THE CHINA MAIL, TUESDAY, JANUARY 14, 1958.
Page U
TRADE and COMMERCE SECTION
More To Resignation Than Meets The
The Eye
Thorneycroft: A Man Of Courage
Why__The_Treasury
Treasury NEW YORK The
Team Split
With Government
By RONALD BOXALL
London, Jan. 13.
Peter Thorneycroft is a man
admirers more
easily than
who wins friends.
RUBBER
MARKET
New York, Jan. 13. Rex rubber futures today closed 28 to 45 points higher with sales of 14 contracts.
Jan: 27.50; Mar: 21.00. May: 71.00 July: 27.05: Sept, 27.00, No: 27.0
21.10.
points higher with no-males Standard contract closed 28 to reported.
R
Jun: 27.50; Max: 27.00: May: 27,05: Jaty: 27 : Sept: 27.00: Nov 27.10 Jan: 27.00. After
dull and listless session, prices improved toward
dealer
bidding by Indications of factory
I close ou encouraged
Kendiness
interest were re-
Whatever he lacks, it is not courage, That was amply proved last September and confirmed in his resignation. Had his personal popularity matched his courage; had the point of principle involved been better understood-among MPs as well as the general public; had there been no one of Mr improved domestic
spot mark1, Heathcoût Amory's integrity to succeed him aquiry in the
at London, where -then Peter Thorneycroft's resignation continental would have shaken the Government far more than it did. As it was, there were only a few sardonic smiles at Mr Macmillan's euphemism-"these little local difficulties"--for the resignation of the entire ministerial team at the Treasury. But more much more-than this was involved. The point of principle at stake may yet affect everyone whose livelihood depends on a stable pound-and that includes millions who do not live and vote in Britain,
the
red moderate buyers. Shipment offerings here were reported on the light side. Spot
No.: Rs was quoted at 27,
cents.
SINGAPORE
The market
narrow
opened slightly wer on overscas advice and
within It fluctuated
mits in quiet trading.
There was some covering on reports that Djakarta would at- tempt to sell
011
New York NEW YORK
Market
Stock
New York, Jan. 13.
Utility shares rose at around their best levels since mid-1957 today in an irregularly higher,
quiet stock market.
n
Rain
Procter & Gurable Co. Pittsburgh Plate Glass Publicker Industries Pure Ou........ Radio Corporalian Radio Con
Pret
Shell Oil Co. Saint Reg. Paper Sinclair O
Investment demand carried Penn. Bat Co, American Telephone and West-Philip Morri inghouse Electric up more than a point each. US. Steel led or better than a point, its section higher with
Alrerafts strengthened. Chry- TOSU nearly point to oler feature a firm markel for the Autos.
Small Kata appeared in the automobile, aircraft, and metal sections. Steels moved higher under the lead of US. Steel. Oils registered several modest advancto.
Railroad shares managed to gain and so did score Amat
were around utilities which their best levels in a half year. The market opened irregular and moved irregularly most of the session with a lemer tane developing late in the day.
Last week the industriul and railroad averages declined while the market advanced. Trading today was light in most sections as the market tried to apprais
Traders the budget situation. her rubber concluded that there will be a Ceficit despite the administra- burter for about half of her total production, but that thelon stress on a balanced figure, New York Stock Exchange rumour was shortlived,
bond volume was $4,200,000.
Stock American
Exchange volume was 170,000 shares,
New York Stock Exchange volume was 1,860,000 shares.
1.104. or a total of
Lasuc traded, 538 were higher, 336 lower, 230 unchanged.
Futures:
No. 1 rubber per 1b. Jan. 7816-702,
Feb. 70-74
735-732
No. 2 rubber per . Jan. 70-70% No. 3 rubber per 16. Jan. No. 4 rubber per lb. Jan. 71-72
70-76 Spot rubber untated.....
08-700 AIS
LONDON
The cabinet crisis that 3rd up money value of the benefits that to the triple resignation has are received in kind-such as been represented as a unere medical prescriptions - has £50,000,000 of additional {suffered the same inflationary Guverunent expenditure. The rise as everything else
These are plain facts; one enanket rese facts appear to be these: during
accepl the annual Cabinet discussions either
the {nkuill No. 1 pale crepe on the estimates of depart-rising cost of maintaining mental expenditure for the com- welfare state--and provide for ing Bnancial year, Mr Thorney-i-or call hail and risk the
total side effects. croft insisted
Mr Thorneycroft that the should not exceed the current was all for calling a halt; the This, he main rest of the Cabinet could tot year's fure, ioined, was
the accept the risks,, both political accessory to success of his anti-inflationary and economic. polley which involves the treez- ing of credit in the private and nationalised sectors economy.
The Break
the
That was the situation if one looks no further than the lin- medinte chuse of
of the quarrel. But no one really believes thut was all there was to the row.
to be that The truth seems Mr Thurneycroft and his Trea- sury colleagues began to part company from the rest of the plea; Government before the esilmater
DAT-
werd
Mr Therneycroft Witx tially successful in his
estimates departmental trimmed by about £100,000,000. was then already The total below this year's level in real terin that is, after allowing
The rubber market was very. quiet with spat 1/10 pence higher at 23-1/10 pence. Prices: No. 1 Rea pot
Settlement house terin:
Fel.
MAT.
Apr./June
July/Sept.
Oct./Dec.
23-23 2035-2312
231-24
1-24%
Dow-Jones closing averages
were:
indutrials
utülüks
20 falls
16
40 bonds
430,71
100.67
70.35
140.36
00.20
Coun. future price index
153.03
Closing Prices
£ 7435
Allied Müle Inc. All Chaleners
Pitate crepe thin Jan. Estate crepe thick Feb.
2315-231% | Am. Brake Shoe
25%
Amoricon Airlie Arnerican Cable & Radio Corp.
American Cyanamil Co.
70%
Amer. & Porn. Power
Am. Cu & Electric
General markets, elf bars, ports: Allied Chemical Jan. Feb. Mar
AMSTERDAM
The rubber market was quiet. became an imunediate issue, Mr | Prices closed in guilders pep Thorntycroft made a stond last kilogram; clf January as follows: September: it was that in future No. 1 rubber the inflationary strain would not No rubber be taken on the pound.
No. 3 rubber
The N. crepe
for inflationary price increases. value of sterling was to be Only another £50,000,000-one | maintained whatever the conse- per cent of the tolal-had to be pruned to bring it level in
20oney terms 100,
This is where the Treasury team departed fron
quences for the home economy
in terms of unemployment or anything else.
That policy was supported at the rest of the the time by the Government and Government. Mr Thorneycroft by the majority of people who stuck to his principle. The rest understood the situation. And of the Cabinet disagreed. They it saved the pound from dis- aided with the Prime Minister | aster.
who wrote to Mr Thorneycraft
afterwards: "The rigidl applica-
tion of this formuin to be carried
out immediately and without re-
gard to any other consideration
of
Uneasy
But since then come members
Am. Mach. & Fdry.
American Metal
American Smeel
American Tel American Tob. "B" Anaconda Copper
2.20 nom. 2.17 kom. 2.18 nom. Armco Steel 2.45 nom. Armour
United Pres.
SINGAPORE
STOCKS
Singapore, Jan. 14.
Brokers today quoted the fol- lowing stock prices;
Bott Intang Rubber Co.
Ltd. British Borneo
Syndicate Consolidated
Attan Cona. Mining Baldwin-1am-1am.
COTTON
MARKET
Now York, Jan. 13.
Will US Recover From
Economy
Skid?
Washington, Jan, 13. President Eisenhower confidently assured the U.S. today that the current business skid would be followed by a vigorous economic recovery within a few months.
Не predicted that the ❘ was based on the asumption the momentum of the upturn would expected' boom would produce be enough to producO a pre- an extra two billion dollare in carlously balanced budget intexes next year" the now focal year although Brundage thought the decline be followed by “a sub- the Treasury now expeels to would
PREDICTION
go 400 million dollars into stantial recovery" before sum- the red this year.
iner. Eisenhower conceded in his Budget Message to Congress
In the
Cotton futures today re-that "readjustments" were tak-
sumed last week's
re-ing pince
In this connection, Anderson economy predicted that US, personal in- come would rise to 352 billion nine dollars in calendar 1958, losses up to $1.50 a balee past several FOLTS
billion dollars higher than in before the market favalled
1597, while corporate profits But he said "there are strong would remain
at 42 stendy ccbillion dollars.
Asked why he expected per-
actionary trend, suffering following the rapid growth of
GROUNDS
4512
naky
off.
the
70
Farm legislation uncertainties grounds to support my 50% overturned
new crop fdence that the expansion of deliveries while nearby months our economy will soon be re-
of sumed, bringing higher levels sonal income to outstrip busi- weight the
the profits this year, reflected
headging, of receipts with present taxes ness
Treasury Secretary sald only
accumulated
scane of it report against rates),"
recent purchases out government stock,
competitive"
of the The President's' optimism was that he expected business to be and the echoed by Trourury Secretary "more
would come Robert B. Anderson and Budget business recovery
F. Brundage too late to cause significant Director Percival
After extreme opening losses up to 30 points, the market closed net 8 to 19 points lower. Now Orleans closed off 6 points. Most of the action crowded After that into the first hour.
34
Republie Heel
401
Reynolds Meta!
33
Bears, Roebuck & ✡s.
2511
27%
4
40
177
leo Sugar
24%
314- 411.
34
4034
送
207L
12
3 message,
003,
agony Mobiloil Boier Alcerati South Puerto Southern Co. (The) Buthern National Gas Southern Bellway (Com) Standard Brackis Standard Öll of Cải. Standard Oil of Ind. Standard O of NJ. Steep lock (Toronto Exge.) sterling Drug Co. Stokely-Van Camp.
Studebaker-Packard Corp. Svetilno Mining Swift & Co.
Texas Co.
Textron Inc. Tide Water Aen. Oll Time Inc.
Twentieth Century Fox Funt Union Carbide Tinion Dit of Cai, Union Pacific Heliway United Aircraft United Gar Corp. U.S. "B" U.S. Gypsum
U.S. Line Cu. U.S. Hubber U.B. Smelting 0.8. stcel
Warner Bros.
Westinghouse Electric Western Union Tol. Co West Va. Pulp & Paper
Woolworth
who aw no long-range dunger changes in 1958 corporate pro- In currently rising unemplay.ts.
also said he fore- Anderson ment and dropping profits.
Anderson told reporters he saw another increase in the which did not expect the current gross national product,
between the market quieted with traders readjustments to last too long. WAG
430 and 440 and to read
study
billion dollars in 1957. recent casing in President Eisenhower's Budget He cited a
credit, 5 "revival" in home But he declined to say how the increaPO "growing con- much he thought building and The President recommended idence" in the future.
would be.
pausing
"Important farm programme Anderson 1190 said the
The gross national product is
11 revisions intended to save the President's record pearrtime the sum value of all goods and
taxpayer $348,000,000 in fiscal budget of 73.9 billion dollars services-United Press.
233
4124
1959. The recommendation, he
sold, will be spelled out short-
ly in a special message.
House Agriculture Commilice Chairman Harold D. Colley's that there statement recent
ü be better than 20 seemed to
50-50 chante for enactment of 33 new farm price legislation this year Increased recent buyer hesitancy.
30
-United Presa,
HONGKONG
STOCK EXCHANGE
Our Own Correspondant
Dmounted
Dullness in the textile market, the quiet demand for spot coltor and the reactionary swing to and most other com- prains
markets WC2B
modity
factors.
added
Atlanta irade reports noted for spút scattered inquiries
cotton, in the past week But interest said mill Memphis continued clow, although some sales were made in high grades Very for nearby shipment. few inquiries were reported for spring and summer shipment.
Volume Open laterust
0,500 231,600
Month
March
May
July
Oct.
Dec.
Mar.
May
Tata)
2,000 179,000
10,000
342,000
6,300
25,900
3,200
00,100
1:00 38.000
1,800 $6400
28,800 1,117,000
NEW YORK
Prices of coitin futures closed this today as follows:
Spot to appro-
39.5: Noon quo-
Business done on the Hong- kong Slock Exchange morning ximately $230,000. Lions
the transactions were:
UK Bank INSURANCES
morning's
4000
7D%
4035
and
131
8
Shares
10
Buyers Schlern
Kales
Baltimore & Ohio
2A
Beneficial Finance
10%
BANKS
Bendix Aviation Chrp.
61
Benguet Cons.
16/16
Bethlehem feel
Boeing Airplane
HELPING Wheelock
6.40
645 UG0
76
0.50 1,000 1
Borden (The) Co,
63%
Burroughs Add Machine
74
0.40 500 AF 0.45
DOCKS. ETC.
Campbel Soup Co.
K. Whart.
123
Cannulan Pacific R.
Dock
Co.
15%
Cat. Celance Corp. CIT. Financial Corp.
B01
12%
44
Chase Manhat. Bank Chrysler Moloss Cluett Peabody. Colgate Palmulve Co. Colombian Carbon Co. Commercial Credit Consolidated Edison Continental Oll of Del. Crown Zellerbach Cuban Amer. Sugar
Diamond Alkali
Diamond Match Cu.
Provident
LAND ETC.
RL 305
11.70 11.00
HK Hotel 15.10 13.40
HK Land
48 really
200+ $16
44, Tram 23.00 24.20 1100
(0) .... 10.70 0.00
10.49 Mar: 35.67; May: July: $3.00 Det: 34.00-82 Dec: 24.07 Mar: 4.57; May: 34.37. NEW ORLEANS
Prices of cotton futures closed today as follows:
Spot: 33.10; Mar: 35.08; Mlay: 35.83; July: 3584: Det: 34.78: Dec: 24.00 Mar: 34.50; May: 14.6,
Cotton
LIVERPOOL
In future closings, pence per lb. were as follows:
Mar/Apr: 20.38: Old contract: May/June: 29.60; July/Aug: 20.77-80; Oct/Nov: 26.86: Dec/Jan: 26.37.
New contract: Mar/Apr: 27.32: May/June: 21.60; July/Aug: 27.70; Oct/Nov: 27.76; Dec/Jan: 27.71.
SAO PAULO
Prices of cotton futures closed today in cruzeiros per kilo as follows:
Match: 42.20; May: 42.40; July: 43.30; Dt: 42.20.
In the United States, the
everage price of one-inch cotton
at 14 designated spot cotton mar- kets was not available.
Total sales at these 13 mur- 10.00 kels were 53,890 bales-United
Press, 26.70
32!
Opening
200
Petroleum
Smelters
Crd
Hongkong Tin Lil.
ve Lid Ord. Fraser & Neave Fraser Neave 75% cum.
pret Gammona (Atalaya) Lid... Hongkong Shanghai Bank-
ing Corp.
$1.70
41K
20% d 12.70
$4.00
135
33% RUDBER
40 Amalg.
1.50 1.329 0150 A
1.50
4714 Trust
41 UTILITI
SA
101 Star Ferry
3
C. Ligh
201
2007 16.30
$5.30
Douglas Aircraft
7185
100 28.40
$450
Dow Chemicala ....
2000
Good
Dupont de Nemours
1784
500
18.PO
Kumpas l.....
Kuala Kampar Tin
$1.05 32% 6d
Eastman Kodak
的
El Paso National Gas
215
Stacy E
ho
Maloyan Breweries
$3.4216
Firestone Tyre & Rubber
BU
INDUSTRIALS
New Berandat
Co.
Ford Motor..
$2.45
$3.421
General Foods
12.00
General Motors
30.03
Gon. Pub. Ut
1.Dass
Getty Oli
404 Sement
ETC. STORES, Dayə
30.40 18.09 40% Watson 1.70
COTTONS Textiles
200 @ 24.50
+
$10.00
Cildden Co...
33%
NAIJADA
4.50 6.40
4.00
$1.30
Goodrich (B, F.) Co.
MECELLANEOUS.
Goodyear Tyre
$3.10
Heyden Newport Corp. Homoglake Aining Co.
Lunas Rubber Estates Ltd. $1.05
"Tiubber
Petaling Tin Lid,
would do more harm than good. of the Government have shown For, as became clear In our dis-signs that they were becoming o to apply it terally lo uneasy. Risks that seemed cussions, must involve cute la vital ser- necessary when the pound was
the
surface vices including those especially sinking beneath affecting
looked definitely alarming once certain aspects
the Immediate danger was past faraily life."
One does not know what was Issue between Mr said In the privacy of the The Thorneyorol! and his colleagues Cabinet mom, but Mr Nigel is plainly not one that can be Birch, who was economic Stere discussed in terms of black and tary to the Treasury until
There is a white.
certain resigned, has gone on record amount of right on both sides; thus:
The
oul to win euully there is wrong.
the Katties Hotel the other difficulty for the observer is in battle of inflation;
was more right were not." deckiing who un balance.
This is the heart of the mat- ter. For whatever the rights.and
of wronga
the £50,000,000 question, the fact that the Gov- ment appears to be weaken- inst in its resolve to press Mr and-inflationary {Thorneycroft's
lengtha measuree to whatever are necessary to protect the pound, must have an adverEC effect on foreign opinion,
*We were
Singapore Cold Storage
straits Trading........ Straits Stenmanly
United Engineers Ord. Wear Bros.
exall-Cluna Mall Special.
Exchange Rates
is
18.00
Business was done in the local uboficial exchange markets morning at the following males; U.S. dollar per $11 Sterling notes (per £1) Australian Botes (per £1) Indonesian rupiah (per 100) Siam tical (per 100) Singapore (Straits)
Family Finance Corp.
General Electric
and
Steel Co. Int'l Business Machines Int Harvester International Nickel
International Paper
Int1 Tel & Tel
John-Manville Co.
Karas C. Power & Light
Kennecott Copper...... B. Likhed Aircraft
Mayers Tob. Ca.
1281 | LUCWs Incorp...... 1300 Lone Bar Cement Co. 21.30 Lowenstein & Sons.
1.41 McDonnell Aircraft
Block ATTY.)__ Masal Iron Corp. Minesota Mining
Cost Of Welfare
The Government's case is that Mr Thorneycroft's culs would luve meant reductions in cer- Quite tain welfare services. apart from the fact that these a political services are from point of view well-nigh SICTO-
It has been argued that this them sort any reduction in
was a matter that would have would involve the risk of a
beon botter kept private within bitter struggle with the trade the Cabinet. But the damage Is unions at a time when the cone, and it is now up to the new country simply cannot afford it.Chancellor and the rest of the
Lion Development Wage claims would have been Government to reassure holders
Monsanto Chemical Co. Intensified and any hope of a of sterling by their actions that ment continue to tolerato
Indation that lie lax control over Moterol ine. ....
Montgomery Ward eniente between the Gover-tile pound still cames firet.
National Chin 142. "A" ment and the trade union move- The Importance of the Gov-The quality of money allowed
have
nearly four years | National Dairy Prod. been ernment's example cannot be to develop
National Lead underestimated. The following 280. Its previous notions were
National Steel Corp. partly because
New York Central end inflation failed to Norfolk & Wastern y Despite increased clutges, the words of economist HB. Rore, Ineffective
from an article written before will to
Olin Mathieson cost of maintaining the welfare Mr Thornycroft's resignation carry conviction. T. at last, the
Otis Movators Gloyeen- services. has increased every and published last week in determination
Owen-2linola Gilaas the number
In uf Lloyd's Bank Review, abouldnt la platri, ita latest beneficiaries at each end of the hang in every Minister's offlea: suren carry the substance of an
scale the. old 1:200
Bective pollar where their pre- "It is now clear beyond doubt | dicemern throw only on the pensioners and the children
Moreover, has grown.
poklically nor shadow."--Express Services.
ment shattered.
year
08
would
The What
neither
economically can
the Govern
of the
the
Oxford Paper Co Paella tām & Bec. Pan America Ameraya Namemt Evoturan ka.. Porte Davis Co. ... Peony J.C. C.
(Am.
9416
Electrie... 20 20.00 1395
10.60
Telephone 20.10 20200 New York Foreign
INVESTMENTS Yanxtaza.. 1,025
Allied
New York Sugar Market
New York, Jan. 18. World No. 4 sugar futures closed one point higher to one point lower with sales of 281-contracts.
Exchange
New York, Jan. 13. Closing rates were: Canuda
England official
..
Australia
30-days
00-days
New Zealand Bouth Africa
Belgium
Kandim...
Pakistan
1.01 5/10 211 16/17 2.80 11/18 3.79 5/16 2.96 180 13/32 241 13/10
2111
Others unchanged-United Press.
London Foreign Exchange
London, Jan. 13. Closing rates were New York ........
ontwal
Analerdam Copenhagen Milan Paris
Domestic No. 6 sugar futures closed unchanged to 2 points higher with sales of 25 controrts, Zurich
World contract traders evened
021 up position today.
1435 Contract No. {world}: March, 6614 3.79; May, 37: July, 3.19; Sept., 3.79
3111 | Data 2.35; March, 355: MAY, 350; 8pol-crits per ib. fob Cuba), 380,
401
20%
161
Open interest: 30 contracts.
ockholm Vienna
*25165/70-4281 V/10
177 10/10-3.70 1/18 139.30-13.00
19.30-19.30 17511-179312
1170-11784
14.5095-1400%
10.26-12.301
Others unchanged United Press
NAMESAKES
Character, Answers-i Queen, 3 Films, 4 Exploits,
Contract No, domestic): March, Leech, Adventures, 7 Hiness, 8
585: July, 0.70: Hept., 5,75; Hollywood,
Steamboat, 10
6.3 Ophi--(cents per lb. eit Tough, 11 Gangsters, 12 African,
NE ADVERF), 8.00,
Open Interest: 1,429 contract. 18 Peirified, 14 Maling.
United PreO
Humphrey BogMt.
*
*
*
*
POBIE.A
COMPANIES
PASSENGER/FREIGHT SERVICE
PENINSULAR & ORIENTAL S.N. CO.
In Port
*
Outwards "CARTHAGE"
"CHUSAN”
**
PEINGAPORE” "CANTON" *BOUDAN** "SUBAT"
Leaves London Beiled 11/13 24 17/12). Balled 4/11 Sailed 7/1 Saied 11/1 Salla
Due Hongkong
20th JanuarTY
20th JanuRIY
Bh February
Zund Februscy
1th March
Leaves Hongkong
Dus LondAR
E
»
*
*
E
Kayward "CARTHAGE" 17th January
"CHUSAN” "CANTON"
"OORFU"
30th Janasry 11th FebruNCY 14th March
"SUBAT"
30th Match
"CARTHAGE"
11th April
17th February 27th Februar 24th March 29th Apri 10th May
Jain Max
Via S'pore, Penang, Colombo, Bombay; Aden & Ps. Bud
• "BURAT” omile Colombo & Bombay,
calls Genou Blareville.
BRITISH INDIA S.N. CO., LTD.
"SANTHIA” du 30th Jan.
"OLINDA"
Mika Sint Jan.
dus 10th Feb. sails lith Feb.
“SANGOLA”dua Itih Feb.
all 15th Feb.
front Japan For Singapore, Penang. Itangoon & Caisutta
from Japan?
for Singapore, Panang, Hango, Calcute LAILAKONE
Cross Calcutta, Rangoon, Penang & asigure tor Japon
P. & 0./B.. I. JOINT SERVICE
"ISMAILA" due 17th Jan.
*OETA"
*TTAURA"
"IKAUNA"
falls 18th Jail.
das 17th Jan.
salts 18th Jan, Tue 29th Jan.
sajis 27th Jan.
đơn tính Tôn.
ME 10 Feb.
fruen JacL
Kuwall
for Singapore, Borshry. Karachi,
Khorramshahr, asrah, Dubait de Muncat.
from Karachi, Bomber. Cronin & Singanoru for Japan
from Karachi, Bombay, Cochin Bingapore TOT Japan
from Japan)
tor Singapore, Penang, Cuchin, Bombay, Kare-
"Museas
Kuwait Death 6 Khorramshahr
EASTERN & AUSTRALIAN S.S. CO., LTD."
"ARAFURAӾtlir 2nd Feb.
“NELLOLE" 0 đưa Anh.
for Labuan. Sandakan, Brisbane, Sydney, Adel- alde de ataldorne
From Australia
All vessels have Mberty to sali at any porta au ar off the route à the rente à satings arb subject to ekkage or amendment with or without notice,
For fal perdealur, minh da MACKINNON, MACKE IZIL,& CO. OF HONG KONG-LID Tebetone Me- 277214
*
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