1957-11-12 — Page 9

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THE CHINA' MAIL, / TUESDAY, NOVEMBER 12, 1957.

TRADE and COMMERCE SECTION

Britain's Battle Against Inflation:

WHAT'S THE STRATEGY NOW?

Nothing Has Been

Gained-Except

A Breathing Space

London, Nov. 11.

now

The great debate that has been going on Government ever since the British declared war on inflation, has progressed B stage further. The question is what happens when the present defensive tactics have run their course. What in other words should be the strategy for advance and subsequent victory?

So far, all that has happened is that certain

measures have been taken to prevent a

exchange disaster in Britain's foreign pusition. To this limited extent they have been successful. Nothing has actually been gained except a breathing space. After the near disastrous losses of August and September, gold and dollars are beginning to The flow back in an encouraging way. October gain showed a definite revival of confidence in Sterling.

(Mr

Macmillan's late-

NEW YORK COTTON

MARKET

Now York, Nov. 11.

Rallying tendencies returned

to

now

cotton futuros today with current crop deli- verici edging into scaranal highs when some of last wook's sollars moved to covor on con- tinued' unfavourable crop

nows.

credited

NEW YORK STOCK MARKET

Aircrafts Soar Five Points On

Declared Dividend

New York, Nov. 11.

United Aircraft soared five points today when its directors declared a stock dividend of 20 per cent and also voted the usual 75-cent cash extra dividend.

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Int'l Harvester

Additional buying

This spurt accelerated a rise, vestake Mining Co.

Ingersoll-Rand already in to New Orleans, Memphis and

progress In

the Inland Sleel Co. other missile makers and in the Interchemical Corp comunission houses outside

25 limited amount of makers of exotic fucts which Int'l Busine found

power the missiles. The group International Nickel hedging and realishtig.

showed gains ranging to 2 International Paper

Int'l Tel & Tel Crop accounts featured.com-points.

John-Manville Co. heavy week-end

Kennecott Copper Liggett. Meșers Tal. Co. trouls In

plants of the Memphis area

of Texas and Louisiana.

Lockheed Aircraft

HONGKONG

STOCK EXCHANGE

DROP IN US Import Duty

STEEL PRODUCTION

US.

New York, Nov. 11. steel production last week fell below the 2,000,000

Rate Increase

Washington, Nov. 11. Fresident Elsenhower increased the import duty- on spring clothspins by 10 per cent. •a gross today In answer to a plea

for mark for the first of the industry for rellet under #ince last Summer's steel strike, the reciprocal trade net.

American Iron & Steel In stituto estimated today.

to

The new duty is 18 cents a A further reduction is anil-gross, more than double the cipated this week, the Instituto | former eight cents a gross, said.

The president agreed with a Steel mills in the week be ginning today are scheduled to Tari Commission fading that operate at 77.5 per cent of the domestic spring clothspin relle! rated capacity, which would industry is entitled yield 1,884,000 tons. This would under the trade agreements low bo equivalent to 123.5 pet because of its Anancial difctl- Dent of the 1947-49 production tes

But he differed on the kind of Last week the industry turned relief. He increased the duty Business done on the Hong-out 1,990,000 tons of steel while rate instead of setting an import kong Exchange this moraingerating at 78 per cent of capa- quota of 050,000 gross as re-

city. The index was 124.3.

commended by the commission. amounted to approximately

This is the lowest weekly pro- $200,000. Noc quotations and duction since early in August

1950, when the steel

strike came to en and.-United Press.

This

Our Own Correspondant

were:

transPetions morning's

Shares Buyers Bellary Sales

BANKS

(0)

820

B12

67

FOC Bank.

INSURANCE39 Union... 73-16

24 + 0231%

400 0733%

Machines

200* 30

SHIPPING

70%

Wheelock

0.00 8.30 5,000

0.70

DG

DOCKS, ETC.

30P

Duck

Provident

11.00

LAND, ETC.

HK Latul

334

1.30

:

130 135

22.70)

043

500

000 € 22.00

Loews Incorp, "....

Lone Star Cement Co. Lowenstein & Sons. Mesabi Iron Corp. Minnesoin Mining Mission Development Monsanto Chemical C Montgomery Ward Motorola Inc. National Cash Reg. "A" National Dairy Prod.

That spurt in United Aircraft with rains noted in many areas helped lift the industrial average which was weighed down by a loss of more than 2 points in Resultant concerti over Standard Oil (New Jersey), uvailability of high-grade cot-suffering from a huge stock

contract de-offering. ton suitable for livery, continued the dominant background buying influence, Trading in the market as a whole fell off to the lightest MILL INTEREST

since early levels

October National Lead when dolly volume was running | National Steel Corp.

The New York Centre) Ground 1,500,000 shares. Veterans Day holiday reduced Norfolk & Western Ry. the population in the financial Į Dm Elevators district

Memphis reports sald

interest spot cotton continued strong last week with visiting the producing areas

buyer

Excluding the $130 million | able. paid in that monta to E.P.U..ment this week that the remedy which properly belongs to the is "u litle more self-discipline September account and includ-all round" sounded suspiciously in like an attempt to revive the Ing the $18 million gurried

where cation continued to sell Aghting transactions October

with dheredlied method of

In fair volume, High and exhortation: but medium grades brought "good Europe, the gain to reserves last bißation with

fortunately this is nu longer prices," the report added. tmouth wes $391 million,

official policy).

To arrive at "true" gain, how- ever, the $250 million Joan from

trade

unlons' first

10

Government

wus

biller in

BANK HOLIDAY

It was

Oun Mathieson

Owen-Illis Girsa Oxford Paper Co. Packie Gei de Fire. ....... Pan American Airways

Paramount Pictitres

Parka Davis Co. Penny J. C. Co. Penn. Salt Co,

Morris

a holiday for banks in New York, and the financial Atlanta said mill demand for district in many instances, ob- Frocter & Gamble Co. The

bright background caiton conserves it along with the ban-Pittsburgh Plate Glasz the Unlied States Export- reaction

the hued. Bank should be sub-measures Import

of "industrial Lracted from this Bare, leaving extreme, Talk

Many sales were made with which is still a $141 million

welfare" and "reserves of un-

Deter-buying principally was heard. very satisfactory performance. employed"

with delivery. mination to push ahead current wage claims pressed.

Imperative

nol

But

was ex- |

for nearby

Closing: on a buoyant note the This, I was sald, isst showed net gils of 14 to le showdown,

20 points. The market opened The object of the bank rate :

isn't up 3 to 10 points, New Orleans showdown A exercise, however, WDS

It is closed up 14 to 18 points, merely to achieve this improve necessarily a bad thing.

the foreiga exchange all to the good if it brings the ment in

Corn Interest

103,700 position. When they decided to nation face to face with its real False the bank rate by two full problem, which is persistent pouts and take other measures morale-sapping rise of prices. make credit buth That and you can stop so-called designed to

the inflationary wage claims. And Dee. and dearer

secteer,

union leaders, whatever Mar. sume the authorities had in mind thing more than merely dealing they say in public, realise this. with a crisis of confidence in

Right Climate Sterling

Nor was it simply a question of curing u temporary condition. What Britain is suffering from

Imperative though this was,

Whut the Government has to measures to deal with it would

the right long do now is to create have been useless hr the

period taken economic climate for u nction was run- unless simultaneously to eradicate the of voluntary self-denial "while recovers from a inflation that was at the root of the economy

severe attack of indigestion. At the crisis.

home this means realising that cannot be done at everything

Sir Oscar Hobson has once. is not just inflation here and pointed out in the current issue Britain now, but cumulative effect of of "The Banker" that over a decade of more or Icss has been

four indulging in booms at once: to domestic persistent inßation,

The shock Intaburca of housing, defence, industrial in- and consumption. September 19 did two things atvestment once: they reversed the fight Oversons we have been indulg- investment In another Lum the Pound and demon-ing strated to the people of Britain boom mainly in the Com- that this was the end of the line monwealth at a

as far as indation was concern-

od. That remains the position;

nothing mere has happened

yet.

rate of £200

million a year.

In short

Britain must

beyin

to live within her means. Steps taken to Now the question is: where have already been do we go from here? Quite ensure this at home, but several obviously the text move must prominent commentators believe that before the task is com- have regard to trend of events.

pleted, Britain will have to take the even more difficult political decision to cut down investment to what she comfortably afford.

The Trend?

less

Dec.

Month

Volume

23,800

Mar

30,400

230,100

May

2,100

255,700

July Det

6,400

135,600

incon

13480

1,200

31,000

1,500

0.200

115,000

973,400 bales

Total

Publicker Industries that the purn Oll. kers despite the fact

Radio Corporation Stock Exchange ran through a regular trading day.

Radio Carp. Pref. Republic-Sterl Reynolds Metal stel on Co.... saint Reg. Paper

Arm in held

Bocony Moblot...

Five stocks made up 28 per cent of all the volume. Prices

Sinclair the absence of selling pressure. Missile makers Bouth Puerto Rico Star and exotic fuel makers met Bouthern National Gam further buying that sent prices Southern away (Com.) up 1 to 2 points in the group,

Motors ruled firm, Halls had enough gainers to lift them a mile on average. Olle ruled firm excepi for Jersey Standard

which was retarded by giant stock offering.

Standard Branda Standard Oil of Cat Standard Oil of Indi standard Oil of NJ. Sleep Rock (Toronto Exge.).. Sterling Drug Co. Stokely-Van Camp. Studebaker-Packard Corp. ils Sunshine Mining Swin & Co.

Texas Co.

Textron the

Share volume only 1,540,000 || Tide Water Assn. Dil

New York Cotton compared

Prices

Prices of colton futures closed as follows:

Spol: 33.5rt! Dec: 35.42; July: 35.113 Oct: 33.00 Dee: $3,000; Mar: 33 79.

NEW ORLEANS

Prices of cotton futures closed as follows:

Spel: 31.10; Doc: 35,4; Mar:

3 May;

33.24;

July: 34.106 Oct: 53 00: Dec: 33sib; Mar: 33.83b,

LIVERPOOL

Cotton future closings, peace per ib. were as follows:

Friday.

OF

with

2,140,000 02

issued total of 1,037 A traded 413 were higher, 399 lower, 245 unchanged.

On the American Stock Ex- change sales dropped to 430,000 shares compared with (20,000 on Friday.

Bond volume today amounted U83,360,000 ngainst US- $5,320,000 on Friday.

10

Dow-Joncs closing averages

were:

30 Industrials: 434.04: 20 Nails: 107.48:18 Uunities: 04.84: 60 Stocks: 140,80; 40 Bonds: $4.22 Com- modity future Index: 161.20.

Closing Prices

Old contract, Dec/Jon: 2.68 no.: Mar/Apr: 25.13 nom: May/June: 23.93 nom: July/Aug: 28.04 nam Oct/Nov: 24.99 nom.

New contract, Dec/Jan: 28.57 forms Mar/Apr: 20.51 nom.: May/June 20.04 nom.: July/Aug. | Alila Chalmers 20.03 nom; Oct/Nov. 28.53 non

12

201

Burma Rice For Ceylon

Colombo, Nov. 11. Ceylon he agreed to buy 200,000 tons of rice from Burma next year.

The price, however, has not HK Hotel 14.20 14.40 1,000 14.30 been decided. Once this is de

110termined Ceylon will negotiate

Realty

RUBBER Amais.... UTILITIES

Tram

Youraui

C. Light

toj....

159

C. Light

(N)....

Electric

Macao

400

Choirman of the Denate Finance and House Ways and Means

In Identical letters to the

committees, he said the need for an import celing "has not been clearly established." He pointed out that sales of the domestle Industry hit an all-tima high Last year.

President sald that an in- crease in the import duty stem- ed "to be appropriate tellet” in- stead-United Press.

NAMESAKES

Answers-1 Erskine, 2 Victory.

10

on the price of 3 Punch, 4 Gloves, 5 Heavy, d 300334 with China

Chinese rice under the rice for Canvas, 7 Seples, à Richardson, rubber agreement between the 9 Referee, 10 Rounds. two countries-United Prezz

10 10.40 1,600 @ 18.10

20.00 28.00 1,000

25.30 25.70 100 25.70

30 10.10

27

27.20

20.70

30.40

17.00

Talephone

13

STONES, ETC,

bury Watson... ZADA, C. COTTONS

15.70 32.30 14.70

400

10 500 1000

4.40

Twenty Century Union Carbide Union Oil of Cal. Unton Pantile Railway

Fax Fin

United Aircraft

UB. Gypmam

U.S. Line Co.

U.B. Emelting

2015

US, Foll "D"

US Steel Warner Bros.

Westinghouse Electric West V. Pulp & Paper ... Woolworth

20

***United Press.

Textiles

INVESTMENTS

Allied..... 3.7714

$3.20

4.50

1,000

3.10

LONDON STOCK

MARKET

London, Nov. 11.

A scattering of favourable reports plus company

some bear covering lent a firm

tone to, the stock

market today.

Among

industrials. chain

stores scored gains ranging to over a shilling.

Rolls Royco topped the list with an advance of 1/8.

Speculative

trading

shares of the old Suez

lifted

Canal

Company to £42. This, how- ever, is less than half of their value prior to nationalisation.

MALAYAN shilling and sixpence on light

RUBBER

FOOTWEAR

Singapore: Nov, 11.

Middle Eastern markets were

22% the biggest buyers of Malayan

2496

203

rubber footwear during the first

11 six months of this year, secord- 16% Ing to official statistics.

Allied Chemicals Allied Mill Inc.

Am. Brake Shoe

American Airline

American Cable & Radio

Corp.

4

Ja

American Cyanamid Co.

30

Amer, & Forgn, Power

1142

from Malaya totailed

Am. Mach. Be Vázy. American Metal

31

19% dozen

pairz went to

SAO PAULO

Cotton future closings, ovencess cruzeiros per kilo were as fol

can lows:

Just what that trend is at the

Nov: 30.; Dee: 31: har: 1. ; moment is a matter of some

But all this will bo menning-May: 38.50; July: 38.60: Oct: 38.50. In the United States, The controversy.. It has been sug-

without some form of

Average price of one-inch cot- Rested that there is a recession on the way in the United States agreement to keep wage claims fon at 14 designated spot mar- and that this will inevitably bolow the point where they in have an adverse

effect on evitably result in higher prices, kels was 34.11.

of

the

economic activity in other parts It would be a thousand pities if

world.

because the either of

But the

Goverument makes the ineptitude of the argument that this

un or the belligerence of the trade Government's measures

vicious

this (because unions, the chance of necessarily delation will do the Job for agreement were missed,

them?) doesn't stand up.

For one thing it is still odds against a serious rocosalon In

For once over the present

the bump,

possibilities for

America. The signs point away further inflation-free expansion

are

practically limitless-Ex-

from it. But even if it were a sorious rink, Britain could not press Service.

stand by and let events over- Laksa her. As Mr Thorneycroft has remarked: “A strong Pound and the absence of inflation is a prerequisite to riding the re and fall of demand in the world outside."

Filling an upheaval in the

London Metal Prices

London, Nov. 11. Prices of metals closed today

outside world, the .aventɛ which 起 starling per long ton as

will dictate the next move in

the battle for the Pound will follows: occur at hondé,

concern mainly wagoa.

3-month

And they will copper spot The problem of ensuring that Lead jst rises in wages match

productivity. ́in as dificult as

Busher Balleru

Nov.

Tin spot

790

res lazio ever, but there are signa that it is becoming a litle more treat

th

American Smalting Am. Sugar klef,

American Tol à Tel American Tub. "B" Anaconda Copper Artico Sloex Armour

Alias Cons. Mining Total sales at these markets:aldwin-in-in

Baltimore & Ohio 116,358 bales.-United Press.

Bendix Aviation Corp

London Rubber

Market

w-28

Bearum Co.

Beulchem Bioci

Boeing Airplane Borden (The) Co.

Burroughs Add Machino

Canadian Pacific 1. Caso (J. 13 ca.

Cat, zructor

Colincse Corp.,

C. I. T. Financial Corp. Chrysler Motors ..... KilmaM_Molybdenumi Clusit Peabody"" Colgate-Pabnove Co. Commerwal Credit

London, Nov. 11. The rubber market quiells steady with spot quoted Cuidated son

Continental Oll of Dal, at 22% pence per ib. Prices:

Grown Zedžerimals ....... Cuban, Azer, Sagar No. 1 Ras spot; 22/15-2295.

Diamond'AMORE Settlement house terma: D64: | Diamond Match C6. 2216-2216: Jatytas: 20-25) Apr)-Dow ChemicalÉS, ... June 14-21: July/Bept: BKI) | PUDONE da Nachours

Tasteri Birkine Godstal marketi, cik basin, ports: zastman Kodak

Palata) crepe, thẳim and | BADMY: Pidance Corp. thứcha Al 2911 allies,

Ford Moto

AMSTERDAM.

Nov: 225-2355) Des: #2}%-2241: Jan: 21 Pass National Cas

The market was steady,

Prices.

No. 11.8.19 buyers; No. 1: 2.17)

TX7)! | buyers; No. 3: 100 bayram

Qonatal Motors

Pub, Uli,

1037

Exports during the

period

102,806 dozen pairs of which 25,782

Egyptian Sudan.

the

Bahrein took 17,000 dozen pairs, Arabia 10,561 dozen pairs, 45) Somalia 0,280 dozen pairs and

Jordan 1,083 dozen pairs. 22

Some oli leaders rose up to a

trading Royal Dutch and Shell were unchanged.

Glit-edged mostly unchanged.

Nino Valdes.

P.OBI EA

COMPANIES

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

"SUNDA” "CORFU "BALMARA" *FINGAPORE" *CARTHAGE" *CRUSAN"

13tk Jammy

DZIN TROMS

*

Outwards "CANTON"

Homewarde

*CANTON"

*CORID"

Jars London Batied Bailed

38th November 2th November

ith Dooqaber 11th December 17th Decembar

Zev Hongkong Sad Novembre 18th December Sth Jaxumay 17th January

Due Kangkong

19th November

14th December

19th December

29th December

15th January

Seth Jpospry

*

*

*

*

"SUNDA” * *CARTHAGE" "CHUSAN" "BINGAPORE" * 4th February

Dus Landem

Bird

Domsber 19th January

Dlh February

11th FebruaryT 27th February 12th March

Via Singapore, Panas, Colombo, Mankay az adır.

* "JUNDA" & "SINGAPORE" omii Colombo à Hombur call at Havre à extend to liamsbury, Botterdam a Antwerp,

*

securities

wero

*

"VOLTALA" Cue 12th Nov. saris 24th Nov.

Dollar stock advanced frog- tionally.United Press,

SINGAPORE STOCKS

Singapore, Nov. 12. Brokers today quoted following stock prices:

BRITISH INDIA S.N. CO., LTD.

“SANTHIA” due 218 Nov. RALIA Zind Nov.

"SANGOLA" 4ue 7th Dep. suits Bia Dec.

FromA. TROMMEL

fox Angepere, Penang. Bago&e Calcutta from Japa

for Bigpore, Panang:

#rpos Calcutta, TROOS

for Jong

P. & 0./B. I. JOINT SERVICE

“IBMAILA" 400 10w Now.

from Harachi, Bombay,

Colombo & BJOERDOTE for Japeth

from Big pory, Cochin, Edenbad Garaght="

An org Bombay. EbEVENING, Karachi khorymibahr

From Japan for Singapore, Bombay, Rabdia & Karachi?

the

"TTOLA"

Opening

$1.70.

40#

+

malis 111h Nor. dus 19th Nov. Balls let Nov, "OZARDA" de ard Deo,

Tin Sellers

Aatu Lintang Rubber Co

Lid. Brush Bornco Petrolown

Byndicate were

Consolidated

Ord.

The Borneo markets 30% also good buyers of Malayan

footwear. Sarawak took 8,837 Frater & Neava Ltd Ord. $2.50

Borneo Truser & Neava 75% curn, pairs, North Its dozen

$4.00 praf... and Brunel 9,243 dozen pairs 1978 dozen pairs France Grimmons (Malaya) Limited $2,15

Hongkong & Shanghal Bank-

ing Corp ww Presst.

Hongkong Tin Ltd. Kumpan Ltd.

RUSSIA ENTERS

TEA MARKET

Colombo, Nov. 11,

chlered

Kunis Kamper Tip.***. Laman Hubber alates 14d, Malayan Browories... Now Serandah Rubber Co.

Lid.

Petaling Tin Zitch.

Rafles Hotel

Bingboro Cold Biorage ..........

Btrait #teamfilp the United Sameer's on. Ceylon ten market. Througła a Westie Bros, tingg

British firm, the

Borlet pur-xdiv

chased tea at the weekly cale Epacial. held last week and said it was

prepared to pay "good prices"

$150

fos: substantial quanusies Exchange Rates

bigh grade son..

Rusian entry to the market is very gratifying

Business was done in the long?:

aret this sala a spokesman for the bea undemand inchisiry. "If they buy about moralog at be, folowing: Taljan twenty million pounde a year dolar (para))

BAD Dofes,” (par it will go a long way in hold- Australiam tantas par

ing up the harbat," my Holiad maps Hoal (per 100)

Prom.

Singapore (stralia)

*

"URLANA” de

*

EASTERN & AUSTRALIAN 5.5. CO., LTD. “NANKIN" - Jade-19/2013 Mov

permokartanomy fa

1.

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