1957-11-06 — Page 9

Page

Markets Closed For Election Day

New York, Nov. 5, The New York and American stock exchanges were closed today because of the city elections for mayor and other muntelpal Dosta. But Chicago's mid- west exchange and the Piclic

exchange

were remained opened,

Election Day was mark- ed as a holiday in only part of the finastelat com- munity-United Prem.

US National

Gross Production

Washington, Nov. 5. Secretary of Commerce Mr Sinclair Weeks disclosed today that the U.S. pro- duced goods and servicos during the third quarter

record annual rate of $439 billian.

THE CHINA MAIL, WEDNESDAY, NOVEMBER 6, 1957,

TRADE and COMMERCE SECTION

Evidence That Government Will Provide "Favourable Climate" For ...

Pagë

AMERICAN INVESTMENTS IN MALAYA

-But Details Of Foreign Exchange

Must Be Smoothed

-

By JOHN MORKA

New York, Nov. 5.

Success Of The International Silk Congress

By SEIJI YOSHIDA

HONGKONG

STOCK EXCHANGE

Our Own Correspondent Business done on the Hong- kang Stock Exchange this morning amounted to approx!-

nctions were;

Share DANKS

Buyers Sellers

Bales

American financial experts are generally

New York, Nov. 5. the newest The sixth

mately $410,000. Non quota- agreed that Malaya

International Silk Congress tiens and this morning's trans- self governing member of the

which was held here recently was British Commonwealth is giving highly successful from the viewpoint every evidence of providing a favour-

of the Japanese silk industry the INSURANCES able climate for American capital

world's major source of raw silk. - Lombard investments.

of this year at an all-time Although details of the country's foreign exchange investment and trade policies must still be worked out, sources here have been favour- ably impressed with the relative smoothness with which the new government has assumed Its responsibilities since obtaining its in- dependence on Aug. 31.

Mr Weeks said the gross no- tional product for 1957 will average oul is nhout $435 billon-al new record as

billion contrasted to $415 1950, the previous high murk.

111

Mr Weeks said in a speech, "There's nothing to be scared about in the business situation Soliny."

current

the He described situation as a levelling off from a climb to all-time economie blphs.

out to

In the long pull," he predict- rd, "our colony is bound to krow."

Predleting at 1857 will turn of record be your prosperity, Mr Weelts told the Varnish and National Paint, Lacquer Association that "1958 inny be a breather with changes from 1957 fractional only,"

He emphasised that "this

is in fact sideways movement on a record high plateau." United Press.

Russia To Buy Syrian Cotton

One observer with a background of long

perience in South-east Asia told the United

Press for example, that "there is every indica- tion of experienced leadership in Malaya from which we can rightfully expect sound econo- mic planning in the future."

Financial quarters here.anti- elpate a gradual increase in the flow of capital investment not only from the U.S. but from other countries also notably fron

Interested lung Japan Mulayan Deuxite deposits.

American investments, It

Ini

They might ultimately spend for the develop- vust suma meal of rails and docking facili- In conjunction needed les with such bauxite operations.

American businessmen meaN- is while are hopeful of txpanding the volume of US exports to especially in heavy Malaya,

and other capital machinery foods as the country's five-year and industrial agricultural development programme makes headway.

felt, will undoubtedly increase when and if the government's regulations are spelled out and RS the five-year development generates a greater programme demand for capital improve ments.

Tarift

circies here are Investments inclined to minimise any possible threat to future overseas invest- ments arising from any differ- Fences on national policy among the Malayan Chinese and Indian political entities.

Experts fussin

with is negotiating

more and more overseas firms 10,000 Syrla to buy Syrian cotion with prospects of might establish ollees and even

Damascus, Syria, Nov. 5. The Dantascus newspaper,

A1 Ahram, today reported

tons

here anticipate that

plants i Malayan tariff is es- other 40,000-ton dead coming tablished.

K

"

Union XD..

Dock

LAND, ETC.

I had the good fortune of participating in all the PPING

Congresses but one which was held in Brussels DOCKS, ETC. two years ago. In all these Congresses we Provident of the Japanese delegation have keenly felt Hotel.. the responsibility for the expanded use of silk as the major producer of raw silk,

NEW YORK

COTTON MARKET

New York, Nov. 5. Cotton prices closed mixed today in moderate trading, At the close, prices ruled points higher to 5 points lower or up 15 cents to off 25 cents a bale.

z

Adverse weather in parts of the cotton belt and the belief the Government's cotton

drop lower were the report will be They are counting on Malaya main factors influencing trading. more dollars available to under- write such

The Government report comes purchases on the assumption that Malaya may on Friday: a private crop insist on a greater allocation of part issued yesterday placed at 12,500,000. bales, dollars from the Commonwealth | the crop dollar pool. United Press. against a Government estimate o month ago of 12,400,000 bales, Last year's crop cane to 13,300,- 000 bales.

SAME SUBJECT Month

Volume 14,500

2,200-

231,200 182,000

101 000

FC-

In this sixth Congress we

particularly were

Impressed

by the zeal in which some 300 delegates and observers from all over the world participated In some 15 section-meetings of the various kinds to further chase of silks-queen of all the textile Obres,

Lond

100 0.20

320

DO AT 70

13

100

0.30 6.80

201

11.00

14.40 14.10

200 u 33

37 33 101

11.00

200 33.23

101 22.00

2002 18.401

Humphrey RUBBER

1.525

sirem

Yaunati

Light Electric Tel.

22.40 22.00

05

18.20 18.40

27.34

200 500

2.00

20

INDUSTRIALS Cement

... 23.10 23,50

The meeting consisted of Hope * 14.50 the technical aspects of raw Amby Can.. silk and bilk fabrics, trading STORES, ETC.

and Watson in silk and silk products many other important matters Craw related to the silkk Inelukiry.

The reports given out by all the consuming countries de finitely indicated a steadily rising interest in silks all over the world.

It will be dur aim to further this gratifying trend by means of added promotional work in full co-operation with the con- suming countries.

Increased Demand

Reflecting the Increased de- mand for sills throughout the world, the production of raw has Increased silk. in Japan from less than 100,000 bales in 1948 to some 320,000 bales for the calendar year 1857.

Bairy

COTTONS Textile

18.50

27

2006 20

1500 24.80 30002580

500 @ 23.40 1000 23.30

100 gr 23.40 300 g 23.30

10 10.20

75 7 20

13.10

13.40

5000 13.40

4.40

0.25

23

5,50

SLLANEXUS Ent. INVESTMENTS

AngIGA XD Allled

3.00

LONDON STOCK MARKET

Business Shrinks To New Low For This Year

London, Nov. 5. Business on the stock exchange today shrank to

a total of only 6,850 bargains recorded, the lowest for any day thus far this year. The business of the outlook seemed to make people back away.

Is Britain

Losing Her

Best Buyer?

London, Nov. 5. Britain is losing her position as Malaya's bust customer, the Financial Times re- ported today.

The

that report said

the Whited States has taloon Bi- tain's place as the main buyer of Malayn's commodities.

AL the opening, dealera marked prices moderately higher in the bellet that Investors would be electrified by the October rise in the gold ind dollar reserves but the realise- tion that a loan from the Ex- port-Import Book had a good deal to do with il caused second thoughts.

British Governmeuls opened a shade hither but sellera hurried in and mant of the leaders closed the dry down 1/10 by young 1/6.

Same Pattern

Leading Industrialists follow- ed the same pattern, Host of them losing their gains and clog Ing & pence or a shilling lower.

Japanese had an unusually with the nda- active day assenteds, showing rises of from During the first eight months 11⁄2 1d the £2 gained by the of this year the United States | 1907s with the latter's assented

also strong, up £14.

80 2250 a 5.00 purchased 13.7 per cent of Mainya's exporta cochpared WIEL Britain's purchases os 13 pér cent.

SINGAPORE STOCKS

Singapore, Nov. U. Brokers today quoted the following stock prices:

Opening Batu Lintang Rubber Co.

$1.00 +

Open interest

225,400

227,400

now

38,000

as much as 380,000 bales In 1902.

British Borneo Petroleum

Byndlent

435 Consolidated Tin Smelters

Ord.

31 Fraser Neave Lid Ord. $2.45 Fraser de Neave Tij, cun.

$4.05 pret Furthermore accortilag to our | Gemmons" (Malaya) Ltd. $2.14

Five-Year plan recently Hongkong forwmulated, we will producing

Ltd.

Sharighei

Banking Cofp,

Luropas Ltd.

Hongkong Tin Ltd.

6,300

76.800

072,300 bales

Kuala Kampar Tin... Lunus Rubber Fatates LiG. Malayan Breweries

1440 2 34 $1.05. 20 $1.03

New Serendah Rubber Co.

Lid.

$2.46

$0.61 1.87

$0.25

$2.03

Dec.

—DIFFERENT May

Sorne rubber buying com-

who

panies, theretofore deeply rooted POINT OF VIEW is handling the Singapore-which will remain Soviet a Crown Colony-were said to Boris be thinking seriously of decen-

Mar

July Orl Dec.

18,200

15.100

£4,00

7,000

Total

Washington, Nov. 4.

New

facilities

izi

Federation.

up.

Agriculture, Minister Hamid Kufa. negotiations with

Counseller Embassy

further deals

crease

their bauxite mining the operations in Malaya.

from

ค

Baganov, was quoted as saying trasing the operations and George M. Humplirey, Eisen-

expected establishing are

the hower Administration spokes- atid with Middle East

Euro

man on money matters for more countries pean

which would

And Japanese aluminium than four years, returned to dispose of present wheat and terests might conceivably the Washington fedry to talk about cotton crops at work! prices, -

same subject United Press.

different point of view.

The fumer Treasury Secret- ary represented National Steel Corporation of Pittsburgh, Pennsylvania before the Senate anti-trust and monopoly sub- committee at 1500 GMT,

AMERICAN COTTON

MANUFACTURERS WANT NEW SCHEME

Washington, Nov. 5. U.S. cotton manufacturers asked the administra- tion to "come forward" today with a pro- gramme to make cotton available to U.S. mills at world prices without reducing returns to farmers.

Mr Humphrey became Chair- an of National Steel's board of directors after leaving his cabinet post last summer,

The subcommittee headed by Sen. Estes Kefauver Is In- vestigating steel prices, pat ticularly last July's $6 a ton increase. United Press.

US CONSUMPTION

OF RUBBER

Such a programme, presum- - The world price of cotton, ably, would call for temporary Cannon said, is about six cents A compensatory payments by the under the domestic price.

Washington, Nov. 3. 'government to producer, single price al home and abroad

The Census Bureau reported Members of the American would menu a lower domestic today that United States con- Cotton Manufacturers Institute price. If the cotton moves sumption of new rubber for the the farm to the first nine months of 1967 totalled presented the industry's objec-directly from ives to Marvin L. Mclain, illis, this would mean the far-1,105,900 long tons, which was Assistant Secretary of Agricu- mer would get less money than 3.3 per cent greater than for the ture.

They left to the Depart he does now for his cotton. similar perlock of 1950. ment the problem of writing objectives into a bill for Con-

gress.

Difference

The increase was due to greater consumption of synthetis rubber this year, since consump-

As the demand for silks in- other raw Milk pro- creases,

York Cotton ducing countries will also be Fetaling This Liel.

Prices

adding, to their outputs, This nation Hotel ****** will, call for added promotional Singapore Cold Slotage

well work as

Straits Trading. 25 the prico

Straits Stenship stability. New York, Nov. 5.

United Engineers Ord. Weame Brʊ. Prices of cotton futures closed today as follows

Spot: 33.37: Der: 3334: Mar: 39.23: May: 323 July 34.03 Oct: 300; Dee: 33.50; Max: 30.58)

NEW ORLEANS Prices of cotton futures cloæð today as follows:

Spot: 34.00; Dec: 35.14: Mar: 35.27; Maj: 384: July: 34.05; Oct; Dee: 3343: Mar: 331

KARACHI

ta-

The market was steady day. Prices closed in rupesS per mound as follows:

+ exdiv; *cureliv. --United Press.

Pirating Cases

Reduced

As the largest producer of raw slik,, we have been doing our utmost to constantly improve its quality, mainlula on effective price stability and raise as much promotion funds as possible,

We of the Japanese delegation will carefully

the review all matters discussed at the con

Manchester, Nov. 5. our arrival home gress upon and will strive to arrive at a

Talks between British and conclusion fair to all concerned.Japanese textile authorltles have

resulted in -United Press,

a "marked redue- tion in the number of cases of Editor's note: Representatives Japanese "pirating" of Lanca from 13 nations concluded theirshire texille designs, it was an- blennial meeting sponsored by naunced today. the International Silk Associa

The Manchester Chamber of Ftion. The ISA aims to promote Commtree såld that following

the use of silk.

Sind roller gin: 76: 297. Sind roller glo: 26/3: saw gin: 82/8: Punjab roiter Ain: 19/8: KA 02/0 United Press.

in

Singapore Rubber London Lead

Market

Singapore, Nov. 6.

The market opened lower on OVCIACHE advibes and ruled steady at lower level during the morning.

In the

afternoon the market steadied further on short cover- frede. buying. Future

C. A. Cannon, President of Cannon solu R might be Lon of natural in the Jamey-ing and Cannon Mills Company, Kantianecessary for the government September 1957 period was below closings: polis, North Carolina, told to make up the difference until that for the similar period. porters Mclain was In accord the farmer could adjust to a United Press.

with the objectivez.

Long-range

greater gereage and more pro- duction, which even with a lowered price, would give him á return comparable to what ho Cannon sald a long-runge cat-is getting under' present con-

ton programme should call for a trailed production. single price for US, coiton sold

WOOL PRICES bled: 73-786: Blanket crepe

No. 1 rubber par 1h. Nov; 70%- 78 Deo: 7721-70; No. 2 rubber per lb. Nov: 150: No. 3 rubber per 10. Nov: 73-74 No. 4 rubber Der lb. Nov: 7034-7014; spot rubber 07-00; No. 1 pale crupo 2-34.

LONDON KUHBER Adelaide, Nov. 5.

• The

With Wool prices plumped slightly

rubber markel Cannon estimated that in the here today.

atendier with spot, quoted, ot through normal trade Brat year such a programme

33-1/10 pence per Ib. Prices: channels without government would cost "about 300 million Continental buyers were the

be less." Even- must active,

No. 1, a spot 29Í34. -prico supporis dollars, may

with support, also

Bolamenthole terth: Dec: based on the average quality of tually, he said, when production coming from British, American Boen Jan/Mar: 25-1/3-3144: the drop, and provision for an adjustment was empleted, the and Japanese mills. There was my/st:

farmers programme would not cost anyone purchase of 500 bales for

bar bartas O/D69: 214-#35W. rid the government, French hullk. Top price tor

Ge to increase acreage and produc would be out of this editon meritis was 87 pence per pound, over bee: :: [·XX?i=13}6?] #tate crepe thin Nov: United ProM." + business-United Press.

2996; : Macho -36,--Ended Prams.

here and abroad, marketing of potion

interference,

to return baequato during the time it takes them thing

tion.

And Zine

London, Nov. 5.

Lead and zinc were

the talks between The British Steering Committee on textile designs and K. Nomnchl; execu- tive

director of the Japanese texilie colour design centre, very fow cases of design infringement had been reported.

Prompt steps had been taken by the Japanese design centre to Investigate "a small number of cases still happening and ensure they did not becur," the in the morning while. copper market was firmer, Turnover useammen's organisation said, spectively for lead, zine and were 450, 750 and 400 totis re-United Press.

copper.

In the afternoon, all markets were firm but quiet. Turnovers were: Copper 400 tons; Loud 125 tone: Zinc 450 tons.

Prkes closed at the end of the uhofficial afternoon session, in sterling.per long.ton is follows: Spot: Copper buyers 101: seems 1915

Kad buyern 25%. Ant. 1alt Nov; Boller 05

Zine búreu 80% let half Nov. seller 051United Prem.

NAMESAKES

'Answers: 1 Injuries, 2 Poetry, Romance, 4 Berenice & the Lie 9. Scenes 10 Enet (on,

Passionate, 7. Action, a Drairių Jean Racine (The French dramatist).

London Foreign Exchange

Montreat

Daddon, Nov. 5.

Closing rates were; New York urumels Copenhagen Frankfurt

Man

Path Zurich

140.00

1705270114 1100-1100 12.2875-12.

Other unchanged-United Press.

Exchange Rates

Bison mome

Wo" korle in the local exchange, market

(a) the following rates:-

JA...

Co (por 2) santing možen (per 2:3)

featu

fiemen Sical (pše 1907 Singapore (Stralia)

The report said that Japan has risen to third place in trade with Melnya white trade Be tween Germany and Mallya is rapidly on the Increase.

Malayan deals with China have also been a factor in the retreat of British trade from Malaya which is likely to be- come nivre évident as "Mala- yanisation" progresses.

implementation of The Malayanisation will undoubted- ly have the effect of softening the "Buy British" peller at pre- sent adopted by all govern- and will ment departments, mean that the market will be- come increasingly open in the future." The Financial Times said-United Press.

SYRIA-E. GERMANY

AGREEMENT

|

Almost all the usually inactive asserted bonds rose R. Gene дая were featureless apkrt from the Dawes Ioan ndu-- assented, improving 4.

Olls Wero strong, led by Royal Dutch which galtied almost 21, Shell Transport

| rose 4/-, British Petroleum 2/0 and the others between 1 and 2 shillings.—United Press.

London Tin

Market

London, Nov. 1. The spot and 3-month remalha-, ed unelianged st £790 abd £1104 during the morning official session Today.

Turnover was 275 tons.

in the afternoon the market renialned steady. Spot was un- changed at 730% and 3-month rose £lo £716%.

Turnover was 46 tons. Donascus, Syria, Nov. 5,

Prices closed at the end of Syria has concluded an agree-the unofleini afternoon session,

ment with East Germany to ex- of Syrian port 25,000 kilons tobacco to East Germany, It was officially announced today.

In sterling per long ton as fdl- lows;

Tin Huyers

sald Omcials

# similar agreement is being negotiated 2-month buyers with Czechoslovakia and Egypt, -United Press,

7361L

pellers burness

#ollera business

United Press.

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