PENSIONERS
HOUSING
PROJECT
San Francisco, May 3.
San Francisco is planning
a 2,500-000-dollar (about
£840,000) housing project
for the exclusive use of
THE CHINA MAIL WEDNESDAY, MAY 1955.
TRADE ‘and
COMMERCE
SECTION
Page
SOVIET GOLD SALES RESUMED World Rubber
He is a NEW YORK London OperatorsPuzzled
its
zens.
Sponsored
San
by the Francisco Housing Authority, a joint local and Federal Govern- ment enterprise, flate will be
** rented at prices which the aged
pensioners can afford
-
"J
It will be operated according to private industry real estate methods, not like an almshouse.
This specially designed hous ing estate, which will include innovations of architectural design to make living easier for the no longer spry tenants, will be the first or its type in
the nation.
in
STOCK
MARKET
Late Sell-off Cuts $1 Billion
New York, May 3. A short, sharp sell-off late the session cut more than $1,000,000,000 from stock market valuations to- day, rolling prices back to "mid-April levels.
"It will be situated in the area which includes the greatest con- centration of old peolpe in San
The selling climaxed a day of Francisco, and will provide not
routine profit-taking which had arly modern living quarters but failed to
uncover any new Also nuricipally subsidised re-demand... It knocked prices creational facilities.
down 5 points at the extreme as reporting fickers fell as much as four minutes behind trans- actions,
2 PRINCIPAL BUILDINGS,
Planners envisage 210 which Bals in the estate will include two principal. buildings. each 12 floors Bigh, grouped about a well laid-out recreational area so
Closings were well below yesterday, with 843 issues lower out of a total 1,339 trader.
Market men called the action Technical and in line with ex- pinced as to get the maxi-pected market activity after the
mum sunlight during day-
light hours...
On tour of tairways, in addi- tion to list there will be Roor
to Ancr ramps, to ease the strain en only one
the
The Balls will <vri wine to permit
Dosage of
Liropati
|
recent move to new bull highs.
hit were
Hardest favourites in
recent
By Latest Offerings
HIGH PRIORITY INDUSTRY
By PAUL EINZIG
London, May 3:
Since the second half of March Soviet gold and silver reappeared in the London market. The amounts sold appear to have been moderate-their total was estimated at £2,000,000' and selling gold and £750,000 silver by the middle of April-
with the London newspaper was gradual. This, together strike, explains why the transactions escaped publicity for several weeks.
The resumption of Russian sales of gold, even on a small scale, would have, attracted much attention in the London financial press in normal conditions.
the rails, steels World Cotton
nimenity and special issues
F. Y
industrials, the decline
ng monted to 3.52 points on avtr- e. For rails. it was an even sharper less-2.79 points on wheel chas, and bath rooms will beverage, widest secline for the fted with extra handle bars for the convenience of the afted to- Each floor, will have, a ants. series of sun derks.
Forty of the flats will be designed with twin bed bed- rooms. Mr E.N. Ayer. Chairman of the Housing Authority, who is sponsoring the plained: pressing
Group since March 14. Utilities dipped 0.18..
SANTA FE DOWN Weighing heavily on the rail tvernan was a drop of more than 4 points in Santa Fe.
strong
Markets
New York, May 3.
found Cotton
traders today the line of least resistance the upside.
In moderately active dealings, gains ranged up
around $1.50 bale with the nearby
to
POPULAR IMAGINATION
This
poses.
MW
UK Reserves HONGKONG Up $19 Million
London, May 3. Britain's cold and dollar reserves rose by $19 mi- Bon during April and stood at $2,636 million on April 30, the
nounced Treasury" an-
Defence ald received tran the United States during the month wad. estimated at $17 million,
million In April, $13 were received in gold or delines, from the European Payments Union for March and $2 million were paid to creditors of the Union in bilateral settlements.
On the provisional figures for the
month, the United Kingdom had
million surplus of £22 swith the European Pay- ments Untón. This will be settled In May, 50 per cent in gold or dollars and 50 per cent by reduction of Britain's
The debt to UnionChiria Mall Special.
Singapore
Stock Market
Syndicate
Ord. ty Fraser & Neave Lid, ~ ́~ ́
Ord, Fraser Neave Eid. Hongkong & Shanghai Bank-
a cum, pref ing Corp. ****** Malayan Breweries Rates Hotel......... Singapore Cold Sturege Souly British Insurance Co.
Ltd.
ark
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong kong Stock
this Exchange morning amounted to $1,398,- and $77.50. Noon quotations the morning's transactions; SHARES BUYERS SELLERS SALES
BANKS
HK Bank... 1540 1559, 103 @ 1543 Bast Asia
INSURANCES
Union
Lombard
SHIPPING
DOCKS. ETC.
212
:.
1035
19
2120 @ 50
Ása Navona TBC.
K Wharf ...
Dock
Provident (0) 11.20 Wheelcck
LAND. ETC.
HK Hotel HK Land
720
17.30
....18.20
Humphreys
X.RTS RTS* UTILITIES
Tram_..... Star Ferry..
5.10
SR.
Y'mati Ferry 106 108;
CV_Light (0)
C. Light (2)
XD Electric
会
པ བ ད ལ བྷབྷཝསྐ
Markets
Singapore, May 3.
The rubber market. ruled quietly steady with business on moderate scale. The market steadied further towards the élose
on overseas enquiries. Futures:
No. 1 rubber, per id.
May
494% -29%%
unquoted
June
July
No. rubber per
May 671-877
No. 3 rubber per
No. 4 rubter per
|Spot rubber unbaled
Bisoket crepe No. 1 pale, èrepe
90-0012 7012-2015 94-95
NEW YORK
Futures closed 13 to 30 points higher with sales of 103 cop (racts.
The largest part of the trade in futures was represented in texchanges of May for the July
and Sept, deliveries.
Commission
houses
were
credited with selling
May
against purchases
pf
later
'ள
months with dealers and other trade interests ching the reverse.
67%
The spot market remained dull with spot quoted nominally a 314 cents a pound. Futures:
May
31.08
July
$1,08
30.70
30.00
*0.70
LONDON
The market was quiet but 13.20 1814 2300 6 18.40
steady, No. 1 Rss spot 14.30 141 4300 14.40 quoted at 264 pence per lb.
391 3300 33
500304
100 31 10003812 500 G 3814
580 ir 11
32 32% 3400 kr 14
Prices:
No. 1 spot Res
Settlement house term:
Jurie
Judy/September October/December Jandary/March
General markets, elf hastA,
Estrie crepe thick May-
thin
the
Opening
30/úd
Macao Elec.
XD 30.80
20/34
Telephone
INDUSTRIALS
$1.5 $9.00
Cement, 20.20 25.40 1000 25.30
May
100 29.40 $830429,30
June
July
$820 $3.75 52.80
Hope X STORES, ETC.
151
Dairy XD.. 20 20.30 125 a 20.30
20.20
$1.70
$20.00
$23.25!
Watson
13.40
514.00
Crawford 25.70
United Enginests Ord..
COTTONS
$11.00
$2.6
7/8d
Textile Corp 6,20 Nanyang
1.80
[す]
Entertala-
3144
$1.47
$1.00
15.00
6.25 9.34 4.90,
Straits racing
Straits Steamship
Werthe Bron
Hongkong_Tin Ltd. Petaling Tin Ltd. ... Batu Lintang Rubber Co.
Lid. Kempas Ltd.
It will be remembered that, duce the volume of goods avail- when in 1953 the Soviet Governable for the consumer. It is more convenient to ment began to sell precious therefore
and metals in London and
silver other draw on the gold Western markets, these
opera- reserve. tiens aroused worldwide interest.
ANOTHER REASON
Singapore, May 4. Admittraly, the sales were then on a much
larger
cuated scale. But
Another possible explanation
Brokers. today then there is no means of
of know
How is that sterling and other cur- following stock prices: ing whether the present tenta- encies may be needed for the Betish Bortico Petroleum tive operations will not prove to
of strategic import be the beginning of a long series materials for stockpiling pur Consolidated Tin Smelters of sales the total of which might se
is expected that, should well prove to be an impressive the conclusion of a Peace Treaty figure.
with Austria be followed by other conciliatory gestures, the ban" on the export of strategis Bethlehem Steel, selling ex-
May delivery getting up the Gold transactions have always materials and manufactures to rights, was hard hit in the in- 34 cent line, the Highest prize appealed to popular imagination, Russia
would be relaxed. As dustriais, closing nearly 3 points in almost two months.
largely because they are often the Soviet Government's
hold- estate ex- lower. Authority's most Special issues—many of them Day traders "realising pared surrounded by an atmosphere of ings of foreign currencies
atmosphere is believed to be low. possibly it to recent
features were extreme gains at the close buyster noticeable in the may wish to replenish them in provide special housing for the the widest
General the list still finished up 10 to losers.
The market opened care of gold sales by the Soviet anticipation of purchases of such senior clilzens. They are con- | Dynamics fell 3%, Western 25 points,
There have never been goods. Urion. gregated thickly in the very Union 2.
9 to of up
1 point. New any official statistics about the districts
closed up 11 to most open to urban
13 size of the. Soviet gold reserve Aircrafis
group were Orleans renewal and redevelopment." hard hit, Boeing, Bendix and points.
or the amount of the gold output United Aircraft were oft around Factors generating the price in the USSR. It is therefore 2 points, and there be it in
lifting power included: impossible to form an opinion Reynolds fell 4 points in the issuance. of only one May about the Soviet Government's metals.
delivery notice; 2. Strength of capacity to unload gold in Trading at a slow pace most Liverpool and attendant foreign Western markets if it wishes to of the session, was stepped up buying here; 3. anticipated do so. on the decline and total turn large-sized purchase of low-
When in 1953 Russian gold
SUBSTANTIAL OUTPUT 2,630,000 grade cotton for Korea and amounted ove
made" its first appearance in shar19, compared with 2,220,-
Spain: 4. A resultant interest in
gold The current output of London, Paris, Switzerland and yesterday.
ownership of the certificated other bullion markets, the effect must be also substantial, because The New York Stock Ex-
stuck: 5. Expectations for aa
of the high priority given by change bond volume was $4-early all-round pick-up in ex-
of relatively small sales
was the Soviet Government to gold that the premium of the "free 205,000,
market price of gold over. The American-Stock Ex-port buying.
thehen in September Mr F. J. Trading volumes and open officia: American price of change volume
730,000
Leading industrials were up Erroll, Conservative Member interests in the Exchange today per ounce disappeared. While of Parliament, paid a visit to down shares.
· few pence on average. until then there was much una Dow-Jones closing averages were:
uch the Sverdlovsk goldfields, he was Ford Motors, a recent upside were as follows:
speculation about the possibility very much impressed by the up feature, cased 10%1⁄2d but Rolls Volume Open interest
-9,800
date character 120400 35,800 873,700
American gold
the ap-t
of ed. 10,000 452,800
ment as a seller of gold ruled drive to increase the output.
Mr Erroll an engineer and out the possibility of such an
a director of a gold mining increase, since it would have 8.500 2.337,300 baler meant a tree gift of ariditional company, so that he was in a
position to judge. dollars to the Communist bloc.
Those urban areas of San Francisco where most old people live are crowded with buildings in slum condition, but with cheap rents, which attract the pensioners,
The California old age pension system, which is financed in part by federal grants, allows to cach person of 65 years or over and without sufficient private means lo maintain a minimum standard of living, 80 dollars (about £17) a month.
NET INCOME
To this sum are such charges as extraordin- ary medical costs. Any in- the individual come which Thay have is, however, dedacted.
..
over
000
20 industrials
63 stocks
40 bonds
સેકસ
ما
was
7
1365
6.900 377,000
Month
422.78
added
20 rails
15 talities
150.47
May 151.59 July 04.02 Oct.
Dec.
Comumfuture price index... 154.83
.Mar.
May
YESTERDAY'S PRICES
July Total
90%
NEW YORK
If the persioner's bili is 20 dollars (about £7) a menth, and his private income gives him a dollar a day, he receives n net income of 70 dollars а month from the state.
Out of this, he has to pay for all his needs, housing, food, clothing,
and
recreation-it any. None of the sun is "ear- markod" for rent or clothing. The individual is permitted to decide how he will spend the money:
Alden Inc. Acy
Allied Chemicals Allis Chalmers American Airline American. Metal
American melting American Tel & Tel American Tobacco "E" Anaconda Copper Armco Steci ... Armour Balwin-Lima-Hamilton. Baltimore & Ohio Bendix Aviation Corp. Benguet Cons. Bethlehem Steel Boring Airplane Canadian Pacife Rathway Case 13. 5.) Co. Chrysler Motors, Commercial Credit Commonwealth Elec.
Consolidated Edison
Continental Stoel
Corn Products
Crane Co.
a
The Housing Authority will establish a basic rent of one- fifth of the individual's income or a minimum of 25 dollars month, For that sum, an old man and his wife may live in a modern three-room dat, includ- ing bedroom, living room, kitchen and bath. The rent will include the cost of all utilities and sanitary services.
Cuban American Sugar Curtis Wright
Dupont de Nemours
མ Eastman Kodak
General Electric General Foods ... General Motors
The establishment of mini-International Harvester mum rent charges is in keeping the Authority's basic with mission of providing modern living quarters for individuals in low income brackets,
Now renting more than 10,000 units to wage earners, the
Glette Safety Razor Goodrich (B. F. Co. Goodyear Tire & Rubber .... Haritake Madna Co. Internatiorni Huskices Machines International Nickel International Tel & Tel
eubject to conûrmation. Johns Manville Co. Kepenott Copper Lockheed Aircraft Leous Inc. Lone Star Cement Co. Minnesota Mining Montgomery Ward National Cash Resimer
A
Authority limits tenaricy to National Dietidlare those earning a minimum sum National Lend.... per month. If the wage earner's New York Centrai income increases, he is forced to Orle Elevators move and make way for an in- Pacific Gas & Rientric
Pacific Western OR dividual or family whose in- Pan American Airways come remains static in the lower armo Pictures
Philips Petroleum brackets.
Pittsburgh Plate Clans Radio Corporation Reo Motors Republic Steel Shell Oll Co. Sinclair Oi
A
**15,000 PENSIONERS
There is little doubt that the Authority will have -more-applicants for accom
madation than space avall.. able, The number
of old are pensioners in San Francisco is almost 15,000, the highest in... i mørthern California.
Bocony Vacuuming Southern Railway (Com.)
Standard Brands corre Standard Oil of California.. Standard Ou of Indiana ... Standard Oil of New Jersey. Stokley Van Camp. Studebaker-Packard Corp. Bwitt & Co... Texas Co. Union Carbide Union Pacific Railway. "Any one of them would, bo i united Gas, Imp willing to trade their, broken- US. Gypsum ... down quarters in slum build- UB. Line Co. ings, costing an average of 305. Rubber
United States Smelting dollars (over (210) à month; for | UB.- Shel living space in the now 'modern': Warner Bros.
Westinghouse - Electric state planned here. China Mall
Woolworth Special
53
47
1928R
8.700 198.500
€,000 232.900
1,800
100,300
Prices of futures closed today as follows:
Spot
33.05
Mav
July
Det.
33.94 34.00-02 34.07
Dec.
SANT
Mor.
31.28-201
May
34.20-25
33.38
NEW ORLEANS
311
497%
Prices of futures closed today as follows:
Spot
34.10
Max
$3.05
July
Oct.
33.07-06- 34.03
Dec
24.08-09
Mar.
34.00-19
May
34.16
July
33.58
LIVERPOOL
Future closings, American cotton middling, in pence per ib. 10% were as follows
416
20%
May/June
July/August
October/November
December/Jaminry
March/April
SAO PAULO
31.51 3136
29.80
23.80
29.00
Future closings, in cruzeiros
per kello were as follows
May.
July
Dctober
#47%
December
47
March
20.60
33.30
of the
$35
official
There can be no doubt that the Soviet Government can well Afford to sell large quantities of the complete gold Eten absence of information about the of its gold reserve. It is size generally assumed to be very large.
2
Lunas Rubber Estates Ltd. New Serandah Rubber Co.
"ex div tx-China Maril Special.
London Stock
Market
London, May 3. Stocks moved irregularly on the London stock exchange today in cautious trading.
pearance of the Soviet Government and the evidome could, Royce and Diop Rubber f/TA- |
within
What is important from the point of view of the resumption of Russian gold exports is that, according to Mr Erroll, the gold production drive was evidently started
before. Stalin's
100g
Oil shares drifted lower with 1 the exceptions of Royal Dutch which added £%.
Selective buying lifted gold stocks a few shillings. Coppers were about unchanged.
Traders moved cautiously view of the spreading etal strike, British Government bands inched higher-United Press.
London Foreign Exchange
New York
Amsterdam
London, May
2.79-15/16-2.50 1.76% -15/16 10.6424 19.402-19.41 80.35-8050 20.0135-20.01
ABSENT FOR YEAR
For well over a year Russian gold bars stamped with hammer and sickle were absent from the market Their reappearance death--it takes years to sink
with the shaft--at a time when the off!- may possibly link up.
hrushchev cial policy aimed at increasin of the decision
Malenkov's the production regime to reverse
}
Bon of policy of producing more con- equipment while keeping low sumer goods and less heavy in-the
consumer production of equipment dustrial
Since less goods. This means
that gold goods
will be produced for the
given mining was
1. high the Soviet priority long before the advent Mantreal consumer
the Soviet Gov- of the Malenkov regime. Union, perhaps
wants to make.good erriment part
of the deficiency by in- creasing its imports of consumer
It seems reasonable to goods. For that purpose
therefore, that. post, would foreign currency needed, and the simplest way of though the Khrushchev regime securing it is through the sale of has now reverted to the Stalin
high precious metals for which there policy of giving is always a ready market. The to the production of industrial NEW YORK METAL
srill alternative would be an export equipment, gold mining
priority. drive, which might be a difficult continue to enjor high
After all, gold can be used for and slow process. Besides, an
increasing the
imports of indus increase of exports would
industrial Dr trial equipment
www
more be
E-
New York Sugar Market
New York, May 3. World No. 4 sugar futures closed unchanged to 2 points
lower with sales of 98 conmacts, - Buyers backed away, and In the United Stater, the realising increased in both c J4xd average price of 15/16 middling tracts following-carlier firmness. at ten designated spot markets in sympathy with the was 33,70 ceris: Sales at these centres totalled 8,069 bales.-- United Press.
121
1813%
Copenhagen
REVERSED POLICY
sup- even
Lisbon Cala Peris Stockholm
DBD-00015
24.1472-14551
West Marze Zurich
-11.78-11.763%
12.27-12.272
Others were wachanged.
United Press,
FUTURES
MISCELLANEOUS
ment
Yangtze
Allied....
100 18.10
EVERETT
AMSTERDAM
were
The rubber market was steady. Prices closed today in guilders per kilogram, CIF June as fol- lows:
No. 1 rubber No 2 rubber No. 3 rubber No. 1 crepe
2.60 buyers 2.50 buyers
3.36 buyers 2.73 buyers United Press.
LINES
EVERETT ORIENT LINE
Fast Regular Freight Refrigerator Passenger Service
Loading for Singapore, Penang. Rangoon. Calcutta and. Chittagong:
"REBEVERETT- "NORE VËRETT"
“BRADEVERETT" "LENEVERÉTT""
Salle June 2
Arr. June
June" 23
- July 5 July 20
June 24 - July 8
July 21
Loading for Kobe, Osaka, Nagoya, Yokohama.
"REBEVERETT”
NOREVERETT”
BRADEVERETT""
"LENEVERET*T**
In Port
Arr. May, 21
June B
* June 23
Sails Mar
-35ny 28
—— June
June '24
LIMITED PASSENGER ACCOMMODATION,
All the above subject, to siteration without notice.
EVERETT
STAR
LINE
FAST REGULAR FREIGHT REFRIGERATOR SERVICE
Loading for Singapore, Port Sweftenham, Madras, Colombo, Bombay, Karachi & Persian Gulf Port
"THAI"
"STAR ALCYONE”
June 15
Arr. May 18
Sale May 19
--Fine 14
July J
3
- July
24
-- Aug. 14
July 23 ****** Aug. 15
Arr. "May
15
Saila May 15
Juma 4
Jame
June 24
July, 18
July 30
Loading for Kobe, Osaka, Nagoya, Yokohama.
*STAR BETELDEUSE"
"STAR ARCTURUS",
"STAR ALCYONE"
*STAR BETELGELSE”. ~STAK ARCTURUS" STEAI
14.27b
90.756
90.006
10.99
Jume
United Fres
New York, May 3. Prices of cotton futures closed raw materials as well as of food today in cents per ib. is follows: and other consumer goods. This lead MIT Juic must have been one of
the TA reasons why the Stalin regime c June favoured the employment of much needed -productive
capa Copper May city for the sinking of shafts at Sverdlovsk and elsewhere, even If this diverted productive
capacity from the production of arms and from the speeding up of industrialisation.
May
MAY
June
LONDON METAL PRICES There can be little doubt that
London, May 3, political motives must have The lead market was easier played some part in the decision while the rest of metals were. situation.
gold mining a high steady today. Prices in sterling Domestic No. 5 sugar nitures to give
priority. 4 closed
3 points lower to
Buyers Sellers As a matter of prestige, iter long ton closed as follows:
7023% ·7203% points higher with sales of 37
fay be the ambition of the Ti 3-meta contracts.
Future closings were:
New York Foreign Contract No.4 (world)
July
Exchange
Sept.
Mar:
M37
New York, May 3.
$1.61-9/32
2.7234
JULY
Sept
Contract No. 6
Салава 273-England 90-day futures-
70% Belgiam
Canadian dollar rate
My buyers
44 Spol: close
high
Future: 30-day
90-day B-month
Cuba) sellers
July 1:01-0,12 Sept
∙1:01 · 1.01-9/32. Now,
#10110-9/32
101 LO1-0/12
101 101-9/2
-United Preside
Mar
per
3.49
Soviet Government to accumu-Copper spot
3-month late a gold reserve that bears
May helf Aur.
serve with the gold reLead 1st hair
of the United States, zine 1st half May Such a gold reserve would con-
fer
as prestige. This con- sideration may perhaps
on
Soviet Russia power us
well
why the
Soviet Goul
70935
Tikes.
2901% 102
201 303
1024/7 703
United Presa
Jume, 25
uly 19
July BL
LIMITED, PASSENGER ACCOMMODATION.
All the above subject to alteration without notice:
EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republic of Panama with Limited Liability)
Chinese Department: Telephone 28293. Queen's - Building, Telephone 31206;
MESSAGERIES
MARITIMES
P.O. Box 53: Queen's Building. Tel: 26851
FAST PASSENGER/FREIGHT SERVICE
Exchange Rates "CAMBODGE"
AP Enguicial exchange.
rather than export H. be interesting to know why the Kremlin should have decided that the time has now come for realising some of its gold hoard
PenLondon" Express Berulot)
market morning at the following rates: US dollar per $1 Sterling notes: (per £1) 4*7)*, Indonesian rupiah (per 100) Siam ticals (per 100)" Singapors (Straits) Indo-China plastres. (per-100)
this
#LAOS
sailing May 21st sailing June 18th
FAST FREIGHT SERVICE
PEIRO" BIR HAKEIM”
sailing May 11th Ding June 25th