1956-11-26 — Page 9

COTTON

THE CHINA MAIL, MONDAY, NOVEMBER 26,

TRADE and

COMMERCE

MARKET US Experiences Week

REVIEW

By WILLIAM T. PLUNKETT

Now York, Nov, 25. Colton futures ended a four-session holiday- shortened with minor price change.

in one of the quietest porlods in some time, the list at Friday's close ruied up to off points-up 30 cents to down 55 conta

11

4 bair-compared with the preceding week. Most of the interests centred in the nearby deliveries

operations

where

evening-up In December prit to Brad netice day on Monday, command most attention.

Spot interesit

mill accounts

and

supplied

De-

ermber petracks to sh poery. other trade in eres's at the sco's high levels just under the 34 cent kice. The ปรus! end-menth switching operations developed, with exchanges of December and and be.wcon March and May Mireh rrd May deliveries,

New speculreiva intere, deve- Iped ecutiously. Outside inders puld le heed to export deve- lopments. texile market newe spot market accounts and the wal run of price shaping in- Buence.

The fa-meving emmodilles like sugar, cocon, caffee, graine and rubber gní sp:culative pre- the lo enco Ver

sow-movina

ent on market, technicians said.

Stocks of row cotton In con-

To: € suming establishments

Of Uncertainties NO DOLLAR

International Situation

And Domestic

Trouble

Disrupts The Economy

By JOHN MORKA

New York, Nov. 25.

This was a gloomy week for American business men. Beset by war uncertainties, the Suez Canal shutdown with its

to

international commerce,

the two coast

disruptions longshoremen's strike, U.S. business men worried about:

1. The possible grave damage to world trade.

22.

Reduction in US exports to West Europe and the Middle East.

3. Higher prices for essential raw materials.

4. Dally losses averaging about US$20,000,000 as a result of the tic-up of some 250 vessels along the Atlantic and Gulf coasts since last Thursday when 60,000 dockworkers walked off their jobs.

5. Failure of the stock market to rally or even to regain a measure of its pre-election day spark.

6. Continued tightness of money and credit, with no prospects of

1.153.678 beles emptred only 809 200 baire on hand

and 321 885 month previous bales on hand at end October 1908,

ป with

relief.

new

Bome trode source, thought The future rendon exports fur will run between six and eight million baira.

The net a'ock of 1958 crop in

18 government loan to Nov. totalled 2,489,291 balca. plus from the 6 040,990 bales held

1935 стор programme.--United Presi

The Bank Of England

Statement

London, Nov. 25.

The Bank of England

national

poi 30

The

element affecting Hie U.S. economy this Vruck was the dock striko.

nr, its impact has been taken in stride. But with no pro

* prolonged foetikment, tie-up could play havec with h ប ន, cenemy. This impact however heavy in the U.S. could be equally strong in West Forep, already beset with l shostages and the Suez close- down,

Heavy Loss

The pler strike will result ie heavy trade lessca for for in shippers who bank on the hig fales state-

the Chilstmas during

portion of meus for the week anded Nov. sezon for a major

their Income

stores u.a. usually Tess etoul 25 per cont of their arcual revenues durira the five or six-week Christmas +ason.

21, reads me follows:

Public deposits

No ea in circulation

A

Ouverament securities

Other cute

Keceipta

Sterling 10,088 12,633,483

£78,301,629

$1,090.315

-United Press.

The Bank Of France ale quantities

Statement

Paris, Nov. 25.

The Bank of Pomada

15, read as follows:

Franc

Inidsing 201426

commerce

The industriels hit 406 10 on

co.ed of Thessly und

B. 470,07 4.4 points on the day.

Is the alah.pments DAKO 011 ub moving to strike ports The be leaded on ships. embargo Impures by la

tian of American

A-~- Railroads

ill shut off 100 cars p.r day OT 18 CC0 per month into the New York 1oit area alone.

On

a two-coast basis, this will mean

cu back

inil shipments amounting to 48,000 cara per month,

strike might A prolonged mel & bool. in prices for its

chemicals, and olie,

Among Meanwhile price move- uthers, ments in commodities were mixed, with pains and losses about evenly balanced on such

emu

19 wow, rubber, suger, coffee, popper, cotten, lard, cocoa anded ble of a. Howeve

heavier ong the strike, the will be the pressure on some ommodities, especially those in tort supply So far, however, there #no evidence of any panic buying.

Effect of Oil

the

Exports continue to areas the stitutive tause of the market, point out that the proflt outlouk, rven i ing BONG SABANTLAUS, WILL probably be exceedingly mixed.

10

to

siywhere, the US. ecunany is showing a measure of vigour, despite overhanging unces talu- ties. The

Duustry although slipple below the lu par cest level for the first time ID 11 weeks because of localised strike, continuta

in Aperate wits demirda stad stroins ing produc.ion favourites. schouled output mat week was at 998 per conl; there is no prospect vi any let-up espreity In the demand for steel plate and oil industry products.

With automotive demand ex- pecica to pick up from aere vil,

the PTCSSUL for steel will be par-icularly

strenuous,

frou

agt, mtalworking publication, mid that the 0.8. defence Department is getting jittery" over the effect the Sirez crisla is i aving on the demand for plate atıɗ oll Industry goods.

Not Likely

While the bulk of Yuletide abro.d is al.ooy goods frem on the shelves of American re- tellers, there are silil consider- awaiting un- irading. much of it perish, bie.

America businessmen are Included are such reclalties meanwhile trying to assess what ffect the Suis closedown and as chersen, cand nuts, sh.

In addi dried fruits and nuts,

the ct shortage in West Europe stocks of toys, will ove Bon there are

on their own trade bicycl.a. Scotch whisky, in ge | prospects. ment for the week ended Nov. quan ities of shrimp. beer,

West Ger

Many look for the cil short- okewa ers from

age to have n sufficient effect ny, canned fish from Europe,

Europe's patroi-chemical estimated $200 000 17 d

inductiles,

extent of the Tho worth of Spanish melons, among

#uct will be determined by Endreds of other items.

Europe's ability to plenish

This would permit mills to But the wineling all riservts.

lake fast write-offs for now more than

U.at, American

facilities expanding capacity of busineren:Cu are worried over

these critical products. Alto the increasing shortage of

LS possible Many looking mentione collars in Europe.

short:ge for the

rase "dellar to become more famillar

ilure assessments of Europe's coromic potentials. Any cut- back in Europe's purchases of

Total gold

Total Diner Durumul of

Sight latice

In EPU

Advance to

abroad

78,933,800,000

103,193,050 200 Total bl.is discounted 1,614,248.291,29 1

Ika Fund

Current accounts and

dipila

2,024,000,338.245

134,005,647,775

·United Pi @PING.

There are also tons of slee, -wrprint, Fides, synthetic rub. ber, woollens.

Putting added

pressure

ם

the movement of goods in inter-

New York Cotton Goods Sellers

Have Slow Week

A

New York, Nov. 25. Cotton goods sellers reported continued slow business in a holiday- shortened week.

The prolonged lull-stretching back over an eight-week period-caused deepening disappoint- ment among weavers who had counted on booking a substantial business through November and early December.

100

In

U S. goods could reasonably affect such standard US exports Rs cars, tobacco, textiles, and agricultural products.

to

CP

Last week American businesa- mtn were encouraged by report that United Sinter might ask the Organisation for European Economic Co-<peration something to alleviate Europe's shortages. In contrast, most disturbing for American has been business ccmmunity the almost steady decline in teck prices since election day. Nov. 6.

Selling Wave

Stock prices have lost dve per cent in their averages over this period. Market experts at

The Department, Iron Age In a few weeks, insists, may come up with a decision sa whether it will reopen expan sion goals for plate and pipe,

government allocation of plate und siluuials, But in 4y experts think this is not likely barring more serious turn of events in the Middle East.- United Press.

AID FOR OIL CRISIS

Washington, Nov. 25. Officials said today that there are no current plans for extending dollar aid to Western Europe to asiest in the oil crisia.

Officials said the question of dollar ald had roi ecme up, and added spreffionily that it did not arise today during the confer- ence between the Dulch Foreign Minister and the geling Secre- tary of State, Herbert Hoover,

Jr,

Autter thal conference, the Minister sald he was hopeful that the Uried States would act scen to help relieve the ghortage.

The official said that specific plans for US action to ralleve the ol shortage in Europe prob- ably will not be made unit the results are made public of * study being underiaken by the OPEC.

Meanwhile, they said, US oll companies are doing everything they can to na ist. In the situa- Ver

The Middle East criels and the resulting European fuel short- ago is due to be a top subject of the Heover-Dulles diecua lon. The United States is under preż

all Western gure from nearly European countries to provide

or tankers and

pca ibly Anandel sfd while the Conal is being cleared.

c

Buez

Hoover's trip suggested that the administration is approach- ing a decision in what can be

done and when

SECTION

COTTON EXCHANGE REOPENING

Cairo, Nov. 25. The Egyptian Minister

today Cotton

of Commere. Mokarmazd Aba

Noster, anndanecd that the Egyptian Exchange, elved sinoc Navimber B, would геред tomorrow, ORIXO ra.lo reported today,

The Minister said the Gov tum-ni had listracted banks to give the largest possible crediş Fusillik:s to traders for thele trantISO- tions. The ortdii could go up to 90 p.z out of their operations

on the eve of

the exchange's closing, he maid.

The Minister d ́olartd that the larg si precent Importers of Egyptian oot-

1201

and

were India, Chips, East and West Germany, Italy. The United the Bøvlet Union Cy choslovakia. Up to had October 31, France also been one of the targest

of Importer

Eryp.Jan cotton/--Frano)-Presse,

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Block Exchange this morning mounted to approxi- mately $280,000. Ncon quations

Buyers Baliuta

and the morning's transactions:

Sharte

BANKS

East Alla

Hoover conferred with the Netherlanda Foreign Minister, Ja eph M. Luns, last Friday on the oil problem. Although Luna that something expressed hope would be done by the. United States to help in the oil criss.

there INSURANC2-3 American officials

sold

of possibla Union was no dicussion US dollar aid during the con- Terence, Liana indicated that the question of financia assistance

well as shipping was curred.-United" Press.

U.S. THAILAND

AGREEMENT

.....

LATE RALLY LIFTS

N.Y. STOCKS

BY ELMER WALZER

New York, Nov. 25.

M

A weekend rally lifted stocks after they had come within touching distance of the year's lows. This was a procedure followed on three previous occasions this year when the average approached the 463 level. This time the decline stopped at slightly above 466 when the list met support.

On Friday industrials rose 4.65 points. They had declined in each of the three. preceding sessions of the four-day week.

Market news generally

wea

on the tuilih sido bus Wall to Street paki mere attention the unerelcinics of the Middle East, the strike crippling ship- ping, fight money, and come pocrer than expected dividends, Also, there was a continuation of rather heavy tax selling from Monday to Wednesday.

Sales for the week, the Dow- Jones industrial average stood af 472.58 of 8.11 points on the week. Halls 168.10 of 2.96:

64 utilities 66.36 off 0.40, and

At the stocks 167.78 on 240, Intra-day lows set on Wednesday industriala

down 14.58 week ago points from a

and rails were down 381 polata.

were

Trading involved 1,308 beurs, fewest since Sept. 7, of this. number 313 gained, 883 atclined end 172 held unchanged. A total of 49 set now highs while 300 sot new lows.

Indonesian Import Red- Tape

Djakaria, Nov, 25. The Technical Goods Importers Association Indonesia bós urged the Government to modify the prest Impcat procedures, which are so "eceplicated and lengthy" that they have resulted in **atognation" in the import trade.

The Association said that an importer had to go to 14 govern- ment office before he could get an import licence.

Because of the time taken up by the present procedures fac

cries abroad were not always Indone- ready 10 moet orders sian importers, During the elapse in the prices-Reuter.

Building Shares

were helped Bullding shares Sales

by p.ed.ct.ons of the Depart 11889 menie cf Comméres and Labour af time there woa oiten a change

that construction expenditures in 1967 will cxcced the indicated $44,100,000,000 of 1956 by

1553 1065

17 0 244 IDU 144

8.45 6.55 3000 0.65

SHIPPING Nunc

•

dia-

"

1,06 Rt..

Berius

DOCKS, ETC.

K. What

Provident (Oi

4320 @ 10

five

percent. Machine tool'shipment. in October rase 20 percent over September,

During the week,

National

1.10 Sealy, Continental Oll, Crucible Steel, and Penick & Förű dired- Kis proposed

家

D 13.40

107 8.08

:plite.

2-for-1

stock

O prices were showing e with some Amning tendency actual incrcoSES, a factor which 10 1440 1000 @ 14.00 helped some of the oils,

LAND, ETC.

LIK Mul

HK Lood

1

RUBREN

1.423 1.63

Washington, Nov, 25. The US Agriculture Depari-Humnava ment announced today the firs: transaction imdar three-yess Amaig US-Thalland mlik resembling agreement.

4

Kat

UTILITIES

K

100 101 GURI (0) 2100 ml, Ko Lant tax 280

LIBU...C

m. (U) Dei. (N)

INDUSTRIALS

The transaction involved pur- | chase by the Commodity Credit Corporation of 38,000 pcinds of the Foremost | butter ou from

Daurica, Inc., and resale of the butver all to the International a.ry Eng.teering Company. In ternational Dairy will combine the butter oli with US-produced | STORES, ETC. non-fet dry milk to make fluid mirk for sale in Thailand.

Under the recombining agree- ment, Forema Dairies, Inc., agreed to supply the products for the operaien in Lee with the Commid.ty Credit Corpors- tions support buying pric United Prem

London Stocks Drop Badly

By C. T. HALLINAN

London, Nov. 25.

~CELUL

ilust

لئے پانی سے احمد

in

1000 @ 1.05

Indonesia

Purchasing

Aircraft

Garuda

Chemicals mado A smart

Djakarta, Nov. 28. comeback on Friday led by Du

Indonesian Airways Port which closed the week hopos

a loan of six 10 gt with a small gain. Unión Carbide millon to seven million dollars Bank Melal jat 4 points.

Issics from the Export-Import 23 much were down

es 6% for the purchase of new aircraft, Aluminum Ldrated according to

of points in

Minister Mr on Friday, Communications

Suchjar Tedjasukmania.

Chrysler, streng 23.70 closed

100 100

125

0

23.00 23.00 1000

Ave

30% #14 14014

2000 13

14 20

لان

2487 @ 14.20

Singapore Stock Market

1

Singapors, Nov, 20. Brokers today quoted the fol- lowing stock patukat

Opening Batu Lintang Rubber Co.

Bryan BaronO Petroleum

[kyndicate. ChecLdated Tin Smeltern

Frame & Noâve 74% eum.

Gammons (MARKYN) Hongkong:★ Shanghai Bank-

las Corp. KONU Hongkong tin, kid

a Kampa Li

Aene

Markets last week got a close-up view of coming recession and they didn't like it. recession due to the approaching shortage of fuel oil plus a shipping shortage already being an ol experienced.

42131

$2.10

tha

· Laias: Rubber hytates

Berandah -Rubber

Pottling in LION) singapore Cold Storage Kuih Brilan Insurance Co.

Trading: Straite Bleamakip

Wraine" Brox.

British Governments took some heavy selling with War Loan down 15 shillings to £69 (after nited Engineers bed, having, touched its all-time low of £681%) while Old Consols lost 7/6 to 61 shillings a few shillings above its 1956 low.

tribute this casiness to tailure of the United Nations to resolve tha Internationel crisis in Milla renting on a substantial to be reflected in a replacement Hungary and the Middle East order backlog, exicading into demand at the mill level which it is felt threatens to up the fore-part of 1987 on toma

bat many normal relationships In cotton sales Yard constructions, maintained a firm

akreles, would trade as well as to the wick the Abancial structure front on pikes. However, the business was curtailed by

of resale boday as well as the pause in, in France and Great Britain. constant pressure

Spinners

Oils were swaakt. Royal Dutch' | new high of 2164 though the 21- offerings on basie, print clothes cloth market sales.

Wall Steelers found some fell 23% to 276. British senlod gained only @{ Jaben- contre ing of % to a conta were waid to be "itting tight"

on current commitments, some pleasure in the markets bo- Patroleum 13 thulling Shells lost ground exopt the 1930s. year, sed the continued buyer of which extend into early 1987, aviour nonetheless. The sicck Transport and Anglo-Egyptian which gained 107- Mogly they Indifference: "loaves the future

about 7, shillinge and Bur- were down 10% @xoloty) current yorn inventories are low | market trading pattern in doubt,"

Tokyo & was cents white di an man 6/66. source concluded. "

Doepite the va preOK JUSTERTON Suez Canal was down £3. :- The industrial quilock caused an exodus from steel shares, all honda comsiana (unchinger down between one and two & W

hillings or even moro, Arm- dated kiestrice Bowalers, Hold. Boyer, Vickers Unlever ind similars were down, arcund two Mhillinga, Chair, MÁRÓS, WOTE KO jonger wanted" and "were marked down a miillig or Thores

oha

met meagre support

krd · küllteru are, expieled to when the, Dow-Jones Industrial enter the market in full strengh average came within 4,88 points Searching for an explanation during early December, when of the low set on October 1, fer te pricaged let-down in platsers open first quarter books.

Market men consider the demand, some foolers: 1 Uns to general buying. resecreble weather conditioun Rayon, acetals had synthetic October 1 levels at most in

There have been end the disruption in retailer textiles remained, quiet with portant.. merchandlere plani; i Indres incet gray goods prices virally points when the market has of nylon, mb: del Cafour tecasions ing competion, frem importa q? undhangtd.; Preet

barlier this year ESITYKSEN PROR Japsex made-up kante; 3. decken dolynster före and orion Abundant ácenéstica produo don Atrylle libreng int form of staple Breaking the October, & level it face of a slictened demand. and tow-were raiana three-to. en volume and i wikhi m. margin

Damers, but to thengenkwire if a cow wiele grelling made in - flameni yarn, levels, assert It BF Holed; that t The wool mituation f. was dienis, market / hana niet k supp

Led dementiel, PARASKEVLET DAN Cantik bound for "ročat: of Ave or six points, wouldSRL | TThe continentidecided to no

thought the situation portry, They contended the fairly

good rese, of apparel, zales :: se |" niéd by: strenRIAMUS VANEMalian | Janbary Necro MiBA

ups, in.... shipmen e. Die Lülsh goods, soucier de laber ara. bột

Locally

for. Gaman Fries, reversing li

New York Cotton Exports

New York, Nov. 15,

exports by

Raw cotton

destination as reported in bales by the New York Cotton Ex-

of Hunger gabe Hungging NOV 30 were as follows: jason

the week with #1 păt Ia-United Procs,

NAMESAKES

Aww-1

the

Me Secretary-General of the Miniatry, Mr Abdulmuthalib, will report back to Indonesia shortly after investigating which Amerlean aircraft companies GIA the planes could deliver needed.

D'Artagnan, 2 Louis, 3 Musketerr, 4 Execute, 5 Mark, Island, 7 Mercedes, a

need the aircraft Cristo. 9 Duel, 10 Adventure, 11 urgently but it will probably Turmel, 12 Aramis, 13 Bastille, be a year before they can be

14 Feiress.

Alexandre Dumas.

We

ready for delivery," the Minis-

ter sald-Reuter,

As approved by the

Postmaster General. Hong Kong

AIR MAIL ENVELOPES

South

China Morning Post Ltd.

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