TRADE and
THE CHINA MAIL, TUESDAY, MAY 10, 1955.
COMMERCE
SECTION
Brazil Can Undersell U.S. Cotton In World Markets
MEXICAN EXPANSION IS MORE
NEW YORK STOCK
SIGNIFICANT
MARKET 2,000,000-Bale Production
New York, May 9.
A small list of wide-gain- ing, active features, headed by Montgomery Ward, high- lighted a generally narrow
and quiet stock market to- j day.
Expected This Year
Washington, May 9.
International cotton trade economists said today that Montgomery responded vigor Brazil can undersell United States cotton in world markets,
as
ously to an announcement of, Suwell Avery's resignation Chairman of the giant mail order frm.
From an carly price of $76 It jumped to $78 up 2 points, on the news with demand so benvy it forced suspension of almost an hour. trading for Reopening was on a block of 16,000 shares at $80, up 44 points, the level at which it closed after touching a high of SBLA before „prail-taking set
Profi-taking also took a toll on the general list, Jetting in just beture the clos: after prices had held firm most of the session. Industries moved down from their highs but held a rise of 0.48 point. Rails, however, fell to 0.63 and utilities slipped
0.08 on the day.
but they doubted that Brazil has sufficient accumulated stocks of cotton to affect the United States world position seriously,
Rapid expansion of Mexican cotton production relatively more significant here.
World Cotton cotton, and consequent can, if
Markets
is
bales compared to Experts said that unlike the 1,200,000 United States, Brazil is not 2,000,000 one year carlier. maintaining support-price for
International to According desired, make concessions in in the period August 1951 to Cotton Advisory Board statistics, which Foreign markeja
the January
1855, Brazil exportod United States cannot match. The
562,000 bales of which Japan price-support programme here took 120,000, Germany 100.000. tends
keep price high. to Officials studied a report that England 68,000, Hongkong 15,000
and the remainder scattered. New York, May 9.
Brazil recently devalued its cot- Cotton futures today opened
ton export in cruzeiros to en-
Brazilian cotton production steady and closed strong. Nearby May contracts, the pivotal strong.
expats, and regarded this year courage
is reported about additional Indication | 1,500,000 bales, which is less point, scared $185 a sale to 34.60 cents a pound, highest level that as a result of the coffee than prewa: average. ·
situation Brazit will follow a
over three montas, ant 10.
ง
iL
un
Of 1,216 issues traded, 473 cumulative rise of $8.49 bale Kenaral policy of expanding cot
closed higher and 497 lower,
The New York change bond 330,000.
The American Stack Ex- change volume Was 720,000 shares,
Stock Ex-trun the April 20 tals,
volume was $4,-
Dow Jones closing averages
were:
30 tridustrials
2 radist...
40 bonda
:5 utilities
GS stocks
Comm. future price Index
YESTERDAY'S PRICES
Allied Chemicals
American. Smelting
Chrysler Motors
General Foods
124.32
150.20
64.62
139 42
15
39.38
ton production and commerce.
AUGUST 1 STOCKS
Trading a current May con tracts will end in the noobour It was recalled that Brazil on Thursday. Open contracts in last year disposed of large ac
Brazilian the spot month at the start of cumulated trading today totalled, 460,000 stocks on August, 1, 1954, were
unofficial bales.
estimates around
Closing on the highs, the list 37 points. The was up 6 to market opened up 1 to 8 points. New Orleans closed up 9 to 17 points.
Factors behind the rise in- cluded: 1.
Covering in the May delivery before its expira- 487❘ tron
on Thursday; 2. An im- proved demand in the textile A broadening mili
cotion.
.
that
Economists here said Brazil has a natural capacity to expand Es production and 'ex- portation of cotton, but must also take into account large con- sumption requirements Brazil's growing textile industry.
of
EPU SURPLUS AND DEFICIT
Paris May 9.
France had EPU surplus of approximately ten million dollars in April, according to provisionai figures.
This
compared with a surplus of 26.2 million dollars
in March and a deBelt of 26 million in April last year.
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange this morning amounted to $518,283.80 Noon quotations and the morn- ing's transactions: SHARES BUYERS SELLERS SALES GOVT. LOANS
314 (1943) # 4000 34
30
Denmark had a deficit of 12.74 million dollars. This compares with deficit of 9.87 million dollars the
BANKS previous month,--China Matl
Special
Dunlops Issue £12 Million
Stock
Lotion, May 9. The Dunlop Rubber Company today announced details of a big mancing operation to raise fresh capital. The money is believed the to be needed mainly for Compacy's business in the United Kingdom.
The operation involves the issue of £12 million worth of 4% per cent second debenture stock 1072-32, which has been played privately with City of London festitutions at a price of £87% They said that Brazilian per £100 nominal of the stock." domestic consumption of cotton
Dealings in the new stock are Increased from about 500,000 expected to start next Monday, bales annually before the second May 18.- world war to current rate around
World Rubber 900,000 bales mialy.
Markets
IMPORTANT CONSUMER
Brazil, in fact, is now among the important cotton-consuming countries of the world.
sources recall Stock market that Lord Baillien, Chairman of Dunlop, reminded stockholders inst June that the group's pID= gramme of capital expenditure would inevitably continue in the highly competive industry in which it was engaged,
the plans
for the
•
HK Bank
INSURANCES
SHIPPING
Aula Nov DOCKS, ETC.
Dock Provident (Old) Wheelock LAND, ETC. HK Hotel HK Lant
50
P&O B.I. E&A
COMPANTES
PENINSULAR & ORIENTAL 5.N. CO.
Qutwarde
PASSENGER/FREIGHT SERVICE
Leaves London Due Hongkong
Salled
"CORFU” "CANTON" "CARTHAGE”.
"CORFU"
30th May
25th May
24th June
2nd June
13th July
20th July
2nd August
Via Southampton, Port Sald, Aden, Bombay, Colombo, Penang & Singapore
Homewards
"CORFU"
"CANTON"
"CARTHAGE”
“CORFU”
Leaver Hongkong Due London
3rd June
1st July
29th July
26th Augush
5th July
1st August ·
SATLETIV
27th September
Via Singapore, Penang, Colombo, Bombay, Aden, Port Fald & London
"SUNDA"
"SOUDAN"
4
FREIGHT SERVICE
loade z8/29th May for S'pore, F. Swetten-
ham, Penang. Colombo, Aden. Port Said, Genoa, Marseilles, Havre, Lon- don. Antwerp.. Ratter- dam, Sevilamburg
'due 31st May
from UK & Straits Joads 1/2zd Junefer Majt, Kobe. Toko-
kama
With Uberty to call at Belawan befors of Eter Straits Forts and at Bombay 1 inducement offers. Tanks available for earringe of Oil in Bulk. Space for refrigeräted carro. Limited Passenger accommodation
East Asia
.. 1583 1580
212
15 1375
ten X A 005 Lombard
100 @ 905
120c
24.10
12 12.10
7:20 1.30 2000 ( 7%
17.30 1745 1000 20 17.40 .. 6612 57 300 67
"FULTALA"
21.00 21.1
$31
600 21.70
You Fery 106 107
"SANTIIIA"
** 19.70 18.80-
Humphrey
Ti" is.. 3.30
UTILITIES
Trezza
Star Fo
C. Light
(0) XD
C. Light
(N) XD
..14.50 14.00 500
Meotric 2381 3894
31.22 INDUSTRIALS
Telephone
Cement
Rope STORES, ETC.
Dairy Watson
Fees
SLOTTOMS.530
BRITISH INDIA S.N. CO., LTD.. "SIRDHANA" due 13th May" from Japan
salls 14th May for Singapore. Penang,
Hangsen & Calcutta due
from Japan i 8th June
as och June for Singapore, Rangoon,
& Chittagong dhe 10th June from Caletta. Rangcon
& Strai
sal 11th June for Japan
P. & 0./B. I. JOINT. SERVICE
due 12th May from Kakinada, Madras
salls 13th May for Japan
"ORDIA"
MOZARDA"
doo 18th May sal 18th May
་
& Straits
from Japan.
for Singapore, PezaagĽ, Madras. Karachi. Bax-
rah, Abadan. Khorram. shahr Kuwait
Bil June from Japan
all 9th June for Singapore,, Madraa, Colomba, Cochia, Bom- bay & Karachi
29 29.50 950
"ORDIA"
duc
15
20.20
Crawford 25.70
750 30.30
"ORNA"
COTTONS
53.90 2400 €5,30
18.10
Textiles. Namang MISCELLANEOUS
Yangtzze Аднек
16.20 0.30 4.90 4.96 2300 ₫ 4.9235 1000 6 4.95
Singapore
Stock Market
313
30s 34
81% yield,ot 13,673,000 balss of 300mated sales of around 2001 in Congress for new steps which natural rubber on the estates In Fraser & Neave Isd. 7
New York, May 9,
In B0% markcet; 3.
the year 1953-54, Brazil Rubber futures today closed
consumed about 900,000 bales,
NEW PLANT 45 points 1874 Liquiry for spot cotton, 4. An- 30 to
higher with
France
1,300,000, Germany ticipated export sales to Korea, sales of 80 contracts.
1,200,000 and Italy, 878,000 bales. And he mentioned specially
Singapore, May 10, Spain, Great Britain and Italy. Selins' cautiousness and
Brokers today quoted the fol- to scal
erection at The smaller “acred ge scattered buying with the
Private sources here said the Fort Dunlop of a new plant for lowing opening stock prices: year and prospects higher London market domi- United States has not had much the manufacture of a plant this
wide Ety Liniame Rubber ću. for a higher Government loan nated the small trade. How succes in selling surplus cotton range of special purpose
(not British Borneo Feroleum ever, overall activity Was abroad for foreign 30% e final Government report curbed
currencies general grurpose) synthetic pending o
labour de-
under law 480.
rubbers and the extensive pro- Consolidated Tin Smelters 3224 on 1954 production showed a
Ord velopments in the automobile
of re-planting There is considerable agitation gramme
of Fraser & Neave Ltd. Ord. 51.67 pounds each compared: with
cum. pref.
$4.60 30% 16,485,000 bales in 1953.
300 tons in the spot market would expand United States cot-Malaya. ta
Hongkong & Shanghai Trading volumes and open during the day involved June 4 on exports.
ing Corp. -Since then Britain's big motor-Hongkong Tin Ltd. interests in the Exchange today sheets at 30%; July one sheets at
Dar companies -- with which | Kermpar Ltd. 31 and July two shtets at
Reports here indicated prob- Dunlop's fortunes are closely as Rubber Estates Ltd. bark for
Mayable Mexican cotton production linked have announced big ex-New Serandah Rubber fat 30 4: delivery was done at 25 cents of around 2,000,000 bales in the
rubber has risen again, thus
Allis Chalmer
74
American Tel & Tel
194
American Tobacco "B"
Anaconda Copper
Arman Steel
Armour
11
Baldwin-Lima-Hamilton
Baltimore & Ohio
46
Bendix Aviation Corp.
Benguet Cons.
Bethlehem Steel
134
Boeing Airplane
62%
Canadian Pacific Railway
Case (..) Co.
Chase Naoned Bank
Commercial Credit
Cucidated Edison
Continental Steel
--Corn Producti
Cuban American Sugar
Curtis Wright
Dupont de Nemours
194
Eastman Kodak
-General Electric
51
were:
Month
Volume
BA May
12,800
General Mowrs
97 (20
July
43,700
Open Interext
En 200 601300
Gillette Safety Razor
87
Oct.
11,700
487,500
Goodrich (B.7.) Co..
Dec.
12,900
410,400
Goodyear Tire & Rubber
5637
7,400
211 200
Homstake Mining Co.
41
9.100
200300
International Business Mach
418
9,300
111.400
Jaly
International Harvester
373 Tulal
107,400 2.04.600 bales
Sept.
International Nickel
International Paper
901
NEW YORK
International Tol. & Tel.
20
Dec. Mar May
John-Manville Co.
Kennecol Copper
107
Lockheed Aircraft
44% 25 follows:
2.
Lebws Incorp.
21%
Lone Star Cement Co.
581%2
Spot
20
May
42
43's October
July
14.20
December
34.28
tellows,
642
47
March May
34.10
No. 1 rubber
34.19
No. Z rubber
415 July
33.60
No. 3 rubber
10
No. 1 crpe
44
73%
NEW ORLEANS
LONDON
473
15
25 as follows:
0014
New York Central
Facife Western Oil
Montgomery Ward
National Distillers
Ous Elevator
Pacific Gas & Electric
Fan American Airways
..Paramount Pictures
Philips Petroleum.
Radio Corporation Hea Motors... Republie Steel
Shell QU Co.
Sinclair Oi
Bocoby Vacuum
Prices of futures closed today
a pound. Spot No. 1 Rss were cotton year 1955-56 compared pansion plans and the price of a pound, to 1,750,000 in the previous year, increasing the amount of work-
quoted at 31 cents nominally, Futures:
AMSTERDAM
31.85
1,200,000 in 1953-54, 500,000 in 1948-49.
31.80
and only ing capital needed to finance
stocks. China Mall Special.
31.20
20.05
Ceritral American production
39.55
20.30
is also on the uptrend, but not
United 'Press.
steady. The 35.20n
market was 4.20 Prices closed today in guilders 34,20-21 per kilogram, CIF June. as
Prices of futures closed today
54% Spot
54
May
921 July
34.00
34.50
34.19.50
34.20
2.64 buyers
2.63 buyer
2.63 buyers
2.78 buyers
The market was very steady. Prices in pence per ib were as follows:
No. 1 spot Ras .....
Settlement house lerm: June
34 24-25 July/Sept.
34.34 Oct./Dec.
34.30 Jun/day. 33.45
27-271%
ret of world significance. NEW YORK METAL
London Stock
Market
"
FUTURES
New York, May 9.
Prices of metal futures closed
í today in cerits per. Th, as flows:
Lead May
June
TIA May
May
June
And London, May 9. Stocles moved up on expanded turnover
Op
the London Copper May Exchange today, reflecting several favourable influences.
Hopes for a "Big Four meeting, the better tone in Wall 27-271%2 26-262 Street and the return to work 2514-263% of striking Yorkshire coai 28-2015
miners, all helped market senti- ment but demand was some- what selective and the trading range generally narrow.
General markets. eif basis, ports: May. June
204-26 July American Fette crepe thick May and June middling in pence per lb, were Estate crope thin
Southern Railway (Com.).
Standard Brands
39%
Standard Oll pf California
7833
Standard Oil of IndianO
October December March
#nudebaker Packard Corp.
May
Swift & Co.
July
Texas Co..
Union Carbide
90%
LIVERPOOL
Tnion Pacific Railway ...
172
United Cas, Imp
70
Juture closings,
+
ÚS. Gypru
230
V. S. Line Co.
US. Rubber 1.
4.823
224 as, follows:
United States Smelting
514
May/June
US. Steel
2024 July/A
Warner Bros.
Woolworth
11 472A
Opt./Nov.
United Press. "
Westinghouse Electric
Dec/Jan. Mar/Apr.
Unquoted
Demand for Associated Electric The Singapore rubber prices which ran it up 15.8d and not available-United | several chain stores picked up 30-34 Press
were
31.77
20.82
29.74
29.64
SAO PAULO Future `closingt, in cruzeiros
London Foreign per kilo were as follows:
Exchange
New York
Montreal y
Amsterdam
Brussels
Lisbon
Dala
Peris
Stockholm
West Marks
Zurich
May
Jply
Oct.
Mar.
London, May 9.
*2.797-2.79 13744
2.75
的
20.013
10.63-14.03%
19.0244-19.95
30,55
New York Sugar Market
New York, May 9. 29.50 World No. 4, sugar futures 31.75 today closed 2 to 8 points higher 32.75 with sales of 542 contracts. 53.40 Domestic No. 6 sugar fuhtres
In the United States, the closed unchanged to 2 points average price of 15/18 middling higher wit sales of 122 at ten designated spot markets contracts.
to
was 33.99 cents, Sales at these Both markets ruled firm with centres totalled 10,351 bales world contracts rising. 0844 United Press
roastinal highs. Cuban and other trade Interests led the buying United
Futures:
Contract No. 4 (world)";
New York Foreign Exchange
New Yo
IND COOPE CHIEF RETIRES
Mar May
London Mey-9- Lord Courthope, for 21 years chairman of the big British | July brewery company of Ind Coope Sp and Allopp, announced his re Hirement today at the age of 17 May on medical advice China Mail, Społe Special
Now:
a shilling or so..
Continued buying Jifted German bonds sharply. The 648 climbed £10 to a new top and the 7s rose £9, also to a peak.
In Japanese Tokyo Electrics
годе
Chinese eased United Press.
12 201
12.20b
Malayan, Breweries
Raffies Hotel Singapore Cold Storage
|Petaling Tin "Lág,
South British Insurance Co.
Lád
Straits Trading
Straits Sleemaḥip United Exineers Ord. Wearne Bros.
exyria Mall Special
#1.43
$1,90
$3.65
3984
Exchange Rates
Business was done in the local unofficial exchange market morning at the following rates:- US dollar (per $1}
1 Sterling notes (per £1)
indonesian rupiah (per 100) Siam ticals (per mo) Singapore (Straits)
United Prem.
Indo-China plastres (per 1003
Increased Activity
In The
World
Shipyards
London, May 9.
Activity picked up in world shipyards during
23 end the 1930 22 the first quarter of 1955, Lloyds Register of Shipping reported today and motorships,
LONDON METAL PRICES
A total of 1,276 steam
aggregating 5,936,187 gross tons, were under construction at March 31, with British shipyards accounting for the lion's share
The March 31 totals compared with 1,180 ships and 5,854,247 gross tons at December 31. Lloyda also reported
London, May 9 The din market” was barely steady with spot down 136 to The United States ranked 11th 73 and 3 months 14 to with only 14 ships of 113,750 718%. Turnover was 66 tons of gross tons which none was for cash.
evre Shipyards in... Great
and, Northern Ireland were far aggregated 3,103,237 tens of The lead, zinc and copper and away the world leaders, Bunkers were being built at markets were all steady: Prices with $35 tips of 2,144,148 | March 314-32 per cent of the closed today in sterling per long gross tons.
total construction at Meny
tommagérander construc
of these
Aanzers super-tanke GERMANY, SECOND-
Germany was
223 ton as follows
the
ella
Neth
by the France ? Swedi
Den
'and
Perley. Of the tankers bulleting..
252 the
571 will by the Britishi" flag/47 The Norwegian Bag pán:: Netherlands, 18 the Liberian, 12)
the Panamanian, 14 the French
| and 12 the United States flaz TUnited Press.
•
dus 18th Jana from Japan
sally 17th June for Singapore, Colombo,.. Karachi, Basrah. Khor- ramshahr & Kuwait
EASTERN & AUSTRALIAN 5.5. CO., LTD, “EASTERN"
"ABAFURA"
due 12th May "from Japan salim 19th May for Sandakan. Brisbane..
Sydney. Melbourne & Adelaide
que 24th May from” Australla Balls 15th May for Japan
All vessels have liberty to call at any poris on er 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.
EVERETT
EVERETT
LINES
ORIENT LINE
Fast Regular Freight Refrigerator Passenger Service Loading for Singapore, Penang, Rangoon, Caletta and
"ZEBEVERETT”
"NOREVEZETT""
"BRADEVERETT""
“LENEVERETT”
Chittagong
ATT. Juno" 1
- June ** **** July
Sada June 2 June 24
- July 6 July
mmm July 21 Loading for Kobe, Osaka, Nagoya, Yokohama. "NOREVERETT :
Arr. May 27 - May 28
BRADEVERETT”
-LENEVERÉTTU
*REBZYEREST”.
June 2
June 23
July 23
June. B
June 24 July "24
LIMITED PASSENGER ACCOMMODATION. All the above subject to alteration without notice.
EVERETT STAR LINE
FAST REGULAR FREIGHT REFRIGERATOR SERVICE Leading for Singapore, Port Swettenham, Madras, Colombo, Bombay, Karachi & Persian Gulf Purt "THAI" "STAR"ALCYONE"
*STAR BETELGET"E" "STAR ARCTURUS
Arr. May 18 Sally May 19
- June 14
July
- Twy 26 BUY 14
...Loading for, Kobe, Ozska, Nagoya,
Argi May - 45
Juno
CPSTAR ALCYONE"
LAO
FSTAR BITELGEUBE” “STAK ARCTURUS” “ MTHAI”
June 15
July 20
July 25 Allg. 15
[okohama,"
Sella' May 15
LIMITED FASSENGER ACCOMMODATION.CO
All the above subject to alteration without-ralice,
EVERETT STEAMSHIP CORPORATION. SA Encorporated in the Beyblic of· PanamR Limited Liability) pas
Quee
hiding?
Telephone 28293 Telephone 31206