THE CHINA MAIL, FRIDAY, MAY 13, 1955.
US TOLD TO ABANDON COTTON
NEW YORK SUBSIDY IDEA TODAY'S
STOCK
MARKET
New York, May 12. Stocks ran their decline! through the fourth session today but the drop was re- lieved by a laterally that halved early losses.
Allgroups were hit by the selling which boasted to more than $3,000,000,000 the drop in market valuation this week.
WITC
Steels
aircrafts and among the hariest hit, but they were among the best recovery move, too.
A small group of special issuICH seered strongly. Allied Chemi- cal hearted the list with a gain of more than 3. Zenith was up 21%, Honolulu Qil 244.
COITI-
Trading Toy the rst time! picked up on the downside with turnover of 2,830,000 shares the heaviest siner April 20, pared with 2,120,000 yesterday. INDUSTRIALS LOWER Industrial shares Anished 2.09 paints lower on average, with raps of nearly 3 points in US Steel and Ek Pont, a point or
World Manufacturers And Producers
Await Export Decision
Cairo, May 12.
The Egyptian. Government is apprehensive of the United States cotton export policy for the coming season, and has asked the American authorities to refrain from subsidising cotton exports in order to give other cotton producing coun tries a "fair deal" in the world markets.
Depart- The head of the Egyptian Government Cotton ment, Farid. Mustafa, said in a Press conference that the "uncertainty" regarding the United States cotton export policy has greatly reduced Egypt's cotton exports. In fact, he said, the exports of all other cotton producing countries have! also been affected for the same reason.
He said that Egypt has re-
United States. De
more In American Smelting,quested the
Bethlehem Steel, anorg others. Rall lusses ranged around 2 poiris.
Utilities dropped. 0,37 on
average.
Aircrafts shares had losses 2 points in ranging around Douglas and General Dynamics, Goodrich tell 3 in the tyres.
in General Textrons and Boeing.
BYTO
1.213
issues traded.
lower, 285 higher.
679
The New York "Stock Ex-
change bond volume was
3.370,000.
The American Stock Excharge
"volume was 780,000 shares,
30 industrials
20 rails
15 utes
63 sincks
--40 bonds
418.20
158,3/3
43.74
160.57
95.77
Comin. future price Mwez
155,47
YESTERDAY'S PRICES
Allied Chemicals
a
countries
are
ports. "partment of Agriculture to pur a stop to the present low in world cotton exports by an nouncing that no -government subsidy will be given for Ameri-United States decision. It that can cotton exports in the sea- decision is to grant a govern son starting in July. By soment subsidy to exports, it will doing, he said, Amèrica would substantially reduce the price of American cotton, and will put it at a premium on world markets..
World Cotton
Markets
New York, May 12. Cotton prices 10day developed a steadier tone following ex- piration of the May contract in the noon hour.
greatly help revive world-wide stave off an American decision to grant subsidies on cotton ex- collen Cxports,
Egypt has been unable to sell
that out Mustafa pointed her, surplus good part of cotton cAUST most importing Egypt's cotton sales are at pre- the sent awaiting
Не at a near standstill. explained that cotton importing countries are now following a to mouth" policy, buy- "hand
a little at a time while America's decision- awaiting
countries, he said, are Those holding off their big purchasing orders in anticipation of possible drop in world priC following an American decisier. to subsidise exports.
BRING DOWN PRICES Foreign repercussions of such an American move would be that the other cotton producing countries will automatically have to bring down their cotion prices to even out with American price sale,
the
ing
PRESSED
Mustafa recalled that the re- Liverpool Cotton Exchange cently pressed the Am Tican A drop in world cotton prices Government for an early deci- would scrivusly affect Egypt'ssion for or against the subsidy cotton revenue, which is the policy, because the present un- Buying credited to Carolina most important credit item in certainty is causing a prejudice mill accounts, plus shipper covering anticipating additional the national economy. That is export sales to Korea and Spain, why Egypt is actively trying to
72% Facted to brace the price struc-
American Cable & R.
504
$12
40
Allied Mills Inc.
Allis Chalmery
"American Metal..
American Smolung
American Tel & Tel
American Tob, "B"
Armco Steel
ture and eliminate small opening losses,
1031. Closing on a rally the list showed net gains of 10 to 13 points, the market opened un- changed to off 34 points. New!
Anaconda Copper
70% 591%
Armour
1452
Bikiwin-Lima-1am.
Baltyrore & Olu
Lundix Aviation Serp,
4
Benguet Cons.
1
Bethiesen Steel
Boeing Airplane
120P% 5421
Borden (The) Co.
043%
Buroughs
28
Canadian Pactile R.
Case J. 1
Co).
C. I. T. Financial Corp.
Chase Nat, & Man,
Chile Cupper
Chrysler Motors Colgate-Palmolive Co.
Consolidated Edison Continental Steel
Corn Products
Cuban Amer. Suutar
Crown Zellerbach
Curtis Wright
Dupont de Nemours
Eastman Kodak
El Paso National Gas
General Electric
General Foods
General MOUTH_
Gillette Safety Razor
Glidden Co.
Goodrich (BF CA Goodyear Tire
Jamesake Mining Co.
Inland Steel Co. -
Interchemical Corp
In Business Machiner
Orleans clood up 1 to 12 poin's.
The May, contract see-sawed
over a range of 70 cents a bale, then went off the heard trading a: 34.48-50
World Rubber
Markets
to long-terms, contracts and an abnormal 'rise in the short abnorm terms.
The Egyptian official said that Egypt went one step further! than Liverpool in calling for the United States to abandon the subsidy Idea, because Egypt is a! cotton producer herself, and the stakes are high in the eventual American decision.
Latest reports from the Sudan also indicate that cotton circles! there share Egypt's anxiety on policy.
the still cents a pound for
an overnight loss of six points.
30% Trade sources estimated delivery 18 notices against May today ap-
proximated 25.000 bales.
45%
With expiration of the May
Singapore, May 12, The rubber market was quiet with moderate turnover, Future closings were:
SHARE
PRICES
CHINA SILK
THROUGH HONGKONG
(From Our Correspondant) JAP ALLEGATION
Business done on the Hong- kung Stock Exchange this morn- ing amounted to $380,470. Neon quotations and the morn- Ing's transactions:»
Brussels, May 12. Red China's silk exports to Europe are hurting Japan but
a member of the Inter- national Silk Congress
meet- ing
A3
here said "there is te
SILAHES BUYERS SELLERS HALES We ten do about it,"
Chinese exports are not an the agenda of the fifth silk 10 a 1895 Congress which opened a four- 201800 day congress here last Monday 1696 but nevertheless are a chiến
topic among delegates.
It is estimated that Red China is exporting some 15,000 bales annually to Europe. This Goy- ernment-subsidised
COVT, LOANS
Wis (1948)
4000 a 19
BANKS
Bank
.. 1590 1605
East Asia
214
INSURANCE.
LOTECT
$115
1
790
is
63
1215
1500
191
500
12.8)
£7.20 17.40
1020181
5.30
... 2.0 2.10
Tram
21.80 22.20 Star Ferry. 131 Vmati Ferry 106 107 C. Light
50
(0) XD ... 10.70 18.00
C. Light
(N) XD
34.79 14.00
SHIPPING
Asia Nev.
DOCKS, ETC. K. Whart Provident (Ood)
Wheelock...
LAND, ETC. HX Fatal Humphreys
Rt Realty
UTILITIES
commodity
beings
through exported Hengkent to Britain. France aral Switzerland. Much of the British imports of silk from China
and arc processed
reTM exported Labelled "Empire made,"
The international Silk As- sociation is unable to stop Kala alleged unfair trading as Red China is not a member of the 101 22-nation association. Importing
scumtrics are
STLICH not very cortorted how badly Japan hit. A British delegate said Electrle.... 30% 3096 4600 @ 3815 "business is business”—United Telephone..
Press. INDUSTRIALS
Cement
Exchange Rates
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREICHT SERVICE
Outwards
"CORFU” "CANTON"
"UARTHAGE"
"CORFU"
Leaves London Due Bongkang
Salird
25th May
Und June
* July
30th May, is
27th June
28th July
22nd August
Via Southampton, Port Said. Aden, Bombay, Colombo, Penang & Singapore
Homewarda
"CORFU"
"CANTON"
"CARTHAGE” "CORFU"
Leaves Hongkong Das London
3rd June
July
29th July
20th August
8th July
1st
August
29th. August
27th September
Via Singapore, Panang, Colombo, Bombay, Aden, Port Said London
*SUNDAY
"SOUDAN"
FREIGHT SERVICE
loads 23/10th May for S'pore. P. Swetten- ham, Penang, Colombo, Aden. Port Said, Genoa, Marselles, Havre, Lon- don. Antwerp, Bolton dam & Hamburg
de 31st May from UK & Stras loads 1/ând June for Molk Kobe, Yoko-
hama
With Ubarty to call at Belawan before or after Straita Ports and at Bombay if inducement piezz. Tanks available for exrriage of Oll. in Bulk. Space for refrigerated cargo. Limited Passenger accommodation
BRITISH INDIA S.N. CO., LTD, “SIRDHANA" In" Port
"FULTALA"
"SANTHIA"
from Japan salls 14th May for Singapore, Penang,
Rangoon & căleatts duc 8th June from Japan walls 9th June for Singapore, Rangoon
& Chittagong die 10th June from Calcutta, Rangoon
& Straits
zalls 11th Juse for Japan
P. & O./B. I. JOINT SERVICE "ORDIA"
*
1000 2015
500 6 20.40
500 29.30
1. COTTONS
STORES, ETC.
Detry. 20.20 2011⁄2 500 600 Crawford 25.70
2011⁄2 20.30
Business
was done in the local' unofficial, exchange
market mcrning at the following rates: 11.9: dollar (per $1)
this
5.24
Textiles
3.80
Sterling notas (per 21)
15.73
"OZARDA"
Indonesian rupiah
iper 103)
12.40
Siam teala (per 100)
28.00
Singapore (Strut)
1,81
* Indo-China plastres (per 100)
"ORDIA"
MISCELLANEOUS
Yar. glaze... 6.30 6.30
Allied
4.90
HONGKONG STOCK EXCHANGE
Prices
"ORNA"
Rising
Are Still On
The Share Market
By A Special Correspondent
Share prices in a few selected groups again undefined American rose on the Hongkong Stock Exchange this week The weekly auction under the impetus of a further apparent improve- Sudan have been stopped await- ment in the international situation and renewed June 897-00 ing America's decision on the demand from local and overseas Chinese investors. July unqucted | next season's colion exports.~-
United Press.
No, 1 rubber per It May
J
25-delivery, traders paused for No. 3
Na. 2 BBer TT 18. May now. look as the picture," with No.
indicaling Spot rubber unhaled opinion Consensus
Blanket crepe Crop No. 1 pale trepe
30
877%
day-to-day wuther
25% developments hereafter will be-
10%
204
come
105
סיטר
464
factor.
a major price-shoping
The Commodity Credit Cer-
19
877-88
87-87
85-8512
13-01
DG12-971%
LONDON
sales of Gezira cotton in
Singapore
the
The market was quiet but Stock Market
poration overnight reported steady with spot unchanged at
50 withdrawals from the 1934 loan 27 1/18 pence per lb.
programme for the week ended No. 1 spuit Rus..
Settlement house Term:
0014 May
Belated data showed entries of
8 totalled 12,174 bales. June
caad
584 23,918 bales. for the week.
5022
400
July/September
October/December January/March
Prices:
32-37
207-27
28-20%
Trading volumes and opcr in-markets, elt basis, ports:
May Dterests in the Exchange today
June July
wore!
Tall Harvester
International Nickel
Month
International Paper
May
Volume
16,000
Open Interest
36,400
Int'l Tel Tel'
July
37.200
705,100
John-Manville Co
Oct.
12,100
471,000
Kansas C. Power & Light
Dec.
17,300
477,900
Kennecott Copper ........
Llarett Meyers Tob. Co.
Mar.
7.100
214,100
Lockheed Aircraft
May
0.200
225,300
Locws Incorp.
July
3,400
115,300
Total
119,900
Lone Sur Cement Co. Louisville & Nashville R.
Monsanto Chemical Co. Montgomery Ward
National Cash Reg. "A" National Distilleers National Lead
New York Central
Os Elevators Pacise Gas & Éles, A Pan American Airways Paramount Pictures Parke Davis Co.
Penny J. C. 'Co. Philips Petroleum. Radio Corporation Reo Motorn
Republie Steel
Shell Oil Co.
Sinclair Ou
Socony Vacuum
Southern Railway
Standard Brands
Standard On of Cal. Standard Off of Ind.
Standard Oll of N
2.246.300 bales
NEW YORK
Prices of futures closed 10-
34.63n
31.40 expired
The accent was on security. "Blue Chip" Utilities, Banks, Unions, and also Lands came in for demand.
Turnovers fell away to be- | their rise has been predicted for tween a third and a half of the some time on the market. volume of the previous week
Cements at $28.70 came in for and a number of shares outside
week these specified groups showed sarne profit-taking th's fractional losses.
and show a loss of 50 cents since last Thursday. They may In the Utility group Trains even lose a little more in the are up 30 cents to $21.90 (peak coming week but basically they Opening price for 1935: $22.60), Lights remain a good buy. Their earn-
Singapore, May 13. Brukers today quoted following stock prices: Batu Lintang Rubber Ca.
Lid.
Syndicate
the
2616-2024
2012-2013
British Pares Petroleum
$1.40
Consolidated Tin Smelters
Ord.
Extate crene thiek May and June 27
Thin
The New York and Amster- dam rubber prices were not available this morning.-United Press.
New York Sugar Market
New York, May 13. World No 4 sugar futures closed today unchanged to 1 sales of 81 point higher with contracts.
Prices of futures closed as of nearby
39.04
310 expired
Both markets ruled steady in company with the raw situation. Locally, dealers said a few lots Philippines wWITC available at 5.45 cents 'a pound. with other sugars held slightly higher.
30% Fraser & Neave Ltd Ord. $1.80 Fraser & Neave Lid Ord.
71% cum pret Hongkong
$3.50
J
Shanghat
Banking Corp.
Hongkong Tin Ltd.
$4.60
$830 7% 6
Kempas Ltd.......... Lunas Rubber Estates Ltd. $1.89. Malayan Breweries
$1.42
New Serandah Rubber Co.
Lid.
$1.30
83.97 xd
Raffles Hotel
$2.45
Singapore Cold Storage,
$1.63
Insurance
$20.00
$22.25
$13.60
-$10.30
Petaling Tin Ltd.
South British
Co. Ltd.
Straits Trading
Straits Steamship
United Engineers Ord. Wearne Bros.
*$2.62 China Ball Special.
London Stock
day as follows:
Spot
May
July
34.19
18
Oct.
34.18-19
421/2 Dee.
34.22
4417
Mar:
31.15
21%
May
34.20
July
*.66 nom.
447
106
NEW ORLEANS
8311⁄2
follows:
Spot
May
July
34.16-17
Futures:
11112
Oct.
24.19
Studebaker - Packard
116
Dec.
34.24
Contract No. 4. (world),
Swift & Co.
Texas Co
Union Carbide
41% Mar. mas July
July
May
Sept,
31.01
Mar.
Union Pacific Railway
189
1]
United Gas, Imp.
201
U.S. Gypsum
22
4514
20
LIVERPOOL
Spot-(cents per lb. fob Cuba) 3.41 closings, American Future middling, in pence per ib. were Contract No 6 124 na follows:
May July
bit.
Warner Bron.
380
On
May/June
12.02
West Va. Pulp & Paper
34
July Sept Nov. Mar. May
335
5.45
Woolworth
4874 | Oct/Nov.
30.04 29.94
-United Press.
Mar/April
29.84
Spot-cents per 1b. dit NY
ex-duty)
United Pres
BAO PAULO
US. Line Co.
U.S. Rubber
U.S.. Smelting
U.S. Steel
Westinghouse Electric
July/Aug.
Dec/Jan.
Market
are up 40 cents to $18.80 (peakings for the first quarter were $10.90), Electrics are up 25 excellent, I hear, and, the pros- cents to $381⁄2 (peak: $40) | perts
demand are that
for while. Telephones are, if any-cement "should continue to be thing, fractionally easier on the good. week.
METAL INDUSTRIES
It will be seen, therefore, that
Metal Industries, another in are Utility leaders "the
ap- proaching this year's peak levels the Industrial section, moved up and brokers "SEWIN quite from buyers $2.10 to buyers con- $2.55 and there were sales at optimistic that they will tinue to improve,
This interest is possi $2.60. bly but not entirely re- Among the "gült -edged" flection of the prosperity of the Banks are $35 up on the week shipbreaking industry In
In the to $1,500 yesterday while Unions Colony. I have also heard some closed with buyers unsatisfied rather woolly speculation at $810 ex all which is equiva these shares but there is lent to $1,030 on a cum all basis, apparent basis for it It's more their top price of the year, on the lines of "If this happens, such and such a a thing might and it that happens, happers In the Land section, Hong this might happen too, and
it is conceivable that
HOTELS STEADY
-
kong Lands continue to be Buenced to some degree by speculation on a possible share issue later in the year but
** $671⁄2 they are steady on the week. Over 3.000 shares changed hands yesterday.
London, May 12. Stocks continued to Idle in traders dull dealings today as 3.43 held to the path of caution in
Hongkong Hotels at $17.45 view of the approaching election.middle are steady.
well
due 14th May
salls 14th May duo 18th May sails 19th May,
due 8th June valls' 9th June
from Kakinada, Madras & Straits
for Japan
from Japan.
for Singapore. Madras, Karachi, Basrah, Abadan, Khorramshahr & Ku.
wait
from Japan
for Singaporo, Madras, Colombo, Cochin, Bom- day & Karachi
due 16th Jnue from Japan
sails 17th June for Singapore. Colombo, Karachi, Baarah, Khor- ramshahr & Kuwai
EASTERN & AUSTRALIAN S.S. CO., LTD.
"EASTERN"
"ARAFURA”
4
In
Port salle Lith May
dan 24th May
trom Japan
for Bandakan. Brisbane. Sydney, Melbourne 甜 Adelaide ..
from Austenita axils 25th May for Japans
All vessels have liberty 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.
EVERETT
LINES
EVERETT ORIENT LINE
Fast Regular Freight Retzgerator Passenger Service Loading "for Singapore, Penang, Rangoon, Caletta and Chittagong.
“REBEVERETT"" "NOREVERETT
*BRADEVERETT""
"LENKVIKETT**.
Arr: June 1
June 25
-July 11
July 2
Balls June 3 June 20 -July 12
July
Lasting for Kabu, Dzaka, Nagoya, Yokohama. "NOREVERETT***
(Arr." May 29 Bally May 30
June 14
*BRADEVERE*****
on
no
"LENEVERETT"" "REBEVERLY
14
that happens, well, you can bet bottom dollar that Metal our Industries will judp."
In the Stores section,
Dalry Farms at $20.30 and Watsons at $13.10 are roughly steady.
Textiles have been selling at The undertone was frin, how- In the Dock section, the most $5.80 this week but otherwise ever, and there was some late notable feature is the long- the Cotton section has been very covering which boosted prices a expected rise in China. Provi- | quiet" "ka
denta which moved up from The Singapore rubber price in The Gilt-edged were steadier $11.00 to $12.40 during the up sightly but the shares have 5.81 than in recent sessions, with week. The company has made had another quiet week in
a promising start this year and Hongkong. 5.33 several leaders moving in response to the decision to leave 5.45 the bank rate unchanged,
Industrials. were highly irregular but there was con- siderable buying of specialties on
announcements.
London Foreign Future closings, in cruzeiros New York Foreign individual dividend and earnings
Exchange
"New York
Montreal
Amsterdam
Copenhagen
Osla
Stockholm
DAY est Marks
All Proad.
others
London: May 12,
2/78=0/70-2.29/4 2.75-7/16-2-15 10.620 (-10.827
1204-1300
18.40%-19 4025 20.0114-20.014 14.5331-14.04 11.76-11-7034 unchanged-United
per kilo were, as follows:
July
October
December Marth
May
29.50
30.70
72.83
35.45
Canada
Exchange
MESSAGERIES MARITIMES
"P.O. Box: 53:: Queen'” Building #Tel: 24651"
FAST PASSENGER/FREIGHT SERVICES Qils generally were caster,
"CAMBODGE Copper shares declined.
sailing May 21st There was renewed interest #THAOS"
sailing June 18th $161-1972 for: German issues and Japaness 270-11/16 Issues Improved fractionally, 179-6/10 after early easiness, Chinese 2.7811:
bonds, however, were lower. 230-1/14
Dollars stocks moved lower in "PEIRO" were unchanged.--United line with Wall Street,United "BIR HAKEIMA
Press.
30-day futures 90-day futures
In the United States, the England oficial average price of 15/16 middling cotton at ten designated spot Adiralia markets today was 34.00, cents, Routh Africa Sales at tanse centres totalted Bellum 2 69,378 bales-United Press: Fress
Others
01901
FAST FREIGHT SERVICE
Balling May 18th sailing June 25th
Jume 257
Fuse
—June July 23 -—-—- July 26 LIMITED PASSENGER ACCOMMODATION, -
All the above subject to alteration without notice,
EVERETT STAR
LINE
PAST, HEGULAR FREIGHT REFRIGERATOR SERVICE Loading for Singapore, Port Swettenham, Madras,! Colombo, Bombay, Karachi # Persian Gulf Fort "THAI"
Art. May 20 Bails May
“STAR "ALCYONE".
"STAR RETEĽGEVSKY,
"STARFARCTURUS”.
June 14
B
July July 24
· July (25 20. Bug. '21
July
Landing for Kobe, Draka, Nagoya, Yokohama,
*STAR BETELGEUSE"-"
"STAR ALCYONE" "LA"
"STAR ARCTURUS"
THAI"
Art. May 14
Sails
-June 24
**** July 24
July
Aug. 1
LIMITED PASSENGER ACCOMMODATION.
All the above subject, to alteration without notice,
EVERETT STEAMSHIP CORPORATION S/A (Incorporated in the Republic of Panama
*** Withİ ZAMIEnd Liawikyy Chinese Department; Telephone 28293. Queen's Building, Telephone 31206.