1956-10-01 — Page 9

TRADE

THE CHINA MAIL, MONDAY, OCTOBER 1, 1956.

and

COMMERCE

SECTION

COPPER US Business Continues LIFE Rafts

CONTROLS

EASED

Washington, Sept. 30. The US Commerce Department has removed restrictions on the amount of refined copper that can be exported in the fourth quarter.

Previcosly refined copper pro- duced from materials originating

fium Cussed

in the US

scrap, generally Was

proved for exprat,

ון

Departa

Ball the restriglias were pe

moved level DRE 4 are inerized

upply Expurly wolf domel.c

still

Communt unter

Expertos were ad

1

314127-

on certain pym uw tunteiinis +13:42 Quota 1.7 PLIED WA

is fami

The Parth

new and old moper

set at 6,000 hot tons

the third quatre questa 14009 nhon tra"

LIMIT

The hint 1

and sk

To Advance

BOOM LESS NOTICEABLE

IN THE STOCK MARKET

By JOHN MORKA

New York, Sept. 30,

US business continued to rise last week but the boom was less noticeable in the stock market. Financial experts have built up a long list of reasons for market apathy, despite persistent evidences of economic vigour elsewhere.

Mentioned most often are: Tight money, polities and the Suez Canal uncertainties.

copper-like alloy setaj (kven Kopper-matka alky je con- tainmg 5 per cent or more nickeln in a decline since

was $ 21,400 het tras up Doom 15.400

Copper-base a loy magnits and other civile amis reminer the cache for the fourth quarter 1.000 TOT 1999

As FIL

the

copper-nickel alloy

2 when the average AP UPPE

The 1954 able to Rut through

Boeing Lead Douglas In Jet Race

Seattle, Sept. 80. Boeing Airplane Co. has edged ahead of Douglas Air- craft Co. in the jet- transport sales race, the Boeing President, William M. Allen, said today.

Mr Allen sid Boeing has the sale of 134 of its 707 jei trans- ports to airlines covered by |contracta o leitors of intent to buy. Douglas has sold 134 of its DC-8 to 11 airlines,

Mr Allen said carviers

пон

Bond mod is. This would allow them have invested more than US$750 Solar for stocks

has trelalu

2

411. וי רק

Car

days pra %jhe*tvA¢jti81 ?

their huld-11 Thirt alter the Suez Croa) nationalisies | beuty mg, Ewever,

Eck prices have declined duck anything even resembling place in auto sales. A lap Findmillion in Boeing jet transports 51.3,

Company anic that a bull market in bend, Market Motor The

"Recently completed negolia- 26 ens dit . 38

4 เพ The Studi d

condiks in the suletions with Qantas Empire Air- Does-Jone avenges el sel tal

p. Its 19 the pchurat | motive industry Payment

ways Ltd., for purchase of seven night at 481.80 The market ha

Standard & Poor sale next year which may pass | Boeing 707 Stratolinera brings ATT

FC The n-milion k

to 134 the number of jei trans- that the pe fessionale say | Bhe

Vio Eisenhower's chance ¦ He th,

President and ports covered by firm contracts deni

or letters of intent to purchase, have changed from "sure Thing" Gerejal Manager of the Mercury

said sales [:) 1950 | Mr Allen said, "Sales of further 1 "bably."

Standard &) should equal G milben units, an quantilles are under negotia- rofessional sharp decline from the marly Btoons."

nation * 1955 He based his many people

optimisan na "slang tronomy and va-th ow ear models "

| high-the med luigh of 521 115

vet

{

Apr 8

Thr Dow-Jones infrastr average has thus droppe 1 383.

Inte hee August 22 def about 77 par vrat

thirst quarter. ces

SETUP

centage - WB per 40 per cent tadning

or more. 13 19 paint copper and 6 per cent or more

Drained Off generally will not nickel

Ire

Export, the Depart-

sail

heat announced.

spy loved for

The Agency

..

*ay.

that

fakt " whe

is really

bever

"This tengde: rather than lor, aut

ll 1

|

$11,000,000,000

and abou

OUN

tally anything

Final logrves a isk f

tighi anti-baflate auty

Cozelenkas but hting key to don't convinced it will do drwn Nwly

Da bus in se le am 1.

7211 other market valur- have been drawn extenti What appears

under the pussite of woriving so, is

The proft mor- copper row materials including d

influences Whitt

Feins are being out at that tight scrap rernain ; Varied

US$3,000,000,000 241 this

the expanse.n my will low

somewhat That expansion and rebaibilita- tom moramine was designed in the first place lo hulp cut duet un chists No wide cuts are foreseen, howeber.

offshore coppe

under open-end licensing. This variating fast week alnæ

is act but | Over the part two weeks 1*120 of idustry

means that no quuta

exports aro Communist

Mail Spodel.

not approved for countries -China

NEW YORK RAW

เปง market has tav subject mostly

dortance- surrounding

The Suez Cl But lately the expert appear i

attributing recut Home fears beid in some quarters that

2411912

The LANCUBITASS t

COTTON EXPORTS cistic party seems to

New York, Sept. 30 Naw cotton exports by destina tion as reported in bafer by the

New York Colton Exchange for the 1050-57 season to Sept. 25

were us fee

Bril

Continen

Ottent

Canasta

be making considerabis hcl- way in the current Presidential

A victory Campaig

for the viewed by bullish ብጹ

fe

Republican party s

y

nuture.

Division,

viront improve i

Solid Decade

BOAC AND TWA

RAFTS

COMPULSORY

London, Sept. 30,

The carrying of rubber lite rafta on certain types

the

of Anhing boats is to be madt compulsory from Octobed I this year,

After intensive research into the performance and capabili- of the 19.ft Min try of Transport is reported to be convinced of their usefulness,

Accounts of rcorni trawber sinkings when losn of life was avoided by the

of swift tisc

inflating rubber Hft rafin manu- factured by RDF Com pany Limited have aroused the Interext

Britb hipowners in the poten- Halldes of inflatable crafi a incans of increasing safety ni sea.---Chlua Mall

Special.

HONGKONG STOCK EXCHANGE

„Page⠀⠀

New York Cotton Futures

Move

Upward

By WILLIAM T. PLUNKETT

The upward

futures, under

New York, Sept. 30.

cotton two months,

movement in

way for

gathered momentum last week when practically all deliveries

seasonal highs.

reached

new

At Friday's close, the list ruled unchanged to up 46 points, or unchanged to up $2.30 a bale- compared with the preceding week,

Italian Stock Exchanges Will Be Closed

From the town of July 23, the market showed |eumula- tive rise of $9,05 to $14.30 bale, or 181 to 286 points.

Failure of hedge sluag 10 expand materially as the market widened is preinjum over the government loan rate to nbaut 30 a bale brough! recurrent by supperis of short covering

elters feeling for the merket top, iraders said

Background factors generating Ital n

the underlying ment included: 1 rate cf exports: improvement

******

*100k

!

Milan, Sept. 30,

exchanges w 1 bulls.1

be eyed einrting Oct. 2 on stock The expending excharge operators from all 2 Anarked over laly decided to meet in a in textile market | general assembly to discusA

controversial law which virtuoi- From Our Correspondent)tivity; 3. Expected Impact of

the soil bank programme on next by paralysed

since operations Business done on the Hong-year's production; 4. Absence of last June,

announced kFATH

Exchange Slock

this delivery notices against the ex- here tedny.

3. Thr piring Orieber delivery morning

fo mounted

appro-

Crupted 110 im-climax after Hallan Finance ximately $315,000. Noon quota-continued henry producer

B

Giullo Andrestli bad talks with Italo

Rizzieri. President of the Hallan

Stock Exchange Operaters sociation yesterday,

| 3

W.ST

tlan tinne

and the morning's trans-

poundings ment loan.

under

The govern-

The Priás

Micister unstressful

Khates

BANKS HK

BACK Huseyn Neffers

Reserves

Additional strength

40. 1030 by

generated by

CLAM

Valon

208)

10

44

SHIPPING Whitelock

DOCKS, ETC K. Wharf Dock Provideat

1 03

# 20

Mr Allen did not say which carriers had ordered the addi- tional 707s. However, observers speculated that orders had been British Overseas He said that the whole Ame-received from

Airways Corp. and Trans-World INSURANCES run ve iziny ie untering o

| Airlines, to be solid avearte et prosperity with

BOAC had been at leert

negotiating half of all Amerkun families

for 17 Bocing intercontinentals,mbard Expected to move up

and observers believed 19 addi- into the $5,000-and-more a year

ordered tional planey had been caring (by 1905) By 1985 he

by Howard Hughes for TWA anticipates an annual volume of 8.5 million with possible peaks Hughes announced the purchase

of eight

severni of 9.5 to 10

Boeing jets militon units uver the

months ago and said at that time period. ten-year per Where cuts

The build-up in the auto in- he was interested in acquiring LAND. ETC

more jets. chustry. It gres without saying,

K Land Other lines which have order- will put a virtual strangichoided 707s include Pan-American RUBBER un available steel supplies. The World Airways, 23

planes; Amalg auto indury is deel's biggest American

Trust Aklines. 30; Con- customer

Steel and putos to-tinental Air Lines, 4; Braniff UTILITIES gether are considered the back-

Airways 5; Sabena, 4; Lufthansa, Trun bone of U. S. economy

4; Air France. 10; Qantas 7 and Air India 3.-United Press

necur, they are said merely 1

unii postponements

tr

your

Many Confident

ان

Crru1

ha The Bank Of France

of

Many are confident that if dustry should begin to sifp taster current tight minty under the

All kinds of steel items ሃሮ policy. the Federal Reserve becoming harder to find these T. the experts, it this strollers would reverse its polley According to Iron Age Magazine,

Board--the nation's money ean-

clays.

And avo vellet is in sight. 291,733 254,735' that the market has been paying 204,450 attenti s

crisis unde to the so-called in the devetom of easter credit the Suez 25.820

bad ne

Il sesiy to have and lover interest rates at oner.

anew on the taken little notice of the wealth

prospects

construction Some even venture that potes used attention of favourable business

guide the money make heavy tankers to help move oil may dientus-high consumers spend-

before election Inter-and the Cape of Good Hope ing, high corporation earnings. neticeral Statistical Bureau. in the event traffle through the

high example, says it would ter Suez becornes un feasible prospects dividends this year, and Jack 0. sure if the Federal Reserve cased the money situati'n sane- market speculation this time

Jap Steel Armor: rit rent The light money policy--the what and Government's weapon against tone in bonds and the casing in Inflation ~

has brought bond bene mortgage eredit as funding wirlds higher and les entde

to support that view

Exchange Rates

moving at U.9 della

LES was une

Inne Kar

the following ralek

THE $1

local

t

a 16

Bierling notes (per £1

12 70

Indonesian rupiah (per 1001 Stan Heal (per 1001

27 3.

Singaporr

($trailer

Bil

Australian notes per U

record

13-

just

LONDON MARKETS

VERY QUIET

By C. T. HALLINAN

London, Sept. 30.

.

The Financial Times sums up the week as "reasonably firm but depressingly quiet" that goes for the whole month of September with the industrial average opening at 181.2 and closing yesterday at 180.2.

That is a fall of exactly one, over the week of between 2 and point during a month in which 3 shillings but the other bhte the Dow Jones industrial aver- | chips were mostly unchanged or nge on Wall Street has fallen moderately higher, Rolls Royce, 20.79 points a level less than Unilever and British-American 3 per cent above the 1990 low. Tobacco all contrived rises of Some of the selling In Newshiling.

the rise in money rates.

Mild Recession

|

Experts look for the resump tion of the full-time assembly ines in the autorabile industr to give the nation an econ tmie hort. Just as the aute industry is expected to take up some of the slack in the all industry so Wall Streeters feel it might have tonic ounce on the whole trek market.

Mclce shares, it is mated, have taan jeen performing batter other major sections in recent declining markcls. So for their strength hasn't been Vigorous to pull the rest of the market higher.

Right now the auto industry has just about set it slow for The next move w}} be upward in production, as the

1957 models is completed,

the year.

changeover to production of the

Chevrolet is not producing this

Me

nysdels by inid-October

the

"Even if the orders-If any Went to Japan, she has crough

Statement

Puris, Sept. 30

The Bank of Francs slate- incot for the week ended Sept. 20. reads as follows:

HK Hotel

Sta: Feri)

Yaumati

15.20

04

gathered стор deliveries

WIEN teeting that

Ан

The slock exchange crisis virtually began early last June, ordered 601003 through the government surplus when a new tax law 10- 100 disposal plant.

and future pra- all stock exchange operators to duction controls, the supply and report their daily operations to demand next year

be the Finance Ministry win

Stock exchange operaters, who brought into a close balance.

had the duty to report

their Government officials Inst week predicted the buildup in the operations only once at the end surplus stocka of cotton will be of each month, vainly protested prc- against a measure which reversed this marketing year. With a current crop prospect of vented them from keeping their the long hand 1000 16 30 about 13,000,000 bales,

business out of officials 10004 thought consumption would ex- of the Tax Office.

1475 1.43

150

630

23.00 23.893

130

111

C. Light (0) 24.50

Light (N) 23.00

C

Electric

Tet 101 713 +NI

INDUSTRUALS Lumen! Rope

Textile

311 312

24.10

23.80 24 30

382 37. 3330

100

ceed that amount, forcing buyers

The Finance Ministry

ston:1

50 to go into stocks from old crop.m on the controversint article

loan

impoundings

Producer through

Sept. 21 reached 600 23 70 482,052 bales 01

despite all protests.

a virtual standst|--

Sinee last June the activity of more than all fallan stock exchanges has 30011double the 216,806 bales under come to

United Press. 279 i 24.10 loan to the same time last sen- ' 133 24 son. In addition, the govern- 700 24 10

ment held 6,501,855 Uules under

the 1955 Loan

United Press.

programme.-

India Trading

100 37. JAPAN'S GROWING Corporation

STORES, EN DRIES

18.20

Watmost

COTTONS

Nanyang

13 70 13 00

443 74

100 1380

DA

7 43

Total gold holdwars Tstat cihei

Sighi balanes atroad

in EPU Advance to Stabilisa.

tion Fund

Franc 301,204.302,420

16,374,000,000

106,313,000,000

131,000,000,000

INVESTMENTS YANT:24 Allied

De

11 scrap or steel," hon Age Fuid. "So if such orders ap- pear, the impact will be felt either in steel demand domestic-Total bills discounted 1563,620,000,000 nity, particularly plates, or in Bank notes in cir- serap exported to Japan to help current accounts and

Qualmake

make the steel necded."--- United

PIA

depris

2.821.163,000,000

138,118,000,000 -United Pres.

Wall Street Stocks

ask

Suffer Decline

By ELMER WALZER

New York, Sept. 30.

0.70 4.975 2015 3000 5

US Cotton Goods Market

Review

New York, Sept. 30.

SHORTAGE OF

STERLING

London, Sept. 30,

Now Delhi, Sept. 30,

India's State Trading Corpora-

jon

is now negotiating con- than valued ot MAJAN $20,000,000 with Japanese

The financial editor of the racis Times, commenting or Japan's growing shortage

of sterilng-mission here. down from £100 millions [the beginning of the year

al

10

£45 milions-and on the re-

If negotiations are successful with Japan will supply India large amounts of steel, steel pro. ducts and metals in return for India's Iron, menganese and orcs. According to reliable quarters the overall trade between the two counties will incense by 60 per cent if the falls succeed that a

sulting Anglo-Japanese negotia- {tions which open on Monday here, suggests that she should use her ample dollars to buy sterling.

"It is true, perhaps, growing deficit with

sterlingUnited Press. markels has accounted for part of the sterling shortage but in the face of such a rapid drain

A major buying move-there is nothing to stop Japan ment got under way in the from acquiring sterling on

for open markel,

NAMESAKES

the Answers: -- Invite, 2 Hare. dollars-an 3 Alice, 4 March, & Wonderland.

Dormouse, cotton goods market here operation she should be able 100

7 Humour, 8 last week.

carry out la view of the rise in Carroll, Teapot, 10 Fantasy,

dollar reserves."Untied 11 Lowls, 12 Party

The Mad Hatter

A mid-wick buying lich sub-her sequently sputtered. But sellers Press.

fore- felt the first rush was a

move- runner of the covering ment anticipated since mid-

said it would be the workt to estimate

booked, advising that

summer.

Executives

GUERA

in "many millions" of yards.

ct of the business with book-

Stocks last week suffered their widest decline since May 25 on the lightest volume in three week, but plans to get going on its 1957 modicis on October 1 In weeks. Selling was persistent most of the time. volume addition

Ford, C

Lincoln. The record of decline was the same as in the two the Bgure could safely be put Studebaker

and American Motons are in production or new preceding weeks except that last week's lone rally Basle print cloth_yarn fabrics comprised upwards of 80 per changeover to 1957 production came on Wednesday instead of Friday, will have been completed. Many

The same reasons applied-Suez, politics and

ing into the second quarter of look for Ford and Chevrolet to

Other factors involved included a next year. Heavyweight Induc lock horns again in the battle for tight money.

trial fabrics used by the auto- York is attributed to the grow Oils were irregular. Royal Supremacy. The Ford price rise further congestion in farm implement inventories, mobile trade, with como grey ing fear that Stevenson and the Dutch fell £1% 10 £81th but on 1857 cars amounting to 2.8 decline in home building and further difficulties shots

twills and drills Democrats will sweep the Shell Transport, its running per ent is expected to set

shared in the business. country while other pundits are mate, eased only 1 shiling while pattern for the industry, it is for the textile business.

A number of bids were in the reported to be blaming solely British Petroleum eased id, and felt.

market at the sizable yardages, Burmah Oil rose 2/3,

As usual the good news was it may have

attracted now but buyer's ideas generally Suez Canal owing 10 the

Foreign Cars

ignored. It included resumption beliers. Not a few analysts are below mill schedules. Manu- cessation of selling from Paris,

maintained a bold rose £2% 10 £54; when the Foreign autos meanwhile are of a rise in automobile produc-prexlating good markets for the facturers

steel operations, carriers on the outcok for record front on silkes, keeping in mind trouble storted On the whole,

demand for on July 20, showing pregrees in the Ameri-tion, capacity decline may have done more to from £73 to £80.

Wall Street's dealers marked the shares down can market, notably the German record high predicted for freight 1956 carats despite the steel the expected

the Pentagon will strike which cut into revenues,

general wage increase by mill Volkswagen, but the industry trafic, word check activity here

Many big stocks touched new workers; plus rising raw cotton than the Germans were Aim. The Ber- in't worried, Sales of foreign

on the week. Including corts and ether expenses. unrealities of the Suez contro-lin Lon rose £3 to L00 while cara as the United States in the machine tools, several dividend own

American Telephone, Du Pont, City of London the Young Loan varsy, for the

In cotton yums, some spinners and the 8% first half of 1950 totalled only

Coca-Cola, American CPP of carded knitting numbers in knowa frem experience

that percent Potash - both non- 1.7 per cent of the American

Allied Chemical, Woolworth, the finer products submitted even a mild recession in

the assented-mproved El. Japanese | total,

Southern Pacific, Texas Co, higfter' prices in face of an in- were generally down by several According to the Magazine shillings with 1907 and

General Tire, Goodrich und creased, demand,-United Press. the Steel, the stepped-up activity in

Wrigley. Tokyo 8 percents down 21. the automotive industry will At the close on Friday, the in- Metal issues were hard hit, have a “startling effcet" on imdustrial average was at 475.25, Aluminium Limited dropped Bank Shares:

portant business indicators. The off 15.03 points on the week 8% and Alcoa 7 points Mugs The Bank Of England Megazine expects that autos wand a new low since June 8 Cooper was off 5. Anaconda lost

in- basst the Federal Reserve Shares of the Hongkong and

ralle, 154.01 of 6.42 points and more than 3.

Du Pont lost nearly 7 points. dustrial production Index past a new low since Jan. 23, only ago, stood at 100.0 compared Shanghai Bank rose 10/ to with September's level of 2001 compared with their 1956 the all-time high of 144 pested 0.04 from the year's low made Thero ware a few around 180,

weak of £109. Shance of the last December. Steel enys auto that day; and utility 65.87, off with American Hawaiian Steam- Over the past week

British National Bank of Egypt card makers at scheduling fourth 182 points and a new low since ship among the better ones with

quarter production at 1.7 million June 8,

a. rise of 4 points. Governments have slowly im-10/- 10 £14%.

cars whic

which would All sections of the market During the week 228 [new] proved with Old Consols up 1/ But prices last week have parrenger and War Loan up.7/6,

been rather unconvincing, they bring the 1800 output to between were hit in the selling. Railslowa were met-23 per cent of With Industrials both

suggested that dealers, 5.3 and 6 million cars, against tried unsuccessfully to rise from all shares listed. the have

time to time. Their subse¿uent Or the 1,394 issues bilying and selling was selective, changing their minds about the 152,132 cars last your

MétⱭRTION, There was selling of electricals international

The industry. Itait la con- drop to within a tiny fraction 1002 declined, while have on the discovery that their marked securities up or down Bdent Bukk omfalals are look of her low was ween two ways. 202 advanced, and 110 held un-

10 new Recaipir prent margine had been shrinks without getting much response. Ing alisad to a 25 per cent tris ritmay have represented the and changed. There were Ing and this causch, dackirsen PanUnited Pressure soumete | dreams in the males of their www of the decline for: the group or "Highs stUnited Press.

British

States always rencis in u preted ways upon the economy.

However, Buer cannot be dis mitged. От July 20 when Colonel Nasser announced

thal Egypt

had nationalised ⚫ the

Canal, London's industrial over-

increases

for US$100 millions

and several

In

slock

splits.

New Lows

gainers

Statement

London, Sept. 30. The Bank of England „state= ment for the week ended Sept.. 28, reads as follows:

Storing Notre in dreislations ... Wib9,04... Patlle deposita

traded.

Private deplatte

mere

government remur ligg

Other

qualitas

A

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