1958-03-03 — Page 9

THE CHINA MAIL, MONDAY, MARCH 8, 1958.

TRADE and COMMERCE SECTION

US Economy: Week's Survey HONGKONG

A Speed-Up In Public Works Last Week

By IVAN ZVERINA

New York, Mar. 2.. A speed-up in public works on all levels

federal, state and local – was the word last week as both government and business triod

after one weapon another to stoor the recession into a mid-year upturn.

Indications were that as many of these weapons would be used as necessary, including already contemplated tax-cuts, if any deepening of the crisis requires it.

The word came right from the top. President Eisenhower pledged an acceleration of public works projects at his weekly news conference. effective in That, he said, would be more "bringing people back to work quickly" than starting new projects,

programme

was

accom-

"the

Last

STOCK

US COTTON New York Stock EXCHANGE

MARKET

REVIEW

week.

New York, Mar. 2. All busic toxtile markots groped along in a listless fashion this past Usors of cotton, wool, rayon, silk, burlap, and hamp found no reason to change the long-standing policy of buying just the amount they "need and just at the time thay want it.

Market Review

By ELMER WALZER

New York, Mar. 2.

Our Own Correspondent

Burdness done on the Hong- kong Block Exchange this morn-

Page

Canada's Trade With The Far East

By RICHARD GWYN

Ottawa, Mar. 2.

Japan continued to take the lion's share of the slowly increasing Canadian trade with the For East in 1957, the Government publication "Foreign Trade" reports,

ing amounted to approximately In 1957, Canada's export will total $192 million,

$567,000. Noon quotations and the morning's transactions were: shares Buyers Sellars Sales

XD

INSURANCES

BANKS

Poor earnings reports including a January loss of nearly 4 million for New York Central put railroad stocks down during the past week on PPING the stock market.

on

Other sections managed to move up slightly so that average the market barely changed, and volume sank to a new low since last October 4.

Losses outnumbered gains by 031 to 523 white 100 insuot held unchanged out of the 1,870 It traded, A total of 44 managed

new hight while 42

The rayon, syntholic fibros and silk dressmaking Industries become disrupted by the threat of an industry-wide strike. the tle-up materiallses, met- to set chants fear it would have made now lows. serious effect on all fobrie business, affecting converters, cutters, mills, dyers, finishers, truckers and spinners. It would the balance of spring business, strangle chantes for getting out traders feared.

the

EXTENDED

A series of dividend reduc- tions, particularly in the copper

some lower and steel group, the poor rail plus business declines brough! reports und poration earnings statements

many to

London

Stock

Market

Whoe lock DOCKS, ETC. K. Wharf.. Dock

Provident LAND, ETC. HKC Hotel

KD

1 Land, Trumphreys

Joalty

500 a 628

010 Dab

25274

100 a 70.00

035 B30

.1000 123 64.50 $15.70

12.10

$3$

100 G

300 & 35

14.10 19.20 1000 ms 10.30

800 4 15.30 1000 10.30 350 g) 18.20

100 32.56 100 51.50

1.40 6000 # 1313 3000 1,375

33.80 13.75

14.00 1.35

RUBBER

Amalg

1.22

Trust UTILITIES

120

Tram

1000 @ 24.40 .... 24.40 24.50

000 24.40

C. Light

121 100 17.60 27.20

London, Mar, 2. cor-The question of the week

has been: ls the market Star Ferry beginning to bump along Yahmati 09.00 the bottom, getting-ready

The the side-lines. market was never under any pressure and at times it show. ed strength despite the adverse news.

SALES

Cation Lextiles extended atalemate dating trading back to mid-November, Appart

Sales for the imited com.

week totalled fabric

buyers

shares, a daily mitments to the il-in variety.only 8,022,560

ot

fabrics average of 1,721,516 Industripl

shares Users covered against orders in hand-against 1,640,269 shares daily a

work ngo. nothing else.

At the close on Friday the la- Mills said that despite the big dustrial average at 439.02 was up outback a production over 0.30 on the week; rall 102.05 cent months they were still off 2.36; utility 72.40 up 0.50;

inventory on and 65 stocks 149.86 up 0.35. accumulating standard wie fabrica and duck

cloths.

to turn upwards?

compared to $167 million in 1956. Imports may reach 108 million as against 106 million in 1956.

The Far East provides A and Western Europe. Leading A wide range of agricultural exports to Japari market for Canarian

a small goods, but

are wheat, barley and oilseeds. group of products make up the There has been an increasing greater part of exports by value. wheat demand, especially in the These are wheat, flaxseed, flour, elties where the population has iron. ore products, metals, turned from rice to brend as asbestos, Abres, pulp and paper, the staple item in the diet. alumkum and fertilisers.

The

For East trading estimates for 1957 would leave a. favourable credit balance for Canada of B4 million, compared to a credit of 61 million the previous year, the report said.

Trade with Japan accounted 1.25 3000 122 for 80 per cent of Canadian 20001273 sales in the area and contributed 284 @ 120 57 per cent of Canadian imports. Most important. trading 311+ Uone after Japan were the Philippines,

South Когев, Hongkong, Malaya, and Thai and, in that order.

It looked rather like it. In Electric XD 20.40 23.10 the first half of the week almost

100 00:30 800 17.70

500 17.80 -17,70

400 2015

200 ve 17:10

200

2

all prices fell rather heavily. Tel. 27.30 27.76 4500 but in the second half, they INDUSTTUALS tumed

дя upwards

though Cement KD

STORES, ETC. ia. Dalry bargain-bunlars had comYO Sterling Htselt behaved in the same way, falling from 2.11%

Watson on last Saturday to below 2.81 Craw on Wednesday, and recovering COTTONS

Nanyang sharply to 2.81% on Saturday.

Textile The stock turnover has been INVESTMENTS

HK & FE modest.

Invest

in

The clearest single movement the week was the steady demand for British government stocks.

17 17.30

11.00 1.10 34.00

400 4 17.20 1500 12.20 100 17.20 230 @ 15

803

400 4077.50

9.00

WEDNESDAY MARON 5 The Exchange will open at 9.30 a.m. and close at il aan. on deliveries will be made.

British

Woollens

In US

Canadian sales to China were 1 million in 1855, 2.4 million

in 1958 and 1.3 million for the Arst nine months of 1987, Chinn is one of the few Far Eastern nations which delis more to Canada then the buys. Chinese <xports to Cariada were 2.1 million in 1955, 5.7 million in

4.2 million for tho 1930 and first nine months of 1057.

T. M. Pope, Assistantí Trade Commissioner in Hongkong, writes that a slowing down of China will Industrialisation in

make trading more competitive, although opportunities are still fncreasing.

Philippines: Canada's accord largest market in the arca. Econtende conditions are weakening and it doce not seem

likely Canadian exports will match the 1057 figura (12.7 million for the Arst nine months.)

moro

Preferential tarifts for the United States are being reduced but Japan and other Astan countries are considered likely to be the gainera. mainly financed

South Korea: Imports are through U.S.

18

ald and little change is expect= cd in

market 1058. The

mainly for fertilisers, newsprint,

steel sheet and synthetic fibres.

Hongkong: The absence of tarife cxcept on a few luxury jenis makes prices extremsely important. Ecsi prospects for 1858 appear to be for raw materials for the island's stowing Industries. Manu- factured gooda also baye a

market. Malaya: Canadian sales drop- ped by $500,000 for the first half or 1037. Main losses were in

flour, automobiles and gas engines and parts. The trade outlook for 1053 is good with the demand for consumer goods Lack and capital goods expected to Chinese be maintained.-United Press.

Mr Pope lists three obstacles to Car

Canada-China trade: of knowledge of the

market; limited facilities for direct shipments between China and Canada, and Chinese pre- in local ference for payments

than

with

Currency

rather Canadian dollars of which they have plenty, thanks to their fav curable balance these obstacles

Pope estimates trade

of trade.

H

are met,

Mr

in 1937

|

SINGAPORE STOCKS

Singapore, Mar. 2. Brokers today quoted following stock prices:

States, cities and local com- time high in January of 122.3 munities had anticipated the per cent of the 1947-49 average wont from the White House, one of the very few signs of

in this deflation Cleveland, Ohio, last week sold milation left

in bonds for beset economy, over $15 million

rise in January port, sewer and road Improve- The actual

Pennsylvania was 0.0–3 per cent above a ment projects. was speeding up to $200 million year ago.

for schools, high- The best retail sales and ways, sewage disposal and har- consumer prices were bour expansion plans. In Chi-panied by an 0.4 per cent drop cago, city authorities called for in the purchasing power of the doubling and tripling shifts to dollar since December.

Steel,

most finish municipal projects.

economy's

For the month of February The speed-up in public works faithful if somewhat long-term

industrials lost 10.10 points. followed the

week's barometer, still wallowed on previous

rails in January and 37,573,140 considered

Old Consols were wanted and announcement by Federal Re what

Prices were quotably in February, 1957 and brought

£40, compared eerve authorities that they will bottom" for many weeks, cul reserve requirement on week's output was actually the changed, but sellers admitted to total for the first two rose 13/6 to

values were nominal and that But

months to 80,000,000 shares with their 1957-68 low of £45. borrowings

member lowest since from

Christmas.

firm bids for quantities at lower banks by per cent effective this was a result of the heavy

against 85,730,096 in 1957 which Railway Nationalisation stock levels would be entertained. Was one-day down from 1958 climbed 10/- and War Loan 7/8, and the following Feb. 28. This move would free | snow_drop

Fractionally all the blue chip $500 million in avaliable loan

industrials recovered somewhat Bag sheeting manufacturers because of Washington's birth- freeze over most of the country. money immediately and another Iron Age, the industry's organ, painted the darkest part of the day. 1.8 billion eventually,

actually reported a slight pick-cotton cloth picture. The last Gold mining issues stood out from their mid-week lows, but and Meinstyre Pare this still left most of them Stock market reaction to that up in orders. This was "nothing time this group enjoyed fair at times move was disappoinling. It was to get excited about," it cau- forward buying was a year ago cupine managed to rise 3 points below their levels of a week

ma: 439. With income not until the middle of last week toned, and probably will not last October. Since theu bust on the week,

Buying gold shares an old, that the market staged a fair be reflected in a higher steel ness has slackened and is now fixed at $85.pn ounce for gold, old practice in troubled times... sized rally. In the banks, mean operating rate for some weeks. down to a slow trickle.

the gold mining companies ex- while, reserves continued plan-

perfenco

higher profits when came into fashion this past week, lifting the veleton Anglo-

Washington, Mar. 2. of other items in the American 7/0 and others 1 or 2 before the cut in

Competition with paper, bur- tiful even

costs and other packaging economy decline, Also there is

The American Trado Asso-tries: shillings. requirements become effective.

Japan-D recession following Positive reserves at the end of

materials, and the handling of the usual talk without any con

Royal Dutch closed unchang- ciation for British woollens the bout of 1956 and early 1957 last Weck rose to $439 million

greater amounts of commities in firmation that a gold price riso

ed, but Shell Transport ald

said today that the has brought Lighter credit and heavy * of $3 a ton in primary grade burlap, have taken,

stock loat from the previous week's re-

Brilish 3/- and

controls. Administration proposal Import and export vised figure of $150 million. A scrap-back to the $37 a ton toll of the bag miile. Facing might be considered. —United

Petroleum 2/-,

to extend the Trado Canadian exports to Japan in major factor ip casing the pre-where it was at, the start of this serious losses, some plants may

Germans were

1007 are expected to reach s be forced into iquidation, or

Agrooments Act is sure on bank reserves the week month.

record 140 million (120 milion before was a rk in "float" or

be

sword Damocles

which in 1956), Imports are expected credit extended banks by the

threatens the imported to be near the 1950 record of 61 federal reserve covering cheque,

woollons trada with a million. Bulks

the foodstuffs and delayed la transit.

punitive ad varolem duty!

materials are expected to con- rate of as much as 90 per unue in demand, In return Canada can look forward to a The Association asserted this strong Japanese tales drive to in a statement prepared for sub- improve the Japanese balance-Wesme Ems. mission to the House Ways and of-payments position. The pre- Means Committee which is hold- sent trade levels have soared special.

on the proposed ing hearings

upwards from the 13.8 million trade Extension Act.

Canada bought from Japan in The statement was made inį 1863. the name of Michael Alexander, who represented Counsel for the trade group.

BUSINESS LOANS

One development that spoke against such hopes was a drop in the price of scrap steel which has been holding Arm for many weeks. Chicago reported a drop

Sign of the times: Hotel occup-

top

to

Press

ancies all over the country hit looms to other fabrics, traders NEW YORK

the lowest level in 10 years; a survey showed room occupancy at the end of 1957 and the start of 1058, is 70 per cent, the smallest since 1941. Hotel man-

The Federal Reserve Bank of ngers say lowered attendance of New York reported business business conventions was parti, loons at principal New Yorklarly blamed for this-United

increased $152 millon Press.

banks Josi week as against a decline of

$60 million in the previous week.

Total New York City Bank's outstanding last week de- stood at $11,245,000,000 = cline of $455 million since Jan,

1

seem

BOMBAY

BULLION MARKET

Bombay, Mar. 1.

Leading economic analysts concurred that the recession has now reached about the same proportions an the first two post-war

and slumps - 1949 1933-54-and that it will stay After remaining depressed on within those ilmits. They also lack of support for the most agree that most of the part, the silver market in the bad news is already in. They week to February 28 staged g saw signs of encouragement in rally under renewed bull grip tightness of the a slow-down of the decline in following machinery lines, a stop in the supplies. decline

Stocks of silver at the end of In stool and alrerafi, and an actual turnup in the the period amounted to 700 output of apparel and paper-bars with offtake 18 bars daily, board.

After a disappointing start, Standard

weekly gold took a definite turn for the Poors analysis id "the present busi-better under renowed support news situation is one in which from spot houses.

Sentiment was unded by bet- emsumption is exceeding pro- duction. How long this proeczeer than expected spot demand, will require to reduce inven- Particularly, from upcountry.

Stocks

end of the tories to the point at which 20- cdtrating liquidation is no period amounted to 10,000 tolas: Leger a business depressant, Arrivals were 3,000 and offtaice will largely determine timing of 8,000 tolas China Mall Special. the absolute low of this reces- Bion."

belleved.

the Cotton yarns duplicated

Wca- dull situation in fabrics, vers and knitters took on only enough yarn to meet actual Orders-United Press

Manufacturers

Life Reports Record Year

COTTON MARKET

weak,

with the non-assenteds of both the Dawes and Young Loans down 22 and their assentede down 11⁄2 and £2. Japanese were strong, with the non-acateds gaining from £1 (the 10240) to £1 (the 1930s and the Tokyo 5 per cont) down to ster. the assenteds ling. Most of New York, Mar. 2.

were up by or £1.

Dollar stocks closed almost The upward movement in the game as a week ago: their new crop cotton futures, premium was unchanged at 5% under way sinco late per cent-United Press, January gothered momen- tum this past wook, sweeping well beyond the tho 36-cont line before markot mot stiffening resistance.

At Friday's close the list ruled

Bank Of England

Statement

Landon, Mar. 2.

Bierling 1,062,114,543 11,400.007

cent.

18 to 20 points 80 cents to ment for the wook ended Fes. the duty $1.40 a bale-higher than the 28, reads as follows:

Netes in circulation Public depolis Private deposits Government securities. Other securities Receipts

A new record for service to preceding week.

Manufacturers Life policy-

Price-Ufung power Was holders and beneficiaries generated by three factors: 1 was not in 1957, when the Possibilities for big cuts in the Company paid out acreage this year under the sol! Dimming death bank progtumme; 2. £17,263,623 in

chances for action to increase claims, matured endoweredge allotments in time to ments, annuity payments affect the 1958 drop; 3. Possibl- and other policy benefits ties for a higher government Including £2,201,265 in loan rate. dividends to policy- holders.

SOIL BANK

Ratio

Bank Of France

Statement

INCREASES

the

was

US

He, explained that the United The Bank of England state-States in the past has increased UTI woollens to the maximum permitted by Geneva wool fabric reservation.

-He contended that this 294,905,201 crane despite evidence that Dri- 231 650 601 tish woollens were not causing

46,111,300 any substantial injury to

40,500,187 domestic mills. He said that 13.1

there is Do assurance that the United Presa,

US government will not raise the duty on theso imported woollens 10 50 per cent above the rate set In 1930, or even' 90 per cent.

"American importers and users of foreign commodities should no longer be treated na second-class Paris, Mar. 2. eltizens," he contended. "They The Bank of France latement are integral parts of the Ameri Bodi The

bank situation

can business economy and should proved the overshadowing for the week ended Feb. 20,

be granted the same opportunities Influence. Truders expected reads as follows:

for relict drom over-protected ын the imminent parage of bill Total gold holdings. 201204.300426 American industries as under-

the

American manufac- Total other currencies 11,959,915.049 protected to act $250,000,000 to The Company reports that and last year Con- Bight balance abroad

LA KPU 199

11,771,000,000 £urers now enjoy under the total of gromm appropelated new business

$300,000 Advance to

escupe clause." Mabilise £135,002,010 was also an all-

statement The additionni funds,

The Association top Fund zero timo recordi Business in force

tradicas estimated, could mean Total bills discounted 1.24,153,000.049 contended that U.S. firms mak now totals £992,370,387.

that upwanda of $5,000,000 Bank notes in circula-

tion

03.005.105,064,040 Ing varied types of fabrics, in- fabrics that cluding synthetic Assets held in irunt for pay-

acres may be retired from cul-

Current accounts and

443,474,963,833 displace wool, can soak protee deporta

Unisa Press.

tion for the, woollen divisions of Prices were steady in quietent of future policy benefits tivation this year. continue to dealings in the market for gold now total 2273,024,957.

their operation while disregard

them- bars during the week

selves have displaced wool.-- United Press,

ENCOURAGEMENT

Those looking for encourage- ment, could and it in the firm-

ing last week of used car prices -the first timo

months of a very

in many soft slump

Inzt if consumers

buy as they d up to now.

was better in January than in

the at

Zurich Gold Market

Volume of all retall alorca February 27.

It was four

Der

Zurich, Mar. 1.

ended

The total of benefits paid since the incorporation of the Company in 1897 now exceeds £175,000,000.

the

*000

This would mond a planted

bonde constituted amallart since 1870,

Trane

•

ing the fact that they Government and government area of around 112,500,000, the UC Raw Cotton

guaranteed.

The

WEB

Sales by the Bank of England 11% of aswels, while corporation

and municipal bounds "totalled The total allotment for this any month during last year's were still limitol fourth quarter which included Demand from the Middle and 40%; mortgages mado up 20% year is 17,585,000 acres. Christmas.

Far East was fairly active, but of assets; preferred and com-harvested area last year your ago was beagonally low from South mon stocks 3% cases and other 13,501,000 zeres cent higher than

naseta aimounted to 12%. and camp close to lost your's America. best levels. Actually durable

In Fold coin, the market goods were some 2 per cent off, continued very quiet but prices but non-durables were up soyan ; were generally held.

The Bank of England sold per cent and food alintat 12 por

malply new " sayencigos, while Conmange pricta, too, behaved did sovereigna" fetched a pre- out of lie: Tiany hii mis all-| mium-China Mall Special

cent above-k your agu.

Exports

-

New York, Mar. 2. estion exporta by

· Raw destination as reported in bales Toward the end of the week by the Nmy York Cotton The net rate of inlbeest surged the market developed soine het change for the 1957-38 season woa 4.10%.

fancy above the 85-cent line, through Tob. 25 were:" which ciesty, approximates the st

Corint The

rabe mortality

Weg interlin Bown price for middling oras pa favourable and the Company's inch cartons and the suit of cute | Canada

Total for adapti surplus fatos nów shount to sing the cotton on futures con-

dame period last year £21,008,414.

Srmats ---- United Press.

.* excüluding fluidar--

Exchange Rates

Business wha torical

done in the local change. INSTRUK this morning at the tallowing rhteid 1.5. dollar, (per-61) juni 2015,00 18.00 Blerting notes (per" #1) ........ Australian noten (per 21)

401x70s| Bisin tieal (per 100) died Pres. Bingapore (Škra{le)

will keep to the 2 million level.

Other highlights of Canadian trade with Far Eastern coun

the

Opening Batu Lintang Rubber Co.Ltd. $3.8736 britan Borne

Syndicate

Petroleum

Consolidated Tin Smelters

Ord,

Fraser & Neave Lbd. Ord. Free & Neave Lid. 19%

cum. pref. y***

32/

29/04

$2.071%

Gammons (Malaya) Limited 1.30 tongkong & Shanghat Bank

Ins Corp...

Hongkong Tin Led. Kumpas Ltd.

Kunia Kampar Tin ve

Lunas Itubber Estates Ltd. $1.05

$100+

B

31/

31.573%

Matayan Brewerica......

$3.00

New Serandah Rubber Co.

Ltd.

Petaling Tin Ltd.

F31.75

Itamles Hotel

$2.60

Singapore Cold Storage

$0.91

Bait Trading

$1.75

$20.00

1.10

3traits Steoraip

United Englezi Ord.

12.60

exdly; + odcb.-China Mail

NAMESAKES

Answers-1 Judgement, 2 Canadian consumer goods Houyhnimms, 3 Ireland, 4 Stella, have little future in the highly Tub, 6 Yahoo, 7 Battle, 0 industrialised Jupanese market | Dean, 9 Satire, 10 Writing, li and machinery products face i Gulliver, 12 Fantasy, 13 Lilliput, stiff competillon from the U.B.

Jonathan Swift

SHIP

BENDLINE

PHOTOGRAPHS

by our Staff Photographers

Police Dowman Trophy Rate · Garden Luncheon Party at Taipo. Chinese New Year Party at H.M.S. Tamar Cable and Wireless Sports Association Party Nurses Grachaation at Kwong Wah Hospital Out Door Sports Festival at Government Stadium Presentation of Certificates at Nurses' Quarters Q.M.H. Post Office Cave Farewell Party for Post Master General Inauguration of Committee Members of Heung Yee Kuk Presentation of the Charter of World Brotherhood St. John Ambulance Ball at Peninsula Hotel Rodiffusion Dinner at Tal Tung Restaurant AII Local Sports

Local Presentations. Local Weddings Etc. Etc.

Avaliabla: at

SOUTH CHINA MORNING POST, LTD.

Wyndham Street,