"
THE CHINA MAIL, TUESDAY, MAY 17, 1965.
TRADE and
and COMMERCE SECTION
AMERICAN ECONOMY HONGKONG World Rubber
NEW YORK STOCK MARKET
New York, May 16.
The stock market, after Friday's stab at a rally, turned to the downside with renewed vigour today, slash- ing well over $1,000,000,000 from total market value,
de-
Steel shares and other tence issues were hit hardest on the move, but all groups joined In with losses of a point or two. Volume, while above Friday's shares low—2,160,000 month against 1,860,000-was only modest, indicating there was not too much pressure against the ist and that decline is technical in nature.
Industrials shares lost 4.56 points on average, ralls off 2.31
utllities 0.31. and
Losses in steels ranged to 44 points in Bethlehem, 2 prints or in US Steel, Republic,
more
among others.
ده مع
DU PONTS SLUMP Du Pont slumped nearly 5 points in
chemicals- reflecting The Company's declaration of only the usual dividend.
Motor stocks moved off nearly 2. points in Chrysler, more than a point in General. Motors
Among aircrafts United.
General Dynamics, Douglas, Boeing, Bendix, Republic were off 1 to 2% points.
Oil losses ranged to two points in Houston with Standard of California Texas Ch Pacific Western off
Out of aunt or more.
1,232 issues
traded, 807 were lower while
crly 197 moved higher.
•
Stock Market Loses Zest On
Tighter Money Policy
By JOHN MORKA
New York, May 16.
STOCK Markets EXCHANGE
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange this mora- ing amounted to $861,647, Noon quotations and the morning's transactions:
SHARES BUYERS SELLERS - BALES
BANKS
HS Bank East Asia
Do 1833 10 1830
Union X All $12
INSURANCES
Lombard
SHIPPING
Ada Nav.
DOCKS, ETC.
K. Whart Provident (Old) Wheelock
The stock market lost some of its zest last week on dwindling volume and inventory caution attributed in party by Wall Streeters to recent Government credit restrictions and LAND, C a trend toward tighter money.
•
Ba
8500
BDC
Singapore, May 14.
The rubber murket ruled steady on covering rearby ship- ment and pa-grade enquiries. Futures:
Na 7 rubber per 14
June July
August
90%-2044 unquoted
No. 2 rubber per lb. Juno 9914. No. 3 rubber per ib, June 801-8071 No.4 rubber per ib. Junia 85-88 Spot rubber unbaled Blanket crepe No. 1 pale repe
SINGAPORE Futures today closed 29 to 35 points lower with sales of 20 contracts.
Terminat market prices eased with the primary markets in a featureless trade.
Spot No. 1 Rss were quoted at 314 cents pound, sellers.
March
Futures:
17.30 100
July
12.80
1.30 71000
720 December
September
May
FK Land
.. 6712 68 200 @ 09232
July
Humphreys .. 1640
路面 Realty
#
2.10
1
MIC Hotel ... 17.30 17.40-
Tram
Prices were hammered lower, but despite the easiness, financial observers emphasised that the market is not giving UTILITIES. any signs of dropping off sharply. In fact, thy insist the bull movement is still in progressi
World Cotton
Markets
ste.
New York, May 16. Cotton futures today sawed narrowly in quiet deal ings but managed to keep about even with the previous close
most of the time.
5
At the close the list ruled off to up 8 points. Opening prices were unchanged to up
New Orleans, closed up points
points, Broader sales in textiles over The New York Stock Ex- the past week, and anticipated new export sales of raw cotton bond volume
under pending Foreign Opera- $3,770,000.
The American Stock Exchange ich Administration grants, were
stabilising factors. volume was 720,000 shares.
Dow Jones closing averages were:
change
30 Industriala
20 rails
15 utes
stocks.
4G bands:
Comm. Kture price index.
YESTERDAY'S
Alden Inc. Ary.
Allied Chemicals
Allied Mills Inc.
Allis Chalmers
American Airline American Cable & R. American Metal
American Smelding. American Tel & Tel
"B"
was
Today's business appeared to Spot be mostly professional.
af 413.01 Arms sold around 5,000 bales 154.70 December on a hedging opera 63.58 tion. Liverpool interests bought D0.75 nearbys and sold later months
a small
the fore scale in 154.37 on a
noon. Domestic textile milis and shippers bought the nearby 106
37% months.
PRICES
Trading volumes and open in terests in the Exchange today were: Month
Volume Open Interest
23,500 64,300
180,000 25.300 1470,300 134,200 432.600
72
24
523
18 May
American Tob
Anaconda Copper
70% July 59% Oct.
Armour
€1452 Dec.
Balwin-1.
16 Mar.
Baltimore & Ohio
May
Bendix Aviation Corp.
July
Bethlehem Steel
12855
Boeing Airplane
Barden (The) Co.
Burroughs
Canadian Pacific R.
Case (J. 1.) Co.
CIT. Financial Corp." Chase Nat. & Man. Chrysler Motors,
Crane Ca...
Total
Sthe Fuzzy
Yman Fery
·C. Let (0)
C. Light (NS
LONDON
31.39-40
31.10
30,700
50,45
30.15
The market was quiet. No. Spot Rss were quoted at 27% pence per ib. Prices:
No. 1 spot Ras
2746-2744
17062220
Settlement house term:
Juma
- 107
my/September
10:30
October/December
-2691
16.30
Jpruary/March
Electric, 3834 Telephone
General markets, eff basis,
May
Jurie
INDUSTRIALS
July
the off
Cement..... 29.10 29.40
Estate crepe
check May and June
The current trend, it is ex-Netherlands and Japan; other of trading countries viewed the a period plained, presages
Further case as a clear-cut test of selectivity. market irregularity is foreseen by some President's ability to fight experts as the market pauses to strongly entrenched protectionist segments in both the Republican consolidate its position.
and Democratic parties.
Ex-
NO DEFENCE ELEMENT
器
If volume remains light, price swings, it is reasoned, are pected to remain small.
Recent Government measures Unlike the Swiss watch case,
in marginwhere the President granted -notably the boost requirements from 60 to 70 per tariff boost on a plea that vital defences were being cent on stock purchases appear American
injured by watch imports, no to be having their effect,
element of defence is involved in bicycle imports.
REFLECTION
to
Repo STORES, ETC.
Dairy ....... 20:40 2015
Watson 13.30 13.3 L. Crawford 35.70
COTTONS
Nanyan XD MSCELLANEOUS
Yangtze .... 8.20 6.30
Almed
7.85
4.90 4.0 5000 @ 4.925
Exchange Rates
A clear-cut-decision by the President would therefore give the strongest possible proof of the Administration's ability lower tariffs effectively and at the same time allay foreign fears that the US perhaps is not unofficial as lower-tariff minded as would have others belive.
amage.
it
the market a guarantract expires on, June
لثورة
AMSTERDAM
The market was quiet. Prices closed today, in guilders per kilogram, CIF, June as follows:
No 1 rubber No. 2 rubber No. 3 rubber No. 1 crepe
2.63 inuyers
2.00 buyers
2.55 buyers
buyers
-United Freak
Loudon Foreign
Exchange
New York Montreal Amsterdam Copenhagen. Liber
Bikiness was danza in she local
erchange
market this morning at the following rates: U.S. dollar (per #1)
Sterling notes (per £1) Indonesian rupiah (per 100). Stem ticals (per 1001 Singapore (Straits)
5.82 15.73
Paris
Stockholm
15.70
24FD
West Marks Zurich
1.37 Uthers were
11.45. Press.
London, May, 18.
$2.7994-2.79-13/10
2.732-2.76.. 10.6224-10.827 19.40-19.4014 80.70-80,50 97814-980 14.324-14.5234 11.73-11.761⁄2 32.2434-12.24%
god.-United
COTTON SUBSIDY
COULD
The drop in market partici- pation is reflected in the volume of shares sold in recent weeks,
Trading volumes averaged close to the 2,500,000-per-day mark. Prior to April 25, when the Federal Reserve imposed the margin boost, daily average weil above the
Elsewhere in the nation: trading was 3,000,000 level. Thus trading.
No real progress appears to have to on volumic appears
have been made at the wage eased about 23 per cent.
negotiations with the Ford Motorado-China plastres (per 100) Besides, this is the time of Company and General Motors. the year when price changes The United Auto Workers Union
asked for a strike vote generally hold to narrow limits, has
its membership. The vote is a the Wall Street pattern reveals,
As a resut of this theory the manoeuvre to permit action by the governing experts look for the market to
become omebody should the talks hold in a narrow area for some
ook stalemated. Among other bene- time. The chart readers
demanding for strong support not far below Bts, the unions present levels if
Ford continues to decline.
Meanwhile, the Journal of I. The General Motors pact Commerce polled the convention ends on June 7. Meanwhile, steel of the National Federation
prepared demands for of unions Financial Analysts Socities. It some 806,000 basic steel workers
financial now
Saving an average S the "average found analyst "mildly bulish" for the an hour. The industry balance of
asked to also
to give the earliest consideration ta 1 wage. Mr think 1958 will be a better year. possible The average analyst, the Journal guaranteed annual noted, favours securities of the David McDonald indicated. de (1) rail, (2) chemical, (3) mands adopted by the wain's committee may 3430-3 electrical, (4) oil. (5) steel, and wage-policy
(6) utilities and in that order. exceed 18 cents an hour.
LABOUR PICTURE' BICYCLE IMPORTS
President Eisenhower's post- two at least ponement for
on a months of his decision
on 3425-24 recommended tariff boost 34.33
bicycle imports was. 34.33 34.48
here as forestalling any clash with Congressional leaders who have under study the President's American controversial foreign trade pro-
8,200 217,200
10.100 243.300 12,400 120,000 155.000 2.237,000 bales NEW YORK Prices of futures closed today jas follows:
Spot
July
October
December
March
May
NEW ORLEANS
34.901 *24
34.21
Commercial Credit
34.31
Commonwealth Eles.
3438
Consolidated Edison
49
Continental Olf of Del.
4724
July
23.77
Continental Steel
292/
Corn Products
Prices of futures closed today.
44
Cuban Amer. Sutar
as follows:
182%
Curtis Wright
Spot
34.25
Dupont de Nemours
July
18821
Eastman Kodak
Octzter
1824
El Pam Notional Gas
December
762
March
General Electric
MAY
General Foods.
84
July
General Motors
鸭嘴
Gillette Safety Razor
6504
Glidden Co.
Goodrich (B. F.) Co.
Goodyear Tiro
Bey
as follows:
Homslake Mining Co.
May/June
July/Aug
Interchemical Corp.
Int'l Bustries Machines
Int'l Harvester International Nickel
International Paper
Int'l Tel & Tel
John-Manville Co.
Kennecull Copper .... Liggett Meyers Tob. Co.
Lockheed Aircraft
Loews Incorp.
Lone Star Cement Co. Louisville & Nashville R,
Minnesota Mining
Monsanto Chemical Montgomery Ward
National Cash Beg. "A" National Distillers National Lead
New York Central
Citis Mevators Pacific Gas & Elec.
Paciic Western Oil ...
Park Amerless Airways Paramount Factres
Penny 7.C. Co.
Pharpe Petroleum Pittsburgh Plate Cris
Radio Corporation
Rec Motors
Republic Steel
Shell Oil Ca.
Socory Vacuum
Studebaker-Packard Corp.
40%
LIVERPOOL
Future closings
410zd. Oct/Nov.
34.39 39.72
30.72
the year.
They
uncertain
The current labour picture is these
are
CAUSE HAVOC
New York, May 16.
Mr Samuel C. Waugh, Assistant Secretary of State for Economic Affairs, warned last Thursday that if the United States should adopt a drastic cotton export subsidy programme it might: have explosive international political effects.
In an address prepared for delivery at the delta Council, in the heart of the cotton belt, Mr Waugh took note of worldwide concern in cotton countries over the undecided question of United States cotton export policy in the next cotton year, which starts August 1. He said that international effects of export policy will be given attention.
about the most
the nation element in day's.
Over 1,000,000 workers viewed
involved in the basic auto and steel industries. These two, in- dustries are the bulwark of the nation's economic activity. With steel operating at new peaks and autos being sold and duced at record "volume, any
Mr. Waugh said that the inter- Peru and Mexico, 25 per cent; serious work stoppages
would
national cotton, advisory com-to Turkey, 20 per cent. have widespread repercussions
Mr Waugh said that he did milites will hold its 13th annual
not know whether or not there across the nation.
Sa far there is no clear indica-meeting in Paris next month.
That should provide an excel will be an export subsidy for tion as to whether the US will lent forura for the United States United States cotton in the
beset by a ware strikes
midling, in pence per lb, were gramme for lower tariffs.
The Tori Commission had boosts on 30.37 recommended trade
bicycles imports 31.42 all
types of after finding that such imports 30.35 30.39 were
were causing serious injury to manufac- bicycle American Presiden: Eisenhower asked the
37% Dec/J30
63
257
2024
Mar/Apr.
SAO PAULO
pro-
Futures closings, in cruzeiros turers. In His action last week, be summer. Hopes are high into describe its problems in cot-1955-56 marketing colton seasoD,
per klio were as follows:
"July
October December March.
8216 MAY
22,50
ment
Tariff Commission for additional the steel industry that a settleton, to learn of other problems to bring about 31.80 data to be submitted by July 15
will be reached But in cation, and some note a stiffening in the better international understand- 31.83 pects for the rest of 1955.
récent " he told the cotton men in negotiations
COST TAXPAYERS $300M Wall Street Journal talks.
31.30 an imports this year and pros
London Stock
Market
the
.The
out in joint House and Senate
conferences, The Bin has
aulo
clamouring
passed both Houses of Congress New York Sugar
although the Senate has added
Market
NATIONAL SECURITY "What I am saying is that the rale of the United States in international affairs today, a role
United
In the United States 6434 average price of 15/16 middling noted that the delay "whether A strike in the auto industry Discussing hypothetically the based upon the need to protect cotton at tem designated spot intentional or not," will be the would seriously affect steel, suggestion made by some people our national security, makes it
the cultum industry that mandatory that the markets was 34.05 cents. Sales Administration's trade troubles production. Autos are now at these centres totalled 11,142 with Congress. The three-year using 25 per cent of all steel United States should subsidise States Government should ret
limit at 10
itself solely to considering extension of the reciprocal trade shipments and are
cotton exports bales-United Press.
at the domestic factors involved, pound in order tá export programme with its tariff cut- for more-United Press.
6,000,000 bales annually, Mr Mr Waugh said ling powers is being hammered
The Waugh said that such a
foreign relations gramme would cost the United siderations which mentioned They Blates taxpayers $300,000,000 are very real problems.
are of concern to every Ameri- Only when the domestic “And overseas, we could con-can. ceivably cause such havoc as to and foreign factors
of other sidered together can a decision New York, May 16.
brock the economies Work No. 4 sugar futures cotton producing countries," Mr be made that would be in vir
own national self-interest closed today 1 to 3 points lower Waugh said
coltos ex- As alternatives to This ANGER PROTECTIONISTS
with sales of 65 contracts.
could create explosive Domestic No. 6 sugar futures political problems as well. This port subsidy programme, "Conceivably,
• Governmerit bonds
decision were in demand. Gains in this denying relief to bike-makers closed. 1 point lower to 1 point may sound far-fetched, but epa-Waugh outlined five other pro-
higher with
of five con-. sider the fact that to Egypt cedures, which included further 11 section range to 20 shillings in would so anger protectionist tracta
Free cotton represents 85 per cent of sales under Public Law 480 for War. Loen.
minded conferences that they
The limited activity in the its total exports, to Pakistan it payments to United States in Leading Industrials ran up would make certain the Senate world contact centred in the represents almost 50 per cent to foreign currencies. Unlad Press. 10665 one shilling or more."
restrictions are retained,” it nearby July delivery where
Piniair Oi
Southern Radway (Com)
Standard Brands
3D
Standard Oil of Cal,
73
Standard Call of Ind
4315
Stredard On of NJ.
112
Stockley Van Camp.
17
Teus Co....
Unicas Carbide
Union Pacine Railway
United Gas, Imp.
US. Cypem
284
2
50%
80X
Swift & Co.
US,Line Co,
UB. Rubber
U.6. Smelting
US, Steel
2/ Warner Bros.
Westinghouse Electric
Woorworts
West Ya, Fulpic Papers
DI
must
Bome restrictions which London, May 16. The belief there may be some somehow be reconciled with the tax relief forthcoming, later this more liberal House version, the year. touched off a wave of Wall Street Journal sak, buying
London Stock on the
Exchange todayı..
British
relier
The tax stemmed from a
Tumour observed,
a hint dropped Fall
a
Failing that, it added, pro sides
trade interests operated on both on Saturday by the Chancellor teationists forces might try to
The domestle etntract was of the Exchequer, Mr R. A block
high-priority dull and featureless Futures: another. Butler. He said a & new Budget administration measure, author-
Conimet No. 4 (world) E might be drawn up Inter this isation of US membership in the Jaly of trade co-operation Bapt year
The growing belief the Con under the revised General Man servatives will win the general Agreement on Tariffa and May election Inter this mouth abo Trude
it that theptano Copper stockes run up sharply sphere for a decision in July on buying from the continent, would be much quieter. Washington May 18. particularly Paris Rio Tinto. There has been consid The Federal Reserve Board's added £4 to 35 De Bears interactional interest in the bicy preliminary industrial produc-paced diamond stocks with a die case wale bicycles are Sow index for April is 138 gain of tour shillings. United Press
US PRODUCTION
INDEX
aided market sentiment today. It was felt
Royal ported mainly Dutch rose £--United Press. Britain, France, Italy, the
Contract
are co
MESSAGERIES
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