, thought knitters and weavers In the scoond and third quarters | lo deposition

This, it

pointe

and examine specimens WDS Other faues to allow gains on white encouraged by the who fail to cover Oct-Nov of this year. Output, it is ex- rald, might bring In more He

Included Bendik

Raw cotton expans by destinn of quality printing which improvement in ratos, needs in the near future will pected was so far ahead of dé- tavings that eventually might aporádic said the movement silil jacked have to

Airpiario, Buren as reported in tiles by this tue ehall be proud to show yo Higher prices mand the industry found itcll help finance the Industrial ex-forn Us Stel, Newport News New York Cotton Exchange lot the "ermarks" of a full-fledged | ultimately.

with a backlog of over 100,000 pantion,

Programme Arend

Storage the 1060-57 redom to Aug. 28 Shipbuilder Electric They paid 'more nëed Rayon grey goods sellers, my unsold cars at one time. This Daily Volume Balter Emerson Electric and were de follows: to the stock market recession the decision of wenvers to figure has since been whitited to While pondering the effect of suspend operations

American Natirul One for The more manageable" proportiore. The feature of the week was Or the 1,887 fouea trhuới ·810 | Continent tightening credit on the overill Labour Day week brought a The industry hopes to make the fack of volume: Sales bitvanced and 870 declined and Mconomy.

Also they for the slight pick-up in demand for even further progres before totalled a mere 8,032,358 shares, 190+ Were; üretips, finers | Total for, deuron" Impending Jewish religious sandard' sectato and nylon October, when the new models smallest since the week ended were 83 new Land-189 Rame period last year? -holidays,” and,, the ensuing constructions,--United Presă, roll off the assembly lines,

June 2.

Texahising Jintern

note

of buying fall-winter require

Firm Front

pay

dividend

| now”: lowx.-United". Prose

THU.S. RAW COTTON Call in at any timo

Brithr

Orient

EXPORTS

New York, Scpl. 2.

Morning Post Building Printing Dept.

Street

Telephone:

--United “Prem