THE CHINA MAIL, MONDAY, SEPTEMBER 17, 1956.
TRADE and COMMERCE
US Economy Fourth Quarter
US COTTON
GOODS MARKET
New York, Sept. 16. Cotton goods sellers re- ported another quiet week finished in
grey
fabrics.
and
Carded by adeloths, and some wide industrial fabrics, made the
best
showing
but
sheetings.
cloth nburgs, print
yurn fubrics
starter other and constructions confinued glow.
Mill excentives, however, $15~ med the situation was look- ing a little bettes all the time" erd that buying for fourth quarter and dest quarter ro- quirements, now long overdur "canot be stalled much longer "
Despite the day-to-day ports of slow business. Trukers pointed out that Auguse sales o print cloth were the largest since Apal. Small every-day trading neded fo month end
10-
a good solat at the
move-
Frature of the buying Brent to develop on a infger the rank and the ol
Fun buyers continued to be %*w¢ ! + cuded with The stock market derline; 2.
imponderable the Suer situation; 9 Fatture of the To Koverkun erop estimate Fhow the reacted decline.
UPSURCE
Gre
Spinners reported an upsurge the enle of combed ybriss und the possibility of a three 10 four per cent price mark-up.
Combed counts
watched closely because they usually pro- vide a clue to future netivity in
like many
trilustree fabric outerwear, underwear, uphol- stery, drapery, shirts, and воле
rial fati industri
fabrica.
improvement also was moled in the low count corded counts with an increasing number buyers ploving new orders fourth quarter delivery. The nativw fabrics upholstery trades
Ratenting reportedly are
for
good fourth quarter business and recarrying generally inventories.
Prospects
Good
SUEZ CANAL PESSIMISM OVERCOME AS STEEL
MILLS
WORK AT PEAK
By JOHN MORKA
New York, Sept. 16.
Soviet-Indonesia Agreement
Djakarta, Sept. 16. The Soviet Union and Indonesia signed an econo mic and technical agree- Saturday mont last
Indonesia granting $100,000,000 credit in capital goods, machinery and industrial equipment.
The pact was signed by Dr Subandrio, acting Secretary General of the Foreign Ministry, and
Trade Sovict Foreign
Vice Chairman 1. F. Ministry | Semichosinoff, at informal cera-
mony
at the Foriegn Ministry. Under the agreement, In-
12 yearly Instalments at 2,0 percent interest, beginning with the fourth year after the pact
US economy showed lots of bounce and vigour last week and prospects of the best fourth quarter this year helped onesia will repay the credit in overcome some of the pessimism generated by the Suez Canal dispute.
went into effect. Indonesia will the
OF an
credit in dollars or sterling row materials specified in earlier trade agreement,
ALSO AGREED Both nations also agreed (1)
Steel mills operated at peak with orders swamping the mills. For have the choice to repay the first time in months, the auto industry is rehiring workers to turn Overall out the millions of 1957 models for a car-hungry America.
Government employment meanwhile, continues at an all-time high. spending continues to rise and consumers give no sign of dropping out It now books as if the US is headed for one of its of the buying market. best years in history, bolstered in part by a heavy expenditures by business for new plant and equipment.
Dver
Desulances that the U.S
Secretary of State Mr Dulles' work-week will probably rise; With interest rates ronti30-
would 11 sold. It had declined from that at the highest levels in
manufacturing hours 26
way through the 41.3 the monty hot bool its years.
ul market is light as the govern- Caul helped reheve some last December to 40.1 hours in
Mansion. nl attempts to pinch off mathe
view of July. flationary pl before It market observers Futy off control
10
Faith Income, business Markel experts teel oil prices | investment income are will continue under pressure so | counted on to improve, This work, the slack market remained on the defensive, with | dag as them is to appreciable 111 the Middle valutum improvement US$2,300,000
Fatest Filmsljun Kot on
of fears
war in the Middle East
Individual Gains
Stocka mile their bet show-
Thursday
the under ing on kadership of oils, aircraft and alcula,
Individum guins run
pession, The Some
Cristy
་་
cooperate in the development of alomie energy for peaceful uses, and with the Soviets training Indonesians in medical, technical Indoncalu
and research fields.
has not yet specifted the projects in which she will need ald. The projects will be reviewed after parliament ratifled the agree
The act is scheduled to ke before the cabinet on Tues-
SECTION
World Cotton
Near Record
Washington Sepi, Ta
of
The International Cotton Advisory Commitice today declared that irrespective of what happened to cur- rent production this foll, the world supply cotton would still be "ous of the largest on record,"
The high supply was due to the heavy carry-over in the United States because begin- erewhere at the ning of the cotton year on August 1, 1959, plocka hud declined some two million bales, the committee said In 14 August cotton re-
If dempad held up, the committee cautiously pre- dloted increased United Strtes cotton sales.
TITO committee noted to thus acreago planted cotton outside the United Sixtes in the year ended on July 31 amounted to 48 million - BOMO 3,500,000 nores higher than in 1954- 55. Bui total production drolined slightly because of lower yields. The aver- dropped from 177 103 pounds per acre lo pounds Reuter,
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong-
Stock kong
Exchange
ment. President Eisenhower pushed their liquidity near the The Bank Of France Wheelock
PRICE OF GOLD UNLIKELY TO
BE INCREASED
London, Sept. 16.
Financial
newspaper's
financial
South Africa's persistent demands for an increased world price for its gold will almost cer- tainly be rejected again at the International Monetary Fund meeting in Washington later this
the month,
authoritative
Times predicted today.
columnist "Lombard" commented on the announcement in London earller last week by South African Finance Minister J. F. Naude that the Union will once again press its calls for an increase in the world official price of gold.
The
Mr Naude, now on his way to most £300 milion per annum, Washington for the September compared £ 150 million five 24 mealings of the IMF and years ago. World Bank. warned that un- "So il clearly cannot be argu- less the price is raised, golded that the absence of a change production will suffer a sharp in the world price of the metal setback and that some mines t creating anything in the might have to close because nature of the threat of a world was uneconomical for them
at the pre- continue operating
sem profit-margin.
Less Remote
ล
"
to
gold famine.
"And, this being so, the US. authorities
are unlikely to be found willing to set aside the arguments they have viously regarded them offering
дя
now
..
pre- Justifying decisive retist- ance to a change in the price." Ending on a note of optimizm,
"There seems to be not the slightest hope of South Africa getting
re favourable sponse.
Lombard wrote. "But it can be argued that the Lombard said there is room for possibility of such an adjustment have passed, it will be possible hoping that, bofore many years taking place in the longer-term 10
ay within the next ten years
than -is now less remote
#ppeared up to a yeɛr nga
Times recalled
persuade the Americans that M will be in
in- their own terest and in that of the world a whole to raise the dollar
that the Union's repeated ap- price of gold.
The Flaancial
peals to
Fund's the
annual
ot
"It is probably in the hope of
that
done the South Afri-
im-
it Im-
matter
the World Fugl meeting
*
Iront
page
the
Д
article daily
meetings for much an alteration expediting this conversion rather
than because of a belief have so far come to nothing. The decisive factor, it said, has something will be
the the refusal of
mediately that U.S. authorities to ecotemplate chang-can govemment feels
*he
value Ling
the portant gold
to bring the before each doltur
Lombard referred to Mr Naude's warning that 17 South African gold mines will eventu ally have to close down price remains at the pre-war level, entailing a drop In the country's gold output of m.litoris
#year,
If the newspaper
£45
"CIy
circulating mainly.
financial in London's
section, whether aid today it doubted South Africa will succeed in getting the price of gold raised.
ment.
ко
No Let-Up
a
At best they The long
prospects US mory favourable than the short- Against these generally
there ern, buoyed
developments, by exceedingly timistic nopeful Indications uf
was no et-up in the concerni the remonie boom oVIT
over Inflation next few months
rosy
disclosed that And
Dr Subandrio also Soviet aid will be applied to the establishment of another cement industry outside Java, Construe- tion of the Gresik cement fac- urry is now nearing completion with the Bid of a $100,000,000❘ morning
the Export-Import proximately grant from
quotations Bank of Washington.
Russia transactions; Subandrio added that
Shares This past week will have the right to send the
BANKS an official of the reserve bank technicians here to review each 1 Bank
Nickel, { project-United Press, of Chicago-George W. Amte
wealth
said vice president →→→ business reports by the govern. business-like
consumerS
day.
this
op-
that
INSURANCLA Unlun SHIPPING
amounted
$650,000. Noon and the morning's
Buyers Sellers
18:30 1840
IDOS
been
to up.
Malen
4030
have
[
$ 2000
500
8.10 8 05
He warned against the
dangers
the in Despite
Baft some ROLL economy, ne
DOCKS, ETC * Wirurd
Dock
594
'vident (0) $3.00 14.20
AND FC.
HK Hotel..
15.40.00 300
1000
13.40
Total
Humphreya gold holdings Total other currencies
Realty RUBBER Bight balance abroad
in EPU
Franc 301,204,420,302 10,422,331,703
HK Land
XD
40 0315
20
1516
700 06
140 1478
113,413,600,000
130,000,000,000
Amalg. Trust
3.45 | 475
1.30 1.00
UTILITIES
23.30 23 10
109
110
milion
200 24.40 2002 24.
200 or 29,60
1000 m 21,80
200 38
06311,
2007 » 31a
full production, the trend of the "It was part of
carried Union's output is likely to con-pared plan tinue to be upward for a time determination. Balanced budgeta even if some of the older units of thet kind do not suggest in have to close down.
weakening of the dollar in terms
well-pre-
out with
total nantional
nation's
pond that consumer credit is not | limit. 10 around 10 or more in the steels to high when measured by the inflationary
The at DEN Direrafts
economy Meanwhile product
In the On balanes, the market wus
the Commerce Departmera Spots
one predicted that 1956 would be mixed but these three groups.
fre that while overalia Hightent an improved tune to the | ******
declined record year in gross nationa bustness volume
product employment, factory lightly in July.
retal sales output, rotull Trade, business. prumpled climbed In August and were capital expenditures. United
and, stil 4 olls forged ahead, with Royal me per cent above the previous pr
month
per cent thun The year-ago During the first eight of 1956 months
relai!
Rates 1 talic
than Inore billion, compared with jess: than unions to the previous
Surz
However, caution.
the one
Rayon grey goods máis were Aaking slightly higher prices but Inte en- were meeting with
Dutch in the van. 11 we up | higher couragement from potential buy-
er. As a result, business re-around 4 points mained slow.United Press.
Gulf oll gained over a point
London Markets
Have Quiet,
Week
Irregular
By C. T. HALLINAN
London, Sept. 16.
remained
Stock markets have
extremely quiet and irregular this past
USSI2 The Bank Of England
Statement
Auto Production
Auto production remains at lows, as the major Two-yeni producers gear for the 1857 pro- thellon and sales race. Job rolls in the industry are now 20 per cent under the 1955 high,
*xluex{s a everyone 1k-up as thousands more are recalled to man the production innes Only General Motors is still turning out 1058 models.
ไม่*
Ford Motor Corp, was the first to get under way with pro-
of hourly
هاا
work forec
duction of 1857 models to boost week, both before the assembly of Parlia-playees by 10 per cent ment and after the Prime Minister's the
year-end the present total of
statement on Suez.
Nevertheless, Suez
remained the
dominant influence and the possibility of interruption in Canal services revived activity in likely beneficiaries, particularly shipping.
London and overstas freight per cent 1930 non-assented one ers provided the stor turn with
a spurt of 14/3 to 138s Bd. United Molasica, walth its large fanker Interest, gained 2/-
to
Genger
Wa
-84.35 a week carlier,
point.
to
of
however
on
Industrial
next four months, Bx
127,000 mil reach 140,000.
Steel production will zp- proach new high this week. According to the American Iron and Steel Institute, output will
vent of capacity or 2,403,000
London, Sept. 16.
The Bonk of England state- ment for the week ended Sept. 12. reads as follows:
Note in circulation
pubile deposits
Private deposita Guvement #curities Other securities Receipts Ratio
Sterling 1,002,160,002
10,772,456
297.600,400
200,077020
27,006,160
34,373,708 100
-United Press.
Statement
Paris, Sept. 16. The Bank of France stalement for the week ended Sept. 6, reads or follows:
Advance to 81 kiliza-
tion Fund
Total bill discounted 1,388,270,020,037 Bank notes In cir-
culation
Current accounts and
deposi
Tram XD Yournali
45% 42 200 # 435 1300 410
C. Light T01 24.40 3,001,200,273,000
142,745,058,074 -United Press.
Exchange Rates
Busluces was
done in the local nometni exchange market morning at the following rates: U.S. dollar (per 31) Blering notes (per I). Australian notes (per £1 Indonesian rupials per 100) Slam ical (pdr 100) Singapore (Straits)
US Railroad Stocks
Show Improvement
By ROBERT G. SHORTAL
New York, Sept. 16.
C. LIght (N) 21.00 21 D
31 31 Electr
Rope 12.76 Metal
18.00 STORES, ETC
A Dairy
1.03
37
that!
"Mr
First Time
George Humphrey,
"It seems most unlikely propaganda of this kind will in- to waive duce the Americans their power of veto," Lombard said. "For one thing. It is clear Secretary of the Treasury of the a threat to the United States, is a hard money that there is
afman. Last year's U.S. budget Jbig
existence of a large number
South
Africa's mines In the proves that he is
the
putting
peleles into operation.
"For the Arst time in 25 years the U.S. last year balancea its budger with a real surplus
US$1,700
growing disparity between price of gold and the prices zoo 23.40 labour and materials forming it,
this is not an immediate one."
"For another, with the newer of around South African mines coming into That belencing was no recident.
000
24 10 Thus, thanks to this develop-of gold, but a trend towards an
ment, the country's lotal output impregnable
Macao E
D
Telephone
10)
24.70
IN)
23.00
2048 of 23.00
thi INDUSTRIALS
20 23.90
C'ement
6.12 15.80
30%
500 30.78
12.00 13.20 1.02'>
1.10 0090 1.025
10.70
1000
12.40 13 500
2000
L. Craw
Cald (0)
1000 12,
200 20,00 COTTONS Textile Corp 4.40 4,50 2000 4 4.45 7.40 1000 7.30 Nanyang
18.40 10.90
8.65
29.00
1.45
Stocks ended a dismal week on a note
be al the rate of 100.1 per of optimism. Railroad issues, which have ons, just 20,000 tons under the lagged behind the rest of the market for record in the week of August months, ran up their second best gain of
The
government is counting
Walson
MISCELLANEOUS
Vibro
INVESTMENTS Yangtze
Allied
British
Is now running ut a level of al- Press.
NOTICE
dollar." -- United
FAR EASTERN FREIGHT CONFERENCE FAR EAST/GULF OF ADEN AND
RED SEA PORTS CONFERENCE SURCHARGE OF 15% ON BASE RATES OF FREIGHT FROM HONG KONG TARIFF AREA AND SHANGHAI AND NORTH CHINA TARIFF AREA
# JJ
The Conference Lines announce the immediate intro- duction of a surcharge of 15% nett (no discounts or rebates) on the Tariff base rates, A number of commodities, 0.g.
Steel certain Cereals, Seeds, Oilcakes and Ores, as listed in
Output Record
Section VI of the Shanghai and North China Tariff are exempted from the surcharge from Hong Kong as well as from Shanghai and North China Ports.
The surcharge is applicable to ships commencing to lond at the port concerned on or after 18th September and on Through Bills of Lading from outports dated 18th September onwards. Shippers having forward bookings or freight en- modities) should advise the carrying Line concerned immediately whether they wish to maintain those bookings or engagements at the surcharged rate or to cancel.
the year on Friday and helped the marketed a record of 19,780,000 ingot gagements with the Lines (except for the exempted com-
on the construction Industry to end a six-day decline.
give the fourth quarter outlook
which has
*Tigre,
including of Standard
strikes.
The amount of the surcharge may be altered at any time- for subsequent shipments in the light of circumstances as they develop."
Amörlead President Lines, Ltd.
London, Sept. 10. British steel production reach- Iron and tons last year, the Steel Board disclosed today.
The Board emphasised that The appearance of further
R firmer tone. With business
the record was achieved in spile precautionary
The rails rousing
comeback of by
The Lines have felt it necessary to take this action on ☐ point measures
for
and outlayn
new plant
retbacks to the Industry 378 6d. The demand even spread
dealers brought some lowering equipment
third proved a much needed tonic for Standard OI (NJ), during the
been of Californit, Sinclair, and Pure caused by railway and dock account of delays which will occur in transitting the Suez pricen in liners.
US$400 million the market, quarter off by shares
added that the Canal owing to the reduction in the number of pilots avail at the
The Board speaking
beginning because of the steel shortage, moving circumspectly in view of Oil, losses of 2 points more ap- the market throughout the week of the week, but a Bmail
the fourth quarter will have to the still unsettled Suez Canal peared in Cities Service, Soccoy British steel industry's produc-able and before alternative arrangements are introduced,
Mobil, Skelly and Amerada.
to and to cover the Lines against the necessity of rerouting. thin. Glit-edged slipped selective buying developed for a
tive capacity has increased catch up a bit. Business spend dispute. Bowly downward
countered as the ing
Suez uncertainties more will
the 21,300,000 ingot tons this year cortain ships via the Cape of Good Hope or Panama Canal Wednesday the Financial Times tion of cheap, buyers, but the quarter, it said, being scheduled anything else sent stocks, down trend and ran
ran up simost five and is expected to reach about as a result of these delays. government securities Index speculation interest was at low al the rate of 38 billion in the first four sessions. At no points co rumours the stock will 23,500,000 inget tons in 1958. touched 03.54, the lowest point ebb at most times. In the air annually, On that baris total time was selling really heavy, be split. Crescent Oll was the roa Production and consumption of by about of the year, compared with craft section Rolls-Royce were outlays for 1950 will amount to But in the face of a reluctance standout on the upside, running steel bath, increased
firm on most days and ended US$35.3 billion,
ear, said 6.8 billion to make commitments, the nor-lup
1,250,000 84.
fons last -year, the week 3a Gd. up and Hardley above the previous record of mal flow of selling orders was Steel stocks made the best the
the Board.
This was almost Pago and Blackburn pul on A
market. enough to depress the
showing on the week in the in- double the average yearly low pence. Motor shares
But all this
They was practically dustrial group.
boosted crease during postwar period, countered a ellatin; Improvement
The gains
fm- forgotten on Friday whon
Board sald ranging to 3 points in
Britain railroad got up their long over- Bethlehem and more than 2
1,500,000 ingot
Louched new
no. highs.
It said the industry had
row This group was helped along difficulty in chlaining by forecasts of a
riso also tome of Iron ore= 1,290,000 400 reflected the improved outlook more than in 1954)
inut in the. 2408 7340,
for the shipbuilding industry, in But it added that output in 1/7/t on the week, Royal Dutch There was improved demand
which it is a major factor, Shell Transport is 1440, for tobacco plures for a time
This gain--the first for tho Poors, analysts,
industrial dew months has been lety Dow Jones
than, expected because of the and with Imperials up to 173 9d think that from standplants of alls in soven sorsion-enabled average of 30 stocks this week overling, ban by maintenance
but BATS lost their small rise. production, gross national pro- the group to finish the weeks closed at: 800.32: off -0,44 points workers, which still continuese 'n very quiet
Firmness in doller securities duck, and consumer income and on the plus side. Industrials and The 20-rall average at 160.10 Unted Press Ro market
Germon
bonds stood out was not maintained as the Suez spending, the final quarter will utilios were down. We wish up 0.57, and 15 ulica Armly with a strengthening of situation developed
It looks Overall four days or declin 0803 of 0.99. The composite and most be the best of some Japanese
worhild rime or the do, stocks was down 1,35 at late in the stocks inclined to lower levels, for epe kaue
werd and porting Ted Dawes were
Oils Move
en-
After shipping, the biggest in demand with the result that movement in prices were re- the leaders put on a few pence corded in olls. After days of including BMC erratic movements in a sensitive Standard.
market Briikh Petroleum at the
on Friday stood unchanged
from the mah
Feldayot was up
Eagle, Pol. gond
Benrer shares, up
Ford
and
Tobaccos Wanted
1955.
Prospects
As to the fourth quarter pros Icts, the outlook was deemed most favourablo by moet experts, although this optimism was tempered in part by fears of a "creeping inftation."
Standard &
A
E
due head of gleam. The railroad the US Steel, both of which and early
zan of sicel last year.
average on Friday finished up 8,44 points, again topped only by the 4.12 points of May 29.
Mild Rise
quarter. Bethlehemung fourth material and. Imported 12,090,000
of
NAMESAKES Young Loan we un Potreb there was the interes shows tarsumono porn to provide all down 0645 Cillons 2005 1980 as traded thus Rowan no lietotes: 3 alk up, and 04 per center five
Suez Canal shares declined increams by atèri arid okher. Im» Industrials were hardest hit. 7 - PBA Nawabigha/were hit by 'el:ire, 8 Błomnia, & Life, 10 Bulpi up Amongst the Japanese five atmost steadily. Throughout the portant v. Industries will be re- Oil stocki, mitt öring.the.cpp)| per cent 1907 non-esented rose week and ended 14 dower at fected in fourin quarter figures, com over the Suez Canal adiem is jarucy and few lows by 376, "one point on the week and five '65.conts-United Press.
the agency notes, The average pute, showed numerous losses,
830 declined and 375 add
United SANT
als Binking,
Weather 6.Founder 1. Förbare 11 Warning, 12 Lighthouse.
(Orice. Darling.
Ben Line Steamers Ltd.,
Cię. Maritime des Chargeurs Maunis,
China Mutual Steam Navigation' Co., Ltd., A Ellerman & Bucknell Steamship Co., Ltd.,
Glón Line Ltd. (Glen & Shiro Joint Service), Hamburg-Amerika Linie,
-Holland-Oost-Azie, Lijn,“ ......
Lloyd Triestino, SPAN, Gio, don Messagorike: Maritimes, Nippon Yusen Kaisha,.
Norddeutscher Lloyd, Jod
Ocean Steam Ship Co., Tald.,'”
Osaka Shdadh Kalahh,
GrAGDOM,POV
A/S Det Ostasiatiske Kompagni (East Asiatic Co., Peninsular & Orichtet Stéäm Navigatión" Co., A/B Svenska Oktasiatiska Kömpatist (Swedish
Co, Ltd).
“Wilh. Whilkolmson.)
No comments yet.
Private notes are available after approval.