1957-06-10 — Page 19

THE CHINA MAIL, MONDAY, JUNE 10, 1957.

TRADE and COMMERCE SECTION

UK DECISION CAUSES LITTLE STIR

IN AMERICA Business Takes Monopoly Ruling In Its Stride

New York, June 9.

US business, on the verge of the annual summer doldrums, took in its stride this past week the British decision to increase trade with Communist China and the Supreme Court's monopoly ruling against Du Pont and General Motors. Both items of news were the topics of conversation and speculation in financial quarters, but Britain's decision, expected to be followed by most of her allies, brought not a single ripple in the sluggish New York Stock Exchange.

COTTON NEW LOW FOR

GOODS MARKET

New York, June 9. The Worth Street cotton goods trade went through another week

an

GOVERNMENT

STOCKS

London, June 9.

Page: 5

SOME WIDE GAINS OVER THE WEEK

ON WALL

STREET

By ELMER WALZER

New York, June 9.

Stocks registered some wide gains over # considerable area during the past week and left Standard & Poors index of industrials and 500 stocks at new highs since early September,

the blue-chip Dow-Jones group performed somewhat like the previous week by doing less than nothing. Dow industrials closed the week at 505.63, up 0.70; rails 145.01 off 0.54; utilities 73.54 off 0.49 and the 65 stocks of these three averages 176.43 off 0.20. 425 instastrials closed at

Standard and Poors index of up 0.31 and a new high Sept. 0, 1950 and 500 stocks

But Weekly markets: This has not been a of quiet dealings-the very good week.

been third in a row.

Most disturbing feature has

the Since the Inte-May abor-spectacle of British Government stocks getting tive buying splurge, when lower every day. The index of government stocks yards of print and broad-Back in February when the bank rate was lowered estimated 100,000,000 closed at 83.28, a new low for the year 1957. cloths were booked for third from 51⁄2 per cent to 6 per cent, this index

to No-buyers returned the of high-quality stocks stood at 89.23, it has now where are there convincing indi-hand-to-mouth policy fol- fallen 6 full points in 4 months, cations of a major change of lowed through the direction in economic activity- either up or down in the near ceding, eight months. future."-United Press.

The Court's edict Bat Du Pont spots and the slight sag in deepening * adjustment, must divest itself of Its 23 per|Industrial output, which cent slock interest in General primarily reflects inventory ad- Motor seni Du Pont stock_trae- | juɛlmeni, tionally higher for a few hours "From all signs, the situation of conuiuing, but not but it stumped right back again, is one rotecting the general confusion over the decison,

Rebuked

Although the United States mildly rebuked Britain for its decision to relax controls on trode with Communist China and announced own embargo

would continue, Democratic Senator Allen J. Ellender voiced the opinion the US should con- sider following Britain's example.

Presdent Elsenhower, in his

Weekly news conference, dis- played a much softer attitude toward trade with the Pelding regime, stating frankly that he does not see as much advantage in maintaining à different polley Loward Communist China and Soviet Russia as others do.

Financial quarters look for granted that Japan, West Ger- many and other natimas of the non-Communisl bloc would stize this pretext for broadening trade with the Chinese mainland and felt that it hastened the day When the US will fall in line,

The Woll Street Journal sold the British move would enable Peking to buy tractors, trucks, locamolives, machine 100)5, rubber tyres, small

and other items to generators

inent.

Du Pont Issue

Du

of

FREE GOLD EASED

FROM ITS PEAK

By SYDNEY 5. GAMPELL

London, June 9.

Free gold has eased from its peak of $35.03 in London on June 6 but at about $35.01 it remains above the official $35.00 for the first time since the Suez crisis at the end of October.

AMERICANS

TO SPEND

MORE

New York, June 9. Americns are going to

and fourth quarter delivery,

Current

All-in

SPORADIC

business

pre-

In short, a week in which War colossal investments in Loan have seen the market price fall of 12/0, in a country whose Investors are accustomed to beo War Loan or Old Consols move in a week up or down by This no more than a shilling. index. is still a little above its

NY COTTON MARKET

51.30 since

47.65 up 0.22 and a new high since Sept. 7.

Very Light

Temporary Withdrawal Of Aid

Trading was light-very light early in the week when prices were declining. The Wednesday volume of 1,940,000 shares was the smallest since April 10 and

Washington, June 9. tho first time the market Critics in the House of

under 2,000,000 sinco

of over. that date. For the week the By WILLIAM T. PLUNKETT went

by US daily average was 2,172,109 sens New York, June 9.

shares, slightly above the pre- agencies forced a temporary Rallying tendencies revious week's 2,169:112 shures. withdrawal of a multi-

proved sporadic and small, mostly for nearby purposes and

REVIEW all-time low of 82.38, touched needs. Saics included some bug in November 29 last year, but sheetings numbers, along with a If the present trend continues, few print cloths, broadcloths and

Industrial new all-time low seems to be heavy-weight fabrics like coating materials, approaching. shoc, army and enamelling duck fabrics.

Leading

Industrials WCTC fairly steady with their index closing at 203.0 compares with 202.9 the previous Friday.

SCARCE

Representatives sponding

Oll share provided the best million dollar foreign dis- group advance and that group posal programme for US also stood out in volume of farm surpluses. Arading. Coppers came to Hitc

ressions of the

ing the attack, said that US Special dentes really provided agencies were "going hog

gins. Addressograph wild" abroad with

turned to cotton futures this past wook after a one-week interruption.

Scoring gone up to 3.55 tate in the week. Steels rese. Mr John Rooney (De- Lale. all deliveries TOSC to Aircraft, motors and tobacco mocrat-New York), lead-

highs seasonal

betare the declined. A few rails gained. were Features, however, rather scarce. Unilever N. vmarket settled back a Hitle under realising and hedge which was heavily.

by sold Amsterdam, a few months ago, selling in the final led the market with a ripe of the period.

whereas the English partner, Unilever, gained only 1/3d. Paper shares continued to be sold, with Bowaters duwn a shilling; this index of the mar- ket value reached a new low this past week of 12.2 compared with 100.0 In January last year,

While the sum total of business proved disappointing, clers maintained a firm front on prices, Producer confidence was aided by the fact they now are coasting on a pretty good- sized order backlog-thanks to the May buying splurge, A sub-normal supply from Russia and the Bank of England

Moreover, sellers believed coincided with modestly in-

consumers covered only a small Franco creased demand from

requirements at 7/6 percentage of India, via and for

the Middle that time and will have to come Ensi.

back for the baloner, "sponer smar Inter Consensus suggested and mainly technical, but could resumption of buying in late be regarded as a facet of inter- July or August, national payments dificulties, which at present centre on the French frane and Indian rupee. Other aspects are the week's sudden revival of gold shares, the disruptive strength of the D-mark, the firmness of Ger- bonds, particularly

The

man

movements

cinuse, and the easiness of sterling.

REVISIONS

fre

the

INESCAPABLE

Speculators turned to South

African gold shares this past that

Drom

Moreover, sellers

on the argument insisted week

been grossly over- summer selling prices are apt they have to be

higher than ot present. rold in the past two or three

rains . ranged Adbances are inescapable, some years,

Goldfields 3/6 to unseasonal quarters felt, in view of the Consolidated

rising cost of raw cotton, higher Anglo-America's 117,

und other wages

production costa. Supplies also are

and

At Friday's close the 1st still led up 10 to 53 points, or 50 cents to 2.65 a bale higher than the preceding week.

Factors

on

The

And

Multigraph natted 24 points on

non-

The withdrawal climaxed two

the week on what its President appropriated funda. said was a move to catch up with other office equipments Melns days of House debate on the Ad- Increase ministration BU to tyre Porcupine spurted 20 in the golt miners. International from $3,000 million to $4,000 Business Machines rofe 11.millon the value, of GovÉTTI- Mimesota Mining, 6, and out- board Marine nearly 6.

was

Outnumbered

509.

ment-held surpluses available for sale to friendly nations for payment in foreign currencies.

•

UNAUTHORISED

Three main factors generated the price-lifted power: 1. Growing concern caused by the over-delayed new crop start in '

Losses outnumbered gains at the rain-saturated sections of the southwest; 2.

Mr Rooney, saying that the Levening

701 to Assist in its Industrial develop spend more than a quarter Young Loan with its currency

There were 160 chances for congressional action issues unchanged bringing the of foreign currencies ne- of a trillion dollars this year

the United States cotton price legislation at weekly total to for goods and services;

1,396 issues,cruing to this ression;

Possiblities Highs avere 3.

outnumbered by abroad constituted unauthorised Q Much less risky was the con- that

tightening

appropriations, raised a point of supply lows by 123 to 154. This record 277 billion dollars

order against the Bill that would demand for major oll situation, caused by heavy ex- will ка for everything- On the

smaller стор is not over-expected to tighten from heretinued Pont-General automobiles, houses, cloths, ice

itself Sterling

Royal Dutch soared porta

Monday's declining market have killed the three-year over- on because of the reduced rate shares. Motor: issue,

the seas disposal programme, enlivened the

when majority cream sedas, haircuts, vacations valued against the dollar, but of mill operations since the Brst £1 to a new high of £223 possibilities, may compel a boost epinion of the high court held and even bets on horses,

there is a growing feeling that for the year.

while Shell Transport, with a in the parity support base, Supreme Court ruled Du Pont thas Du Pont's purchase

But before Mr Rooney's ob- rise of 5/-, similarly Mť a new

in violation of the anti-trusi General Motors stock resulted in averages about $1,600 for every the intemational payments"

systems need 30mc Spinners reported u spotty peak of 100 shillings. Burmah

Commodity Crealt laws by virtue of its holdings jection could be sustained, Mr conditions which violated section an, woman and child in the surroney

rather urgent revisions.

demand for yarns. Combed Oll, at 144 shillings and six Corporation reported loans on of 63,000,000 shares of General Harold Cooley (Democrat-North

of the 7 of the Clayton Anti-Trust Act, United States,

Seven years of widely vary-knitting counts made the best pence, was Juri under its recent the 1950 crop May 31 Motors stock. Du Pont was bld Carolina), Chairman which forbids a company to ac- It will be about 10 billion ing degrees

inflation showing, with underwear high.

totalled of costy

4,829,748

on House Agriculture, Committee, bales. up from $193% to $202% quire stock in another company dollars more

Cumulative withdrawn left the thar news on the than they spent have had no reflection in ex-knitters, and knitters of backing

theory the withdrew the B to apply for effect of such ac-last year. where the

the

net stock in government hand at

would Even the Dank fabrics,

prominent

spin off its a company

parliamentary charge rates. quisition may be to substantially

Settlements buyers,

3,907,031 bales.

GM shares.

exempting it from attack. International les en competition."

Increased government and for

The Rubber The extent and manner of the business spending will add fuel remarked that the present intex-

It lost most of the gain that active

Mr Rooney, Joined

by some national trading arrangements

cotton day, fell to $191 on Wednesday uther members of the Appropria. breaking of the ties between the to the Tise which is expected to

gross U. S. national allow fortunes to be made by conting firms also were fair-sized section with the non-assentea or Exchange reported raw huge companies will be curry the two

the 1930's and the exports thus far this season at and closed the week at $194 tions Committee, said the Agri

Vy bales stantial poundages for quick Tokyo 5 percents all up £28,890,590

1,808,046 of 2 from the previous week's culture Committee had determined later in the Chicago product-the value of all goods the astute while maintaining buyers, showing interest in sub- the 1924's,

close. Federal an'i-trust suit against and services produced-to the atmosphere of arbitrary con-

acarby delivery.

Other and the assenteds by amounts bries,-United Press.

authority to "make appropria- Du Pont after reversing the new peak of 435 billion dollars trol, and that spectacular tech-and

ruled quiet with the ranging from £1 to £23⁄4,

tions" in earmarking foreign lower court's 1945 dismissal of this year,

nical progress contrasts with the sectors

currencies for OVETICAS PTD- the action,

Inadequacy of a system of inter-demand for carded knitting and The non-assenteds 1010's gained Chinese 1921's and 1031's most weaving counts in no better | £1. national payments for behind the than routine demand.-United gained about £12 but the in

times".

Press.

other two were unchanged. Eart European had some activity with the Czech Loan up 22 to £90 and the Bulgarian Loan

con-

Cop

the

the

Some

of world elements economies appear to be entering the kind of flux that turns minds towards gold shares and kindred holding9.-China Mai

Consumer spending is The Journal of Commerce saldnost important that as a result of the decision wheel-six times the amount to "broadent use of section 7 of be spent on industrial expansion the Clayton Act by the Depart and three times the outlay by ment of Justice to attack the government. vertical acquisitions

industry is expected to spend summated by large corporations some 37 billion dollars for in recent years is expected by expansion, a gain of 2 billion Special. leading anti-trust lawyers." dollars over 1950, Federal,

The trend has been for the state and local governments wil vertical integration corpora- spend around 108 blilton, up tions through acquisition of sup- | more thun 6 billion from lust piler or customer companies. year-United Fress. The Journal of Commerce, ulteri

polling

a group of interested

Inwyers, came to the conclusion The Bank Of England

at the trend

would continue:

but more cautiously,

Business, as a whole, continued

very much in status quo, with

the serenai

summer

fall-offs

particularly In retail trade, fooming on the near horizon.

Summing Up

Statement

London, June 9. The Bank of England state- ment for the week ended June 5, reads as follows:

sterling 1,900,000,00

Wotes in circulation

up, the monthly Puble depnail ...... Summing analysis of the First National Private deposits...... City Bank commented: "The Government #ecurities

tone of business reports hos it-Telpis

Other securities proved somewhat during May, Rallo

although adjustment of Inven-

turies and

under way,

weducilon is sull

Steel mills note a

NEW PRODUCTS FLOODING MARKET ·

and

nere

vinyl

plastic

FRANCE SAYS NO DECISION REACHED YET

Paris, June 9. Authorised sources said' today that France had taken

up

Japanese

10/-.

ACTIVE

were hn

Greek stabilisation gained £14.

Germans were irregular with

the assented more

active than

New

York

Cotton

CORPORATIONS| TO BUY COMPANY

Now York, June 0.

new

Tobaccos had a weak spell but got over it. The American grammes.

Cancer Society isući u report İmlung cigarette smoking and cancer. About the same time a government official said Ameri- cans were consuming á record number of cigaretice.

finished the

at week

PASSED

rule

no

Under House rules, his pro test would have been sustained Aircrafts had a bad time but had the Bill been left on the came back from their lows. They floor. Although delayed, the losses B is expected to be passed the the non-assented. The Dawes International Besle Economy ringing to more than 2 points: when brought back in Loan assented fell 15/- and that Corp, and C. I. T. Financial Soriness in the autos reflected future. of the 7 per centa Potash fell Corp., with other associates, a decline from April to May in £1-United Press.

plan to purchase the assets of auto production.-United Pres. American Overseas Finance

no decision yet to PROPOSAL

Suez Canal tolls in pay New York, June 9. Portable ski lifts, floating free pounds sterling or flashlights, drive-in coin tele- any other currency. phones, poison ivy preventives,

CL

agreement

100 octane plus gasoline, baby Commenting on an announce- carriages with compressed airment in Cairo that France and

of the new Egypt had reached cylinders are some 19.374,449 products pouring from company

tho toll payments, workshops in industry'a cftoric to 212,881,620 turn the US into a technological

64,287,670 paradox. 30,607,370 1214

201,370,083

United Press.

slight quickening of new order The Bank Of France

while textile markets have hadi

their biggest flurry of forward buying since last October.

"Stock markets have been

strong and commodity markéta

alcady to firm. Business, men

And encouraging, reading in

Statement

Paris, June 0.

the cources sold:

Corp. from five banks which

presently

announced.

own it, it wig

AOFC was formed. In 1935 by Chase Manhattan

Bank,

TO REDUCE Chemien Corn Exchange Bank.

TARIFFS

First National Bank of Baston, Meilon National Bank & Trust Co. (Pittsburgh,) and National Bank of Detroit.

to

FLAT TV

WALL

PICTURE

Under three currencies are and may "blocked""

be spent only within the purchasing"

"na-* on to meet US obligation, promote the common defence or to SKRYD US foreign policy. They are also not subject to appropriations by Congrear,

Mr Rooney said the Bi stripped Congress of control over this type of fund. He said US agencies abroad could without check, spend the money It is the first-private in- London, June 9.

"to build palaces", or promote extend medium The main business here before litution

programmes for which they Miami Beach, June 9. the fifth meeting of the Counterm credit to foreign buyers of

were denied funds at Kodė,--- "The official statement that ell of Association between the without recourse to the seller, ture is becoming more of a

American goods, substantially The But television wall plc- China, Mal! Special. Behind this development is

the Egyptian government has United Kingdom Government research,

reality every day and should be Estimates on research spend greed to payments in trans-and the High Authority of the the announcement explained.

Tamble pound sterling Ing vary, but one of the latest tailed in fact a reply to ques-munity was a proposal to reduce President, said the new owners miral Corp., predicted today.

con- | European Coat and Slett Com- Nelson A Rockfeller, into perfected within 10 years, Bos D. Siragusa, President of Ad- esilmates by H. A.

Commonwealth tona put to Egypt by the French steel tariff rates between of

Bri- whil expand the scope of AOFC Engineering Co. placed

the through a neutral (Swiss) Em dan and the Community coun- activities, on a brond front-

United Press, amount. In 1950 at $8,800,000,- bassy. But no

Chairman

Toulmin,

decision

ha tries.

000. He predicted the gure been taken yet in Paris on the may hit $10,000,000,000 in problem."-United Press. 1987.

E. Duer Reeves, cxecutive The Bank of France statement President of Bo, escarch &

franes

NAMESAKES

Steel Production

Certain conditions relating lo steel tarts were referred to the trade committee for farther U.S. RAW EXPORTS recover with 90-degree tube month compared with 4,775,000 study.

As recently as thrực years ago

Khrembourg, June 9. the industry was able to chop The six European Coal anch almost four inches from the Steal Community countriem pro front jó back menggement of a diced 6,053,000 tons of steel bat

Siragusa told Asiiniral's intén tons in April, sixthiles showed New York, June 9, natioanl distributors' convention here today. Subjekt. thereto agreement war Raw volder, exports by de- - here, restarch expenditures have

reached it was stalak co, the simtkin su reported in balci by

Breakdown Ber country 201404 tripled in the last 10 years and

lines of an offer in respect of the the New York Cotton Bachata, with the 110-degree pla-Man was (April 12,965,156,507 Curireilly are growing at a rate,

Mim-line Brockota); Germany" 2,047,000 of 12 per cent ahnually,

Anwerk-1 Wind 2 Operatic United Kingdom steel tariff of for the 1000-37 semen to June ture become In

cabinets less than 16 Inche#| zora (3$30,000): 11,771,000,000

fon per cent að vaïbarn-with | 4. svorek follows: 5 An idea of how Aferien à Valkyros4 ficflard

deep," he wild,

(270,006) Beigturn- specific duty-and Music, allemalive being hit by new producte à Thentre, Lohengrin

Corrubent

In comparison, Birúgum, n206) (852,000); France. 1.168.08.600.000 ggined from patent office statis- 6, Wika 9. Valjala, 10 alacried also as to the rates of duty on Buchen are holdus Bapknot in cold.co.30 parents lasted, agarose 62,308 in Clementy

145, n.1994 there, well 30948) 11 Branfilio, 12. Ofties 13 piced to be levied by Community. | Canada

that the Weinsh, 2V) en, in:1001 (1,000,000); govaramania' which willmaveradi rodili idi škand

cabinet constitute a lowering of present me puthed-jar yüt 303.30.631.com || 1985 and 27,077 in 1948,—United

rates China Mail Special, United Press. Press

many, corporate earnings reports for the week, anded May 29. Engineering Co., says Industrial particularly when the squeria on profits proves not ár bed is hati veido as Kollows: been foured:

Total gold haidinge "Carpentions are maintainine mai piber qurrently their high rate of capital ex-| Aight balance mörgået

Increases penditures and investment programines far out. Advance to stamilan- number, degresats. Réall sites total bist deprimt steady at high level: Reptirty Like these elltetively balance

the

Couster- well bow soft

Currešt mécoun

"APORWAY KREMITTAN

front to be do

Boer 293.00

|(80,000) Khulted Prov.