1957-06-10 — Page 9

Page

THE CHINA MAIL, MONDAY, JUNE 19, 1957.

TRADE aund COMMERCE SECTION

UK DECISION CAUSES LITTLE STIR

IN AMERICA COTTON NEW LOW FOR

Business Takes Monopoly Ruling In Its Stride

New York, June 9.

GOODS MARKET

New York, June 9. The Worth Street cotton goods trade went through another week of quiet dealings-the

an

|

GOVERNMENT

STOCKS

been

London, June 9. Weekly markets: This has not been a US business, on the verge of the annual summer doldrums, took in its stride this past week the British decision

very good week. third in a row. to increase trade with Communist China and the Supreme

Most disturbing feature has

the Court's monopoly ruling against Du Pont and General Motors, Since the late May abor- spectacle of British Government stocks getting Both items of news were the topics of conversation andtive buying splurge, when lower every day. The index of government stocks estimated 100,000,000 closed at 83.23, a new low for the year 1957. speculation in financial quarters, but Britain's decision, expected to be yards of print and broad-Back in February when the bank rate was lowered followed by most of her allies, brought not a single ripple in the sluggishcloths were booked for third from 51/2 per cent to 5 per cent, this index New York Stock Exchange.

and fourth quarter delivery,

to the of high-quality stocks stood at 8923, it has now No-buyers returned adjustment. the light sag in de opening

where are there convincing di-hand-to-mouth policy fol- fallen 6 full points in 4 months. cations of a major change of lowed through the direction in economic nellvity ceding eight months. either up or down-In the near future."--United Press.

The Court's edict that Du Pont | spots and must divest itself of its 35 per industrial output, which rent stock interest in General primarily reflects inventory ad- Motor rent Du Pont stock frae- | juɛlareni,......... tionally higher for a few hours "From all signs, the situation but it slumped right back again, is one of continuing, but not reflecting the general confusion over the deelson.

Rebuked

Slates

Although the United mildly rebuked Britain for lis decision to relax controla on trado with Communtst Chino

FREE GOLD EASED

FROM ITS PEAK

By SYDNEY S. CAMPELL

London, June 9.

and announced its own embargo would continue. Democratic Senator Allen J. Ellender volced the opinion the US should con- sider

following Britain's example.

Free gold has eased from its peak of $35.03 Presdent Eisenhower, in his weekly news conference, dis- in London on June 6 but at about $35.01 it remains played a much

softer attitude above the official $35.00 for the first time since the toward trade with the Peking. regime, stating frankly that he Suez crisis at the end of October. does not see as much advantage In maintaining a different polley loward Communist China and Soviot Russla as others do,

Financial quarters took for granted that Japan, West Ger- many and other nullons of the non-Communist bloc would seize this pretext for broadening trade with the Chinese mainland and felt that it hastened the day when the US will fall in line.

The Wall Stroct Journal would said the British move enable Pelding to buy tractors, locomotives, machine trucks,

Tubber tools.

tyres,

sanil generators and other items to

A sub-normal supply from Russia and the Bank of England coincided with nodestly in

creased demand from France AMERICANS

TO SPEND

MORE

New York, June 9. Americans are going to assist in its industrial, develop-spend more than a quarter

ment,

Du Pont Issue

of a trillon dollars this year for goods and services.

This record 277 billion dollars will go for everything automobiles, houses, cloths, ice

-

SPORADIC

pre-

Curren! business proved sporadic and small, mostly for purposes and nearby needs. Sales included some bag sheetings numbers, along with few print cloths, broadcloths und heavy-weight Industrial fubrics like coating materials. shoe, army and enumelling duck fabrics.

business proved

of

While the sum total

disappointing. on prices. Producer confidence sellers maintained a firm front was aided by the fact they now ure coasting on pretty good- sized order backlog thanks to the May buying splurge,

In short, a week in which War colossal Investments in Loan have

seen

the

price fall of 12/6, in a country NY COTTON

whose investors are accustomed to see War Loan or Old Consols week up or down by move in

This no more than a shilling, Index is still a little above Its all-time low of 82.38, touched in November 29 last year, but

MARKET REVIEW

SOME

SOME WIDE GAINS OVER THE WEEK ON WALL STREET

By ELMER WALZER

New York, June 9.

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

But 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 73.64 off 0.49 and the 65 stocks of these three averages 175.48 off 0.20. 425 infurists closed at up 0.31 and a new high Stof, 0, 1950 and 100 47.03 up 0.22 arid a new high since Sept. 7

Standard and Poors index of

51.30 since

Flocks

Very Light

the present trend continues, a new all-time low seems to be By WILLIAM T. PLUNKETT under approaching.

Leading

Industrials

WUTO

fairly steady with ticis Index closing at 203.0 compared with 202.9 "the previous Friday;

Temporary Withdrawal Of Aid

Washington, June 9. Crities in the House of Representatives

spending

of over.

by

US

Oll shares provided the best million dollar foreign dis- group advance and that group posal programme for US algo stood out in volume

of farm surpluges. trading. Coppers care to

Trading was light-very light early in the week when prices were declining. The Wednesday volume of 1,040,000 shares waa the mallest rined April 10 and the Ørst time the market '2,000,000 slace that date. For the week the daily average was 2,172,109 veng New York, June 9.

shares, slightly above the pre-agencies forced a temporary Rallying tendencies revious week's 2,109,112 shares. withdrawal of a mulf!- turned to cotton futures this past wook after a one-week interruption.

Scoring daing up to 3:55

déliverica Tosc highs before the declined. A few rails gained, Features, however, were seasonal

little 3 scled back rather scarce. Unliever NV marke

realising

ired go which Was heavily sold by under Amsterdam a few months ago, selling in the final session of the led the market with a rise of the period,

English

At Friday's close the list still ruled up 10 to 53 points, or 50 cents to 2.65 a bale fisher than the preceding week.

Factors

Moreover, sellers belleved consumers covered only a small percentage of requirements at 7/0 and for India, via the Middle that time and will have to come East.

back for the balance, "sconer The movements DTC small or later." Consensus suggested and mainly technical, but could a resumption of buying in late be regarded as a facet of inter-July or August, national payments difficulties, which at present centre on the French franc and Indian rupee,

Other aspects are the week's sudden

revival of gold shares, the disruptive

INESCAPABLE

sellers

SCARCE

past that

over-

bale,

and

a late in the week. Steels rese. Mr John Rooney (De- to Aircraft, motors and tobaccosmocrat-New York), lead-

ing the attack, said that US

non-

appropriated funds.

The withdrawal climaxed two

Special issues really provided agencies were "going hog

gmine. Addressograph- wild" abroad with Multigraph netted 24 points on the week on what is President said was I move to catch up with other office equipments. Mein days of House debate on the Ad-

ministration Bul to increas tyre Porcupine spurted 20 in the gold miners. International from $3,000 million to $4,000 Business Machines pore 1million the value of Govern- Minnesota Mining, U, and out-ment-held surpluses available board Marine nearly 8.

for sale to friendly nations for payment in foreign currencies.

Outnumbered

UNAUTHORISED

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

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

Mr Rooney, saying that the Lessening 101 to

There were 180 chances for congressional action issues unchanged bringing the use of foreign currencies ne- op cation price legislation at weekly total to 1,398 issues. abroad constituted unauthorised cruing to the United States this session: 3. Posabilties Highs were outnumbered by appropriations, raised d point of

and

was cream sodas, batreuts, vacations valued

608.

MT

the whereas partner, Unilever, goined only 1/3d. Paper shares cortinued to be sold with Bowaters down a shilling; this index of the mar ket value reached a new low this compared past week of 72.2 with 100.0 in January last year. Speculators turned to South African gold shares this Moreover, strength of the

Insisted week on the argument of Ger-summer selling prices are apt they have been grossly D-mark, the firmness

particularly the to be higher than at present, suld in the past two or three

gains

from Young Loan with Its currency Adbances are inescapable, some years,

ranged man bonds, cinuse,

the and

the Consolidated Goldfelds 3/0 to unseasonal quarters felt, in view of easincs, of sterling,

rising cost of raw cotton, higher Anglo-America's 117. wages and other production

Д tightening Much less risky was the con- that

supply lows by 128 to 156. REVISIONS

costs. Supplies also

order against the Bill that would tinued

demand for major ol! situation, caused by heavy ex- expected to tighten from here

стор smaller On the Du

Royal Dutch Sterling itself is not over-

Monday's declining market have killed the three-year over- Pont-General

soared Forla on because of the reduced rate shares,

enliveried whep thebeas disposal programme. Motors Issue, the majority opinion of the high court held nad even be's on horses.

against the dollar, but of mill operations since the Arst £1% to a new high of £223% possiblities, may compel a boost there is a growing feeling that of the year.

while Shell Transport, within the parity support base.

Supreme Court ruled Du Pont

But before in violation of the anti-trust rise of 5/-, similarly hit a new

Mr Rooney's ob that Du Pont's purchase of

Commodity General Motors stock: resulted in averages about $1,600 for everythe international payments and

The some systems need

Credit laws by virtue of its holdings jection could be sustained, spotty peak of 166 shillings. Burmah Spinners reported a demand conditions which violated section man, woman and child in the currency

rather urgent revisions,

for yarns.

and six Corporation reported Inans Combed OH, at 144 shillings

on of 63,000,000 shares of General Harold Cooley (Demperal-North Chairman of the 1956 crop to May 31 Motors stock. Du Pont was bid Carolina), 7 of the Clayton Anti-Trust Act

Seven years of widely vary-knitting counts made the best pence, was just under its recent the

totalled which forbids a company to ac-

bates. up from $103% to $202% on House Agriculture Committee, will be about 10 billion ing degrees of costs inflation showing. with

4,629,743 underwear high. quite stock in another company dollars more than they spent have had no reflection in ex-kriliters, und knitters of backing

Cumulative withdrawal left the that news on the theory the withdrew the Bill to apply for

would effect of such ae-last year,

apin of its a new "where the

net stock in government hand at company

parliamentary change rates. Even the Bank fabrics, the more prominent quisition may be to substantially

GM shares. 3,907,031 bales.

exempling it from attack. International Settlements | buyers, lessen competition."

Increased gevernment and for

The New York Cotton The extent and manner of the business spending will add fuel marked that the present inter- national trading arrangements breaking of the ties between the to the rise which is expected to

gross U. S. national allow fortunes to be made by contig firms also were fair-sized section with the non-assented of Exchange reported raw cotton day, fell to $181 on Wednesday other members of the Appropria will be carry the

the 1930's and the exports thus far this season at and closed the week at 3104 tions Committee, sald the Agri- TWO huge companies

VS 1,868,646 of 2 from the previous week's stantial poundages far determined later in the Chicago product-the value of all goods the astute" while maintaining buyers, showing interest in sub the 1924's,

the aumosphere of arbitrary con÷

quick Tokyo 6 percents all up £20,990,590 balos

close. Federal anti-rust sult against and services produced-to a

Other and the assenteds by amounts uples-United Press. Du Pont atter reversing the new peak of 433 billion dollars trol, and that "spectacular tech-and nearby delivery.

quiet with the ranglug from £1 to £2% Jucal progress controls with the sectors ruled lower court's 1945 dismissal of this year.

Consumer spending is

the adequacy of a system of inter demand for carded kaltting and The non-assenteds 1910's gained the action.

Chinese 1021's and 1931's national important

then routine demand-United gained about £1 but the The Journal of Commerce said most

Press.

other two were unchanged. Eart at as a result of the decision wheel-six times the amount total payments far behind the most weaving counts in no better he "broadened

some activity use of section 7 of be spent on Industrial expansion

European had the Clayton Act by the Depart-and three times the outlay by

with the Czech Loan up £2 to Bulgarian Loon ment of Justice to attack the government,

£00 and the

Greek stabilisation vertical requisitions

Industry is expected to spend

up 10/ summated by large corporations some 37 billion dollars for

gained £12. in recent years is expected by expansion, a gain of 2 billion leading anti-trust lawyer." dollars over 1558, Federal,

con-

United States.

IL

cog in

the

The trend has been for the state and local governments will vertical integration of corpora- spend

around 108 billion,

up

tions through acquisition of sup more than billion from last piler or customer companies, year.-United Fress

Commerce, uper

The Journal polling a group of interested lawyers, came to the conclusion that the trend would continue but mate cautiously.

Business, as a whole, continued very much in status quo, with the seasonal Suzumer "tali-offs, particularly in retail trade, looming on the near horizon,

Summing Up

The Bank Of England

Statement

Some elements of world economies appear to be entering the kind of für that turns minds towards gold shares and kindred holdings-China Mali Special.

NEW PRODUCTS FLOODING MARKET

Rubber

and

vinyl plastic

FRANCE SAYS NO DECISION REACHED YET

Paris, June 9. Authorised sources said today that France had takon no decision yet to New York, June 9 pay Suez Canal tolls in

drive-in

Fortable ski lifts, Fonding free pounds sterling flashlights, London, June 1. The Bank of England state-phones, poison luy preventives, any other currency. ment for the week ended Jume 100 octape plus gasoline, baby! Commenting on an announce- carriages with compressed air ment in Cairo hat France and cylinders are some of the new Egypt had zenahed Agreement 1,966,006,010 produits pouring from company on the toll payments,

workshops in industry's efforts to 212881523 turn the US into a technblogical es culd:

á, roads as follows:

Notes in circulation .. the monthly Pubile Beports Summing up, analysis of the First National Privato deposita City Bank commented: "The Government

Other cur Mács tono of business reports has ta

Receipts proved somewhaf" "during May, Į Rado although adjustment of invert-

tories and production to still

under way. Steel mills Eolo a

serviritten

sterling

33,874,440

281,070,040

64,187,670 paradox.

30.687.379 12A United Press.

slight quickening of the wave bad The Bank Of France

markets

their blagest try of forward buying since last October.

"Stock markets have been strong and commodity market's stend to frin Business men And

rending encouraging

in

many corporate earnings reports,

Statement

tnance

Paris, June 9. The Bank of France statement particuarly when the squeest on for the week ended May 20, profits proves not as bad a bad reeds as follows: been feard?

Total gold holdings 301,204,300,40 12,995,160.007 Corporations are maintaining zakaj other eLITAKIN their high rate of capital ex- Mati_bance road

11,711,000,000 increases penditures DEKE

Advance to stabilien-

investment programance for out. Been trang cao number decreases, Retail salos Teisi bila, discounted 1.134,995.00 and onlbylockt are botálný | Bekasatan anakeun

steady blah Iovels: 'Repert current home" "Amer blagom than well-knowiŚ BAIE

The them effectively conta

the

M

Charman Commonwealth ona put to Egypt by the French

Japanese

ACTIVE

were

ם

seilve

Germans were irregular with

Phe assented inore

active, than

CORPORATIONS TO BUY COMPANY

It lost most of the gain thai

rule

Mr Rooney, joined by some

по

culture Committee had

make appropria- authority to Hons" in earmarking foreign spell currencies for svericas рго

grammes.

Tobaccos had a weak but got over it. The Americas a report Cancer Society issued linking cigarette smoking and | cancer. Abớt the same time a government official sakl Ameri- cans were consuming. a record | number of cigarettes.

PASSED

Under House rules, his pro- test would have been sustained

the

Alecrafts had a bad time but had the Bill been left on the Although delayed, the come back from their lows. They floor.

to be passed at losses Bill' is expected Anished the week New York, June 9. the not-assented: The Dawes International Basle, Egonomy ronging to more than 2 points. when brought back in Loan assented fell 15/- and that Corp., and C. I. T. Financial Buttress in the autes reflected fujure. of the 7 per cents Potash tell Corp., with other associates, a decline from Apall to May th £1. United Press.

plan to purchase the assets of tuto production. United Press.

PROPOSAL

American

Overseas

Finance

Corp. from

five banks

presently

own 1, 11

which wide

announced.

AOFC was formed in 1955 by Chase Manhattan Bank,

TO REDUCE Chemical Com Exchange Bak

TARIFFS

London, June 9.

First National Bank of Boston, Mellon Natlamal Bank & Trust Có (Pittsburgh,) and National Bank of Detroit,

It is the first private in- extend medium

FLAT TV. WALL PICTURE

To

Under three currencies "blocked" And may be spent only within the purchasing na- tion to meet US obligation, promote the common defence or serve US foreign policy. They are also not subject to appropriations by Congre

10

Mr Rooney said the BILL stripped Congress of control over this type of fund. He sald US agencies abroad could without check, spend the moricy "to build palaces or promote which they prbetransmesi', for were denied funds at home, China Mell Special.

The main business here before stitution to

Miami Beach, June 9. the fifth meeting of the Coun- term credit to foreign buyers OF "The official

statement that all of Asociation between the without recourse to the seller, ture is becoming more af

American goods, substantially The fat iclovision wall pic- Behind this development a

the Egyptian government has United Kingdom Government research!

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

con ing very, but one of the latest ferable pounds sterling

European Coal and Sicel Com- Nelson A Rockfeller, IBEC perfected within 10 years Boss estimates by H. A Toulminutes in met a reply to que munity was a proposal to reduce President, said the new owners. Siragusa, President of "Ad-

Steel Production steel tariff rates between of

miral Corp., predicted today. "Bri" | will" expend the wepa of AOFT. Engineering Co. placed the through a neutral (Swiss) dan and the Community coun- activides on a bapad front As recently as three years ago). Kluembourg, June 9.

tries. amount in 1955 at $0,800,000, bary. But no docision has

United Press, 19

the industry way"pble to chop | The alx European Cool 000. He predicted the figure bets talen yet in Paris on the

four inches "igrom the Steel Community, countries pros almost may

$10,000,000,000 in problem,"United Pres

front to backer Guovd 6,053,900 tons of steel kost 1057.

the trade committee for further U.S. RAW EXPORTS yer with a

mpty compared with 4,778,900 E. Duer

Siragua told Admiral'a in tong in Apull, statistics showed Reeves, txecutive | president of Fe Research de

New York, June 9, rationnį distributors" conventļúri hérá today. Engineering Co.; sava industrial

Subject thereto agreement was Ha cofron pede by de- | hem. have

reddlist it was slated

Breakdown per country' co testinalförs us reportech in balts by

Hata with the 110-dogrpa pic: Máy was (Apeli pect of the the New York Cotton Echture tube, cume Inds of an offer

figures in For thing of fox the 1958.37 bepagri

brackeță): Germany" 2,087,090 June

callinete loss "with 4 weru, na followi

reabarch

expenditures tripled in the last 10 years and freely stre growing at a xato

NAMESAKES

Certain conditions Tela(ing to gieci tariffs were referred to

stucty

Untied Kingdam

TFT Sched

y

of 13 per cent annually.

Amyrect—1 Wind, 2 Opgrale,

4 chord, An lots of how America in 9 Valkyries, being hit by pese products is Thentar. C Lobengvin, 7 Muske, gmined from patent cinco statig- 0 Wild, 9 Valmilag 14 Bingiried Dez. In 1940 Repro svare 100 81 Brunbid. 12: Duchageal, 13 stebl

1966 and 27,077 IE IBM

Wilhelari Wagener.

Orient

Cómfillinity | TRAMIK

Total Ape

Bama

for

1000) Saar 293,000

elgium (582,000); France

1,004,000);

(644.000); Luxserbourg

[52,000) Inited Prè