THE CHINA MAIL, FRIDAY, APRIL
TRADE and COMMERCE
1955.
SECTION
IMPROVED TREND OF EGYPT'S
NEW YORK ECONOMY
STOCK
MARKET £280m Schemes.
New York, Mar. 31.
and
Rail shares, steels metals showed independent strength today when the market once again encoun- tered resistance as it ap- preached the bull market| highs set early this month.
Ralls alone of the major groups closed higher on average with industrial gains rarging to more than 2 points in Louis- ville and Nashville.
Industrials closed in a 'very narrow range, with many carly
wide gaiters pared in lace profit-taking. There were ex- ceptions, however, notably in
the steels and non-ferrous metals.
Vanadium Corp. ran up more than 2 points, Sharon Steel almost 2 points. Bethlehem, US Steel," Republic, Wheeling Valor do Fuel and Iron
American Steel Foundries tach added «armund a paint,
Coppes paced the metals in continued response to price in- creases for the metal. Magma
For Developing Production
Cairo, Mar. 31.
A moderately reassuring picture of the present economic state of Egypt has been given to shareholders of the National Bank of Egypt by the chairman
the board of direcors, Aly Shamsy.
has
His annual report says that during the past year the national economy been "marked by stability combined with stimulating effort," the country had been inspired with a sense of definite progress.
Malaya Rubber Revenue Up
Singapore, Mar. 31.
Officials of the Malayan Customs Department were baled last weck when they found that rubber revenues which poured inte their coffers
first In the two months of this year were doable their original estimates.
The Department esti- mated an average of M34.- 000,000
STOCK EXCHANGE
QUIETLY STEADY
I
Bullish Note At Yesterday's Close
I
By A Special Correspondent
Business" on the Hongkong Stock Exchange this week almost came to a standstill. The total volume of trading for the week amounted to about $21⁄2 million or about as much as month this year
a good day's business. The market kept quietly, steady, however, and a bullish note appeared towards the close of the afternoon call yesterday."
as rubber revenue, but it totalled M$8,800,000 11 January. and M$9,000,000 in February. The frures also were well above last Year:
M$2,850,000 for January and M$2,700,000 for February. --France-
TODAY'S SHARE PRICES
་
On
the week there was not
one good feature though parhaos!
the continued improvement in World Cotton
Hongkong Wharves requires some explanation. These shar
Markets
it will be remembered were! selling around $70 last month. When it was announced that the dividend had been passed and the company, had sustained a low
New York, Mar. 31. of $132,748 last year the shares
Cotton futures today, halting slumped to $531⁄2 and then to $62 before they began hardening opened higher and remained on a previous two-day reaction,
Buyers' offers climbed dollar gradual upgrade for the rest by dollar, Crom $64 to $59 but of the session. still no sellers have appeared. Technical replacement buy- (From Our Correspondent] Brokers find it hard to explaining. plus good-sized trade buy- the demand but they believe that ing orders in the May-July de- Business done on the Bonga large number of shares are liveries, and abated commission.
house of course, a stort- ment will provide some of the ong Stock Exchange this morn-held at present by investors who
liquida
combined There is,
to reverse to $287,367.30. bought when prices were at boom |ling difference between the money. but much
from Egyptian sources and this, Non quotations and the man- levels before the embargo, situation today and that pre- vailing in the last months of the said Aly. Shamsy. "naturallying's transactions old regime.
Then, carelessness | raises อ number of serious SHARES BUYERS SELLERS SALES
brought problems." Some economists BANKS and corruption had
the
HK Bark vorge of bank- Egypt to
suggest that it is wrong in such ruptcy. Now, by careful hus- circumstances
INSURANCES to embark
Untan controls,plans for industrialisation rather SHIPPING and bandry
sensible moderately the balance of payments
has than directing all energles to- agricultural increased been so improved that for 1954
954 wards Aly Shamsy was able to report production. a small surplus. For the next six or seven years, at least, the probably ba equilibrium can
rose more than 2 points, Ken- necott and Anaconda well over
a point each and Phelps Dodge nearly a point.
ISSUES TRADED
Of a total 1.190 issues traded today, there were 583 higher, 354 lower.
day
-..
was
Trading active, totalling 2.880.000 shares compared with 3,410,000 yester
Once again Balwin-Lima- Hamilton-one of the atom- powered issues-topped the active list. It rose 4 point..
The issue touched with the magic of atomic power, among the strongest in recent sessions,
were among the hardest hit by realising with early wide gaina just about erased in most cases, General Dynamics held only a rise, Bath Iron Works point.
A few aircrafts did well.
maintained.
A MORNING'S SHOPPING
marks-have
must come
Aly Shamisy believes that un- less industrialisation goes hand in hand with agricultural deve-. lopment, the present appalling standard of living cannot be raised. In any case, the question is one not only for the econom- ists but for the politicians and Propagandists too.
There are still many pleasant tripperies in the Cairo shops, from but they come chiefly those countries which have
coq-
ANXIETY DISPELLED cluded bilateral trade agree- Aly Shamsy remarked; in a ments with Egypt--among them reference to the political climate, Belgium, France, Italy, and that the busisess community's Switzerland. Premiums imposed previous
sense of uncertainty had been largely Trans World Airline respondon importers buying with hard and anxiety ed to
a good earnings report currencies dollars, sterling, and dispelled. There has certainly
effectively limited been with a 1 point gain
an upward trend in stocks, The New
the York Stock Ex- such expenditures;
result and revived confidence, among change bond volume was $2,- being (for the relatively few 120,000.
consumers able to enjoy them) foreign investors.
Egypt is efficiently administer- The American
agreeably Stock Ex- an
cosmopolitan ed nowadays, on the whole, and change volume
new feeling of was 750,000 selection of goods, so that in a there
morning you may buy perfume shares.
report a Dow-Jones closing averages from France, a book from Eng stability in the air. Independent
land, a typewriter from Sweden, economists, hoyrever, repo
certain sluggishness in business. 400.10 and a a pair of socks from some-
Money is still concentrated in 150 where behind the Iron Curtain.
too few hands, and those who 63.57 Des
It will be an expensive morning,
hold it
it are
are all 100 OFFER
often dis- 153.15
trustful of the regime, resentful its of its background and activities, and thus reluctant to "make their money work"
were as follows:
30 industrials
20 rails
13 utiles
to stocks
40 bandy
.Com. tuture price ind$+2
YESTERDAY'S PRICES
Alden Inc. Acy
Allied Chemicals
Allis Chalmers
American Airline American Metal American Smelting
American Tel & Tel
American Tobacco "B"
Anaconda Copper
Area Sied
Armour
Bajwin-Lima-Harmilian
Baltimore & Ohio
Bendix Aviation Corp.
Benguet Cons.
Bethlehem Steel
Boeing Airplane ·
93.92 however,
134.40 Aly Shamsy reported that in
térnal
prices had remained fairly stable during the year,
26
70%
20%
463
3797
is a
but they are much higher than behalf of its aspirations.
they were three years ago.
of inflation
the
оп
As all would agree, however,
real
ing amounted
Waterboat
pocKS, ETC.
Asia Ndv.
K. Whart
Dock XD
Provident
-1505
970,
11
1335
3016
34.50
12
(0) X All Wheelock. 7.15 LAND, ETC.
HK Hotel
37 17.30
BK Land
**
S'hal art. 960 Humphreys
2420 Realty 1971; 2.0216 UTILITIES
Tram..
Ferry
Stur
20.00 444
C. Light (0) 17.90 10.
Light (N) 1410 14.30 Flectric.....
26.40 26.70
They believe that those share holders are reluctant to sell now at what would be a considerable Insg and wold rather hang on in the hope that the shares will rise again when the embargo is lifted.
RELUCTANT TO SELL
My belief is that we'll see 3600 € 7.20 some sales again when buyers 17.16 offer more than $70. Certainly I 17.20 can't imagine demand, carrying 17.10 them much above this price until 65
there is some clearer indication 90e of the company's recovery.
7. 191996
17.00
|
latind
rse the Day trader realising pared prices slightly at the close but the list still anished with net gains of 5 to 20 paints. Open- ing prices were uý 1 to 2 ponits. New Orlears closed 7 to 21 points higher
Prospects for a higher Gov- erament crop can rate this year, suggested by the rise in the mid-March purity price, and increased producer entries under the loan additional wêre
factors.
pre granvoe background
terests in the Exchange today Trading volumes and open ja-
were:
Month
Page
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwards "CANTON" "CHUSAN” "CARTHAGE” "CORFU
Leaves London
30th March
27th April
Due HongkonJ
4th Apri
16th April.
2nd May
30 May
Via Southampton, Port Said, Aden, Bombay, Colombo. Penang & Singapore
Homewards
."CANTON">"
**CHUSAN"
"CARTHAGE"
"CORFU
Leaves Hongkong Due London
8th April 2nd May
sch
May
Sed June
8th May
30th May
ath June
9th July
Via Singapore, Penang, Colomba, Bombay, Aden, Port Bald & London
* Also calls Marseilles.
*SHILLONG"
"SURAT"
"SUNDA"
FREIGHT SERVICE
dze" 9th Apr., from U.K. & Straits
bads 10th Apr. for Kobe -Yokohama. Toads 14/15th Apr.for S'pore. P. Swetten-
hain, Penang, Colombo, Aden, Port Säld, Alexan- Cria, Genoa, Marseilles, Havre, London, Antwerp. Rotterdam & Hamburg
dae 23th Apr. from U.K. & Straits joada 28th Apr. for. Kobe & Yokohama
With liberty to call at Belawan before or after Stralia Ports and at Bombay it inducement offers.
Tanks available for carriage of O in Bulk. Space for refrigerated cargo. Limited Passenger
accommodation
BRITISH INDIÀ S.N. CO., LTD.
due 10th Apt. from 'Jepar
"WARLA"
"SANTHIA"
salis 11th Apr,
due 18th Apr. sails 19th Apr.
"SIRDHANA" que pind Apr.
sails 23rd Apr.
for Singapore, Rangoon, Calcutta di Chittagong from Japon
for Singapore, Penang. Rangoon & Cajculia from Calcutta, Rangoon & Strails for Japan
* P. & 0./B. I. JOINT SERVICE "OBEA"
"OZARDA"
. "ORMARA"
duo sails 7th Apr.
eth Apr.
"due 10th Apr.
from Japans
for Singapore, Penang. Colombo, Bombay
Катасы
from Bombay &' Straits,
sails 11th Apr. "for Japan
due 20th Apr.
sais 29th Apr.
from Japan
for
Stagapore.
Part
Swettenham. Colombo, Karachi Barah, Khor ramster, & Kuwait.
EASTERN & AUSTRALIAN S.S. CO., LTD.
Volume 24.300 SL000
Open interest
7740,503
880,500
"EASTERN"
“NANKIN"
39,000
312/200
31.200
204,400
9,600
142,800
147.100
3,600
275,300
NEW YORK
Prices
Banks have been out of favour May following the bonus issue boom oet. but yesterday afternoon, after a
Dec. sale of $1,530 in the morning, Mar. May they rose $10.
Wheelocks which slipped Total slightly during the week fimed yesterday afternoon to $7.20. Festerday was the end of their
Fub
Telephone 30% 31% INDUSTRIALS
Cement
All STORES, ETC.
Daky 21.30 21:20 500 € 150 nancial year and the market is as follows:
Watson
13.40 13,70 L. Crawford 24.80 COTTONS
Textles Nanyang MISCELLANEOUS
Yangiste
Allied
.... B20
4
8.00
1000 Z1.90
now beginning to speculate on the poesibility of an interim Spó! May dividend. This may have been July
a factor in their rise. yesterday. October
December 1000 m 61%
. HOTELS SOUGHT
World Rubber
Markets
Among other wharf issues, Docks are steady on the week and Previdents a fraction lower: Hotela, which log about 20
cents
back
22.700 2.490,200 bales
of futures closed today
NEW ORLEANS
33.47
33,18
34.03
34.10
331.90
due 19th Apr. from Australia
salls 20th Apr. for Japan. due 17th Apr. salls 20th Apr.
from Japan
tor Sandakan, Brisbane. Sydney. Melbourne & Adelaide
All vessels have Uberty to call at any ports on or off the route & the route & sailing. are subject to change or amendment with or without notice.
For full particulars apply to:- MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.
北
Zamet
May
July
Frices of futures closed, today
33.73
33.89
31.90
34.DU
34.18
34.32 33.00
EVERETT
LIVERPOOL
closing.
American
during the week, came as follows: into demand yesterday.
Spot afternoon and closed at
3 May July steady $17.10.
December moet March
In the utility section there has October been little change and Singapore, Mar. 31. After opening slightly below sucs are quietly steady on the May market week. Star and Youmali Ferries July yesterday, the rubber
were neglected again and there There was moderate is not likely to be much interes
in shown these. shares until Futures interest but only for
Economists agree that
the threat to Egypt's future! period
which
may is neither political ror economic, arise from Egypt's various deve- strictly speaking. It is the in- Slopment schemes has not yet exorable menace of the birth 542 begun, but most things
are rate, which sometimes seems to fluctuated mildly throughout dear enough already, and some make the best cfforts of the day. 145 reports from the countryside financiers administrators trade
speak of disaffection amon the smack disconcertingly fellabeen over the circumstance hopeless.
742
130
Canadian Packle Railway
Case (J. 1.3 Co.
Chase National Rank
Chile Copper ...
Chrysler Motors Commercial Credit Commonwealth Elec,
491
Consolidated Edison
Continerital Steel
Com Products
Crane Co.
Cuban American Sugar
Curtis Wright
Dupont de Nemours
150%
Eastman Kodak
General Elettric
General Foods
General Motors,
Gillette Safety Razor
Goodrich (B.P.) Co.
Goodyear Tire & Rubber
Honstaké Miring Co.
International Business Machines
International Harvester
International Nickel
International Paper
International To. & Tel.
John-Marivile
Co.
Kenecost Cupper
Lockheed Aldrars
Leows Incoro.
Lone Star Cement Co. Minnesota Mining, Montgomery Ward
National Cash Register National Distillers" pro National Lead ... New York Central
O evalore
dan
Pacific Gas & Electric
Pacific Western Of ...
Airways
Pan Amerotus
Paramount
Phripa Petroleunt
Pittsburgh Pinte- Glass Radio Corporation?
Hteo Motors
Repubile Stee
Shell Oil Co.
Sinclair Ol
Socony Vectrum
Southern Railway; (Com_)
88
that
that agrarian reform and land
co-operatives have
much cheaper.
Hfe much
The
not made
and
pundits of the National New York Sugar
Bank have always been noted.." for their
and
realism,
Aly Shamsy did not pretend (as seems to have become a habit.
in Egypt) that all was well in
Market
LINES
EVERETT ORIENT LINE
50.85
Fast regular freight
30.10
passenger service to
Official values for spot cotton included:
of the wall inquiry. There Government makes some state. middling cotton, in pence per lb.
was some selling towards the ment of intention on the harbour were as follows:
It will be May/June absorbed, tunel proposal. close but was well
**** | July/August British expert October/November and the market closed steady. recalled that a Futures:
is at present investigating the December/January No. 1 rubber per tu. April 001-002 feasibility of such a scheme. His May 804-8918 report is not likely to be made June andunted for some months, I understand.
American middline 15/16 inch 50.80 No. 2 rubber per ib. And 480
American S.I middling th inch 28.00 Rubber shares appear slightly Medican midcting 1-1/32nd inch 2274 No. 3
8715-03 No. 4
80 better following the increase in 20-90- Spot rubber umbaled
rubber in
SAO PAULO the price.cf raw Blanket crepe
9112-8212 95-96 Singapore. Yesterday's
opening Futures closing in cruzeiros closed un price was 90 Straits cents per kilo were as follows: Futures today changed to 35 points lower pound. with sales of 132 contracts.
Prices
1.
New York, Mar. 31. World No. 4 sugar futures
the best of all possible worlds, closed today 1 point higher to 2
In current matters, the present points lower with sales of 172 cotton season was marked by contracts. "irregularity" and a slackness of foreign demand:
and there
DELAYING TACTICS
contracts,
Havana
*
No. 1 pale pe
ended on a note of
casiness after see-sawing over New York Foreign
a range of cent a pound.
spot market ruled The
dull side with
on
factory time
'Domestic No. 6 sugar futures was always the danger of infa-closed 2 points higher to 2 tion. In matters more funda- points tower with sales of 179 mental to the Egyptian people,
trade reports said 671 Aly Sharmsy touched on the
country's basic problem: the in- Russia purchased 100,000 tons of the 307"
30ablilty of production to keep Cuban refined sugar, subject to buyers still marking
pace with the rapidly expanding an increase of 10 per cent in Small sales included one sheets population.
the overall world export quota for June delivery at 33 cents this year by
the International and later down 30% cents Sugar Council. The reported pound.
pound. The Revolutionary Council price paid 4.20 cents a has plated bold new develop- FAS, compared with a going 31% ment schemes to retard The market for Cuban refined of Futures:
4.30 to 4.35 cents a pound. terrible progression.
Dealers estimated a 10 per The proposed high dam. at
will make at least cent increase in the world ex- would amount.. ta port quota million arid acres Pro-
about 400,000 metric tons and ductive (if it is ever built). Great sums of money are to be would give Cuba sufficient ad- spent on
industries, ditional quota to cover the sale.
Standard Brands
Standard of oz California
Standard. Dil os Indiana
44
Standard Oil ofɑNew Jersey
112
Stokley-Ven Camo,
13%
Studebaker-Packard Corp.
Swift & Co. Ako
Texas Co, zákon
Union Pacific Hillway
Union Carbida:
United Cos. Erip
U. S. Line C
Ü.5. Grypa ma
US. Rubber
United States Smelling
UB. Steel KA
"Wazzier BroM Z
Westinghouse
Woolworth
Aswan
Exchange
England-official
New York, Mar. 21,
punalficiai
30-day tafizzes
*
7/16
Spot No 1 Rs were quoted Belgium
cents a 'pound nominal.
New Zealand
2.78 7/18
0196
Others
WETE unchanged.-United
May July September Decembe March May
LONDON
932902
29.39
The market was steady. Spot No. 1Rs were quoted at 25% pence per b. Prices:
Settlement house terms:
mines, roads, and ports, a steel wall is Earlier this year Russia bought to be built outside Cairo, using 200,000 tons of Cuban raws are from Aswan; there is to be followed by some smaller pur- No, spot Ras.... a big new fertiliser factory; and chases.
domestic May Both world are
ofo
June
an intensive restoration decaying Egyptian State rail- markets today ruled irregular as July/Sept. ways. But these are only delay traders awaited further raw Oct/Dec.
July
Contract No. 4 (world)
Fan/Mari
3.30 3.31
Apr. May June
Estate, crepe thick-Apr,
... 25%-20%
264-2614
2831-
nying
ing tactics. Even the new acres market developments. Futures; General markets, clf busia, port
by the high dam whi absorb
only the growth of May population
that will -occur Sept. during the period of its con- Mar. 94% struction. The position of Egypt|| May
both
84
1579
201
* as a society and as
Power is vitally
these anxieties.
The proposed
A
wood by
Spot-(cents per Ib. fob
Contract No,
threatened
544achemes are vast.velopment Bapt
will be you
793% costly. Aly Shamay put the total 24.
at £280m., of, which about half May must be found to foreign cur- Spot (cents per, ib. cif
ex-duty) rencies, Foreign aid and invest
thin
AMSTERDAM
The market was steady. Prices closed today in: guilders per kilogram, CIF-April as fol- Lows:
16.43: No. 1 rubber event 1999: 2.58 buyera ********* 257 Bayers
BAO DO, 2 rubber
No. 3 rubber:
·BAT No. 1. crepe
United Prema
Exchange Rates
this
May
July
October
December
In the United States, the aver age price of 15/16 middling cotton at ten designated spot markets was 33.61 cents, Sales at these centres dotalled 7,643 bales-United Press,
London Foreign
Exchange
New York Montreal Business was done in the local { Amsterdam
exchange market
Brune's morning... stụ The following waterm Copenhagen
5.70 Lisbon US dollar (per $7) pren. Sterling notes", (per
15.00 Pa 23.80 Stockholm Siam ticals (per 100)
27.00 West Marks
180 Sungapore (Stats)
Others Indo-China plastres (per 100) 9.10 Press.
inom rupiah (per 100)
London, Mar. 31. £1.20 5/15-2.79 3.94/7/15-2.747F/20 *10.5435-10.340 140.00510
80,05-80.20
14.5435-14.5434
MESSAGERIES MARITIMES
P.O. Box 53" Queen's Building Tel: 2865);
FAST PASSENGER/FREICHT SERVICE AZE MBODGE!
“MEINAM” 205 buyers "PEHO
2.75 buyers
United Press.).
sailing Apr. 9th sailing May 20th
"YAST FREIGHT SERVICE
sailing Apr. 21st Balling May 12th
refrigerator
Koren, Japan,
Philippines, Indo-China, Siam, Malaya, Rangoon, Calcutta and Chittagong.
"BRADEVERETT”.
Arrives Apr. 5 from Manila, Sails
Apr, 6 for Singapore, Penang,
Rangoon, Chittagong Calcutta.
“REBEVERETT”.
Arrives Sails
Apr. 22 from Singapore,
Apr, 22 for Kobe & Yokohama, (Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STAR LINE
Fast rerular freight refzigerator service to Japan, Malaya, Colombo, Bombay. Karachi and Persian Gulf,
(Subject to inducement for direct call Korea)
"THAI"
Arrives
·Sails
Arrives Sails
Apr 18 from Singapore,
Apr, 18 for Kobe & Yokoht
“STAR ARCTURUS”...
Apr, 19 from Japan. Apr, 20 for Singapore, Port. Swet- "tenham,- Colombo, Bombay, Karachi Khori imshahr, Basrah,
Kuwalt
&Bahrein,
(LIMITED PASSENGER ACCOMMODATION) (Accepting, cargo for transhipment Eobe/Pusan and Kobe/Okinawa):
EVERETT STEAMSHIP CORPORATION S/A (Incorporated to the "Republic, of FanaEDUK
Wild with Limited Liability).ESSE Chinesa Departments Telephode 28293, Queen's Building, Telephone 31206,