1957-04-15 — Page 9

THE CHINA ·-MAIL, MONDAY, APRIL 15, 1957.

US

3.

TRADE and COMMERCE

COMMERCE SECTION

ECONOMY IN GOOD HEALTH IMMENSE ACTIVITY

Signs Of Fatigue In Areas After Twelve Years

Of Postwar Boom

By JOHN MORKA

New York, Apr. 14. The economic doctors gave the U.S. economy a thorough checkup last week and found it to be in good health generally. There were signs of fatigue in some areas, but this was to be expected, many insist, after 12 years of postwar boom.

new

1952

levels.

and

A have held strong and evelling off over the past few are inclined to

nk

BS

ON LONDON MART

NEW YORK WORLD TRADE FOR BUDGET WEEK

COTTON

MARKET

REVIEW

By WILLIAM T. PLUNKETT

New York, Apr. 14. Cotton futures this past higher on week finished ground for the fourth time In a ΤΟΥ, with the rise? carrying new crop months

to seasonal highs,

At Friday's close the

onc to 21 points-- $1.05 a bale-higher preceding week,

list ruta

cents to then the

Factors generating the price-

in some seculous

FAIR OPENS

London, Apr. 14.. The stock market celebrated Budget week with an immense burst of activity; bargains recorded 65,792, the highest for

NEW YORK any week since July, 1956.

IN NEW

New York, Apr. 14. The

largest international trade the Western exposition ever held in Hemisphere got under way last Sunday at New York's gigantic Coliseum with the opening of the United States world trade fair featuring some $500,000,000 worth of products from 60 nations.

An estimated 1,000,000 persons and 100,000 representing all types of commercial outlets are expected to attend the two-week showing culminating years of preparing.

Hand-Weaving

Housing starte continued their increase of 675,000 over the pre-some 50 million barrels below decline and steel production has vious month, and 971,000 above no levels of lust October, Total sipped from its highs. Autothe March, 1050 levels, The Rocks are now below the 600 production is above a year ago, unemployment rolls declined by million-barrel level, while raw but sales

an crude oil stocks estimated tufting power included: dis-230,000 from February for have been appointing. Freight carloadings overall total of 2,882,000 joblem between 250 nevi 255 million

1. Prospects for a boost in the buyers ous and coat Employment conditions, accord-borres. This is considered up below expectation production is off nine per cent ing to Secretary of Commerce being in balance. The crude oll government support rate for the from Its 1950 pace, Machine Sinclair Weeks

ca- are very

Are at the lowest since new crop.

2. The improving statistical togl

Ls off 40 per cent.

couraging." output

30 some

million On the asset side of the ledger,

below borrels

the 2. With wholesale prices and

pre-Suer pleture being drawn by the un-

Three thousand exhibitors are United States, will show off some power and crude oil prices

of anufactured goods ever

Oil industry spokesmen expectedly rapid rate of ship-

leading exports; Irish the government participating in the trade extra of its discount the ments under

vaganza, with nearly 1.000 of weeds and wooliens; wareford steel producers still expect 1957

any rollback in export programme, weeks there is less talk about possibilty of

these

guinness from Europe alone, in-crystal, Irish whisky, to be a

prices, a good year, possibly

Inflation.

pointing out historically

3. Buckwardness of crop workcluding three from Curtain stout; and a variety of foods. production your,

been cut seldom Retail

rices have Trus,

spite D{ 131

the fact

because o sates this year have been

Haltons, Poland, Crechoslovakia, en-

#fl

un increase.

excessive ruins, high winds and and Yugoslavia. that The

pre consumers' couraging and new savings are

The drop in crude stocks was low temp.ratures. increasing.

max has hit new highs in ench

a factor in the Jununey hike of of the past few months, In- Many think the economy

35 cents barrel for which the dusiruli raw materials have entering a

U.S. industry was 30 might in effect be

roundly been showing prices weakness

ness erilleiser in Europe and in the period of temporary adjustment, | ***)

Lending support to many roflecting shifts in inventory

United States. infla who feel the problem of policy and production schedul-wh

tion is being fleked are persis- But aside from these business ing.

ble Federal developments, the tent

the

Lople wat repuris that The next

wecks

Board is not contem-wing d cursed these days In the (cw

may Reserve hold the clue as to how good a plating any hike in

re-proposed budget the re

of 71.8 and year 1957 may be. Economists discount rate. This ly taken as prospects of a tax cut next year. are therefore keeping close tabs further indication that for the Democraile on three facets of the economy time being at least, deflationary, a cucus last

announced

tax in particular-auto production, rather than inflationary forces, plans to move for D retail sales and construction are the things to watch.

probably effective on January nativity. All three aro

It revenues continue high and pected to enjoy a spring plekup,

spending in reduced. Some mlilion taxpayers therefore ard which should be a tonic for the whole economy, although many 3 Inventory buildup appears watching" the budget-cutting slackening, although manoeuvres in Washington with be are disappointed salih the failure to of the auto industry to get

more than passing interest, One stocks on nang are sill consider- rolling.

able. Many look for a gradual "cason is that Federal spending levelling off in Inventorica over Is one of the main propa the remainder of the year.neath the nation's economy, antici-Stocks on a seasonally adjusted Another is that the level of If spring brings 总裁

manufacturers Federal spending is the key to pated expansion in business, busis et retall,

increased any lax cut. economista point out, the bene wholesale levels

February. would

felt only 200 million in Bela effects

be

amallest boost since the spring throughout the whole economy. If it doesn't, 1987 may not live uf 1985. This was Interpreted factor es a further stabilising to in advance dilling. up it

There were many encouraging for the economy.

Developments

developments last week, include the following:

CX-

These

the

1. Employment during March wa ni a new high for month, totalling 63,865,000,

an

New York Market Review

Sorne pressed

Inventory

ouservers

CX-

μάνα fears that a too-great oundup in inventories might set the base for cutbaks in buying at same later date, nus trigger ing an overad retrenchment in production and consumption,

|

con ጨፍሩ

The atmosphere before the Budget was much more bullish than it was after the Budget. In the week before, the Financial Timés index of leading industrials rose smartly by nearly 5 points -4.9 points-but in the three trading days after the Budget the rise was 0.8 point, less than rise wag largely full point. And the concentrated on the shares of those” concerns

operating overseas and likely to gain from the complete escape of their profits from UK. taxation.

Horal Mining, from this kind

or buying, gained 9/-. Unilever 0/-. Tumover and Newall and

Beralt Tin, 5/- and many others 3 and 4 shillinge.

But domestically the big fen- ture was the announcement of the merger of Courtaulds and British Celance, making them the solltary giant in the rayon Acid, Courtaulds offer was ex- tremely

депетоц Celancoe shares

the

HONGKONG

STOCK EXCHANGE

and British fairly soared. Nearby old crop deliveries Japan, continuing its aggres-

A feature of the exhibit being The ordinary jumped 7/-, the lagged under the weight of May sive campaign for world mar- prepared by the

Arat preference 4/- and Irish Export | All notice day--April 24. Continued for liquidation

second preference anticipaung Lkets, is melting the strongest bid Fromotion Board will be an

new business. A widely Irish headweaver John Keeney, Countiulda obviously has some

(From Our Correspondent)

Business done on the Hong- dulincas in the textile market, diversified display of Japanese of Donegal -

will give big idea in mind but the market who

this. Stock Exchango by the demostrations of the products put together

hand-was not interested and Court- kong

amounted Japan External Trade

morning own mulds shares closed unchanged on his weaving process

Among the blue chips, Wool- próximately $910,000. Noon Organisation will b

in loom and explain the variations 02 bo

booths. Visitors to

and quotations and the thorning's 10 the or Irish weaveJ

and patients,

transactions: Japanese section will be able to Lord Mayor Robert Briscoe wili

shares

Salte see Japan's

in the pro- visit progresa

Irish pavilion 011

BANKS duction of high quality industrial Monday

na the

Board's nest. goods es well as arterafts in- Major George E. Russel of cluding Items ranging from Limerick, traditional handwork to baseball United States, will be among the now visitng in the

mitts and advanced scientide hundreds of guests expected at equipment.

the reception.

of priceless collection jewellery confiscated from ex-

and the quiet demand for spoi cotto

handicapped the nearby months. Longs also transferred forward on the reasoning that Did

factors have been crop

hereafter is likely to be res- pond to the factors.

A jenderaliscounted and that the market

clock one

cut

Then,

Jast

the

of

on

ས་

worthy Bowater Papen Rolls-Royce gained 2/6 and Im perial Chemicals, and Associated Electrics 1/0.

the

roat

Flyers Sellers

1000 244

50

7000

DO 00 4114

14.30 1450

200

3000

1060

14.00

1.30

1.40 1.4735

1.50

est

21.30 250 1000 GI

101 201 200 100 C. Light (0) 21,70 21.90

Yeumati

Electric

Wor

400 EL-29 20

100 as 21.03

28.10 29.40 ...M.00 24.00

1000 24.00

900 3.24.70

310 in 24.00

3212 123% – 1500 @ 22% 12,90

1400 13.30

1140 1100

28.30

3.90

0.10

1.20 1000 @ 0.15

MISCELL Vibro INVESTMENTS Yangleze

500 @ 18.30

6.25

JIK Bank East Asia Proft-Taking

INSURANCES A scaricity of contracts helped

hazard in their movements for SHIPPING

Olis, which have been hap- Union

Lombard to keep the new crop months en an upgrade. Buyers found

many weeks continged in their Waterbost sellers wary about offering be-

style. Their prices are very high Wheelock cause of overhauling uncertain-

and then suffer from Japanese Exhibits

-profit- Shell Transport gained taking ties dealings with form legisla

British Petroleum gained tion, or until the lapse of time

3/9. A feature of the

Japanese King Farouk by the Egyptian only 3 pence and Anglo-Egypilan ha will be provides the opportunity to see exhibit

be the Japan Government will be shown as

K. shilling foli one

Sutz XD the crop picture in a clearer modem crafts centre, Covering Part a huge collection of

Поск Canal which moves in the same 1,000 square feet. Prefabricated Egyptian goods. Described by verspective.

LAND, ETC. world lost 10/- to £494.

HK Hotel, Approximately 3,000,000 acres in Japan, it is being reassembled em authorities as "fabulous" the

Germans had an active week, ifk Land of the 17,600,000 acierszym kuier-

here and is designed to Blustrate Farouk collection will be the

Humphreys The Cuts ment has been signed up under Japanese arteraft and simplicity first display of the unique col-non-scented 7 per cent Potash

£3 and lection in the United States, guineck in design.

amented £2 Realty Là bởi bai

full the re-

cent,

the both

HUBBE The formal opening of the of the 81⁄2 par

Amalg plant und

samented and non-sæsented Great Britain, France, For the individual, a

cut in mainder

Trist Westfair on Sunday was preceded by bandonment is about average Germany, are among the nations an ambassadors' ball ot the Federal spending basic to any

£1. Chinese were ultra-strong | UTILITI with the 1808's up 25. Japan- | Tram Astoria will be heavily repre- Waldorf

Hotel tax reduction can be translated the area for harvest would be which

approximately 14,250,000 acres. Į sented. Fifty British firms will Saturday night. Hundreds of ese 1007s non-assented gained into dollars and cents.

Each

** £1 and the non-essented moved one bilion cut in the

experts figured, if the show their wares in 20 booths. guests from the diplomatic per dere should be the In addition, nine other budget works out to around 19 yield

com corps, lenders in govemment and fractionally both up and down

British Governments drifted celars for the average Ameri same as the 408 pounds obtain posite booths will feature such industry attended the bail and a

family of four. If the bad-ed

year, the 1987

and kajl formal preview of the fair, New lower all week, losing as much Tel (0) ps hostery crop products ALG be

footwear.

Avercil alighaly

motar cycles Govenor

Harriman, over wear,

as 12/0. Old Consols and were cut by two

billion would

others. among

A Major

Jost 10 shillings Robert F. Wagner and Loans both 4. Steel production, lagging in dollars, the average family of 12,000,000 bales compared with and autos,

special. Booth recent weeks, edged higher last four could keep 38 dollars. 13,380,000 bales in 1950.

sponsored by the other city officials also attended. Chief factor here has been the INDUETIGALE

Coment are Goverment However, two portabic

Information Offen week to B1 per cent of capacity, though to buy

Konie observers

Rope A series of special events will sening by, investors who

the high cost of STONES, ETC. compard with 10.0 per cent, andhrudios от

beld during the week, in pinched by radlo. believed that, with the best left will feature four major British be minus signs in the industry are The budget would

industries: Travel, atomic energy, cluding fashion shows, contesis, living and who feel that if they alry XD have for cultivation an with the in-

special demonstrations.

switch into sound Industrial Watson balancing out and while not all

to be cut by five billions to save dicated increase in fertilisation, woollens and aircraft.

Lane C. shares their income

may im- Kippartum steel firms are enjoying peak each family budget to buy one the average yield may be fully

prove and their eventually in- production, orders appear to be Hi-Fl phonograph, United 10 per cent higher than last

crease to its former dimensions. Nanyang close to production in most Press,

year-United Press. This has led many segments. steelmen to anticipate better steel rate in May and June then the indusry will record this month. Large tonnages of light plate are being sold these days, replacing in part the volume of sheet orders that failed to matcrialise from the auto indus- gain--paced a spirited try. If the auto industry picks rally in the industrial group-up over the next few

then

there is improvement in

The brought tho

possibility that light plate might be the market

pasi valuations

muperseded sheet orders. by

Bethlehem was to arounká four

Steel, for example, thinks they union bollars.

can continue at capacity for the Laughlin Sicel Corp, No. 4 pro- rest of the year. And Jones &

ducer,

Its reported highest income during the first

per cent of capacity, the com- jany thinks it will be operating at 95 per cent in the second quarter, 90 per cent in the third quarter and pick up in the fourth to bring its average rate to about 98 per cẹp!.

By ROBERT SHORTAL

New York, Apr. 14. The sharpest gain since carly last December added than two billion dollars to stock values last

more

week.

Tuo

industrial can

The Dow-Jones average recorded its best gan silice Lt. 7, 1956, jumping 9.11 The railroads points to 488.72. etjoyed Gemand times and is win pouts to 146.51. Utilities were

date 104

unchanged on the week at 71.01. The over-all 65 stocks average

best

wecks,

nations:

Fireworks Display

Egypt, Finland, Greece, Hong-display of fireworks. At

Slack Period

Half-Year Mark

Of Cotton Goods

New York, Apr. 14.

NAMESAKES

Mahomet,

2

5

Exchange Rates

Among other participating Argentina, Austrailo, Austria, Belgium, West Germally,

On Monday, weather permitting-United Press, Brazil,

Burma Cambodia, the New York skyline and Canada, Ceylon, Formosa, Cuba, Hudson River will be alive with Denmark, Dominican Republic, what promises to be sensational The first Ком

India, Indonesia, Ireland, fireworks display in almost half Kenys, Korea, Lebanon, a century will light up Man-Mecca, 3 Scimitar, 4 Horse, Business was done in the focal Liberia, Mexico,

Могоста,

hattan skies that with exme

exchange market 7 marcial Adventures, the Netherlands,

Nor 2,000,000 persons Nigeria,

morning at the following rates;- expected to Dingulis, way, Pakistan, Panama, Peru, line New York and New Jersey Arablati, 8 Plots, 9 Easter, 10 US, dollar (per 311 ...

Arab, 11 Saracens, 12 Caliph, 13 Sterling nates (per £1) Puerto Rico, Philippines, Por-shorelines for the best view.

14 Mysterious, Nights tugal, Rhodesia, Thailand, Spain, Sweden, Switzerland. Tixisła, wo and a half tons of fire Abbaside.

the AB gift to

Harouh Al Raschid,, Turkey, Union of South Afr Japan External Trade Recovery New York from Jetro

Venezuela and the United States. Forty-three countries will sise have national pavlilons at

the

of

The business lull in cotton grey goods now at fair, with special exhibits second the half-year mark, gave little sign of antimal tourist and vacation

impending early change this past week,

quarter. Now operating at 100

Steel Producers

*bita

facilities, as well as entertain ment and cultural exhibits.

Panorama of Goods

Buyers continued to operate close-to-shore, taking on just what they needed for All-in requirements, and asking for immediate shipment will be displayed reads like

in most instances.

The list

works donated

of

Organisation)

and the

Trade Centre, will be handled by special Japanese technicians, headed by Toshio Ogatsu, Presi- dent of the Marutamaya Ogatsu Fireworks, a twelfth generation fireworks export.—Unlied Press.

of products which The Bank Of England

..

A

Statement

London, Apr, 14.

sterling

1,335,800.074

20.111.644

From Creat Britain, d-

of peace timo uses of The Bank of England statóm entering but potential buyers waited for atomic energy. Germany willment for the week ended April third or more of the second quarter to feature wide assortment of | 10, reads as follows: .

elapse before making decisions. machines, tools, hardware,

they Baw The

From Notes in circulation among others, cutlery, further price.

Private deposita wykonan um wares, baskets, batteries, Government securities blouses,

Biber securities Mexico-refined silver, phano fatto blouses, buttons and cameras; Receipts graph records, leather goods, cation, beer; Venezuela petro

of

the prolonged, especially from the Hongkong - ash-trays, alúmini Public deposiz

59.800,001

at 171.10 was up 2.11 points its best gain since Dec. 7.

panorama of the latest ini grad's Trading was the most active

technological and hamierati Some for any week this year, averag-

premium-make prints, ; quarter is the slack period in and few heavyweight in the Industry. Grey ing 2,407,808 shares a day, com-

dooda progress. pared with 1,049,188 shares dally

dustrial fabrics, sold on cen represent excellent purchasés_at 5. Excellent earnings reports tract, but as a rule buyers current prices. It was agreed, plays in: the previous week.

away from alls made one of the of steel producers, coupled with st.icd The

prospects of normal trafic engagements for the week. Thel showings sparked by introduction of a bill through the Sues Canal, helped fourth quarter.

But

despite caso Foderal give stock prices their best in Congress to

advance In about nine weeks.

the pause,

situation is not controla over natural gas pro- Chemicals, duction and the clearing of the showed wide gains and the

and steals altogether dark, some excutive

felt.

The advent of spring, few mills which have a good Suez Canal. Gulf finished up pattern of market prices so far with warmer weather, and the deal of unsold grey goods pro 614 and gains of 4 points or last week has been encouraging Easter season, could change the duction for the April through better

generally af

aftor weeks of in- picture before long. Millmen June period. Skong red in Amerada" | and is held the spotlight deve

Among the other said they would keep a close last week, especially Lukena market sent which bolstered check on the result of consumer i

pour Jewellery, emeralds; Yarn spinners generally have to products, coffee, sugar, gold apparet buying for the religious become resigned to the idea the Netherlands diamond and The Bank Of France which

spurted 8% after lis R. Marys

H.

Infgost dopart hoildays next week..

that now President

business of cost the ar. of diamond polishing annbrunezd carning menterenand earnings for disclored record

postponed cheeses, efiocolates and amorted much

Further Markdowns requcners will be higher than he had sales and

unit around May 1. cellmated the week before the 53 weeks ended Feb. 2. Some convertent conceded facturers felt that while prices, optical

Man food products; Japan-textiles, „** | stocks hove, been getting low, i 1***

goods, bloyalt The wild rations in this stock with Bales' lip per

Lubens Steel Company caught

and saris, bamboo, toys, sport- consumers w The thevoted by the New York Wall Streeters by surprise on the consumer and well as the way with low beverages abou

and Tuesday

and spurted 8 podrils echo backs sharply of the gown in Stock Exchange,

weaving end of the manufacturer

industry. A sustained; upswing limita stocks, Other steals were strong, but on the day for a new high of wholesale***and*

Stock market buoyancy, at retail levoja, fi;wan fully prós $70% after annotering It had level. their gains were nowhere near tripled ita net earnings for the plus the pressure for bably would be redected in. that chalked up by Zukens.

Of the 1,300 sus traded first quarter and an astre 80-reductions and the rising

almost of aw cotton prices were 0. After alniost yeam of "straws in the wird" surpluses, the industry "ould

Futuro mat happen bout us inventes, You A enungtung: New highs wars hit thinks to the Buez Cum-1 Souther

last pockethe most; since the

whole of Jan. 26-770 advanced,

443 declined and 183 were us

vent dividend.

M

Statement

Parts, Apr. 14.

ce and täht, hny important; upsurga | V9; "reached 192835 ing. godka France-won's Lor the week ending?, April 4, |

bp. 202 sjecka bad, new, lowy (bo inspired anortized (which is have parenoita lakuka only 80.---Unijad – Press,

helpäh whittle total stocks, by, rost, Traditional

zhor

The Bank of France, statement Hands reads as follows SOITTI: Protal gold Holdings i

Toli

rencias

„other » airs.

| žight brianes abirsad

In EPU

301204502.000 14,118.856,181

2,171,000,000 81,700,000,000

A NEW

this.

6.

10.43

16 Australian notes (per 1

Indonesian rupiah (per 100) .. Som tical (për 100) Singapore (Btrate)

12.03

10.60

1.80

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