1957-01-28 — Page 9

THE CHINA MAIL, MONDAY, JANUARY 28, 1957.

+

TRADE and COMMERCE SECTION

British Shipping Companies AUSTRALIAN WALL STREET STOCKS

After Dollars

LINERS TO START

ON PACIFIC RUN

London, Jan. 27.

Two British shipping companies are. making an all-out bid to capture future dollar tourist traffic in the Pacific-Australia run with two new 45,000-ton vessels.

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Business done on the Hong- kong Stock Exchange this morn ing antounted to approximately Noon quotations and $100,000. the morning's transections:

The Peninsular and Oriental Steam Navigation Company unfolded its plans in London recently. Together with the Orient Line it will run a service of liners from the American Pacific coast to New Zealand and Australia, with modern, k 45,000-ton liners comparable to those

on the Atlantic run,

''

US OIL

The and O announced plans for its new liner as yet un- numed, which is expected to be in service about 1980 on a run from England via the Cape of

COMPANIES Good Hope to Colombo, Austra-

DEMAND

Washington, Jan. 27. Sixteen

oil producing associations demanded to day that the government

import curbs

siap

on foreign oil so that domestic capacity can be geared to defence needs.

Han ports, Auckland, Honolulu, Vancouver and San Francisco,

The Orient Line has already announced t projected similar ship the "Oriana" of about the same tonnage, it will tie in on

with the P and schedules

allowing tourists from America to see

the southwest Pacine on a fairly quick turn round and lu luxury at tourist fares as well as first class rates.

iner

Round Trip

Shared Buyers Sellers Bales

BANKS

..

INSURANCES IMBATO

SHIFTING Wheelocks

XU

DOCKS, ETC. K. Wharf.. Dock Provident, LAND, ETC.

ik otel.. HIK Land.. Humphrey. Itenity

RUBBER Trust

UTB,CTIES Tune

St Forty Yaugoti

Engli Electric Месни Я Telepht 19

(0)

30

1054

2503016

40%

0.70 6.80

34

13.20

30 15.10

500 g 15.10

07

100

14.0 10.76

250

2 18.30

་ ་ཤ 」.**1 t

1.70 31 @ 1.02}6

2121.03

240 + 10

23.20 23.40

142 143 103

101

23.10 23,46

814 1

400 104 2800

1200

/ 23,30

311⁄2

Rope

STORES, ETC

24.40 24.00 23.40 23,80

JBL ng

12.00

10.00 13.00

2013 yr 20%

Watson

14

COTTONS

Terme

4.50

Hanvand

7.80

A

| INVESTMENTS

Yanize Allied

1.30

4.70

"The situation resulting from

INDUSTRIALS These new Leviathans of the Cement Ins closing of the Suez Canal

any Pocitle-about 28,000 lons is the emphasised the danger of nation becoming dependent upon biggest previously will do a foreign sources to sustain their round trip from England to Sat:

and economy,” security

13.80 they Francisco in 90 days. They will cut the present minimum of four sold

"The presence of ample dome-week by wen to Sydney down to three weeks and from Auck- stie capacity has enabled country to avold the necessity land to San Francisco down to of actual participation in war 13 days all Including time and to maintain its leadership spent in port

in world affairs,"

The associations

since

have been pressing

this

They will also top the vast

dollar

Trade tourist 1934 potential Defence which already has been shown Mobiliser Arthur S. Flemming to exist by operations of the Line from West Coast would Orient

porta to "down under" and the Francisco revival of their San Sydney operations by the Mat- son Line.

in

to enforce curbs which limit imports to a certain ratio of 1954 US production, Congress authorised such restrictions 1966 provided imports threaten the liveliheod of domestic pro- ducers.

WEIGHING PROBLEM

weighing the Flemming was

Suez Canal problem when the gateway to the oil-rich Middle was closed and cut im- Busi porta to a trickle. shelved the question

later

pending

curbs

Pand and Orient are spending about 12,500,000 ster- ling on each ship according to present estimates although both liners are expected ultimately to cost around 10,000,000 pounda

each.

412-

700 4.80

US EXPORT TRADE

THIS YEAR

Macmillan Unfair To Bankers

By C. T. HALLINAN

London, Jan. 27.

For the second week bank chairmen have complained—a bit sharply, in some cases-about Mr Macmillan's passion for "squeezing” inflation out of the economy by very high money rates. They didn't go so far as to say it was "un-English" but they did say reproachfully that banks should be free to make conservative loans to conservative borrower and not chiefly to the nationalised industries.

US COTTON GOODS MARKET REVIEW

A

If

Mr Macmillan is not im- pressed, partups the reason is that this country has gone into

crisis almost

every second year since the close of the war, and another latest kitao now. That might explain the unusual spectacle of the leader of 120

| conservative party riding rough- shod over the propertied classes,

In the meantime more money

RAILCARS FOR MALAYA

Kuala Lumpur, Jan. 27.

Australian » made

rall

cars will be used exten- sively in Malaya next year, Malayan Government spoketamais said today,

He said mix of the self-

propelled coaches, fitted

with Rolls-Royce Enginen, Indi been ordered from manufacturers Ja Aus- trulla at a cost of about two millioni Stralis dollars.

They were expected to arrive in Kalaya early next year-Reuter.

END WEEK

ABOUT UNCHANGED

By ELMER WALZER

New York, Jan. 27.

Stocks churned about during the past week but ended about unchanged from the previous week in the general average.

There were many significant develop- ments in the list, however.

The ralirond average closed the week at 148.00 off only 2.17 points from the previous Week,

1955.

NEW YORK but at a now low since Oct. 17,

COTTON MARKET REVIEW

By WILLIAM T. PLUNKETT

New York, Jan. 27. Cotton futures, after a fortnight of narrowly inde- more arid 13

prico into cisive

changes, going investment on the stock Ex-switched

to over

the change.

The index of leading recovery

track this past New York, Jan. 27.

Industrials roso this past week New business in the cot. from

187.8: Friday week, scoring the best gain ton goods trade continued closing figure represents a rise for any week since early

of 16 per cent in a little over last November. at a slow pace last week.

2 months. Experts are Buyers still held the

upper plussed, hand in the trade ended the foterth month of relative idle- RCS4,

183.3 to

non-

The utility average rose 1.40 points to 70,30, a Kw bigh since August 18, with Peoples Gus up more than 13 points to help the rise along.

Industrials manded to not 0.88 point to 478.34 and the 63 stocks were up a mere 0.33 at

lows Rince November 30 on Monday,

169,07, Ench of these set new

The

Declined

markcot declined

02

SHIPPING RATES RISE APRIL 1

Now York, Jan. 27. Ocean shipping tales between

throo South American countries and the Gult and East Coasts of the United States will be hiked 10 per cent, effective April 1,

announcement

from four rate-determining groups reveal- ed today.

an

The group, which represent

Interests

In

the

Monday and on Friday. These days sandwiched in three days steamship of modern/o advance. The routes, added that southbound perior was featured costs would rise similarly in recovery by aireracts, and scireted issues. mid-March. It lacked the vigour to attract

The increasÜS will apply to now buying antt the market

shipments between Brazil, list fell off its own weight in the Argentina and Uruguay and tho cents final

United States 13 woll than Volume wus

011 large the Eastern Canadian ports, the declines and

small on the

announcement stated,

seeslon.

2,70

the 2 wares to

a

On

д

The groups Invalyed are the

At Friday's close the ruled 7 to 45 points -35 Those who felt that this was to $2.25 a bale-higher too much turned sellers and the preceding week. produced strange results → the Main interest and activity recoveries, on adverse factor The order-starved market spectacle of Ford Motors in a centre

old in the

crop in the eyes of the bulls. found some print cloth sellers strong market fumbling 3 deliveries. The March, May Monday who all groups except Brazil-United States freight anxious to book second, third | shillings 6 pence, Associated and July contracts all rose to utilles declined, sales crossed conference, the River Plate. and fourth quarter business, Electrical Industries 2 shillings now seasonal highs, with

United States-Canada freight new high ready to listen to lower bids.

British American spot month crowding close to for Bence,

year.

They picked up | con

conference, the Mid Brazil- But other producers manifested Tabacco 1/9 and Unilever 1/6. the 347% cent level.

on Friday, The three United States freight conference cat a greater determination to

ognin the Woolworths,

chuin

Foreign commission

Brazil-United house days of advance found volume and the North cut giant, gained 2/- but its highly brokers, along with than production rather

dumestic at a new low since November 23. States-Canaul freight con- price any more.

Marks profitable rival,

and trade pecounts and local traders

There were 1,401 issues!ference. Spencer, lost 17.

associated buying in nearbys traded.

of this number 680

Rates were previously raised with an improving statistical advanced, 644 declined and 189: situation and diminishing hedge held unchanged. There were 38 on these routes Inft August be

emise of "increased costa making pressure and liquidation.

iesuco

1950-57 now

production."-United Press. the highs and 107 new lows,

adverse to Ilems listed as "free" the market were reports of a

paus

EXPENDITURE CUT

smaller

store

the

than

irritations in

and

new

the

demand.

Also some Middle East. getting production with

into Credit

line

was

cut group an average of 5 per cent. though impact of the demandchiɗful to the point where the

a

Earve sold more than

excess

billion dolides worth of to sop up the reserves of member

Stock Split

The highest priced stock on Oll of the board Superfor California-turned in a

Canada's Economy Suffering

Olliwa, Jan 27.

of

Canada's economy is suffering

because Astatic competition forcing the laying-oix of thou- sancis of rubber workers, liberal member Normah Schneider said inst night.

during

Schmelder sald

the Commons Ahrone speech

de- that the Canadian frám fool year industry

Cautious buyers dislodged a sizable quantity

basic of the 80-square four-yard print nt 18% cents for standard makes or resales, while the mills were

reviewing Buyer Some of the selling followed statistical pleture expected a holding for 18% to 10% cents a che

annoudemment that yard.

situation in tightening government

plans to cut down cotton supplies to come in the falling of in orders for steel Mills making class "B" and its huge defence expenditures

wake of heavy Impoundings for March delivery, less "C" sheetings, also suffering

which now tako

Rome 11 per under the loan programme. The expected demand for new prolonged business cent of Britain's gross national embarked on

government stock now runs aquitos, a wides product whereas the continentalittle more than 4,000,000 bales curtailment programme along countries, living in the same and is expected to grow over the lines of business were reported with some mills running on world

are spending much

oncoming weeks. drills and twils.

proportions-France 7

Mill and export interests Mill executives generally per cent and the whole OEEC.

were other buyers on the rise, applauded the move to New York, Jan. 27. production, saying it was

slackened later in the week US export trade will not be

The rises Included Imperial "constructive step" in face of

continued slow slow affected by the present stale of the

business of recent Chemicals, up 2/», and Rolls because of the world affairs this year, and may months.

situation in the textile inbrket, governments But other quarters Royce, up 1/8.

Willen pointed up multiplying banks. even increase during 1967, a felt the cutback In output has

Buying of British Govern-reports of curtallment among survey by MI

Factory come too and

R late-that

should

monts in the bellof that money wenvots turning out piini elvih They will be Alted with most Magazine revealed.

have started two

months agorates are being forced lower yarn fabrics,

and sheeting Including modern equipment

Eighty per cent of the in One, leading print producer in-and that the current handsome drills. electric-turbine

and dustrial frens convossed said the diented engines

warehouse space has

will New

deliveries, in- стор carry inore than 1,600 passen-international situation

would become "something of a prob yields derived from them not affect exports,

rises dutheed by action of the neor soon be reduced caused while gers at tourist dass and

31 lem" because of the bill-and of as much as 16/- though War by

months, drew extra

good bate, other 400 odd at first class. per cent looked for increased hold situation.

Loan gained only 7/6 and wellvilles during the year

Old encouragement from prospects performance. It ranges between rubber and Console only 3/0. UNFILLED ORDERS The survey, made among in-

January parity a low of $1,310 and a high of was stilering most in Ontario

top and Quebe

I do not believe dustrial firms of all types and

in endless price mort, scheduled for $1,418, the latter a new

at $1,370 Oils were weak with Britishton on Thursday.

The and closed the work sizes, inquired into the im- A trade

estimated survey

repetition of this complaint re- Petroleum and Shell losing /-

points from a key up, so Sir Donaldportance of export marficts

report will be a P and O chief

of print cloth and Royal

a week a ganding the unfair compolitica to junalled orders

Dutch Some

fout-for-one split

sent 1wo American manufacturers Anderson said that the

and weavers no

fretor in the determination of of last Dec. 1

of Hongkong and other Asiatie goverrunt support for American Sugar Refining soar low wage products, lines will work together on

the gov whether industry relies heavily approximate 100.3 million yards shillings. Suez lost 2 sterling

Ing. It held more than 4 They asked Flemming "lo now Pacific trade and that since they on export business.

ernment supporter said. compared with 207.0

The noiterschied German next season. #

polats of ita rise. In the Mont

of the firms interviewed yards a month previous. Stocks Potash loan gained up lake whatever steps are neces were after the dollar trade

But he oxided that "geven spot markets last the week, to give assurance that im- could be assumed that schedules said that ices than five per cent amounted to 25.5 million yards sterling but the assented 7 per-

average price for Pharmacal ran up on a two-for- cents to 15 cents per hour com- American to would be such, that

of their total sales volume in against 24.5 million poris will not be permitted

at 14 primary one split and then lost all its yurde o cents kumbled 34 atoriing, middling inch

pared to standard prevailing had The aircrafts 1964 relationship, tourists could leave San Fran- volved export business, and that month previous.

to 38.49 cents again. rose and the pointa exeved the

Dawes Loan lost 1

wages in Canada is unfair. and It continued will surely dimin without exception as to source cinco on one liner for Honolulu, if they lost it, their output

Some merchants thought cur Young Loan 1 sterling. Chinese pound. This was almost 4 cent period of strength.

the or destination."--United Press. New Zealand and Australia and would be reduced by lers than rent market pessimism was bo were mostly down

of Atlas Corp, was whirled into averago loan

ate Canadian or stor ove

productions. be able to return after a not too vo

3 cente for those points.the active ilst on news of an would be a sad day Indeed for per cent,

wêre ing overdone. They described the ling while the Japanese long stay down under" on the

New Canadians it, in the event of to 34.83 expansion in uranium. Twenty-six per cent of the dullness as

March Toon "seasonal develop-all down fractionally except the

or almost 1 York pound,

Shipbuilding fell companies fell an easing of US ment" which may run a litile 1910s which rose I sterling.

and war, we were forced to depend With advent of the now tariff regulations would make longer this year because of the

cents a pound over the average closed the week lower on news on an Asiatle or any other and O liner, which is of radicals foreign markets more receptive fact that many retallers, mana- Some of the Americans drop loan basis.

Merritt-Champan Scott was country for such highly essential ly new design and one large to American products, the focurers and wholesalers stock-ped rather sharply but others Traders commenced to watch selling part of its holdings of tricies as rubber footwear an fore and twin smaller aft

Magazine said. —United Press. ed up heavily last sullumn,

United Press. only

The premium for a possible increase in the that issue-United Press. funnels, two existing larger

Cotton goods affected by im- payable on the purchase of currently low certificated stock liners on the England-Australia

ports

stocks remained appeared dollar compeution

ufi as a clue on tenders of actual run

likely to firm up in the wake changed at 81⁄2 percent. Unlled cotton against nearby of Japan's agreement to limit Press.

contracts-United Press. cloth shipments to the US during the next five years, other sources commented,

reopening of the Canal,

The Associptions

mald should be imposed now because "the threat of excessive Imports will be far greater than before" when the Canal is clear- ed and damaged pipelines

ever

in

the Mediterranean area are re- stored.

Bary

Work Together

Life Insurance other big ship.

Ownership

New York, Jan. 27. Life Insurance ownership in three-fourths of the countries of the Western world for which figures are avaliable has out- the rise in national in- phoed come, according to the Institute of Life Insurance.

In nearly 60 per cent of the countries in the past five year the percentage increase has been the greater that in the US, Instituto sak.

The average pereeninge in- crease in new life insurance over In 20 free The past five years world foreign countries was 93 per cent, the Institute's report

bld.

REAL GAINS "The real gains

will be scrapped obsolescent-United Pre39,

SURCHARGES RESCINDED

11

Now York, Jan. 27, The North Atlantic Mediter- ranean Freight Conference has

sur rescinded the lost of the charges that were to have gone into effect on March 1 on United States ocean shipments to Medi- ferranean ports.

The conference announced P has cancelled a scheduled 74 per cent surcharge on shipments to Alexandria and Port Sald, and a 50 per cent surcharge on in family shipments 40 Beirut in protection," the alikly sald, Lebanon, and Latido, in Syria. reflected Earlier this month the con- insurance ference cancelled a scheduled 23 income, per cent surcharge on shipments

and

to non piher Mediterranean AVD two-thirds greater in portsJnited Prese. France

made in these years

in the ratios of life ownership to national

Which doubled in Japan

In Japan, the report went on, the ratio who 18 per cent at the

beginning

of 1951 ami 32 per cent at the start of 1980.

In

France the ratio jumped from

10 10 10 per cent

Singapore Stock Market|

million

In rayon grey goods, come activity developed in woven Singapore, Jan. 28.

sector, but Brokers today quoted the ful-nylon-acetate

generally the

ruled market lowing stock prices:

quiet in Opening

company with the restricted business in finished goods-United Press.

$1.87

itu Lintang Hubber Co Lia. British Borneo Petroleum

Byndicate Consolidated Tin Baieltors

Ord, Fraser & Neave Lld thei. .. $2.50 Wer Neave 7% eum.

20160

Gammons (Malaya) Limited 12.05 Hongkong Shanghal Bank.

ing Corp. *****

$870* Hongkong Tin

PR 91.32 Kumpas Ltd.

Lonas Rubber Dulates Lid,

Maingan Breweries, **** New Serandah Rubber Co.

14d.

Petaling, Tiu Li,

Ruffles Hotel

Singapore Cold surege

U.S. RAW COTTON South Brittna Insurance Co.

EXPORTS

New York, Jan. 27. Ita cotton exports by do

Sirali Trading

Atreits Blenmahip United Engineers Ord.

B0

$34.00

$1.00

$20.00 $10 19.30 Wearne Brown - $2.53

• eurdiv.-China Mall Special.

NEW RUBBER CONSUMPTION

New York, Jan. 27. Now müber consumption in tio United States io 1988 amounted to 1,440,272 long tons, second only to the 1,029,000 tons used in 1050, according to the

Htle. a

to

MARITIME STRIKE

* THREAT

New York, Jan. 27.

Und

for

tho

to a

March

The Bank Of England

Statement

London, Jan. 27. The Bank of England state- ment for the wook ended Jan. 23, reads as follows:

sterling

More than 1,000 members of a Note in circulation .......... 1001T14:0 union ropreveriting about 4,000 Public deposits Crowmen of tugs, lightors and Private deposlis

Government secutitles bargos voted today to strike at other securities midday next Friday,

Meceipts Ratio

20.0 ***United Press.

The branch of the National Maritime Union rejected by Beclamation what an employer's group had described as its frial The Bank Of France

contract offer.

York

Statement

Rubber Mangalacturers (Associa= Hon

Tho. union representa men Of the total new rubber con working on river and const sumed out year synthetic rub-

Paris, Jan. 27; Bebers of all types accounted for craft operating in New

otate harbour, along the Atlantic The Bank of France 60.9 per cent or 877,094 loan, asComet and on the Great Lakesment for the week ended Job. againas the 1050 mallo of 680 The dimpute involves about 100 11, rendes slow Được thành tr. Đức 0) lòng

the concerns.

Brand Ascociation report

Total gold toʻldings 2014,908,490 Dornertie, planta: turned out The unión president wild that Total other currendis *£2,000,375,460 1,079,000 tons of synilutie rubs union members had been fight_bajetivo burund

32,671,000,000 bee it year, compared with directed to be certain that toirm

"Advance to stabilien- 070,400 tone in 1955,

„VRRPUJA VRTO "tied up at bornéf

tion Fund

30,000,000,000 Aflowers:=-1 Tibor, 2-Roosa, 3 Hselaimed rubber consumption. | paint by midnight on Thurs. Toui bạts discounted 1,803,945,833,458 1979 Flopsus, 4 Foundation, & WOME, U yake kawin placed my cayekaa expiration date at Tanknotes in droula 1733 Come, 7 Oode,

A

211, Bandana toraya ka against the present two-year contract, 312,781 | # year curilor/-United |--==-Reuter,

Canasta lopped the list Inststinations to reported in bolts by yem in current railo, it said, the New York Colton Exchange with life iurttice equal to 120 for the 1850-07 seasons to Jan. per cent of the rational income, 22, were as follow

Britain

in from 118 per cent five years continent carlier, the report noted. In-Lise | Orient. Us, last goura railo was 116 Speed

NAMESAKES

-- 494,771 12.131

n310,201

Sama period last year”.

717,7:1

United Press.

Nomulus (One of the tegend- ary, dosdezze of Home).

Pro

per cent, up froin 90 per cent Fatal the berloge: United Press.

Current accounts and

deposits

126.191.216,178 *United From.

Norwich

PHOTOGRAPHS

by our Staff Photographers

Australian Day Ball

Police Parade at Aberdeen H.K. Bisley at Kai Tak Australian Day Reception "Beginners Please"

Radio H.K

Mr Frank-Gilbert Arrives at Kai Tak Opening of Orphanage at Diamond Hi N.T. Elders at Kowloon Rotary Meeting A.F.S. Dance at North Point, Training Centre Presentation of Cheque by C.M.U, for Technical College H.E, Governor of Prizewinners' Concert at Queen's College H.K. Regt. Dinner & Presentation at Metropole Restaurant Play "Journey's End" at Diocesan Boys' School Presentation of Prizes at Agricultural Show League Cricket at K.C.C., R.A.F. v K.C.C H.E. Covernor at, Indian Day Reception. San Francisco Ballet at Leo Theatre University Athletics, Pokfulam

ALL

Local

Sports

Local Presentations

Local Weddings.

Etc. Etc.

Available at

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