1956-12-10 — Page 9

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TRADE

THE CHINA MAIL, MONDAY, DECEMBER 10, 1956.

and

COMMERCE

SECTION

US Moves To Stop Economic HONGKONG

Crisis In Europe us COTTON Tokyo Stock

DILEMMA OF EXPANSION

AND MONEY SHORTAGE

By HARRY MILLICAN

New York, Dec. 9.

The United States, although caught in its own dilemma of tight money versus the biggest business expansion boom in its history, moved on two fronts last week to save Europe from the economic consequences of the Suez crisis.

GOODS MARKET

REVIEW

Colton

New York, Dec. 9.

textile trading continued to

slow be 11 affair last week in both grey and finished fabrics.

Millmen and brokers cun- stalemate, cluded the business

dimost halfway through its may continue the month Brough the historically dull year-end holiday season.

011

The US Government, initially cool to the oil shortagesward engagements brought about by a unilateral Anglo-French move on which it priced offerings at casale, par- was neither consulted nor informed, turned the other cheek as it became apparent the European economic crisis was assuming second-hands proportions outweighing any petty pigue.

US GOLD BUYING

Washington, Der !! The Treasury Department an-

Just mond

that th weck United

Slates

punelused $103,200,000 worth of gold from foreign govoruments and ventral buzikes and void 58,300,000 in the third quarter of 1960

The Rennazetions enought $235,000,000 The net inflow gold into the Es at the nine month of the

The W. hington

as he enl

Livin обра

Auktion- JAROS

Inst

week

The

Mi-

cautiousners,

OXPIPESSION

the

Market

Review

STOCK EXCHANGE

(From Our Correspondent) Business done on the Hong inorning amounted to approxim-

kong Stock Exchange this

ately $800,000. Noon quotations and the morning'a transactions:

Buyers Hellers

1500

Tokyo, Dec. 9. Runaway share prices Shares cracked the 560 yen mark | PANku on the Tokyo Stock Ex-INSURANCEN change last week on the Lombard Suas spurted-boom.

They retreated at the end of

alter the week, however, series of stern warning against Finance inflation issued by the Ministry

Bank ol Japan.

The

the and

Dow-Jones average climbed to a new all-time high of 666,30 on Thursday.

Provided (0) 190D 13 M

Mules

40 1300

US Cotton Textile Industry Better Balanced

New York, Dec. 9.

The US cotton textile industry appears to be heading toward a better balance in the forces of supply and demand after a thirty-year period of wide fluctuations.

As a

consequence of record) excessive concentration of im- hours of operation of existing | ports In each division and roduced spiadicage, the margin particular

of area

product, of potential over-production in entrancing cotton fabrics, made- the cotton lexille industry is up apparel and household goods, vanishing, according to a report In this realistic approach to released by the Association of

the Japan problem, administra T000 8.95 Cotton Textile

Merchants of tion spokesman have acknow- New York.

ledged the responsibility of

In maintaining climate of fair government

and equitable without

wailing for competition evidence of irreparable damage. At the same time it is thai good on

At the same time. My W. Rov Bell, Association President, cited Japanese textile importa threatening the US toxille in- 15.10 dustry and warned that the US

ik Bank

Untan

KIUPPING Wheclock (01 Wheelock (N) DOCKS, ETC. K. Whart.. Dock

900

0.0

0.50

ว 0003

453% 40

LAND, ETY

ITH Hotel

13 10.20

300

4233 15

1 Lands

1200

145

#33 | 573 16,000

$470

165

23 30 23.70

123y

141

104

103

32,

4000 23.50

24 30

1386

Really

RUBBER

Amakt

Trimi

Ichimada Tent

Star Feriy

But prices broke when Fla- | {FTILITIES anee Minister Isatu warned thn the government Yautati would step in unless speculation | C. Light (01 23 76 was held in check, and officials Electrie

M! directions.

full

1231-

of the Finance Ministry threat- ened to audit books of the major securities firms

الله

All classes of buyers showed a marked reluctance to enter Sur- almst uny type ot fabric. Lower- lcularly in the print cloth cate-

heightened

CONAUTIST gry,

As long a

around, brokers expected consumers to cling close to shore in forward purchases. Anglo-Paynee 970

The prolonged tabuntess voro Pavjet is likely to

be brought

s Lock Ananer Borrowing 14 heated ensinas 11

:D Viral

purchases totalled 20 billion yen While blosingsİla

imilis are resting on

throughout the nation, accord- bucklog. substantial order

And chuting immunity from natitrust

ng to unofficial reports, The windustry s Maldly Bust

of t.w

le contine of major oil

cumulated during the big buying

newspapers charged 21 ? commitlu

the this

105 member brokers bane, which will attempt,, by n

spurt in late September, templing in meel Europeon world-walt

pozition has been deteriorating Tokyo Stock Exchange have ex- shake-up of lunker

shortagen by tanker 500,000

tended loans beyond legal limits. opentablems,

Ship

analysis believed. Jurels of all daily around the cal around the Cape of Good steadily in recent weeks, market

stable. Tron Hope bu? M. J. Rathbone, Pre-

Conversely.

Bhie chips remained Cape of Good Hope and

113- On the

The Standard Western

statant Hemisphere

viously are satisfied to postpone and the attention of Company New Jersey) sul on

new purchases until they have | vestors during the past Thursday There

ren't worked off the subutanital stocks was focussed on speculative engh tanker

to make up the required in the September buy-stocks. Mitshu Real Estate sour-

"do

730 yen to 800 yen. ed from ing rush. Even when they

Nippon Steel replacementN, { come back

Mithu Mining, prying they

Works, Okura Shoji and Hinode probably ure the higher prices put into effect Kisen shared in the rise after the mill wage rate boost.

114

Inlet

Fla

favourable

stion if Congress, approved-- British print to walve #18 mallarin in than interest due Dec 31, arad receptivity 10

American sulle rati Against

the British beled by 12 Govpm t I

becom

firi

Tressary sald Tota US guide

purchases during this period

amounted to $207,400.000

the

2013-

les were $42,400,000 1 Hurcement art.

לון

The largest US purchases the sturd

were made quarter From the International Monetary Fund, from

$70,000,000 which worth of gold was obtained, and from Argentana, which sold the US $50,100,000 in gold. The an nouncement said that the only during sale of gold by the US The thard Garter $8,000,000 transaction Watin Switzerland -United Press

WAN 4411

that

Lack Of Oil

ון

nut

u!-

oll

movement

Whited the Suez Canal opened and damages to the leng Pipeline repaired, he said the and try will have to all the gap by shipping supplies to Bavopie From the Western Hemisphere.

"Millions of barrels of width- tional oil, mostly crude, alrently have been shipped from the US Gulf and the

the Caribbean,"

Record Highs

consumers

ob-

However, munafacturers cater- ing to the apparel trades, count ing on a business upswing after the turn of the year, reminded that January is usually period of intensified market activity.

sale yarı Business in cotton

A con- merke bogged down. Uinued absence of Birst quarter business found some truders al- tempting to stir activity at low- er prices.

week

Shipping shares attracted big block buying. Three million shipping share exchanged hands un Tuesday alone, or fifty per cent of total transactions on that day.

Coal anci cement Issues set now highs, before dropping at the end of the week. Helwa Real Estate rose to 245 yen, but

later. slumped badly

Tokyo Marine and Fire Insurance, fol- Rayon gray goods prices were firm as the higher basis for Ala-lowing the some pattern.

clused ul Ajinomoto down six points from the vious week.-United Prese.

The American role was entirely that of father Christ- A stake was much of its own export market, Lack of ol for Europent trunsport

and Intertry

bound to be res

As a consequence of the Suez fected early in the paring of

Canal stepinge, the

selling And a currency sports

ships crisis

1838 prices for recond hand in the sterling bloc, interwined reached reeart highs the US 11 is wit other European this past week und there was a could deal an even flurry of new tanker orders in worse blow 10 LETASHOOTIN from demistie and foreign shipyards America

World War Two liberty type Forgiveness of the British in-

prived! will be seeneships, which terest

whot of ર fail

accompli : $500,000 a year ago, "arð"

81 double that when it comes up for considera- being offered

Deilers Brokers reported Congress price. the new

the dry cargo market are January. In Ideesn't #441

higher by Although Republican President fusking 10 to 15 per cent Hau votion exports destination as reprited my unde's Easend wer again will be fueling prices for shlus than they did a now weeks ago, with prices con- Denu "raile stoon (ventual favourable vote secus thing to rise.

US RAW COTTON

EXPORTS

New York, Dec

by the New York Colton Ex tharge to w 1934.5.

pretty Contatt

Jeid bas

NO YOU

to be. 4 WIEL

Contine mi

12th at

Pat

* exchiding in dens

Red Pac

14475 1059,010

Congress,

delibera- provide

The Congressional Trons, however, will

Anding beard for a group how makers netther enamoured of Britala nor versed in the

soft phrases of international diplo-

Wall Street Industrials

Advance On Favourable News

By ELMER WALZER

New York, Dec. 9.

A gusher of favourable news sent the stock market soaring to its best weekly advance in the industrial average in exactly 27 years since Dec. 7, 1929, when it gained 24.51 points.

That average rose 22.01 points to close the week at 494.79, best since Nov. 5. If one figures the rise from the intra day low of Nov. 29 to the intra day high of Friday, the gain is 37.88 points. The advance was sparked by about seven billion. Industrials

fax such news as an end to

rose in each session. improvement In tha

性

Were

the nee

ΠΟΥ

meral yarns commanded attention.

elut: worsted Woolen and merchants reported a slow pace as mills withdrew fobrie lines to study the steadily rising cost of raw wool-United Press.

The Bank Of England

Statement

214.

pro

The Bank Of France

Statement

Paris, Dec. 9. The Bank of France statement for the

ended Nov. 29, weck reads as follows: -

INDUSTRIALS

Hape

STÖREN, KI

Dalry

12.00 13

16:20 14.30

WALAU

133 134

COTTONS

Texille

Согр.

4 33

720

740

3.03

5.03

INVESTMENTS

Yangtze Alle-d

Congress might well huve La deal with the probian

the Imperia should 1.575 Japanese

1.55 quetas que before January 1, 8130 1.83 1957 Tali

fall into troversy.

Doubled

Mr Bell noted that in 30 123031 yewis, hours operated per actly 4020 22

15224.85 spindle had doubled from 3,000 iter 23.70 hours year to u record 0,113 1206 » 23 90 | hours in 1955 To'ad hours ran

In 1053

spirities wrie 126,338 thall now.

London Stock

Market Review

18,780,000 little

make

is apparent positive action to

the arrangement will devolve on the Japanese. Should the negotiations fail or become embroiled with controversy it seems sure that the issue will again be earmarked for decision by the Congress.

Contradiction

"Although the problem of im- Ammediate part competition" is and pressing.

it la not one of

short range decision, nor is it limited to Jupruts. At its root 18 the direct contradiction between our domestic policies of higher Improve- wages with constant ment in living standard and a foreign polley which not only promotos imports of competitive goods but bestows uniale ad- vantages upon them, unless our markets are to become a battir international com-

ground of

Spindleage has been dropping with 1,700,000' liqulanted in the ten-year palwar period, with 531,000 more lost in

the first nine mbeths of 1956. Currently total active consuming spindles 111

the

nuniber US

unly more than half the nerdar ol 30 years ago,

AI come point In the near Nature. Mi Bell said, the lines

petition....a lasting deberming- of spinatie mortality and more tion must be made which wil Intensive operation must cross, be fair and equitable to American The period of stability or "even enterwise and ite workers in

Bear, saturation" muy be

the field of textiles and apparel. said, and renaissance of the Without this, the fears and un-

of u textile industry within certainties

defenseless colton

on position will continue to plague time based yenry London, Dec. 9.

elimination of over-capacity and any prospects for future growth London stock a fighter line between the forces and current stability."United The

supply and demand has market made a strong re-of

forecast

textile by covery last week.

p four report showed perecut Increase in square yard production of cotton goods in There was a 1958 from 1954.

that 1950 will show likelihood

of goods an outturn

decline 1955 despite the price which extended from February It revealed to September 1950.

were

two

been

analysto The

equat

11 constant ale of per capita cotion consumption in the U.S. at about 65 yards. With the should population this rise in mean public requirements this for some 10,920 million

Contrast

with

}

Press,

Japanese Buy Whaling Vessels

Durban, Dec. 9. Shareholders of the Union

Whating Company Limited decided here to sell the factory ship Abraham Larsen and sight cuichers to a Japanese company Talyo Gyogo Kabushiki of Tokyo-for £8,275,000.

Among the strong industrials and British-American, Imperiul Tobacco, up some five Associated Electrical shillings,

also up nearly five Industries. shillings,

Vickers nearly four Courtaulds and Ford shilings Motors were up between two and three shillings. There were no 1860 peaks among them, but they were all off the bottom by A pleasant distance,

also Governments British

advanced lurted around and

War Loan gained ten strongly shillings and Old Consols five year shillings, to take only the best-square yards. knowns

One curious feature was the demand for foreign strenuous bonds, the two German Potusn bonds, nun-ussented, jumpo £3 Franc

and 2 with their assenteds up 301,224,472,001 Total gold holdings

15,204,361,420 | £), Young and Dawes

With tariff rates in US already Total other currencies Steht balance abrund

assented were up 1 and 10/-, slashed to the point of token," 1:7,002.800.470 in EPU

However, current prices were Mr Boll warned, "and not even Steril

respectively. 1,037.071.510 Advance to Stabin.

on colton very high and for that reason 15303,033,030

equalising lex In the Japanese list the 1930s 13.882.4 Llun Fund

£5% content of imporis provided, a no cetion would bo talpen be- Jumped non-assented 293,047,978 Total bills secunted 1,589,012,317,201

of quantitative fore the International and como- 20, Elek sotes to etrcula-

while the assented soured £8; Lion

is situation had become clear, 1024s the

Imports 30.639.330 Chuirent accu

non-aswented gained imitation 29 and the essented £4 while imperative to compensate for The chairman also said that a

twin

at distinct advantage would dist dvantages

вестие thi others were all up 21 or the

and low £1

cost cotton

cheap to the company both from the Dollar stocks were all up very foreign labour."

Investment and tox points of "This is the goal of current view it about up 9

£1,500,000 was strongly, like Shell Oll,

between our invested in a suligble tanker while the exceptional negotiations points, demand for Bethlehem Steet government and Japan which, when the opportually occurred will in the next year or eighteen lifted the price 22 points to 370. It sucessfully concludod, However, the demand was not underwrite safeguards against months-China Mail Special sufficient to raise the premium

London, Dec. 9.

The Bank of England state- Alt tankers was uparent, the ship-, ment for the week inded Dec. batider. were up nguinst the 15, reads as follows question mark of whether suf-

flex steel plute will be tevail Nals in circulation

Pubile depozita able in a steel industry already | Pijvale deposits

Givetament securiti at continuously running

Other pecurities caprolly.

Receipt Ratio

The Cabinet-level mobilisation

rear

dotence

Board starter! series of discussions in Washing- ton on Thursday to consider how best to expedite steel, for tanker

Board construction. The expected to approve some scheme of formal or informal priorilles to meel the ener-

Kency.

was

Although it would have no Immediate effect, the steal In- dustry was already planning anormous expansion in the years 10 come. Arthur B. Homer. Stepf President of Bethlehem

would

Corp. suld the Industry have to add another 75 million

tons of capacity in the next 15

years at a cost of about 21 billion.

New

$1.822.J

12.1

Linked Prev.

deposits

2,004,308,012,845

189,434,911,353 United Pres

York Cotton Futures Have Dull Week

New York, Dec. 9.

Cotton futures market witnessed "a

the

11071

demanded; it remained at 0% per

cent

What Mr Macmillan apparent ly did was to convince the city that storting can be and will be, defended successfully, whon he made the statement last week.

United Press.

This would give a 1971 week of slow sagging prices in a rather Nationalists

capacity of 200 million tons annually,

New Tankers

dull situation.

At Friday's close the list ruled off one to 49 points-five cents to $2.45 a bale-lower than the preceding week.

Sign Trade Agreement

for

There was more than im- mediate European needs behind

Madrid, Dec. 9. some quarter supposed, ships New crop deliveries took the year. the rising prices of used

Spain and Nationalist China and the EUITY to build new brunt of the selling as traders under the existing low, the loan Middle East rituation with Bri- Industrial production held for tankern. There was a growing became increasingly puzzled over could be under 32 cents a pound. have signed a trade and pay-

predicted that

months have been meats treaty here, according to tish and French forces leaving the big show,

beller in financial circles that the new form legislation expected New crop

the Spanish Foreign Ministry. 1057 would at least be Egypt; a cement Job under way

Western Europe, even if the Suez to be introduced when Congress selling to about one cent a

that theoretical The agreemont, being the first on US relations with British and second largest year in the

Canal is re-opened and Middle reconvenes and the possibility of pound above

of its kind between Spain and French, including prospect of dustry's history. Auto output East tensions ease, pover again a change in the government cot-base.

the Nationalists, providos money ald; brilliant predictions for the week hit a new high will let ilselt become so utterly ton policy

Textile market dullness. was certain customs facilities. on the future of industry; a for the year,

dependent

Д waterway New upen

crop months, at the lows establlahod on pointed up by indications that

The treaty provides for spurt in the auto industry

bo so suddenly and week's Best gains on the week were that can

belt mills have exchange of merchandife worth Friday, showed a cumulative Jorge Eastern many favourable hulking luca, and aircrafts.

1058 of $6 a bate from the been consistent sellers of May $300,000 either way, according the past ten to a spokerman of the Chinese were The motors spurted just before: Along with this went the feel-season's highs registered just contracts during

No qualor days, presumably for the place. Embassy As stocks went up on

the close on Friday and Chrysler ing that the all crisis

ment of badges either againet fixed but it is expected that ex Middle East news commodities I close the week with a rise of spark an all-out European effort three weeks ago.

will include raw cotton stocks, or, unsold ports to Formosa retreated. They had risen when 3 points and General Motors to get atomic power on a prac

cloth inventories.

aluminium goods while exports. things looked black there on the 24 points.

to Spain will include tea and theory the situation would pro-

Traders manifestod little handicraft articles--China Mail Washington uncertainties ware duce hoarding and shorloges.

painted up, even more late in Interest in the government's special.

cstimate of the the week by reports that Agri- final crop culture

officials soon to be published on Mon- Department have been weaking ways to cut day, Dec. 10. Private surveys

New York's auto show was open, dividends.

and

Auto Output

10 In the metals, olls, steels, ship-arbitrarily closed

might

tical and widespread basis that would effectively eraso some of Aluminium Lopes had mains its dependence on, off-United ranging to 11 points in Alumin Press. kur Limited, other motals of ne much as 9 in internationa: Nickol which, boosted Its plakal

Money continued firm but the price by 911⁄2 conta and opened a

Federal Reserve fook stops to ney development in Manitoba, help stimulate avinga

rokiru the rate banks could pay At the closa on Friday

the

NAMESAKES

Schooner.

Mo Di

on interest on savings: deposits Danires showed 1,425 inkies of Navigale, & Canada, Tiver,

la commercial banks Bankers stock traded. Of this aroup 800 Bay; a short

strepteres mee pain by 14th gained, 307 declines and 189

́al ono per cent,

The over-ait gain m value of new biens 'nde tye yaar, bet and *V Alabai shards" worked out at: 199 pew Lowa, United Presskan

Henry Hudson

Loan Situation"

The company chairman, Mr R. Goulding, sald that because of the dificulty in obtaining this suitable berth at a shipyard for Bell construction of a new tanker for delivery before 1962, the best polley would be to buy

already recently built fanker aflost.

In contrast optimistic outlook, called attention to the threat of Japanese textile imports.

As approved by the

Postmaster General. Hong Kong

AIR MAIL ENVELOPES

کوڈ

BY ADRENAL

cotton prices support in order mosted this change from the Exchange Rates South China Morning Post Ltd.

to ranko, the stapla-moro petitive in domostip amaticetel

previous heure of 18,142,000

"Bukinen, was done in the Jocsi However, akoptical trader Trading in the current Docern. EKTORTOLNÍ egchange market) commentas such a move would be delivery 85 will end in the morning sal, he following center:= Menaje spelerasional Jean AS: 1200, GMT:kowe on Dedi 12. ferling hote Fiber

Openkcontrants remaining at the. Viurargita pazemitizin (Involved?” in the uncer fallity"] weekend war festmated around | Babbling supial papar, 100) 2

jam?tion) DWY(100). over the loan: situatiões: for, zuext - 38,000 phím,—United Press.

1956-12-10 — Page 9

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