1957-05-27 — Page 9

THE CHINA MAIL, MONDAY, MAY 27, 1957.

Page

TRADE and COMMERCE SECTION

UNITED KINGDOM TO GO IT ALONE?? AMERICAN ECONOMY

JETSTREAM ENTERS SERVICE

Trans World Airlines will inaugurate daily scheduled service on June 1 on United States and international routes with the new Jetstream, largest, longest_range airliner in the skies.

In the United States, TWA's now Jetstream schedules will make available to the travelling public additional and much needed irst class non-stop accommodations

Onl

transcon- tinental routes, A feature of these Jetstream frøl clogs flights will be TWA's world famed Ambassador luxury service.

Over the Atlantic, TWA WI schedulo daily Jetstream fights non-stop from New York 10 London and Paris, continuing to Frankfurt d Rome, During will add

June these schedules up to 30 a week. with additional schedules at the end of end during July and August,

Trans-Atlantic

June

THE NEW TWA JETSTREAM

CHANNEL TUNNEL

ISSUE ACTIVE

AFTER A DECADE

London, May 26,

Weekly markets: This has been a rather On trans-Atlantle flights the scandalising week. For three days out of the Jetstream will seat 74 passengers five, the share which ranked, for, activity, at the In an all-tourist configuration to accommodate perk tourist traffic top of the market was Channel Tunnel, an during the summer season. The obscure issue which passed out of view more than Jetstream Bights during June will add more than 1,000 stats to a decade ago when the original scheme for a Europe ench weck on TWA tunnel

the Channel across

trans-Atlonila schedules.

On June 17 TWA will

sud Jetstream another round trip non-stop schedule between New York and San Francisco. On June 24, still another round trip will be added between New York and, Los Angeles and on July 13, second nan-stop between New York and

San

Francisco. The Jelstream will have 44 seats and the Starlight Lounge. at the disposal of first

Low ciase

cost Passengers. coach service will ulso be avaliable on Jetstream lights.

nun

The Introduction of Jetstream enables TWA to offer the highest weekly frequency of trans-Atlantic scrvice In its history. providing maxi- for accommodations the record breaking volume of Americans travelling overseas, During June, TWA will schedule a total of 93 trans-Atlantic passenger flights a week; 104 in July and 110 In August.

HONGKONG

STOCK EXCHANGE

abandoned.

This past week more "bar- gain" in this issue were marked up on the boards than in any other issue. The bargains were not taken very seriously, per- hapa, but the shares which at the beginning of the year stood at is. Bu, have soared to their peak of 29/- and closed this past week at 18s, d

the

us

In the same world and same week which showed Channel Tunnel, we saw also the once-popular War Loan, the ancient Old Consols and the

nationalisation stock railway tumble 22/8; all of them the "safent investment iz world."

The

index

of

the

Pressure From British

Businessmen

On China Embargo

London, May 26.

Britain may decide to “go it alone” in relaxing the embargo on trade with Red China if the United States refuses to follow suit, official sources said today.

There was no definite indication that Britain planned to relax the embargo even if the United States retains it at its present stiff level. But well-informed sources said pressure from British businessmen eager to break into the profitable Chinese market might well bring about some unilateral British action soon.

cased

of

over

ITS

MAINTAINS

STATUS QUO

New York, May 26.

The U.S. economý maintained its status quo this past week while steel, auto- mobiles 'and taxes occupied most of the attention of business men and analysts.

Although steel operations in the previous week slipped to a new low for the year, industry executives attending the annual meeting here of the American Iron and Steel Institute said they hoped, the market would be strong enough by July 1 to absorb a price boost of $850 a ton on steel products.

Executives of the major steel | "Nevertheless, the first companies said a rise of this quarter registrations barety amount would be needed toñosod aheat" of 1956, totalling offset & labour-cout rise of more † 1,480,000 and reports on than 20 cents an hour which | rent sales she less than ecstatic." becomes effective on that date under the terms of their three-

Hopes Waning

Strength was lent to this view] British trade officials refused; ed tractors, pharmaceuti- steel products, machine by government spokesman's to disclose what other major cals,

chenicolx. blunt warning to Parliament last trading items might figure in ex- | tools, textiles and Monday that Britain was "not panded trade with China, but France imported mainly silk, ten going to fritter about with this hinted that Chinese orders for and cssential oils.

Representative Rgures problem." The Minister of State construction machinery and the for Foreign Affairs, Mr Allan like probably would "Alter the past 20 years show Britaļa Noble, told the House of Com- through" once restrictions were has never had a very substantial mons it could expect "an early

amount of trade with China rear contract with the United

Steel workers. statement on the trade em-

from

the potential now Breaking

Meanwhile, hopes of busincos the terms awny

All of the major companies, men for federal tax reductions bargo.

restrictivo embargo S0

offered by the rapidly industrial!- late,

however, nchiliked thai no were Britain finds her Einopean com-

sing Communist state.

waning rapidly. Presi British imports in 1938 totalled formal decision on the amount dent Elpenhower, has been fight- peliters already in possession of

tho increase had been ing stubbornly for g budget good slice of the Chinese. $17.100,000 and had risen to of

and the authoritative which he declares will trade. As for North Keres, $33,200,000 in 1948,

Exports to reached, China

Week" 10%

magazine of no tax reducilons those years "Business

at this trade with Britain was the first to revoke Rod

trade restrictions on February totalled $21,100,000, and $35,300,- warned its readers: "Don't take time, and congressional leaders all the talk about higher steel of the tax reduction bloc were 25, but no information is avail- 000.

trading In 1995, with the Korean War prices at face value,"

becoming resigned to the likeli- able on how many

over but the embarge in force, "Increases averaging 50 a ton hood that any cuts will be de licences have been granted,

Importent $34,445,770 | and more are being discussed, layed until next year at least. France last year exported Britain

Chineso

to be sure," the magazine said. "I would never agree to tax goods. $22,752,000 worth of

goods to worth, China and imported $14,762,000 But

this exports totalled "But

may

be in part reduction under present budget worth. Major exports includ-only $22,250,071.United Press, strategic to get customers even conditions, Elsenhower told a now... this tells you, as plain news conference. He strongly os words, bat whatever in- suggested that it would be even crease is posted on July 1 will inter than next year before he be an 'asking price. It will go would "consider the tax cuts on the books against the day Justified

ban

The statement, Informed sources said, would almost cer- tainly be on announcement that Britain was going ahead in re- axing China. Most likely, they said, it would be an announcement that only Items on the list of goods with which trade with the Soviet | Union is forbidden would hence- forth be embargoed for China, was

Can Still Evade

virtually

WEEKLY

NEW YORK

COTTON MARKET

By WILLIAM T. PLUNKETT

Currently many more items are on the Chinese embargo list Thus than are on the Soviet. the Chinese can still evade the buying Westem blockade by goods from the Soviet Union or her East European satellites and shipping them overland.

The influential Conservative Dally Telegraph called editorial- ly for a British Initiative to ease the China ban and mid that Britain should "agree to differ from the United States on this question

"Successive Brilish govern- ments have shown much patience United States on this with the Issue," the Telegraph said. "The when time has surely

of

her

READJUSTMENT STOCKS ON WALL STREET

OF

By ELMER WALZER

when demand picks up and mijk

exact full official

con

prices."

Prospects

permit:

As a result, Speaker Rayburn withdrew his proposal to seek tax cuts this year, but still insisted such cuts elili right be effective on January 3, although conceding action on them would Meanwhile, industry execu-have to go over to next year.

Street tives commenting on-production

Journal, The Wall prospecta predicted a progressive ; however, trying to look on the pickup of ordering in August bright-side of the question from and September with output for the viewpoint of business, com- the year as a whole equalling mented: "bigger tax cuts may or surpassing last year's' near emerge all along for bigger cula record total of 115.2 million tone than the House proposed to vote of ingots.

this year. Senate strategisis Auto output, closely linked to hope delay will mean reducing stoel, had picked up, god the corporate levies and rates on second quarter, although "Aprli | midle and upper income in- Spectacular gains came into many issues just about held its own, was dividuals. The original plan for was set up efter the Korean war outside the group used to calculate the averages. expected to top last year's low this year was to began in 1950, with the object of Corning Glass, the star, gained) 20 points on its For the year as a whole, in- United Press. banning the export of strategic

substance dustry epokesmen figured output materials to Mao Tse-tung's new basic material, pyroceram, a

should easily top 6 million, to government. Its operations have At Friday's close the list ruled become progressively less described as harder than steel, lighter than beat 1950 by more than 200,000

коор pace wag the 21 to 53 points, at $1.00 to $2.85 portant in recent years and i aluminium and nine times as strong as plate glass, cars, but whether sales would The Bank Of France

may be wound up altogether following the Current Parls meeting.

government stocks is still a little above its post-war low which may be one reason that institutions are holding off.

WORRIES

:

New York, May 26. Cotton futures this past ended on higher week ground for the fourth time in a row, lifting all de liveries to new seasonal highs.

But the situation certuinly worries people who are begin- ning to question whether Conservative Government isa bale, higher than the preceding really in control.

One of the week. big successful Industrial con- cerns, English Electric, tried this

in

pre-

come

washington can fairly be asked to return the compliment."

The China Trade Committee

Huge Prizes

New York, May 26. Stocks went through a rolling readjust- ment during the past week.

conseg

figures.

question,

Q puzzling

A

1735

concentrate

relief in low incomo- groups.”——....

Statement

other

Cur reacles ...

Franc

Lero

United Press.

The Avenges showed little level. The experts cald the

"Trad estimates" said Buzi- change. Standard & Poors index nmrket had developed no ex-

ness Week, "put the stock of Factors generating the price-

of 500 stucks rose eight cents on

and many predicted an

cars in dealers' handa alittle

Paris, May 20. past week to raise long-term liiting

Frichuuled: 1.

the week. The Dow Jones early resumption of the upturn. power

Over 100,000 now. That Isn't The Book of France statement money by an issue of debentures Growing concern over a delayed

dustrials closed the week af

Demand for the oils accom-low, even in these days of for the week ended May 16, reads but the underwriters were left crop start because of excessive

504.02 of 1.58 points; rails, the The prizes to be won by enter-

as follows: with 55 per cent of the Issue, rals and low temperatures; 2.

Total gold holdings 301,201,308,42 74.36 up 0.08; and 65 slocks dictions by leading oil executivestuif all buyers, but li's 200,000 Things like this are awkward A growing disbelief that Con-prising Western businessmen in soft spots, 143.80 off 1.89; utilties panted favourable earnings pre-stocking colours and styles to

China are huge, for the Com-

for the remainder of the year, under a year ago. 175.67 off 0.83.

"March registrations of new and un-English; we may

13,134,512,200 gress can, or will, act on lower

Also predictions projected the Trading fell to the lightest sently find the City of London price support legislation at this munists are currently engaged in

with the kidustry to shurp gains by 1005, cars, on which the count his sight balance abroad

11,371,000,000 | speaking kharply

Just been completed, came to to Downing Session; 3. A growing bellef that a major drive to step up both

In five weeks Street.

a drastic cut in supplies, achtered "gricultural and industrial pro-lovel

duction. To do so they need daily average at 2,230,897 Traders sold out issues they 574,000. That was only 00,000 Advance to Stabiles- -Gon Fund news rate of Leading industrinis were cet- rough the heavy

fine Total bills decounted 1,943,370,322,130 average of believed had run high enough less than in 1985 and against an

eir- Our Own Correspondent tainly affected by the heavy

exports out of the govemment Western equipment to supple shares,

ment Soviet supplies — and the ( 2,087,237 In the previous week. for the time being and bought | March figure by any other stan- Bank notes in

culation

3,045,049,830,310 smaller crop trickle coming across Russia by

were be-dard of comparison. Moreover, British fall

Current accounts and stocks they, believed Government surplus, and a

Only a few of the issues to thehind the market.

February the jump oVET

deposita

208,236,838,722 of Eastern Europe has SO Business done on the long-stocks. Shares like Courtaulds, prospect, may oblige the Agricul way

well above average, kong Stock Exchange this British American Tobacco, Ford ture Secretary to raise the loan for

from enough to industrial avenge showed more been for morning amounted

satisfy the needs.

than fractional changes. They to appro- Molors and Rolls Royce all fell devel on the 1957-38 crops. ximately $200,000. Noon quota-2 shillings.

Kodak up British

trade included Eastman Government

Union Carbide of 2, tions and the morning's trans- Shares of paper companies The October, 1958, delivery

figures published recently show- 27%,

144. Du Electric off actions:

are still under pressure; the which would be the first positioned that Japanese trade with Red General Financial Times weekly index affected by any change in price China ron from nothing in 1953 Pont and Allied Chemical off of paper and newsprint shares support legislation, became the

to 70,000,000 dollars last year. 12 points each. Steels eased stood at 100 in January Jast market leader. Dealers reported

West Germany's exports to China slightly, Moters were mixed. November Persistent chart buying, plus u year, fell to 05 in

in the same period rone from

The real features-the oils-- and has taken 6 months to edge scaticred trade demand for the

2,000,000 dollars to 39,200,000 had gains ranging to 81⁄2 points to 75, Bowaters lost 2/6 forward month.

dollars, the figures showed.

in Amerada. Getty Oil gained Other Western this past week.

European. Gains of 3 to more than 5 The slow-down in the textile nations are abo stepping up points appeared in ERRATIC

Richfeld, market, following a big buying their trade to China, leaving Mission Corp, Misalon Develop splurge in the preceding week, Britain, with its scrupulous ment, Skelly, and, Tidewater. was disappointing, but attention regard for the embargo, far be- None of these is a comperiunt of centred more on the crop pleture hind. Switzerland bag cold Q

the averages. and Washington developments. number of 10,000 watt generators

BANKS

Balzs

Buyers Sellers

1035 1050 10 1040

IK Dank

INSURANCES VAIDA

SHIPPING

Wheelocki

DOCKS, ETC.

015 02715

10

1 :.

1.45

K. Whart.. 100

Dockt

42% **

500 @ 43.30

up

The leading oils were erratic. Oil shares based on Trinidad with Trialand rose violently

Development nearly shillings and Trinidad HK Hotel 22 15.40 19.50 1000 a 15.30 Central up 3/0.

Pyident (D) 13.10 13.90

.LAND, ETC.

HKC Land... 35.75 30

Arts) 1 1

Humphreys 10.40

Realty

RUBBER

120 & 20 Petroleum

1.43 1.50

Analg. ... 1.478 1.50 20000 m 1.50

1.20 140

Trut

UTILITIES

Tran

Yaumati

C. Light (0)

Mectric

Masso E.

Telephone

+

2215 22.80

LD 10.40

29.10 9.80

30 2000 30

10

2% 21.30

up

Ins

•

STEAMSHIP

toll in

PROFIT-TAKING

Profit-taking took a some of the leading issues but their losses on the whole were held to small amounts.

And a long Unt of Jesus made

gains on the week. Of the 1,990 issues traded, 519 gained, 710 declined and 181 held unchanged. A total of 157 made new highs. Nearly twice the 80 new lows for the year.

Next week the market will

run for four days with a boll- day on Thursday for Memorial to this Reds and "Sweden has sent |

Day. Trading will resume na addition to uncertainties 10,000 kilowatt steam turbine Canadian Eagles, both beaver

usual on Friday.

Industrial production to tho and registered, jumped 5/- as on farm price supports, buying sets,

Switzerland is conding measur- was chooinaged on reports that dld Royal Dutch but British

American Hawaiian Steamship part work included email galais made in the log istruments and machine rose 0 and gains of 3 to more and losses the leading groups Petroleum and Shell Transport move may be wwe stationary and Burham Ou Senate to revive the soil bank tools, West Germenty generating than 5 points were set. by so that on average the economy programme for next year, which equipment and ball bearings National Lead, Safoway Stores, held as what several businets lost 4/B.

Pittston Co leaders called a plateau. Foreign bonis also mobbed the House previously voted to both on the strategie Ilstand Clark Equipment,

chemical, tu largo quantities. rather vloiently

Firestone and National Cabl when they kill.

Automobile output was little Official statistics show Briksh (Roadster. Nee of these were in changed on the wook but higher moved at all, German 81⁄2 per

The export picture featured imports from China last year the averages either, cant Potash, both arsented and

thao a year ago and production 1021.30 non-assorted,

£2; the news of additional sales out of totalled 35,241,705 dollars com

to date shown a small incrEDES West Germany'。 There were some wide de over 1050. 100 m 27.30 1000 27.10 Young Loan non-asented jump- the government's surplus stocks. pared with

clines as well.

Car loadings, coul ed £1 and the assented £1. Under the two programmes now | 63,200,000 dollars. Japanese, were weak. Tokyo 5 operation, the Government Export to China last year Business Machinos, selling ox-output and construction werd lower on the week and under a rights, fell 13% polta. Thomp per cent non-stated lost £3 has sold 10,571,488 bales, leaving totalled 30,209,410 dollars

year ago. Electricity output, was Dairy 14.00 14.00 1800 14.00 while the 1924 a non-accented only 2,914,000 bales in Govern-Britain and 87,100,000 in West son Products and Robo & Has higher suck steal schedules show-

lot 6 points cocks, Newmont lost £1% and the assented £2.|ment hands, On Aug. 1, the Germany.

ed rise. Roted trade held of Bilning fell & and losses of 3 to 1 to up 5 per cent over a year Several others lost £1 or 10/-, govemment has announced it will Dollar, slocks tended higher, lako over, unredeemed cotton

ago.--United Prose. nolly reflecting Wall Street under the 1957-58 tom pro- moverents

As of May. 17. that but the premium gramme. reflected London demand with a stock totallod 9,950,002 bales. rise of to 9% per cent.- United Press,

!,INDUSTRIAIS

Comert

321 3912 1500 # 33 STORES, ETC.

'Lane,

COTIONS Toxie

4.00 4.225 6.30 6.50 LANEOUS

20.70

440

Invest. 10.20

INVESTMENTS

Exchange Rates

rosa

NAMESAKES

Major Imports

in

International

4 points were, sob by: Yours town Sheet & Tube, General Boeing Airplane,

Vestwall Gypeum, aut American The Bank Of England

Statement

Britain's mojor imports from Dynamics, China includo teo; bristles, ahellodetes, sheep and lamb Home Products. The Census Bureau reported wool, cotton waste, textile yams

the American Stock Ex- domestic consumption of all and manufactures such as silk, charge a: mimilar situation pre- cotion during 25 working dayé conel and goat hair and raw valled. A standout way Toot

Xondon, May 26, im April at 807,979 this. This tung ou

The Bank of Bagirald" state- conpored with 755,027 used in is return she exports to China Shipyards which spurted 18%

ment for the week" ended MaY 20 working days during March chemicals (most anti-biotics)

22, remix ha, dołtowa:. Answerg-1 Gaines, 2 Couch, and 722,011 bales used in 20 non-electrical machinery, Iron 'In the big bowed truding the ing, 29. Training Record 6 days, darkg Arly 1950. The and steel tubes, piper and market war aten wit adjusting Noter in cirqutation

Public depositas · 6.30 Competitor, 4 folsinki, 7:Op- | dalky vele, of the, in Apell was 'Attingh, wool wy, knall textile itself for another assault on Life Private depomta 14:20. ponents, 8. Rivalry, 9 Mel- 33315 | bales, coippared with machinser de ind imeeltasiesi 581.06 record high set on April | doverommalineclar 1350 bourne, 10 Athletics,' 11 Vie- 34,551, balenie cule; preceding handikas-equipment and womly 8, 1950. - Aa, the experta has | Quack unmat

packed and od 138 balas in April | nori stratégie electrical machine proficted opposition, in the pros wi III. Chu Phú.

Bant yearskiffutati Frank

ery (up to one half horsepower); Lanitsch glass cane around the 609

Djakivenn “wad Horie in, the local

Mot

morning, al- the following rules: U139, doder ·(DE-$1)_ Sterling nolen: (por "23)

Adam LCS KONtae (per #1).

Zara come, four, 100)"

thin

półsta.

FATHERS-

encourage your children's quest for knowledge

THE GUINNESS BOOK OF RECORDS

will, answ

their WHO

/HAT? WHERE?

Obtainable

SOUTH CHINA MORNING POST: LTI

IGKONG & KOWLOON

$9.50

: