TRADE
ME Warfare Had Tension
Little Effect On
THE CHINA MAIL MONDAY, NOVEMBER 5, 1956.
» n!
COMMERCE SECTION
Page
and
Puts
Pressure HONGKONG
HONGKONG NO AMERICAN
STOCK
Cotton Goods On U.S. Economy International EXCHANGE
New York, Nov. 4. Warfare in the Middle East had little apparent ; affect on the cotton goods markets this past week.
New
business in grey finished fabrics developed on a routine scale, with slow dribble To-solo offerings proving sufficient to sailety the deraand for most apparel and industrial fabrics.
Most wide and errutic pelee awings in the stock market, xd commodity markets, attract
considerable attentions, bot
first
apprehension
quieted by President
Will Einets-
howers promise of "no fuvolves | ment." The relatively ri reaction of raw rotton news also made an impression.
Lu the
In fact, more Interest centred on retail apparel sales,
SELLING
Wenvers,
converters
InfoZTIK maintamed
note p1 confidence future.
Sampling of
4/17 Anished
th
and both ools
goods has beest extremely heavy. converters and grey look for A suppilers, qulek improvement ove vrste=
grta Ing
under
way. Merchandusors also are coastinu! a heavy holiday and eruIRO
Wear BCDNOTY,
دا
Widest Price Fluctuations
Of The Current Year
By JOHN MORKA
New York, Nov. 4. Middle East war news posed some new uncertainties for US business last week and put heavy pressures on many segments of the economy.
Stock and commodity prices reacted in traditional arcs to the war news with some of the widest price fluctuations of the year.
Churned Up
DOA-
Suek pricer. OT! the other hand, charged up and down in line with the
Just changing
international scene. When news
of Thi
Ini dollars as autopoes
18
WILN
In
-
Sugar Conference
(From Our Correspondent)
Budness done on the Hong- kong Stock Exchange this morning amounted to ap- proximately $330,000. Noon quotations and the morning's
transactions:
Shares
Geneva, Nov. 4. The international sugar |μK Bank conference ended last Fri
in painfully Wardlock day night reached complete agree= |
SHIPPING
Buyers Beltra BALE
1010
6,70 4.30 BOLS 0.20 Ria.
DOCKS, ETC.
ment
A brief public meeting ended. Whart the day
anal private ock long sesalon in which changes were made right, up to
minute.
Provident (0)
the Inat | LAND, ETC.
HK and S'ha) Land
recond go-around after an in- Realty
The four-week conference,
conclusive New York session this
RUBBER broke
In Amaig rip spring, nearly failure last week, but wound up Trust
1 1013
2000 de 8.30
1600 N 1.20
OIL PLAN FOR BRITAIN
Washington, Nov. 4.
The United States has no plans to send emergency oil to Britain and France if they are cut off from their vital Middle Eastern sources, American officials said today,
Egypt has called on Arabs throughout the Middle East
Western to sabotage
defence installations which might be used in connection with the current British-French attacks on Egypt.
did
out
While the appen!
not In the same year, Britain im- mention them there was specula. porled 178.9 million barrels of tion here rabid Arab national-oil from the Middle East 1500 14.00 ista might consider it a go-ahend of total imposts of 108.3 million
to wreek the pipelines, A small barrels. pipeline enrrying gasoline from Oficials in the U.S. Bureau the harbour to a storage depot of Mines said the percentage of already has been destroyed In Middle East oll Imported by the 1.65 Tripoll.
42% 131
200 43
14.46 14.00 0145 021%
XD 1.323 1.30
3:00 * 12
100%
1.625 1.63 2000 1.0710
Agriculture
The protocol will be opened. "Jight (N) for signature on December 1, and Electric during will go into effect on January 1. Tel. (8,
1957, if enough ratifications Mr received by then, Secrtiary
. (N) Benson wuureed the
The conference reached agree-
lust amendments" covering the two years, 1957-58, of the five- sugar year 1953 international agreement..
UTILITIES Tron
23 221 Yaumati
100 103 C. Light (0) 23.80 24
301, 30.75
23.00 24.20
are
12.00
Rope
30% 13.00
STORES, ETC. Dairy
145 13.00
General Imports
pork and land. spinners of the Israel Invasion of Egypt cotton yarns,
York, continued to sell fourth quarterhit New production while considering commodity markets were closed fair amount of inquiries for the fur die day. The stock market After frst quarter. Manufacturers was still open, however,
with enjoying one of the best gains Indicated that generally
**** [of the "year in what many de- current inventory positions
A tetibed us a pre-election rully. the trade. and despite the the stock market tes! ten ponis uminous foreign political news, in the industrial average in the
would 走越
buyer
1 closing ninutes of trading. stampede." although they
manged, however, to ekse nearly inlientext a gradual prive **
unnetunged. Havele-t hit were in- may be expected.
ternational oil woues with heavy ;
De- | Middle East commitments
"there
#10
COTTONS Tracke
Coro. Nanyang
**323.30
MISCELLANEOUS
Vibro
Yangtze
འ
two countries last year about the same as in 1954.
No Blow-up
were
When Egyptian President Gamal Abdel Nasser first THE- 900 úr 22.00 tonalised the Suez Canal, La 1000 or 23,80 country began drafting plans to 1000 or 20.30 help
Western Supply
Europe
Because of their value to the 200 30.25 with all it Egypt barred their
nations involved, most officials tankers from the Canal.
Even if there were no British here felt that the Arab coun-
Iries would not blow 1.90 and French allacks on Egypt pipelines. But they feared ardent 22.80 however, this country has sus nationalist groups might destroy
pended all planning the pro- them. Ject pending a top-level policy decision. One
1.3
590
500
18.30
up
the
How long it would take to get the lines back in operation it official close to the prob- they were cut would depend, of
lem conceded that Britain
and
13.90 France-hitherto America's two course, on the extent of dam- 1.00 closest allies--"would
But officials feared such age. probably
action might mean a prolonged be in serious difficulty" If they shortage of Middle East oil- fare cut off from Middle East United Press.
oil.
No New Plans
The Bank Of England Statement
But Hugh A. Stewari, Director of the Interior Department's Oil and Gas Division, told the United Prem there are no new plans
London, Nov. 4, how to come to their rescue,
The Bank of England state- He said
oll
previous
plans ment for the week ended made on a peacetime Oct. 31, reads as follows: buals. The Middle East
emer- gency
Note in circulation committee cancelled # scheduled meeting on the pro-Private deposits...
Public depo
Commodities-bid up on tears and shipping groups with heavy Jernment tabulations. The Com-inter by adopting a "protocol of
Department of possible shortages-advanced | Ma-cost commitments,
merce
estimated sharply last week. Tin, rubber, These and
losses that 66.2 million persons to incur
were mittions Jules, cocoa, cotton, wool, grains, | running
of working In mid-October, a new pepper, burlap,
are diverted record for the month. The vati- and ferrous metal-all showed enway from the Suez aren, t-tate compared with 00.1 million and advances, Traders
orders how-wing governed
employed a month earlier and ever took some assurance from this offret last light of circles | the record 66.3 million Inclitzations that only a INT
weer ripe with fem all week Augus **
United tit whether This buying was due to specula-
States would supply west Europe Ezrn five elements,
out shortly after the Suez Canal Government will start buying meat on quotas on Wednesday. INDUSTRIALS for Wednesday
cancelled pork next week in an effort tot agreed on prees only at the Cent abruptly giving rise to reports bolster hog prices. The Govern-very last moment on Friday. that the U.S. Government might inent is already buying lard and
NEW SYSTEM he renadering its announced will continue these purchases, plan to supply Europe with oll, Mr. Benson mid, all told, 100
more The new price system, The action by Israel, Britain million dollars will be available
than the and France in the Suck Canai under the programme to buy precise and stronger
in miniman-maximum system to prompted new scepticism as
the 1933 agreement, establishes whether the US, night now be
Three "price zones" with the aim favourably disposed toward ad-
of keeping the world sugar price Lize $500,000,000
Freight rates, coul and steel as close as possible to its present vancing quired for
Anancing European prices are all heading for a new level, 3.25 US cents per pound, INVESTMENTS oil imports.
price rise. Steel ofcials are now Basic export quotas will apply no claiming the $8.50 price So far there have been
hike
as long as the price stays in the diversions of ore shipments by after the strike settlement is in-
middle range between 3.25 and major carriers, Inturied sources sufficient to maintain customary 3.45 cents. If they drop below might January 1, Meanwhile higher 3.25 there will be an automatic feel that the situation
costs have
prompted reduction of 2.5 per cent in ex- well change over the next five wage
and western US rail-port quotas, with further reduc- le ten days-suming there is eastern
for an interim 7
ons it
necessary but not below no improvement in the Suez,
felt, per cent of the 15 per cent rate 90 per cent of basic quotas. If Of companies,
debike they have requested of the would then have to make
be reduced further with limit. A freight shortage has put fur-
rise above If prices cistous as to how to move their interstate commerce commission, they drop below 3.15 quotas may shipments. If they are to keep ther pressure on prices.. Hard
costs The operational
a minimum. 447 it
coal producers
Last week dis-quotas must go up at least Eisewhere,
rates insurance
on
closed they are raising prices 20
the full basic figures, and if they cargoes to the Suez were sche-
to 75 cents a ton, their second 50 above 4.00 all quotas
are removed imitations tuled. There were reports iso
increase six weeks.
In
what policies his administration point we are not sure The the price gets back to 3.90 that cargoes scheduled for the
markupe were called seasonal,
"haa consistently promoted we could do." nal below-United Press. Middle Eat are being held up having nothing to do with the
Britain and France get nearly the expansion of world trade all their out from the warehouses pending new recent 40-cent-a-ton advance in
Middle Answers-1 Windmill, In 1954. and the progressive reduc- East. developments,
for soft coal prices which followed
instance, Valour, 3 Cervantes, 4 Quarrel,. France The Bank Of France tion of trade barriers."
imported wage boosts granted the miners,
174.3 million 5 Remount, 6 Knight, 7 Exploits, The Census Bureau comated
barrels of crude oil of which & Sancho Panza, 9 Rozinante, 10 And the administration's 163.8 million barrels came from Brave. Because of the serious deve-that general imports In Septem..
присте worth
Don Quixote. stand "is supported by the great the Middle East. lopments in the Mid-east, the ber
dollars, the 1,012,000,000 already tight situation in
majority Paris, Nov. 4.
our people," the but seven per
said in a message to steel industry threatens to be under August,
The Bank of France statement President cent more than in September, for the week
committer of ended Oct. 25, the
Foreign come ever tighter. Industry ex-
1955.-United Press.
Trade Education, Inc. reads as follows: U.S. MARINESKmen. Stock perke now predict the American prices moved higher in early plate mark
market will Foon become de-Tradings on
Thursday. Mean "chaotic"
many expert a new while commodity
prices also emphasis on producing pipe for continued trise almost daily, of production and drilling, and Business raising
anew the spectre of plules for tankers construction. possible government controis In
The new effect, it is felt, will morning of
Selling of rayon, acetate and synthetic grey goods impered offore the smell move the news as converters shied away from all of it domestle-was con- sidered highly invourable. These
have
izaveting higher prices, Buyers were cnutioun after several weeks of covering, brokers said. Converters
been wary about paying higher prlees until equivalent advances can he obtained on finished goods, --United Press.
AMERICAN RAW
Included The following: favourable medicni report on the President, polls showing Eisen- hower Jeading. steel operations around full capacity, and a sh of favourable
stle earnings ments and dividend actions,
Prices moved lower on Tues- day and Wednesday, with the three-day 1 amounting about $1,400,000,000).
However, President Elsen-
ᎢᏳ hower's basurances that the US. would not become involved In
رنا
COTTON EXPORTS the highly volatile Middle East
New York. Nov. 4. Raw cotton exporty by stination as reported in bales by the New York Caitun Exchange for the 1950-67 segun tu Oct. 30 were as follows:
Britain
Continent
Orient Canada
Total for makan"
Same period last year'
* excluding Unters
restored considerable confidence
to
11 Was
Danger Line
roads to ask
BOME
slightly
Exchange Rates
was
done
local
Statement
Expansion Of World Trade
исто
sterling
1,277,840,72 15,072,413
229,840,403
3.45.
to
and
until
New York, Nov. 4. President Eisenhower last week told a group favouring the United States should decide liberal tariff and trade-an unlikely possibly at this
gramme yesterday and has no Goverment securities olher meetings on top.
Other pecurities Mr Stewart said that even if receipts
Statio
208,338,020
44,924,308
491,400,190 14.0
to
ship oli to Britain and France
or
Aranc Total gold holdings 301,204,302, €20 Total other currencies 13,684,641,032 Sight_balance abroad
in EPU thAdvance to Stabili tion Fund 023 Total bills discounted 18.18 Bank notes in dire
Jation 12.65
Current accounts and
deposits
in the unofficial exchange market
the following rates:- V.S dollar (per $1) ..........
the event the Sucz is blocked be to tighten up all Etec pro-Sterling notes iper £11,
and The movement commodities interrupted.
vital
010.018 310,329
30,302 American businessmen nt- 1.187073 templed some assessments of the situation. Among the gloomist | segments are the oil companies
360,383
-Uniled frena
London Markets
Have Dull Week
London, Nov. 4.
Markets have responded dully to the
ducts closely related to oil.
Siast them (per 100) singapore (Stratta
Australian notes iper £1 The combined repercussions Indonesian rupiah (per 100).
Mid-cast in the
nard the up risings
Eastern Europe will probably force A sub- stantial step-up in U.S. defence planning or perhaps, as Age magazine put 1, "new Icoks from Д defence stand- point.
US. virtually оп
With the
the
Iron
Inflationary danger line,
some quarters see the Middle East situation posing some new dificulties for America's money and credit con
controllers. The Journal of appears to have echoed much of the prevailing sentiment in the U.S. these days.
Commerce
Noting that the US economy now running at full blast, it
of materials
alarming events of the week in the Middlends that there is no cushion East and in Hungary.
સ
or manpower to sustain much further increase in
16.18
27.40 1.80
New York
of
in rolessing the text of the message, the group's executive $1,258,500,000 director, David C. Hamilton, noted, however, that the ad- 131,000,000,000 | ministration has made SOTTIC 1,683,995.200,004 moves "of a distinctly and re- charac- 2.600.042.700.700 grettably protectionist
He cited tariff boosts on 148,512,433,011 | imported
watch movements, -United Press.
bicycles and woollens as exom- ples.
Cotton
Futures On
Higher Ground
J
PLUNKETT
By WILLIAM T.
New York, Nov. 4.
HOPEFUL
SAILS:
United Press.
NAMESAKES
P&O
R.M.S. "CHUSAN"
NOTICE TO PASSENGERS
He said democratic presiden- tial hopeful Adini Stevenson has apparently decided not to make a spoelfte statement on trade policy although, he said, to have promised that the Do- mocratic standard-bearer would | BAGGAGE: outline his tariff-trade position.
Hamilton noted Stevenson in September criticised the ad- miolstration for naming "high_taxlif partisans" to the
2
Wednesday, 7th November, at 1100 a.m. for the UNITED KINGDOM, via
Singapore, Penang, Colombo, thence with liberty to proceed via Suez, Panama or the Cape of Good Hope.
Passengers are requested to send ALL: BAGGAGE to the Hongkong & Kowloon Wharf Co's Godown No. 2 GATE, CANTON ROAD ENTRANCE, by Noon on Tuesday, 6th November.
U.S. Barin Commission. But SPECIAL NOTE: With the exception of hand packages
Later, Hamilton said, the De- mocratie candidato told a Rhode Island audience he would oppose textlie "destruction" industry by competition "from abroad-atted Press,
of
the Cotton futures ended the week on production in capital goods in higher ground for the first time in a brunt of any increase in military month.
dustries which would feel the
needs
Phrases like "market crash" and "heavy selling" have not appeared on single day though the well-to-do classe, would seem to have had plenty to think the nationary impact of about.
B
There were some undignified ) week-closed down nearly fuctuations in British Govern- shillings at 112 shillings while mene stocks but the tendency on Shell Transport lost 2 shillings the whole was downward.
3 pence.
and
"Dalton"
of this stuck and the stabilly is
Oils Pounded
Under these circumstances. It International political complications, spot-US Actions To lighted by the outbreak of war in the Middle East,
nny prolonged warfare in the
Middie Erst woven If the trouble kept the recent short interest in the defensive Relieve Shipping
remains locall#od-cen hardly be brushed off."
Developments
most of the time.
Shortage
At Friday's clono the listi substantial reduction In, next ruled 7 to 40 points-33 cents year's crop In the event of a to $2.30 0.
general balo higher prolonged "dispute or
Washington, Nov. It comments the government's factors included Impact of the mobiliation by Egypt,
The Maritime Board took two action of watchful waiting on sall bank
to help actions Inst Thursday on next year's
The soil bank programme may rellova the shipping shortage. and a belief that
But Suez Canal was a politice the advisability of imposing | production demand situation cut cotton production between
closed
5
controla
the
-a
10
crop
the100) paymenta; -
Old Consols lost nearly 10 shlilings but War al Issue all week and Loan at one time touching Friday with a not gain of 00%, its all-time low-closed sterling to 65% sterling.
The situation-In the view or will be in close balanes during 24 and 215 million bilen next It put up for bids aix World
as ilte 1957-58 season,
Department of War 11 Government-owned. year, American businessmen-is with a loss of only 2/0. There
Agriculture oficial estimated. tankers. It and its nelion ara big holdings
There was speculative buying yet too fluid on which to base The rise was necomplished predicted farmers will take dictated by been laternational abroad
of
Hungarians which rosea. definite asacsament.
gradually, with buyer four striking.
several sterling with
ivo, milion acres conditions which have caused a Initial reaction to the British cautiously the 4%
following advances, percents closing at 10% sterling. French-Israel move Egypt
"incid out of.
pro-sharp Increase in demand for President duetion Particularly after
In return for cash such tonnage: On the other hand, Germans was one of strong disappoint- Bisenhower despite a strong following here- ment and shock. Many business- Involvement in
promiso
Official adott plain the six | were extremely weak. The ng-men pointed out that the action French, Israéll-Egyptian
Reviewing thostatistical vessels were being turned loose Leading Inchastrials moved sented of the 7 percent Potash taken by these three nations puto over the Suez Canal. picture for colon, calculators now as a result of the Ster downward unlit Thursday when Loan fell £0 alerting to £165 without consultation with the Persistent spot house selling In Indicale, exporte for the your situation to malce doubly eure the Financial 'Dines index of in- and the non-assunted): £31⁄2 to United States might have a the December delivery, cimber fendiri me July 81' ¿may there is no oil shortages dustriale reached 1739, ils low- £243; the 0% percents lost £B strong bearing on American rallying tendencies in the old, xeood & D est for many weeks. Then Fri- and £3 respectively. The Dawes fordim, ald" programmes day's rush of boar covering and Young Loans were down 11⁄2 year. Some feet also, the liberal crop deliveriós. brought it sharply upwards. · sterling Japanese had losses, trade wings in the US. business However, many Industrials when changed, but the bonda- community, will be handicapped showed moderate losscu on the wwo noi vory active.:Chinese, further, in their efforts, to deve week. Rolls Royce fell three domus were all down about £1. Top lowas Hariffs, and a more shillings and many others is. 6d. Jabe National Bank of Eappi liberal trade policy
MISKAS out C1 to 218-and the shared Latort Bevelopments of last faire Kolaiduok quite pounding dhe British Hone of the weaker Royal Dutch fes: 18" shiling to Middle apt wore down, 17/6/2011: Moró Deople than ever before „80 sterling: Britials Petroleumes, this was partly due to thoir: wero employed in the US, this
going «x-dividend during the being ex-dividend --United Press, month, according 48-in
next
Spot Interests
derated for
bales, and may MENDERADORAH
The Boogd aldi approvad, the webovalant chartering of up to 30 liberty
ptions and Victory ships from there
nding sorve test to nap cary foreign
mia ciriven, orincipally: grain.
In the break 100se from
nited, Pre
carried by passengers themselves, ALL BAGGAGE must pass through the Wharf Cola Godown for: loading on board by ship's slings only.
EMBARKATION: Passengers should embark between 8.80 and 10.00 a.m. on 7th November, 1956.
Subject to Alteration with or without notice
Lloyd Triestino Vessels
m.y.
“ASIA”. & m.v. “VICTORIA”
Dodwell & Co., Ltd. Agents for Lloyd Triestino, are just in receipt of advice as under
'ASIA / which ' departed from Hong Kong for. Italy, on 28th Ol ober, will proceed by normal ports as for an Bombay, thence vin the Cape of Good Hope to Italy.
VICTORIA due to leave Naples for Hong on the 31st October and from Hong Kong on the 27th November has been cancelled.
[{& ©CO., LTD}^ will be
tion available "an
to
any further
No comments yet.
Private notes are available after approval.