1957-01-14 — Page 9

THE CHINA MAIL, MONDAY, JANUARY 14, 1957.

►

TRADE and COMMERCE SECTION

Suez Closure Now Affecting

United States

OIL COMPANIES INCREASE

PRICE OF PRODUCTS

New York, Jan. 13.

Americans began feeling the economic pinch of the Suez Canal crisis last week.

Prices of refined petroleum products — petrol, home heating oils and the like-inched higher in the wake of crude oil price increases averaging around 35 cents a gallon.

Espo

ll Standard

Co.

To President's warnings marketing arm of Standard Oil ryout price-wage spirals were Co. (New Jersey) jacked up its inccepted as timely and im- petrol and distilate product

Stringest criticum portont, one-cent a gallon in 18

CLIC however, from two Olter marketers

quarters normally considered in The the Elsenhower сапр

prices

arc

pected to

to fuilow sult, some already have done 90.

The increase in crude refined

product prices reflects a

Ise ity demand for

ol

from Europe

ני •

Ameturan replace closure of

[02

highly influential Wall Street New York Journal nod the Weld - Telegram

Sun. the Both criticised, however, government trend toward higher expenditures.

effect and

In called for the Administration to

porta to preuck.

I

rupplies eut ANT Dy

the Caual.

The demural

Thin

Arigeret a try wave of tanker praete more of what it pure orders.

has

un neonomk shot-le-the-arm for

whu olupbuilders,

have than billion dollars in

Ingre

I

INOW

Steel Problem

But the lonker

PCUNGME

"vigorous leadership" in the foreign trade field. In order to promote more liberal

trade. Ittle caufloned, Olherwise. It progress will be made in this fell over the next four years,

Skeptical

In an editorial last week it Haru wage inflation must be

labour an

be

US COTTON GOODS MARKET

REVIEW · ·

Now York, Jan. 13. Cotton

sellers, goods

HONGKONG STOCK EXCHANGE

Stock Exchange this

despite many previous (From Our Correspondent), disappointments, expressed Business done on the Hong continuing confidence this kong past week that the pro-morning amounted to approxi- longed period of market mately $430,000. Noon quota

tions and the morning's transac- dullness dating back to tlons: early last autumn, "will soon be over."

de not look for any "Iremen- DOCKS, ETC. dous activity," or "all-out" | K. Whit buying, yet they were confident Dock that a turn is at hard"

Provident

NEW YORK Move To Prevent

COTTON

MARKET

REVIEW

By WILLIAM T. PLUNKETT

New York, Jan. 13. Cotton Futures this past

Domestic Sugar

Price Increase

The

Washington, Jan. 13. Agriculture Department last

week ended on higher Friday increased the 1957 marketing quota on sugar in an effort to prevent further increases in domestic sugar prices.

ground for the fourth time in a row in A somewhat

The Department raised the marketing Sugar quota from 8.8 million tons to 9 million tons effective immediately. The original quota of 8.8 million tons was set An less than a month ago.

Influences In-

| more active market.

Prices at Friday's close ruled up 8 to 27 points, or 40 cents to $1.03 a bale higher than the preceding week, Price-boosting cluded: i. Subsidence of active liquidation and hedge selling in

months; 2. nearby improved mill-exporter demand; 3. the continued heavy rate of The action came Just a day Élsenhower higher January parity price appealed to both labour and Canada

impact

of business

to hold down wage Roll bank

in and price Increases. Mr Eisen- programme cutting next season's production, hower made the appeal in his The nearby March and May State of the Union meinage to deliveries crept ahend gradually Congress.

exports; 4. anticipation of a after President

ענר

8harex BANKS Cutters, converters, millEast Asia

INSURANCES executives, commission Arme

Union and brokers ail shared that | SHIPPING conviction. The more caullous Wheelocks

(0) said they optimists, however,

(N)

Buyers Sellers

Balti

***

150

thor 254

report; 6. expected

the

7.10

7.15

4000 7.15

0,70

50 * 41,05

to

172

483

40

13.60 13 80

000 48.7 mode 500

130****

02

15 10,10 4000 g 13 6112

October curly Inst several points or mere,

new seasonal highs, ex-| ceeding the previous tops

The Department nounced three additional to prevent further price rises:

also an-

steps

1.50 1.321

1,00 1.70

2016

700

342

102 100

100 103

62 21.40

4000 or 24.00

100 1000 31

LAND, ETC. IK Hotel.. ik tend RUBBER

Amais. Trust

That reasoning was based on a number of influences, includ- ing: 1. A pickup in retail sales of apparel inventories with the UTILITIES advent

seasonably cold Tram ..... 23.10 weather;

slackening Star Ferry volume of low priced resale. Liht (0) 23.40 23,80 offerings; 3. MEI

of

2.

determina-

1..

temporary mid. weeks 1. It increased

China Рапата Costa Rica United Kingdom

Belgium

tongkons British Guiana

**United Press.

Singapore

the domestic Stock Market

setback was attributed to un- beet acreage to 990,000 acres.

certainty

Department

over

of

rate

the future This compared with 932,000 A acres announced on Jan. 3 and

Singapore, Jam, 14. Brokers today quoted the toi

Opening

14d.

Syndicato

Ord.

Co.

BIR

British Borneo $1.50

Petroleum Consoldated

Tin

Shelters Fraser & Neava 716% cum.

Neave Ltd oni,

Gammons (Malaya) Limited $1.67 Hongkong & Shanghai Bank-

ing Corp,··

pref

government colton piculture 850,000 perts authorised in 1050 lowing stock prices: 23.49 report clied lower price sup- 2. It said it would ask the Batu Lintang Rubber

ports and cut

export sales International Co-operation Ad- as the most beneficial long-ministration and their govETTI-

ern ment agencles to make certain term policy' for colton,

The report hinted that some that foreign old and credit will not have the major revisioris in cotton price 19grammes

Effect, directly or indirectly, of support laws are needed.

supporting

Inflationary trend in world sugar prices. NO BASIC CHANGES

3. It announced It is Subsequent re-buying re-sidering the advisability of ex- flected a realisation, technicians port controls to prevent ex- sold, that no basic change in portalion of domestic cotton policy is anticipated so while world market prices are far as the 1967 crop programme higher than those in the United is concerned. Under present States.

31 31.73 tion to eut production ruther Electric

reduce prices; 4. Hopes

Mncan E

9.50 on early U.S.-Japanese | Telephone

textile import 011 agreement

101 ... 24 24.70 100 24.70 RIV) KA 5 (N)

23.00 23.90 312 0 23.30 INDUSTRIALS

381 30.10 2000 3011⁄2

13 13.30

19.30 1016 500 10.40 13.40

stopped to maintain U. S pros- 'It called dor ទ A perity

of unior

leaders, comunittee businessmen, economists

to make a thorough study of wage Inflation and is propose means by which It

It can be stopped, Best Insurance

Some observers were openly

Than that much akplical

progress According to

World-can be achieved via an appeal for the

to labour and management for orders on their books. A year | Telgram, "the country's best

bocita under ngo ther

insurance agánst the wreckage voluntary restraint on price and quotas. were

wagte boets, President Trummurfg depleted,

by inflation of cur

Magents, emphasising & Cement tried it without notably success prosperity" Bes in the enforce-

www.stirring of Trust Company,

interest in print ope moni of the President's BUITE-

The Guaranty

STONES, ETC. and broadcloths Inst

Dairy ment that "this danger (inda- commenting on beliefs by some clothe

observers that

week for, first half of 1957 de- Watson

COTTONS Lim) holl tatilise only o prudent

educated to Hmlt their wage livery, thought this chocking on Ishare of the nation's resourers,

Textile priers and deliveries was the demands to conform with pro-

Nanyang That icholl live within Ite

ductivity gains, finds "there is forerunner of a demand likely translated into 'nctual tle in the record to support to be The Wall Sweet Journal

buying in a week or two. this view." polula to a spending boost for

"Union economists sometimes the past three years of the

concede in their writings that Eisenhower administration, Is there Es A necessary cor- that

exercise in self-

respondence between wage rates dwipline? the Daily asks.

and productivity. but it 13 The President's proposila add usually dimeult reconcile lots moto government theh words with the artions of Ebenhower, in his up to

for Federal id to illeials at bargaining table," State of the Union message to spending

With all the good will on The Congress urgent businesmen hoot construction and for all

surts of government "welfare" both sides, there would still be

disagreement as Line

room for programmes "at a

ratios, were never better able production-wage ples

their own welfare."

orders croute companies, a problem for 8140)

meet who are hard pressed to

f steel. demand for all types Mounting demand for plates for tankers construction is putting ndled pressure on steel prices.

Tom Cambell, editor of Iron will Age, predicts atvel prices be raised this year,

This will nifeet must Amertenns

way or another,

President

one

011

at our leaders to go slow the wage-priced front

Lo

In

Cus Inflationary pressures

the economy.

The

But costs are mounting along fine. In addition, the Government aus

rejected stee} Industry application for fast tax write-offs on expansions pro- jects, which incons growth will

financed out have to be earnings as much a possible,

Inflationary

pressures to the economy, plus rising govern- have dashed

ment spending,

cold water

of

a tax on hopes for

to manage

when

"observes,

commers further; "But when everything has

About the been id

need for and wage restraint, the price fact remains that the Govern ment is the engine of inflation;

the

who driver it s also the

the engine determines whether >hall idle or race. Only the governcy!

supply muney which makes possible unnecessary price rises,

The Journal of

the

to

to

''

POTENTIAL FACTORS

The arrival of out-of-town National buyers to attend the Retail Dry Goods Association Convention, and the favourable returns on holiday selling, were other clied potential factors ex- pected to get the market out of the prolonged rut.

"Add to this the rivalry ported

anion officials

Colton sales yarn spinners "limited" activity, although an end of the long | among

for the buying lull is expected shortly. prestige that comes from having Manufacturers inventories were driven the shrewdest bargain, reported at a low ebb with and it is difficult to believe that

spring production scheduled to stable money will soon, if ever, get under way very soon, Buy-

did show gutweigh dollars in the pocketing interest

some labour-managementir actual

trade on hostery stimolation negotiations."

counte. Knitters and weaveTS were Using mercerised yarns looking ahead to "bright spring brokers said.

Aid Inflation

The President's emphasis on Commerce the international role that the cut this year. Some of the commended

President's U. S. should play carries with increase In governmeni Caphaels on U. S. participation the implication of kerge scale Many penditures reflects reller nid to in the organisation for trade foreign old programme. Europe to mitigate the economie en-operation (OTC) which failed see in this development U. S. jolt of the Suez crisis.

of approval last year mainly foreign ald programme a major the factor in showed dis-trend-making Anyway

look at it, because Congress economista Bay, Egypt's seizure trust of the alms of the 35- U. S. economy.

Feenomist Ellot Janoway says, of the Suez Canal la costing nation GATT agreement.

that U. S, In- example, Americans money.

urged the President to exercise

volvement in war has been the occasion for all previous чистенсу inflations, but the

you

RAILS FEATURE

WALL

STREET

By ELMER WALZER

New York, Jan. 13.

Railroad shares featured an irregular stock market during the past week.

The rails and utilities moved higher while industrials lost ground. Rails have risen in six out of the first eight sessions of 1957 on outlook for higher volume of business at higher freight rates plus a prospect of an increase in passenger

fares.

ing

logs in industrials, lead the composite average down

a fraction on the week.

05

message

Dzi

for

U. S. la now on the verge of a new kind of inflation-foreign aid Inflation.

"No

previous experiment in foreign aid ever exerted such

a decisive direct, and above all,

speedy influence on the business

In rayon grey goods, demand continued on a fil-in basis with small mill maintaining pricca on a firm basis. Buyer Interest for future delivery, was noted in some nylor constructions. United States.

4.25 7.10

1.20 1000 IN 135

The Bank Of England Statement

London, Jan. 13. The Bank of England state- ment for the weekend Jan, 9,

reads us follows:

securities

Notes in circulation Publie deposita Private depostin Government Other securities Receipts Ratin

supporta,

the

con-

sugar

Hongkong Tin Ltd.

Kompas Li

Lagos Rubber Estates Ltd,

Malayan Breweries

New

LAG

Serandah Rubber

Petaling i Lid,

Notes Hotel

Singapore Cold Storage

Lid.

Department officials said the Bouth British Insurance Co.

the Stralis Trading

United Engineers Ori, Weare Bro

xel-China Mail Epecial.

fexible

the Price lowest support rate could be 75 present sugur situation is per cent of parity on the 1957 result of a number of develop-Straits Steamship crop

compared with 82% per ments.

Last summer cent base on the current crop.

world

suger The

Credit stocks were reduced to normal, Commodity

In contrast with the surplus that Corporation reported sales for exports only on a competitive had prevailed for several years. Some of las autumn's Euro- bld basis, negotiated on opened on Jan. 8, totalled only pean crops were disappoint

Average price at This fact, coupled with concern basis about the Suez situntion, led to

The

bids

43,030 bales. Bierling 1,028.301A7I which the colton sold,

18,509,833 middling one-inch at average some sockpiling of sugar. 294,101,324 locations 253.946,029oce

28,047,035 pound.

quantities that may be brought

15,0

cents 11 weg 26.07

for Minimum price

new

quotas and the

Soria

1,303,959

601,250

1,000,406

114093

48,091,441 middling 15/10 inch was 25.55 in for direct consumption follow: United Press.

cents a pound. On previous

ed 50,560 Domestic beet sugar bids, the sales totalled bales, respective

of Mainland cane sugar prices 26.82 and 28.40 cents a pound. Hewal. Puerto Rico programme Virgin Islands

the Philippines April sold 6,273,102 Cuba Department an-

New York Cotton Under the export

Exports

Inaugurated Inst agency bales,

thus for

The

Peru

Mexico

for Haiti

Netherlands

New York, Jan. 13. Raw colton exports by denounced that some of the 1955 Dominican Republie stination as reported in bales by crap loan alock, nequired on Nicaragua

available the New York Cotton Exchange Jan. 1, will be for the 1954-57 stason to Jan. 8¦sale around March this year,—— were as follows Britai

Continent

Orient Canada

Totol for season ... Same period last year"

*excluding linters

250,770

1,400,638 620,507

189.137 2,777,708 004.716

-United Prem.

UNEMPLOYMENT RISING IN UK

By C. T. HALLINAN

London, Jan, 13.

The new Prime Minister faced last week startled press and a startled country. But that

trend here as our new effort to is not the only odd feature. end the Suez crisis," he said,

United Press,

Japan Topped Britain In

Shipbuilding

London, Jan. 13. The London Daily Ex- press said last

week that

Japan has "toppled Britain as the world's leading ship- building naton.

Kobe, Express

in a front-page dispatch from Anancial editor Frederick Ellis said;

"Bowing deep from the waist

He said the President's pro- By an unhappy coincidence, this is the first will involve in anweek in which the number of unemployed in gramme emergency expenditure of least something more than the Britain exceeds the number of vacant jobs notified is an old Japanese custom, But Lotal amoun!

int of the MIT

the Marshall

have been doing the

back

into

Legislative Battle

there

SUCCESS FORMULA

Plan. He held the possibility to the authorities; it has been the other way today I

bowing-bowing my head deep that the programme would give around ever since the passing of the mild recession in me. the U. S. economy a lift from a a few years ago.

"For in this new year-the much higher level of activity

year of the cock in the Japanese Plan and

With bank rate at 51⁄2 per talk. Is the Industrial boom calendar-the Japanese are for than the Marshall Anally force the

government

the cost of borrowing over? Or is a new boom start the first time cock of the world's deflelt cent, admitted

is excessively

On high. ing?

balance

was shipyards, Onancing, which

end money will

tho ,toppled "They have present fears that demand for Britain's new Prime Minister moderate seiling which lowered

the Financial Times Lidex of British as the world's leading Anthony Eden goods and services will dry up may well have noticed with

shares by 1.8 points shipbuilders, doubling the ships Investors bought utilities for Prime Minister

because of light money con- shade of annoyance that West Industrial

index hit its Germany-In a similar situation but that their defensive qualities: But on Wednesday provided

low put in the water last year to ditions.

has beaten Britain to it and point on November 20 and to 1,000,000 tons, nearly 280,000 the strength in the carriers and excuse for profit-taking,

Next day prices rallied on the

has lowered her stiff bank rate, day stands 19.8 points above tons more than our yards." this group was not sufficient to

Sho 15 highly competitive that low. offret

appointment of Harold Mac-

While President. Ekenhower country.

Most

the Eden's successor,

of

well-known millan

shares were down & pence or a Also the list interpreted the reiterated his appeal for further

Nursing Reserves

Ellis sold the Japanese success shilling but Rolls Royce gained the reduction of trade protectionists Trading lightened after last President's

shillings week's rise to a new daily State of Union as salutary for mapped plans for the upcoming

pence, Marks and formula was "dynamic manage- She has, finally, the problem legislativo battie, average total since April 6, the market,

ded business of nursing the sterling areas Spencer 2 shillings penco, ment, sound planning, trenten- thanks to a big tesalon in the

This past diceline with. Du Pont cft 3er No. 1

Chemical issues resumed their 50 protectionist-minded business reserves of gold and dollars up Woolworths a shilling and Im- dous pre-fabrication and hard

ingled out the OTC

TC as

safe level. Jost day of 1050,

Britain's trade perial Chemical, the glant, im- work by the yardmen."

He said although Japanese week's males averaged 2,371,811 polnis Steels turned lower ex-

target

this year.visible and invisible has got proved 7 panco,

Canal

15/- /lost

workmen were paid considerably shares daily, against 2,053,540 copt for the specialty whereby The

O. R.

ICBs than Ueir British counter- Strackbein of the serves

£53

Germans were strong parts they worked harder automatically. rize by Oils were nationwide

our. rbout billion dollars to, say with 7 per cent Potash up £25

especially committee of labour, been 2,345,809 rose to new highs,

non-assenteds, "Let the Cly average has

Clyde, the Tyne and and agriculture on three billion dollars, Gelly and Kerr Megee strong,

stock market spent the the Young Lean up £1 and the the Mersey not sneer. Let them read facts that should · shake daily for all of 1000,

objective a* For the week the Dow Jones oxceptions. Tyres ranged from its No. 2

tariff- last throw trading days of the Old Dawes Loan up £1

them all out of Complacency industrial averago was off 4.41 a rise of 4% in General to a lorg quota bul which would remote week in incemant discussion but Japanese Up bred of fat British order books points at 493.81, all were up of more than 2 in Goodyear and a sharing of the U. S. market found

of apparently plenty

lasting into the 1900s. with

Importa under at 157,30

Japanese likewise were strong, and utilities Goodrich..

con- reassuring aspect and the close 0,01

"In 10 years or less today's higher greasional sanction.

A certain r

vas firm.

notably Tokyo 54 per cent boom will be over and shilporder Metals were pasier for the most percentage of Imports could British Government stocks both asscnted and non assented, for back to normal - pattern.

Poler under. # Irregular enter part. Motors were

rose steeply last week, funding up £1% and the others up R1 Then the best yards with the proferential rate, with General Motors off

4 per cents pulning,25 Millinits, | Or 10/-; sale exception was the beat workmanship, the cheapest mora

importa la vycest If the

the best de- than a point and Chrysler up a

Would then be War Loan 20 milllings and Old | 1930's. whoso, asentei, fell £3 livery For the year to dste, the tiny fraction. Specini issuce

to 30 gas cent, would Consola 18 shillings. They are and the non-asucksbad: £2. provided the big gains late in be imposed to check increased still cheap, accoting to tho ex-

Dollár stocks were mostly is will get the outers.

"Union there is funda- the week and they closed with imports, should auch importa perience of men and women of down several pointa dorpila the mental change of attitude nil advances, ranging fu, more than continue to take a latge Charo prosperity the industrial Dic 2009 per amt to The Japanese will get the orders," fart that the prehlum paid. for levels in Bellish yards - the 10 points in International Salt. of the market than atipulated.--. But I wait

United Press,

shares which wore florded with per cent.--United Press,"

Filig" conclulled.-- United Pros,

to a sale leve

Just week. So far this year the rest more than 8 points. Sugar group, headed by Chairman to be no successfß that the re-

shares against 2,210,271 shares her for the most part with ort-export polley, has a

up 9.00 at 09,02,

An Excuse

Industriais are down 5.00 points; falls up 4.10 points and utilities up 1.00 points,

There was little in the news to away prices. Resignation of

*

Aircrafis moved

in

but

United PreOS

The

the

to

'and.

A

.00

-2

3,001,205

Exchange Rates

wheel

Businesa was done in morning at the following rates:-

exchango market US dollar (per $1

the local

tim

b.14

10.10

12.00

18.90

20.00

Sterling notes (per £$)..... Australian notes por £11 Indonesian rupiah (per 100) Slum tical per 100 Singapore (Bircks)

NAMESAKES

10

Answers Wordsworth, 2 15.840 2 Lakes, 3 Mariner, Xanadu, 100,000 5 Write, 6 Christabel, 7 Roman-

0207tle, Diction, B Albatross, 01.067 Wedding, 11 Criticism, 12 Lines, 44,409 13 Ballad, 14 Imagine, 15 Re 11,731

6,170 pulation.

Samuel Coleridge,

3,443

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