1958-04-28 — Page 9

→ THE CHINA MAIL, MONDAY, APRIL 28, 1958,

TRADE and COMMERCE SECTION

Fears Of The US Recession Spreading

THE US ECONOMY: A SURVEY

Anxiety Over Possible New Import Bans

New York, Apr. 27.

NEW YORK New York Stock

COTTON MARKET

New York, Apr. 27. Cotton futures closed the:

week оп

ង

A Friday's close the list ruled!

Foreign businessmen, already worried that the US recession will spread to their countries, expressed this week a new

4 10 38 points-28 cents to $1.00 fear--anxiety over possible new importble-ower than the preced- restrictions.

Market Review

By ELMER WALZER

HONGKONG STOCK EXCHANGE

Our Own Correspondant

Business done on the Hong- boug Stock

1tels Exchange morning amounted to approxi- mately $329,000. Non quota- tions unti Vie mornlig

transactions were:

shares Buyers Sellers

J? Emiss

INSURANCES

Anla Nov

Wheel...

Hairs

200

70x3 783 23 185 230

44

8.63

כנס

New York, Apr. 27. DANKE reactionary The stock market during the past week absorbed as Ada sa note, climaxing a period

a mountain of adverse financial and business union 72.00 of subdued activity and indocisive fluctuations.

news with nothing more than monetary sHIPPING hesitation in a broad advance. Trading picked up sharply with daily average pocks, ETC.

volume nt its best since the week ended Jan. Dock 3. Industrial shares set a new, high since March 11, rails set a top since Oct. 30, 1957, 11 Hotel 17.80 17.00 and utilities reached their best level since. Oct, 4, 1930.

Ing week.

The far-forward Oclober de- ;

hey, aby maching a seasonal high of 35.05 cents a pound In dropping 70 junts $3.50 a bale from the peak under leehrdeni

mild-week, turned sharply about,

realising.

PLAN

Wharf..

HK BANK WELCOMED

TO SARAWAK

Kuching, Apr. 27.

A hope that the establishment of a branch of the

Hongkong

and Shanghai Banking Corporation in Kuching would help to attract more capital into Sarawak was expressed by the Governor, Sir Anthony Abell, when he attended a reception marking the opening of the new bank recently.

allended by more thair 300 guests includ- ing the Chief Secrelury, Mr Barcroft, the Chief J. C. 11. Justice, Sie Ernest Williams and

The reception was

100 1250 1Ady Williams and heads of

2011.273 2008.10

110 43.50

157

Provident 11.30 11.40

LAND, ETC.

$12 Lend..

Hungbireys Realty

BUDBER

Trt-t

14,00

150 1.55

1.30 1.33

1.20 1.33 A. Tawali..

UTILITIES Tram

06 • בנן

Various communities and leading businessmen.

and Board

In welcoming the Governor and the guests, Mr M. F, L. Haymes Tepresenting the 11.40 Corporation's Chief Manager of Directors, sul that though the Bank wos "breaking παν ground" in beloved "that ground to be fertile and capable of producing a good crop."

300 17 HO

1400 1 37.25

It 50 14.40 Serawok

Star Ferry.

23.50 24.20

209

Yaumati

C. Light

Electric

17.59 11.

24.40 20.00

36404 17:50

1500 17.30

20.00

Tel.

20

100

500 24.10

INDUSTRIALS U must

The Census Bureau in Washington estimated that US imports for February fell to $950 million, the lowest monthly total in two and a half years. The figure is 13 per cent below

included Bad news

sharply, generally showed gains ranging Amalg January's total of $1,095 million. and 4 per

income

fur to more than 3 1 Honolulu, reports Otherwise, herket was Tartuced

sleel cent under the February, 1957, mark of $993sponsive to small orders either leading

A total of 1.300 stocks up. and automobile

on the tape. Of these million.

why. Traders awaited further curmpies, some divideisd cuts, peared

of further dips in auto output and 839 gained, 404 declines and 153 poorer held unchanged. A tulal of 370 steel production, and # These figures weren't necessarily connected, but congressional consideration ka-range farm legislation.

for the than expected old plan for the rues set new highs

your while only, 50 touched new did serve to highlight a survey by the United

Taliroads. States Council of the International Chamber

Most of these had been antiei- |lows-United Press, pated and hence had been dis- of Commerce showing growing fears abroad

Same reports suggested cotton counted. of a new wave of US "protectionism" de-shippers were proposing a plan to lower cotton toms to 65 per monstrated by frequent use of the "escape cont or parity, and increase the sinner to the bulls, clause" provisions of the trade agreements act.colten acreage about 30 per cent. This would be the alternative to high loans and a low pcrooge.

These included a statement by Evening-up operations in the nearby May delivery co-featured President Eisenhower that the slowing down, the trade. First entice day for Fecession The spot month Thursday optimistic statements from steel,

tenders for 500 electrical equipment and The Amerean steelworker, rght out

orders, they pointed out, gets an aver-nies. Their drealation brought executives, firmer copper prices.

the rise in machine too) age hourly wage of $3.00 with a turrios of Equidation, but

lowering of prime interest rates, selling was absurbed by spot in- boost the this summer.

earning excellent sume for later and terests against sales the average wage

reports plus a few dividend in- months.

er cases by consumer Industries companies.

European wire can

be

The escape provisions permit, seas. the President to raise tariffs on bought for $0.05 an 82-pound Imports found to be injuring or reel at Atlantic decks, dowe 30 threatening to injure a competi-cents from last month. A ro- tive US industry and most of the parable BO pound US rot is 17 national committees poller priced at $8.05. by the Council sald specific in dustries were too prone to in voke the provisions before any real or serious threat existedi

Many of them saith the risic of encountering the escape clause made their businessmen hesitant abaul undertaking the costs in- US entering the volved 1923 market,

on a

IF.

while

in Germany is about 86 cents an hour.

PROBLEM

tant to put his energy into an in ten years. endeavour to sell to this market, knowing that the situation fis may change very rapidly to his disadvantage."

as

The Census Bureau had only the overall estimate for Febra-mamifacturing workers, Bry. Its detailed, country by country estimate of import for February won't be ready until May 19

DUAL

011

There were many items on the favourable side to shift the

The Government announce-atocks.

s

EISENHOWER

WAR

shares or

Ü

auto

daliy

US COTTON

GOODS MARKET

New York, Apr. 27. New business in the cotton

grey goods market

Some people might wonder why the Hongkong Bank wished to open a branch in Kuching at a Ume when trade was at a *low ebb," he said.

It bad, of course, been con- Ridered many times in the past, bul thero could be

Big Strike Affects

W. Bengal's Oil Industry

Calcutta, Apr. 27.

A ten-day-old sit-down strike of oil employees today threatened to fie up West Bengal's ontira dustry.

oil in-

The State Government has

no doubt

the called for Federal Government

that at tho present timo three Borneo Territories were intervention

in deal with the which has

since the employees

29.30 2800 1000 22.40 ou the move and development, "serious situation"

both political and economie, was developed STORES, ETC.

proceeding at an accrlerated of the British-owned Burma- Dairy XD 1610 18.30 100

Shell Narkeldanga depol struck fon Apt 18 in protest against

blenket dismissal noticts.

L. Craw

COTTONS Txille

Watt 1

1119

10 14.39

16.30 1000 10.20)

19.30. 10.10

pace.

4.50

4 Fa

5.20

4.40

1.70

INVESTMENTS Yanktazr

Allied Sungala

mained at an irreducible LONDON STOCKİ

minimum last week.

of

at

MARKET

DEVELOPMENT

POLICY

the

cline.

i cement manufacturing in- Burma-Shell reportedly have dustry and the more advanta- rejected a State Government re- One reason

to reconsider was the unusual geous marketing of the pepper quest company reports | crop, to mention only three, cre retrenchment notice.

broaden the which strongly suggested that fields which wil

It was reported from Naikel. the so-called "recession"

had was economy of this country and in danga that the strikers

driven

away the which the Hongkong Bank is virtually ready and willing to assist. Burma-Shell management from

The State Government has reported almost dally demen- Mr Haymes then said: "istrations in every office and de- just at a time like this when the pot of West Bengal's oll installa- frade of the country is

th the lon nfier the Petroleum trough rather than on the crest Workers' Federation jumped in of the wave that the impact of with an "Industrywide atrike the opening at the new Bank, notice to back the strikers' de- especially one such as the long-rand for reinstatement,

Bank, with i

great her?g resources and experience and Mill executives ง3ป selling

connections in all parts of the

The Narketdanga men struck world, would be most felt and

when Burma-Shell announced agents saw no sign of an im-

If we are able to assist to some the So far this year there. have pending early break-up in been 16 weeks of trading In ultra-cautious policy adopted by

degice in the encouragement or that it was closing the depot as London, Apr. 27. In these the industrials | buyers rome months ago.

trade between this country and purt of a retrenchment policy. Although the market value other parts of the world and in

The Union notlee, due to ex- 11፤ But the steelworker had

ment of plans to Inaugurate a

and rails each have risen in

May 3, would affect problem, too. The Bureau of

dual cotton export programme eight and declined

of industrial shares tell the The "reduce the-Inventory- in eight.

development of Sarawak, pire on

other Burma-Shell depots and Labour Statistics announced that

purpose In beginning on Aug. 1 dominated Utilities

coming to had had

virtually 2 full points last our 14 weekly craze" which had dominated the the cost of living in the US hit

attention in later sessions. The gains and only two losses. thinking for many months has

week-from last Friday's Kuching will have been largely installations of Stanvac, Caltex

and Indo-Burma Petroleum fulfilled." The

Dutch manufacturers a further new high lust month,

new arrangement would provide

On the basis of the move cut consumer stocks to the low-

171,4 to this wook's close

The Union has turned down climbing to

and would be willing to invest these consumer prices

for a subsidy. "in-kind"

seiling n year, ment of the Standard & Poor's est level in 1947-49

169.5-tho markot of the

"There are, in fact, already Stanvac and Caltex request to result amounts If only he could count 123.3 per cent

500-stock average, it was cal-agents declared. stable American import average, or 0.7-per-cent higher would supplement, the

culated that the market" "fraid """

——-was-cheerful, practically indications that the pattern of be spared a strice because of R Nothing seems to be able to

trade may change. The mining" comestle" - Burma-Shell-glis= unconscious of the de- polley." the Netherlands Com-than the February level. The plan of competitive-bide.

20 per cent x has climbed

full details of the gained 5.5 billion in value of all i

of bauxite, the potentialities of puic. this to change However,

get consumers mitter stated. "But he la relue-

were lacking and listed issues during the week. new plan

The Dow-Jones Industrial strict hand-to-mouth policy. One observer said, "buyers keep The March boost means escu-nxlously awaited at the week-

average closed at 454.02 up 5.01 end.

points un the week and within coming in for just enough goods lor contract clause wage in-

Markel technicians thought the 3.75 points of its 1958 high of to keep their plants in opera-low of good ercasts for more than one mil-

electrical-kind plan would encourage 458.85. set on Eel Rails closed on." railway and list

week al 111.52 up 1.34

print fading away. Concerns like also exporters to buy cotton In the

Leading producer poluts and only 0.08 away from cloth

fabrics showed Babcock and Wilcox, the Sears yarn decreased -- the----gires-dy-slim | open market. United Press.

Jed the high since lust Oct. 30 set stiffening resistance to lower group, and Cammel Laird chances for the much- proposed i

on Monday of this week. The bids. The basle 80-square print the way back into general con- "A venture of this kind is an the depot.

They have converted the de.. set of a faith and I feel sure freeze of steel wages and prices to help the hard-hit industry.

yards into community Japan To Aid India rage at 77.38 was up generally was held around 17% idence.

that just as in the past Sarawak pat 1.02 points. Against this background, the

to 17 cents a yard for fair to

Another reason was Omelals of the US Steel in-

the has more than justified the talth kitchens where Hindus, Mus- This compared average makes,

and Anglo-Indiaris are dustry. whose production fell House Ways and Means com-

SALES

to 17 strength of British Governments that has been shown in her by ms safe, down with recent non-mittee began last week its con- In Industry last week to the lowest

the of which

several rose 107 or the early pioneers, so in the forgetting coste differences of the Administra- strike week figure in nearly atnesiicration

Sales for the week lolailed cents for delivery through

more and others gained between future she will prove that our cooicing and sharing common third quarter.

meals. United Press. 13,808,830 years, pointed out that they are lon's proposal to extend for

that Agure and 2/6. This reflect-falth has not been misplaced." New Delhi, Apr. 27.

the fnced with an almost inevitable another Ave years the 24-year-

Cotton sales yam spinners re-cd the arm conviction that The Japanese Cavernment overage of 2,723,720 shares and price hike while the price of imtoki reciprocal trade progromne porled steel grows smailer.

Opposition to the programme, will assist in a training Institule with an average of 3,200,703 inported little change in the slow government will soon lower the the strengthened by the recession for small industries in Calcutta, the holiday week ending Jan. 3. situation existing for some time. bank rate still further, making added Mr Haymes, that the 10 seeds were sown of the idea of sales have Already, they estimated,

cheaper for companies Hard bres fentured firmness t

a closer association

the and growing unemployment, was it was disclosed today.

aggregated 179,548,705 shares. In burlap, while sisal and henip borrow money. most observers

territories, so strong that

Joganese This is well above the figure of prices were inclined to ease in The leader of

Wall Street's strength was "If it should be that the predicted a "compromise solu.

mission, Koszku

Tachibana, year ago ut 162,820,539 shurea ace of a slow demand!

with the Dow-people of this ilon Involving a one-year ex-

country are tension Instead of five to be discussed details of the trahing but well below that for the cor-

Distributors of rayon grey also a factor 1856 when goods reported that while busi-Jones average closing the week thinking along the same lines as It seems that their friends in accepted by the programme's plan with officials of the Indian responding date

ne generally remained quiet, at 451.92, the highest this month,

North Borneo are doing, with backers to prevent a flood of Ministry of Commeres and In the total was 189,042,045 shares

dustry.

The market rose in euch some sellers reported the most

There was some selling of the co-operation of our mutual restrictive amendments.

except Tuesday when buying interest in some time. Although the

de session The Institute would be programme

realising

were reported lo-blue chips such as Rolls Royes, neighbour, Brunei, it may yet brought some mills the signed to meet no real trouble in Inced

the

down 3/9, Associated Electrical come about that Sarawak will House, the "protectionist" feel-skilled personne in developing prices down a bit. On Wednes-creasing quotations.

go forward in a partnership la ing complained

In worsted and woollen fabrict. Industries, down 1/- and of by foreign small industries. Japanese and day the dip continued but in-

drarnatle feature was the jump with confidence," he said. was reported high indian representatives will visit dustrials and utilities came back market attention centred in the string of losses of Bd or @d: The which we can face the future businessmen

on Apr 28.-United and closed high with rails repreliminary showing of summur this year in the Senute-United Calcutta

covering from their lows. Ralls weight fabrics. But buyers were of 77- in the shares of the big Press.

were hit that day by disappoint- hesitant in face of the weaken- puper ecocom. J. Dickinson. ment over the adininistration's ing price situation in wool tops

Oils enjoyed a strong demand relief plan which was seen 25

by the Bank of England Royal In and the lowering trend

all week which fed

proposing the Joust, Sir

continued rather reserved. Dutch some 15/-, Shell Trans Anthony said that the entry of

Business with the Middle East port 7/-, British Petroleum 5/8. the Bank Into Strawak Apex Trinidud rose smartly welcomed not only by commerce was very limited owing to the nearly 91-

but by Governméni.

holidays there, while demand IL WOR sign of confidence in from South America was active. shores Boared Suez Canal

the expansion of trade, and The gold coln murket turuca £7% to their 12-months peuk, cummerce and also a recognition quieter following the initial re- of £58. Continents) buying of

Of the table climate which action to the French Govern- Hifted German bonds

them Surewas offered, for without a ment crisis and prices were on strongly. Young Loan non-stable government, trade and the whole easter. assenteds, gained 23 and its as-

commerce could not expand.

However, sovereigns Armed Londen, Apr. 27.

Sir Athony sold Strawaic owing to the smallness of offers acres of off pulin, and this might The United States Tariff Commission reported to 17 cents from $1.10 I 1937.

The Bank of England stote-sented £2: Dawes Loan non-

the by the Bank of England and unanimously to President Eisenhower last

ment for the week ended Aprli arsented gained £2 while Potash would need the support

7 percents non-assented rose £2 new Bank to attract capital, Napoleons were also well main- week that lead and zine are being imported The steel companies retained 23, reads as follows:

And the 0 percenis £i. Japan which was badly 'needed to helped-China Mail Special 2007,936,618 ese had selective buying. Tokyo local Noles in elreulation...

ecmuncrce to build a into the US in such increased quantities as to they were not camed. Chrysler Fubile depetits

20725 percunts rose £1.

foundation on which the country 220034

able to face Kny cause serious injury to the domestic industries cut its dividend to 25 cents from Private deposite

75 cents. Aluminium Limited Government zcurities

42,030,187

good value Other ascurities producing these commodities...

and Electric Auto Lite cut their receipts dividends and Pennsylvania Ratio

dividend They Railroad omitted its

Anal for. the second quarter.

US is buying nearly 90 per cent

of its barbed wire from over-

N. Borneo Lifts Ban

Jesselton, Apr. 27.

A government spokesman sald today the North Borneo Gov- crament had exempted palm oil ond palm kernels Ironi export dhly in view of the uncertain- ties in the rubber. copra and timber markets.

The spokesman said it was would encourage hoped this cultivation of oil palms, which could grow into a major export

ՀԷ ՍԱ,

The

Colonial Development

Corporation had planted 400

be increased to 5,000 acres, he

sold. Heuter,

East Germany-China

Trade Agreement

Press

ม

need

METAL INDUSTRIES IN THE US

Washington, Apr. 27.

ever.

of quotas.

1050 So far in

for moderate

too little in the way of real ald. Australian raw wool markets.

Chrysler showed a first quar: United Press,

ter net loss of more than 15 million against 5.34 dollars share profit In 1857. Ford's net was down to 12 cents from $1.35

Bethlehem year.

Sterl showed net of 52 cents for the quarter against $1.10 a year agu and Jones & Laughlin's net fell

RETAINED

their dividends even though

But the Commission divided position Berlin, Apr. 27. evenly along party lines as to doubtod he would reach a East Germany Lad Chind how much more protection is decision for several weeks, how-|Chespeake & Ohio declared the egular, Consolidated Edison hove signed a 1858 trade agroe-nreessary.

The three Republicans on the and Standard Brands raised The three Republicans on the ment topping last year's Trade

that Commission udvised Elsen- their payments, pact by nine per cent, the East Conmission recommended zune news agency ADN suld to the President ralao" duy.

the tariffshower to raise the duty on pig American Motors lesumi

favourable report.

on lead and zine as much as the lead from 1-1/18 cents per highly

law permits. They also pro-pound to 2.83 cents and to ft earnings of more than 7 million The agoney gave no absolute posed a quota system to limit the tariff on slab zinc from 0.7 contrasted with a loss of more figure of the trade volume be-Imports of the two metals,

tween the two countries. It

taid further agreements were clated for later this year.

Under the agreement China was to deliver consumer goods, food, cotton, silk, wool and turs, and chemical raw materials.

East Germany was to export Heavy Industriki goods including completo factory equipment to China United Press.

UNNECESSARY

The three Democrats said that

povision of the Tariff Law,

Bank Of England

Statement

Sterling

Q

It was only two months ago.

CONFIDENCE

Bank raic is endlessly dis- would be 44703401cussed these days. The index of competition, obtain

Ils products securities reached for

140

United Press.

government

Bank Of France

Statement

Pozne

was

Lo and nol

more ex❤

110

beiler organiseri

its low of 77.45 lust September, dependent on on the day following the sudden perforced and raising of the bank rate from 5 commercial Interests elsewhere.

It now percent to 7 percent.

stands about 8 percent higher

with the bank rate lowered to Raw Cotton Exports

be

B percent: this is a climate of canadence that it will soon lowered further.-United Press.

Exchange Rates

local

Paris, Apr. 27. -The Bank of France state. cents per pound to 2.1 centur. than 5 million a year ago,

in ment for the week ended April Such incrages arò permitted American led the märke! Lander the so-called "escapa" | volume with sales of $85,800 17, read as follows:

shores, set a pet' high at 124 Total gold holding... 201 204,322,424 11,033,433,053

Business was done in the 0 three Danocrats pro-{and closed the week at 11% up Tal other currencies

exchange market General a rule of 2 centr 1%

Motors Bight balance abroad points. a quota was unnecessary and posed

in IPU *********

11,771.000.000 unofficial

morning at the following rotes:- Advernd load,

cents. on gained 1% points and Ford 1 that the duties should be raised on

tion less than the law permita, block and

zine

and while Chrysler lost 1% points.

Talsi bilis discounted 1.990,081.500... dollar (per 91)

Storlienates (par (1) Blools had gaina ranging to Bank notes in eircu Congression sources pre-1% cents on the zing content of

3.306,130,008,200 Australian notes iper #1)

Indonesian rupiah (per 100) dicted the President would do ore. These were the duties, in nearly 4 points in Youngstown.

441,873,848,433 gan tiet (per 100 deposita *****¿Uplted Press. clda to impose higher tariffs but effect under the Hawley-Smoot American Smelting room nearly 3 Current account

Oil in a firm copper group.

Singapore (Biralle) probably try to avoid the im-Tariff in 1930.—Unita Press.

جامان

to BADEN-

kero

From US

The Zurich Gold Bar Market

The

Zurich, Apr. 27.

gold bar market tended to caso slightly at the beginning of the week to April 24,

but moderata demand pricus steadied later as selling

on

Paris Gold Market

The

Paris, Apr. 27. gold market gradually last ground in the week to April 25 as it come under considerable selling pressure,

The absence of adverse poll- tical newa and cash reqúlró- ments after the heavy settlo- exchange ment on the stock New York, Apr. 27. Raw cotton exports by were believed to be responsitile destination as reported in bales for the sales,

Most of the pressure was con- by the New York Cotton Ex- this change for the 1957-38 season centrated on the ingot and only in the inst session the ions through April 14 were:

Britain

turned steadier.

Trading was relatively moderate, except for, Ane gold, where a large tonnage changed hands-Chifla Mail Special.

Continiest

801,400 1,952 915

30.12

Orient

3,346,501

13:43

Canada

B.ID

Total for rODNOTY

A

2620

Name period isit year -

6,900,169

4.30005

+