1956-10-08 — Page 9

THE CHINA MAIL,

MONDAY, OCTOBER 8, 1956.

*** Page

US

TRADE and COMMERCE SECTION

ECONOMIC ACTIVITY

US COTTON

GOODS MARKET

REVIEW

New York, Oct. 7.

New business in cotton grey goods developed cau- tiously this past week fol lowing the decision of leading

to boost weavers wage rates of mill workers.

The wage like, Amounting Renerally to 10 cents-na-hour, affecting several hundred thou- sand southern mill operatives, takes effect on Monday.

While the action had been antelputed for some time, the actua dvelston Vittiset/ *21218 price confusion and a temporary withdrawl

buyers uf sellers

Producers

culate saling

Brid

patter to recal- schedules in fuer of the wage hike, plus rising

caltam

other remin, anch operating EXPECTRES afterting chemicals, machinery parts asid miscellaneous supplies.

How

whether the market can hold

PEAK CAPACITY Automobile Industry Looking Ahead To Big Sales

By JOHN MORKA

New York, Oct. 7.

Major lines of economic activity in the US remained

NEAR

Ford Motor Co. New Investment

Miami, Oct. 7. The Ford Motor Co., hap in- vested 100 million in the 1950 Mercury in hopes of capturing a much bigger share of the medium

auto market, Chairman Ernest R. Breech said today.

price

Election Results

US HONGKONG STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morning amounted to ap- proximately $1,300,000. Noon quotations and

The morning's transactions;

Bites Buyers Sellers Nalen

BANKS

East Asia

He told Mercury dealers here Dank for the unveiling of the new

expects to boost its share of the Union total auto maricet from 5 to 8.5 per cent in 1957,

11 1040 150 or 244

1933

242

1000

1010

10 1000

Lombard

SHIPPING Wheelock

42

195 400 1500 10 114001 Do

12000 11

at near-capacity last week. Employment was at a new high models that the Mercury Division INSURANCES The steel industry has a heavy backlog of orders with some items in critical shortage. No letup is in home-builders, makers of industrial tools, trucks and all kinds of building And the all-important con- materials report good business. sumer shows no sign of cutting down on his spending habits as instalment buying zooms to new peaks.

Mr Breech. one of the top executives who spearheaded Ford's dramatic post war .come- back, said the Division's 1957 K What sales goot in "at least" 100,000 | Duck units above this year. Sales in Provident 1056 are expected to tou the 300,000 mark.

DOCKS ET

93

100 9415

*:1

14 14.10

LAND, ETC

Kotel

RK Land Humphrey's "The medium-price market is a relatively new

Realty growing RUBBER market that offers outstanding | Amalu. ponsibilitie for growth.” Mr

and

The spotlight, however, was on the auto industry this past week. Although September production was at its year's low, the industry moved into high gear last week with the unveiling of the sleek, lower and in most cases more expensive reech said.- United Press. 1957 models. The industry for the first time in months is looking ahead to big sales and more profits.

ויו

102 420

vel ad prosperity in 1957, H;

KTAIP, with income's trens 3,100

10 выстра

Anterican Molots Corp. Conversely, buyers confronted Į veding als trochols, theks it con with price increases of % to 1% cent a yard on a wide number of constructioris paused

e-th 25,000 2 1e that is 1050

It's boking Line :1 *maller jel cemeraucht aut on bee peut of my the Black Kan

Th forever growing market for the smalles eats deve # S 1 ably and now

1962 $14

11..

Tokens at... 74 GE

ecuali upend ing and

me applecati.

The

At a round-table discussin at

| The Controller - Is na reed Anes ata, they worn-

10

wrated a ne et caure that wanging

2 year, re The credit managers. es e enain- intaing an excellent repaymen

Elsewheur, the fighter condit

highes aY1ཐཱ*དt༥.!

For the singled out

Treat +1

Builders anton convened

thear To make

7,500 excellent

ver d

S. P Taty

11824del tu

its

Consumer's fell gains there

been had not

Chough buriners bookeri on some types of cloths to sustain the FLOW levels.

OFFER SPOTS

As lon as mlila te in an

to sell and en open position offer spots in more than smalt Jots, buyers intended to lumit purchases to nearby needs. Some of the big consumers, in- cluding rbain stores and tail order houses reportedly, covered part of their require- a good ments before the wage hike.

has

acen

ויד

thanks t | good competitive position to

battle the bug thro~-~P'99.1. General Motors and Clupeien

Car Sales

I

stik

1. Ten of sophtal | dvcline ploy

*

fund

-

The

1 10

Bakery

spatai, at was said The key to

enomic

in Tennessee, Mr Berison Fod, Matality, the veste-mids sak, is

Furth C vf vico-prendent thinks pesanat C sales of t

tion syeur DIY "IVOR.11 » ably euriin" to expand by 80 lo 70 per cent in the nexì lơn yens. Much in the same vein, a study by the Nekret investment banking

houses

Lehman Brothers suggests that by 1965,

of 8.3 production

wterrent Caving a hence the vad caputz. investment - The rear at a timated such expenditures this year at a rered 38 billion, en nine bill st thats by 1959

On the sellers side of the pic- ture, manufacturers felt grey Roodia market fowe that the Interrupted buying million cars is a "rcasmable ex-brakes

the prices of the year, and

movement

of a week or two

becomes

the price

an annual

Chrysler, poclaint"

ago, will be resumed extensive-seller in the U. S. has ly when clearly defined

That reasoning was based on the high level of retail sales and low inventories in the consumer etted pipeline. Mill executives

showing retall volume figures of soft goods sales to be run- ning 6 to 10 per cent ahead of last year.

Yarn

mratly

elso spinners withdrawn on

were combed and carded counts pending a re- adjustment of price schedules.—

United Prest.

{་

Nu

A4

Credit Brakes

Federal The

Reserve Bopri 28 credit metinwhile defender

to the essenti

United State

Th

political

Σκην

more than 300 million in model changeovers this year. Preal- dent "L Culbert, said at a pre- ht View of the firm's ha

contend the the auto make

the next...

tight money sduation helps til year approaches the potential

The valves si bankers to the dia- 1955 and hulet be "one of the biggest years for the industry advantage of the home-builder, 36, the call businessman and the highly bullish | KAM

The Republicans, background, There 19 consider-

the other hand, clam the nation ablo

with In- pre-occupation

never had su gani. the ught Bational

ant Monty policy, using prices the lower tread of Stort prices

Leading en doet week continued bigh

Against this

Pokud

#

PLESMALTESE,

London Market

Was

Unreal

By C. T. HALLINAN

London, Oct. 7. There was something very unreal about the

of steadiness

the stock market last week. Two pieces of disconcerting news might well have caused substantial selling.

fall

in Washington protects

the Predictions www Itale that helling starly next your may drp as low n 800,000 unles FISCAL INCE terms . allevel. The curvat lovej w at the tale

alm.ut

M

ally

The Bank Of England

Statement

London, Ort. 7

Trust UTILITIES

Train Star Ferry Vaumati

Light to

The Bank of England slate- ment for the work vndel Oet 1. me reude as follows:

Notes in eseculations jubi deparadie Pivate depola Government securitie Other securities Receipts

Hau

May Affect Basic World Commodities

BY HARRY W. FRANTZ

Washington, Oct. 7. Diplomatic observers are watching the US national political campaign with special interest because of the effects the election results may have on future price trend of basic world commodities.

International experts noted that the principle of "economic determinism" does not appear to operate in the United States electoral system, as the public apparently is interested chiefly in the personalities, political controversies, and psychological factors that have a bearing on the

13 70 10 80 2000 or 15 70 final results.

4000 be 10.00

300 103

01.

ID 40

143

143 1 471 1.50

5000 or 147

23 2 20.10

100 23.00

142

FLI

100 * 112 112

20 10 20.30

1000

24 990 24 40

The

Consequently,

Brexi

countries of olber of prosperity commodilles prices has a bear which are predominantly sup- ing on the campaigns. Chiefly it pliers of industrial raw materials relates to public estimates of the or food stuffs. degree of "national prosperity

the cost of living. wad the

4.To what extent might the United States government general question as to whether next

quola 20.20rices trends foreshadow "infia- report to tariff changes,

plans or other measures affcel- The com- 373 20.10 tion" or "deflation".

price

the level for 2900 or 25.20 nlex question world pricing the

of 5000 or 25.20 (ovela do not lend themselves to behell of United States deme-

such 1000 25.20

ን። coal. ntid petroleum. Inetals,

The An exception is the Held of various manufacturing industries agricultural cominodities

the free-for-alt partisan debates se industries,

121938 74 population, Prges of fuum com-

AKK 39

competitive

Reluctant

Liit (N) Exete Масло К Telephone

101 ING

24

24 ne

32 32'.

334 24 NO 2002 K

120)

「いい! where which

The

25 20 25 30

3000

23:30

3100

24 2907

every

significant change

in effects of importa?

INDUSTRIALS

prices is presumed likely is in-

2321

14

2100 30

Auence the vole of the

14 to

20

1570

ars

1440 141,

450 $540) 47,

16 Du 100 110 00

蒜 $ 10

Sterling

Hope 1,681,434,343) STORES

14.09422 | Dairy XI 307 415,000 Watso 260.400_0291

31,345,067 (OPTANS 45.00624 { Textile 143

Dat rece

1 200,000 starts The Bank Of France

Cost Of Borrowing

The rise in the cost of borrow- Ing bay resulted in a falr-sized bam for banks. The balance shorter of

banks show many Kaing JA earnings ranging Trm 10 to 25 per cent for the sation's economy. The questiond quarter and for the nine- The month perks this year. legal tones and higher in-

Guaranty

Trust Сотралу of becom's rales has

New York, for example, reported jus the kel the

interest on leans up 25 per ccaut

His nine-month

carnings re port. Its net income (or the period was up 10 per cari, is the seventh Gunnly Trust langest in the .S. deposits.

Business men-now that the summer vacation season is over weare now looking ahead to Ano fourth quarter. For many The Natal City Bank of

means its October the approach of autumn Nex YANK

of the Christmas fvels the tight the start

**OB monthly letters

'Top merchandisers are they and higher intered sate

forgensting ủ 3 to 7 per cent rise necessity Det ar un tronomi

in Yule ecuson sales this year. The Federal a political 110.

Foreign

DA well It serve, it

domestic continues, is trying

will share In this "keep the boo and hold | companies

bonanzu

the Some experts see Credit vxpusision within manage-

irend of spending this year veering more towards purchases goods and away from hard goods, such as radio, tele- vision rels and furnitures,

102

<st

The only force available 10 of solt

Is limitation en retain stability money creation by central banks 01 lesur," a insists, "This limits the availability of credit. and helps to hold a balance be- tweun saving and investment,"

th

#s

The National Association of Purchasing Agenda was des

decidedly bullish on fourth quarter pros- Two-thirda of those The whole question of inta-peels.

the survey by tion was Riven new emphasis Lig

Asscelation Tell the Current this past week with government quar

that consumer

quarter will be a better one than reports showing

the third. Only 7 per cent think debt set its sixth in-tament

it will be worse. About the only straight

new high in August. Consumers added US$324 million worry expressed was over rising

*** | prices, with some 84 balances

per cent re Instalment described as more than seasonal the goods they buy and only 3

below considerably

the per cent report lower prices.

Suez Decline

Their

during the month. The rise was porting they are paying more for

but

#gure.

recorded

Statement

Paris, Oct. 7 The Bank of France statement for the week ended Sept reads as follows:

Total gold holdings

Total other cur-

rencies

Sight balance abroad

in U

Advance to Stabilisa-

tion Fund Total bills discounted Bank nutes in circula-

tian

Current accounts and

deposite

27.

Vitre

AUSUFELANEOUS

INVESTMENTS

Allied

arkiteti because

to

T

modities are closely government policy (the price-support systems 41Hi 2014ublic law 480 designed to 2%- PINK 14 49

pand United States agueulurad

exports

2000 5.05

Singapore

Stock Market

Singapore, Oel, 8, Franca

Brokers today"quoted the ful- 201,204,302,426 lowing stock prices:

Opening 16,272,021,305 Batu Lintang Rubber Co. 116. $1.65

British Borneo Petroleum

Syndicate

06/

100,315,000,000

136,300,000,000 1,020,680,200,001

2,002,040,323,420

Consolidated T

Ord

Smelters

Fraser & Neave Ltd. Örd. ́ ́. Fraser di Neove Lid. 7590%

eum. prof.

27/434 $2,172

$4,20

ing Corp.......

Hongkong Tin Lid.

Kempas Ltd.

Malayan Breweries

104.021.130200 Hongkong & Shanghai Bank- -United Prem.

Exchange Rates

8.17

Buinem was done ki the lural ficial exchange sharket this ening at the following rates:- U.S, dolier (per $1 Sterling notes (per El Australian motes iper Indonesian rupiah (per 100) Slum tical (per 100) Singapore Stella

WALL

HAS

Lunas Rubber Estates Lid.

New Serandah

Ltd......

Petaling Tin Ltd Fallen Hotel

Singapore Cold Storage South British Insurance

Ltd.

10.00 Straits Tracking 12.08 Strata Steamship 18.00 United Engineers Ord 27.40 Wearno Bros.

1.80

edeb.-China Mail Special.

STREET

WEEK

OF BIG GAINS

By Elmer Walzer

4000

Questions

Con-

Depdratante observera from The other exuntries presture thei 11. Presiden; Eisenhower is re- docted. the main Ilnes VI Pretenue policy affecting basic commodities prices would tiere al present lines. Eisen- hower is credited with having Continued

reciprocity trade programme, and would again try to induce Congress to approve United States participation in a world trade organisation to im- plement the General Agreement on Tariffs and Trade,

*

Questions speculated on 10 international circles arc 13 follows:

the next L-WOL

United States government, whether Re- publican or Democratic, expand

Eisenhower ad- A sect The exportation of surplus farm

presumably products nt competitive worldministration would

efforts be onestirage prices, which would affect other continue ngeleultural exporting camtries? the flow of United States pri-

2.--Will Live

vnte capital and a considerable future

administra-

in-amount of government credit (as revive Lion in Washington

the Export-Import (crests in

In possible international through commodities agreements design- Bank) to foreign countries. ed to stabilise basic commodities prices, which seemed to be the trend of economic policy before Elsenhower's election in 10537

It probably would be reluctant to become involved in world com. modities price situations, except as they are affected by the in- to Hernational trade in agricultural of cuminodities and by actual have moved polontial United States national some kind requirements for strategical pur-

colTre

b/d

$1,87

0.85

$3.07.

This would be significant the coffee growing countries the world which

1170

Indecisively toward

$3.40

1

$2.00

. ត international stabilisation programme.

$1,52

$32.50

3. Will the 25 Washington

א 5אן

or

re-

A StevensOD odministration, inf elected probably would government follow policles quire a year or more to perfect $15.00 which tend to sustain or raise the internal réorganisation of the the level of manufactured goods government, pursue the custom- for exports while avoiding steps ary processes of expert investi- helpful to prices of the basic gation and reports, and formula imported commodities.

New York, Oct. 7. Stocks last week netted their first all around weekly gain since the week ending Aug. 3. The gains were large. Industrials closed in the Dow-Jones average at 482,39, up 7.14 points from last week's close; rails 158.81 up 4.80; utilities 66.55 up 0.98, and 65 stocks 171.03 up 3.14.

5670 million boost One was the disclosure that | Petroleau gained 2/3 to 145/0. August of 1955. Outstanding in-

Canadian Eagle early 2/- to 67/8 staiment

dobi at the sterling area gold and dollar

the end of

On the nternational front, the Just 2 higher) and August was $29.2 billion. inore reserves had fallen m Septem- (peak

of traffic being inter- 125 million Burmah Oit about a shilling.

than $3.2 billion ebave ber by another

the danger Suez Canal, acidentally, rose year-ago

While 131

rupted in the Suez Canal appeara dollars following August's

lo have £5% to 20%, just below the people "agree that consumer in-

engendered

rome of 129 million except for the

sold £00 K

which it was marked salment locks are a virtual

tuni caution among shippers. Accord- fact that Britain had just

ing to R tabulalian by the Trinidad On (a useful carning down on the day that Colonel adjunct

US economy, to the Nasser announced that Egypt had many experts car that too many York liners have reduced

Journal of Commerce of New

However, the gains from the lows on Monday, asset) to an American oil com- pany for 177 million dollars.nationallied the Compl

families may perhaps be Britain

number of port calls they will when the market was in a tainspin, to the highs on has, after all, only B Foreign bonds were rather doing it. The fear is that rO- limited

the impressive ones. earning occentric-Idle of

day

and payments may become a burden make in October The largest Wednesday

decline is in part in the castern its international active the next. Among the which, in turn could trigger ล Mediterranean, which

touched example the industrial average It trading position can only be Germans, The City of Berlin retrenchment

reiten in oft contributed to fears about the con- intra-day high of 484.06 on Wednesday. That was

number and if

sustained by wiping off capital assets, one by one, then it would appear to be in real difficulties. Second Shock

The second shock wan caused

A930-

|

the

gained £1 to £pi while the expenditures. This, per cent Potash fell £2 and tre would got of a

0 per cents fell 10/-.

over-

the

retinued cperation of the Suez. chain

were

action which could conceivably There vessels will make 51 calls & spread of 20.23 points. at caster Mediterranean perts whole

In the Japanese list the 19109) adversely Effect the non-asscoted lost £1 while the economy. assented gained 15/-. Several ot the non-assenteds were mainly unchanged.

Rio Tinto Jump

Sound Debt

01 a

the

ago.

For

an

seen ps

A

In October, compared with Wall Street bulls were jubilant As prices declined yields rose The prin-over the market's ability to meet and thus eliminated much of the cipal drops pre shown for support at the lavel where advantage the bond market had· ports of Alexandria and support was encountered twice generated when bonds were in a and and decline with yields rising by the steep fall in Dunlop

Other economists say the total Beirut. The India-Pakistan range before this your Feb. 14 Dollar stocks were marked up Rubbers trading profits for the several points to keep stop with debt is not as important as the of ports will see only 33 ships May 20. On each of those two stocks in a rice with yields do-

of the out of New York this month, occasions the market enjoyed a clining. kodt year, at £5.73 million the end-week recovery in Wall roundness of the debt

rato at which familles are compared with 51 last October, substantial recovery.

WHE Business flows compared with 8 million sterling Street. in the Arst half of 1955 an

pyramiding their bills.

In the Far East service cally this

In the period from Aug. 3 to highly favourable. most experts 4-month will total 128, compared the lows on Monday, the £8.38 million in the second half

Right now,

in- love the debt is sound, they with 183 a year curlier. The

Gains in Individual stocks dustrial averago fell 07.12 points: of 1940. Aiready the market has

point to the low loss ratio on in overall total for the month seen similar falls in the earnings

rails, 30.30 points, and utilities ranged to 3 or 0 points over of Imperial Chemicals,

Among mining shares R10 stalment loans to support their 1,052 compared with 1,204 in

0.29 points.

brood list Tinio jumped 6/0 to 97/6 on argument. Arthur ciated Electric. Industries

Diviz, October 1985.-United Press.

The best ones--better than In the subsequent; recovery paints ench-vere sat by Alcoa, soveral other large though not buying aroused by its Canadian President of CIT Financial Cor- giant, fims.

Last week, the industriale made Gulf Oil., International Paper, activites while diamond pro-poration, among the leaders in ducer De Beers Jumper 2/0 to credit facing, believes the

up 28 per cent of that loss, rails Long Beil Lumber. Lukens Steel the 100/- Duatlop Bubber clased

29 ors 30 per cent

stock split, Newmont compared with

and utilitica its 1950 consumer instalment debt never 3 shillings as did peak of 1327-. wook down

was in wounder condition than ot

Mining, Texas & Pacific, per cent. Answers: 1 Civil, 2 Splices, 3

Zenith Rodio, also Imperial Chemicals while Tumover all work was present.

and moderate, randeg daily Tolla Royer shed 1/8

"Studios show that instalment Gauge, Mechanie, & Building..

During the week 1,377 sauce Unilever 1/-, qui Industrial as a between 8,700 and 8,300 tar debt today is largely concen- 0 Steam, 7 Railway, 8 Gradient, whole tematinect-aleedy,

guins,

thatod among those who are best 9 Bridge, 10 Bristol, 11 Tunnel, DII shores were extremely Beliish Governments edged up able to carry.debt-younger 12 Engine, 18 Embankment, 14 Long loi week. Royal Dutch by enrounts ranging from 67 to family units: in the middle or Demolish.

Isambard Brunel (Hallwag gained 7/0 as did shɑ Anglo- 11/1 but volume was not heavy, modigtey high income brack-

'ate," -Más Dlátz notes. Douadorian Oil wille Brifah-United Press,

and

bo

NAMESAKES

and Marine engineer).

and

the "bold new programine" id is had such in mind.

This concerns all of the less- developed countries of the world Temporarily its influence up- because of the world-wide in- on commodities prices would de- 1erest in terms of trade" There pend upon whether the "Elsen-

countrica bower boom" in a belief in many

in general busi- that the industrial urosperity ness would continue without in- change In the United States has not been terruption after a fully reflected In the relative goverment,—United Press.

TYPHOON MAL

with revised codes in force as from

1st April, 1956.

$500 MOUNTED

from

$4.UNMOUNTED

appeared on the tape of these South China Morning Post Ltd.

and

No Changes There were no changes in the 700 gained, 410 doclined general news picture to account 181 hold unchanged. A total of the about face of the 30 issue touched now lows for market. It simply was oversold, the year, while 19 Isrues touch- 'the exports said.

Tod now highs-United Press.

for

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