Elephants Secret
THE CHINA MAIL, THURSDAY, "JUNE 30, 1955.
TRADE and COMMERCE
SECTION
Page
Warning NEW YORK LONDON STOCK EXCHANGE BOOM HONGKONG
Of Danger
Kampala, June 29.
a
STOCK
MARKET
New York, June '29. Increased demand for
steels, reflecting an im- proyed outlook for wage negotiations, and strength in a number of special issues lifted stock prices at close today:
A silent warning sys- tem used by elephants, in which the first elephant to notice possible enemy fills its trunk with tainted air, runs upwind of the herd and puffs out the air 30 that the others get the warning carried to them point after being off 2.92 and 1.18, respectively, at the
the
again at 0.68 in their average Industrial stocks closed with
and rail with a loss of only
by the wind is described day's low point. Utilities rose a by Captain J. B. Robson,
bit.
Reports that
a game ranger working raised
.
US Steel had its wage offer to the
in the Northern Range Union sparked the push in
of Uganda.
Captain Robson said
when he
was on safari
that the
caravan of
porters Passed downwind
bull of three elephant, but would soon swing round and 'pass upwind of them, watch the reaction desiring
of the elephants at close quat ters when they got wind of them.
All three elephank got the scent together and without fuss, bether or noise set off at a fast
pace.
or.c
STOPPED SUDDENLY After a short distance elephant stopped suddenly “and you could nearly watch that
think," animal
said
Captain Robson. He then swung round and made back upwild towards the porters. Then he swung round them.
In the meantime the other two
the had disappeared in direction of safely. The ranger was so interested, fut he cut across country to intercept the
elephant Jone
and discover
what the beast was doing.
As the range breasted the rise overlooking a hollow, there was the unmistakable noise
steels, lifting US Sted nearly a pciat and Bethlehem more than à point.
Du Pont, recent wide-moving spurted again, It feature, climbed more than 5 points to a high and held more than 3 of the gain.
10
Reynold metals was a leader. with a rise of more than points. In the same. group, Aluminium Company was very narrow and abcut evenly divided in either direction, Of total 1,190 issues traded, there were 467 higher, 452 lower.
Trading continued at the slow pace of yesterday with turnover exactly matching the 2.180,000
total which was the smallest since May 31,
Activity centred US Steel, followed by Machine and Libby McNeill and White Sewing Libby. Now
York Stock Exchange band volume was $3.790,000.
American Stock Exchange volume was 950.000 shares.
Alden lac. Acy.
Allied Chemicals
At Chalmers
American Alrine
American Cyanamide Am. Mach. & F dry American Metal
of
American Smelting
American Tel & Te American Tob. "B
a fairly large herd of elephant taking flight from the hollow and a small cloud of dust.
The bull did not pause, "but with the mission accomplished set off to safety as fast as his
legs would carry him.
1
OUT OF SIGHT
Anaconda Copper
Armco Steel
Armour. Baldwin-ma-Ham Balligare & Ohio
Bendix Aviation Corp.
Benguet Cons.
Bethlehem Steel"
Boeing Airplane
Case (1) Co.
Cat. Tractor
243%
Plans For Paper
Merger
New York. June 29.
Crown Zellerbach Corp and Gatlard Container Corp. today annolinced pland for a possibir ger.
Such a merger would create a giant paper con cern with assets of $381.- ,000,000. It would rank as one of the birxest mergers in the paper industry since the end of World War II. -United Press:
BAN
World Cotton
Markets
New York, June 29. Cotton prices today see-sawed narrowly in quiet dealings but managed to "show small gains most of the time.
Main interest
continued
centre on the Oct. 1956 delivery. After several days of sharp advances,
realising on technical down reasons tended to slow fresh rallying tendencies.
At the close the, list ruled 1 lower to 6 points higher. The up 3 to off 2 market opened
Orleans closed points, New also I lower to 6 points higher, Nearby positions featured
routine dealings between mills, spot firms and other trade in- terests.
Market analysts, evaluating for the 70-point the reasons rise in
October new crop delivery since last week, cited several possible reasons for the rise.
the First: A conclusion that recent wheat farmer vote in- $72 dicated cotton farmers also will favour high supports and pro-
controls duction.
next year; Second: The fact that the con- tract is based on a longer staple are may be selling to low 10
relation to the nearer deliverios. Third: Lessening chances for an expor subsidy on raw cotton exports.
513
સમ
14186
„Borden (The) Co.
Burroughs Add Machine
Canadian Pacife R
C. T. Financial Corp.
Mortis
Volunte
Trading volumes and open in- forests in the Exchange today:
Open interest
July
13,300
244,200
Ocz.
13,500
493,800
Celanese Corp.
Dec.
9,100
846,300
Chile Copper
Chrysler Motora
Mar
4,700
Colgate-Palmolive Co."
$200
256,900 280.700
Commercial Credit
July
7.000
172.300
Commonwealth Eler.
Oct.
auto
5.200
Consolidated Edison
2,100
Continental Où of Del.
Total
3.500 2,163.400 bales
**
Continental Steel
Corn Products
Craze Co.
have
Crown Zellerbach
Cuban Arser. Sugar
The herd had been out of sight of the men and well up- wir and could not have smelt them; the bull had obviously them somehow that warned
his. mission--but he did not and seem to have called out
Was
was some distance from the herd, at the other side of small river.
Some of them "might seen him rush past, but the
Curtis Wright
Diamond Alkali
Dow Chemicals
Dupont de Nemours
Eastman Kodak
El Paso National Gas
flight of the herd must have been
which instantaneous, led the ranger to believe that they all got the warning at the them time;
none of screamed until they were some distance away.
samo
The ranger followed the herd
and found it was a breeding
ume of about 40 beasts.
and
The ranger questioned. gunbearer more closely found that it is an accepted fact by the native tribes that Lader certain circumstances an elephant will fill its trunk with tainted air, run upwind of the herd and puff it out. The herd all get the warning together and silently move off to safety China Mail Special"
Erie Railroad
Ingersoll-Rand
Inland Steel Co. Interchemical Corp. Int'l Business Machines In11 Harvester International Nickel
25
Spot
Juty
October
34.90 31.08 34,15
Strange
Contrast To
Softness Of Sterling
London, June 29.
The softness of official sterling, which contrasts so strangely with the boom on the London Stock Exchange and in British industry, 'may seasonably continue for some little time.
The British authorities seem quite unconcerned about it and are not spending dollars to stop it. Indeed they seem almost to welcome it.
They do not want to go down sterling,
to, or too near to, its lower limit cheaper.
to
the official rate.
and it
Is slightly
of
As the American buying equities have been bigger than the American selling of gilts
the floating supply plus switch sterling, the rate for switch steeling has been driven up sharply. If the supply of switch sterling runs out, any subsequent American buyers of
to
ALLEGED
DUMPING IN-AUST.
Canberra, June 29. Dumping on the Aus tralian market by British electrical goods factories warranta immediate in- vestigation, states the Australian Associated Chamber of Manufacturers. The Chamber today asked the Government to investigate through the Tariff Board and Customs Department the British tacties of answering tenders with meconomical »prices in order to beat Australian competition.
France-
Presse.
Londen equities will have |LONDON STOCK
use dollars.
Already the rate for switch sterling has risen above the rate for tra
transferable. Only a few weeks
most foreign-ex- ago
cha
MARKET
STOCK EXCHANGE
(From Our Correspondent))
Business done on the Hong- kong Stock Exchange this morn- ing amounted to $1,588,019. Noon quotations and the morn ing's transactions:
SILAREN 'BUYERS SELLERS SALES BANKS
IK Bank 1735 17403-
East Asia INSURANCES
Union Lambard SHIFFING
Waterboat
Asia Nev.
945
20.00.
DOCKS, ETC.
Whart
sic.
74
73.
Provident (0) 13.80
Dock
Wheelock
LAND, ETC..
* 2740 #1740 01740
1000 à 8.30
EK Hotel... 15.30
16.90
HK Land... 71
72
Beatty
*** 2.1714 2.2
of $2.78 at which they would have The Bank of England can it unlimitedly. But so always bully the transferable support long as it holds modestly above market by threatening to buy on that limit, as it is doing, there a much bigger scale than any
dis-body dare sell, remain four good reasons,
but instead of cerned several weeks ago, why having to support transferable They
to be restrained by buying it the Bank seems to preter it rather than to soar.
have been gaining some foreign Transferable "sterling is spon-exchange by supplying the taneously firm, at the uprece-overdemand for it.
of discount dentedly narrow
SWITCH STERLING hardly ever half per cent below Demand for
American switch sterling is transferable sterling comes from also very strong. Within the past
London, June 29. change experts would have re Russia
Stocks idled in another and the Middle East few weeks it has risen from garded this as impossible, since.
switch sterling is undoubtedly a slow session on the London among other centres.
below $2.74 to near the lower
form of blocked sterling whereas ! For many purposes transfer-official limit of $2.78. on massive transferable is good commercial Exchange today, able is just as good as official American buying of British oil and
usable currency.
in anywhere and
Industrial prices were almost industrial shares which the world outside the dollar universally lower but the de- offer far higher earnings yields
In New area. The technical explanation clines
were small and of hitle than
obtainable are
it has happened is that
astgnificance. York or any other major stock how
Continental
Ewitch
British exchange outside Britain.
Government bonds. can be created from however, The immediate cause
were sold of the s
it is not so easy to heavily and closed around the oficial sterling is transferable, softness
Continental switch into
Electric.... 4111⁄2" 42 4488 day's lows with commercial demand for 'dollars,
old Consols, Daltor.
Telephone... 346 35 and War Loan down £ each.
INDUSTRIALS
Cement There was some selling in oils
World Rubber
Markets
of
get
particularly for early deliveries witer.
of grain. This
of Brain.
seems
be
is
now less than a cent to
the between American switch sterl- doubly seasonal. It reflects the ing and fully-convertible official Singapore, June 29.
import
The rubber
Future closings were:
30.
14-
fairly
market opened last phase of Europe's firm on trade and shart covering needs, resulting from last year's sterling. If, and so long as, the with Royal Dutch dowa £
two rates ever draw level, sterland British Petroleum down is but eased later on proft-taking poor harvest, before the newing will in fact have
made It also looks
Continental demand for the and hedging against Indonesian harvest comes In.
that issue arrivals. Offerings were well like the normal third-quarter self convertible.
When the blocked variety of Berlin Loan lifted seasonal pressure on Sterling
German absorbed at lower levels,
starting unusually early Bri-currency draws level with its £44 to a new peak, tain's
dock strikes reduce the fully convertible variety, the Potash 7s and the Young Loan offsetting demand for sterling currency is convertible for all 43 did well. Japanese were purposes, not merely on Arm with Tokyo Electrics non- both psychologically and
by practical temporarily reducing Britain's current account but on capital asserted up £22 and the as-
account toc. No exchange control sented Bg £2. United Press. exports.
need bother to stop foreigners when the withdrawing capital foreigners
No. 1 rubber per lb. July 114-1141
Aug. 110-110 Sept unquoted
4
No. 2 rubber per lo July 107-108 No. I No. 4 Spot rubber unbaled Blanket crepe
1001-100% H 93-99
11734-117% 9536-6035 No. 1 pale erepe ..... 117-119 NEW YORK
Futures today closed 15 to 50 "points higher with sales of 222
contracts.
MAJOR FACTOR
.are
AVAN falling over
to put in It is never
factor is some minor revival of cselves
of dalla who
(im-
the
more more than exchange
The major present market speculation against sterling, in play-acting. since
controllers the form of British and Euro-
know, better than pean importers rapidly covering most
that it most other people, their requirements
really want to with Greigners
their capital they will find will: dray Speculative buying and cover-while other people
need sterling postpone
their wa
it. In the en ways of doing ing closed the market on a note 91,100
of firmness, but the optimism purchases of it. As the total of visaged circumstances it would NEW YORK
world physical business
Bank of be stupid and the Prices of futures closed today was not shared in the spot
ports and exports done in sterling England is very far from stupid. market,
reaches as follows:
enormous some such
This
suggestion of de facto Deplers gaid that while sour September futures were closing a £20000 million a year, convertibility of switch sterling thousands of millions more is looking some way ahead-near 4422-24 up to 88,90 cents a pound, they for invisible trade and purely ahead or far shead depending on
transactions, offering September one financial
these how the American buying sheets to factories at 385 cents "leads and lags" in payments, London equities develops.
minor scale, can China Mail Special. a OD while bids were a quarter cent even
influences in under that.
swamp all other "Spot No. 1 Rss were quoted the for
market. foreign exchange Prices of futures closed today nominally at 384 cents a pound,
The present movement against sterling seemed to start from a York e in a private"
bulletin that exchange 36.83 sterling might be devalued On 33.60 the Continent there are 53.65 equally fanciful notions 3294 after the sent EPU year ends present
December
March May
were
›
LONDON
37,10
34.80
SofDe
that,
on June 30, Britain right an- nounce convertibility at a float- ing exchange rate in a way that pence would mean devaluation.
The market was dull and easy with spot closing at 36% per lb. Prices; ·
34.14
34.26
128
July
31.81
October
35.70
Family Finance Corp.
December
33.65
General Electric
6314
NEW ORLEANS
...
General Foods
$215
General Motors
10824
Gen. Pub. tul
3634
as follows:
Pulures:
Gillette Safety Razor
Spaj
Glidden Co.
41
Ju
33.90 33.08
October
the
Goodrich (B. F. Co.
Goodyear The
61
December
July 34.14 September 34.24
March
Heyden Chemical
34.30
December
May
arch
Homstake Mining Co.
30%
July
33-78
May July
Octoder
70%
December
33.85
LIVERPOOL
International Paper
Future closings American mid- dling, in pence per lb. were as follows:
Int'l Tel & Tel
John-Manville Co.
July/Aug.
11.88-70
NO.
Kansas-C. Power & Light"
Oct/Nov
30.00-07
Res spot Settlement house, term:
Dec./Jan.
30.74
Kenarcolt Copper
11734
Aug
34-34%
Liggett Meyeri Tob. Co.
6432
Mar/Apr.
30.63
Sept
Lockheed Aircraft
May/June
39.48
Oct.
Loews Incorp. ....
223%
Jori
Lone Star Cement Co.
A
Louisville & Nashville R....
Lowenstein & Sons.
Mesebi Iron Corp.
Minnesota Miri
Mission Development
Monsento Chemical Co.
46 1104 3212 1437/
day.
Marigomery Ward
B01
Motorola Inc.
National Cash Reg. "A
National Dairy Prod.
National Distillers
National Lead
Trust Fund
For Motor
Workers
Detroit, June 29. General Motors today began contributing to a special trust fund to pay, supplemental un- employment compensation bene- 'fits under terms of a newly- effective contract with the CID United. Auto Workers.
...
National Steel Corp. New York Central Olin Mathisen Ot Elevato s Owen-Illinois Glase Pacile Gas & Elec. Facile Western by Paa American Airways Paramount Pictures Parke Davis Co. Ponry J. C. Co. Penn. Salt Co. Philip Morris Philpa Petroleum Pittsburgh Plate Glass Punliciter Industries
The Union notified the Com- pany yesterday that Contract had been approved by more 2 than 90 per cent Of GM's Pure Oil
·350,000 workers.
*Terms of the contrast call for Company contributions of Ave cents an hour per worker to a fund which will insure workers of between 60 and 15 per cent of their take home pay during 28 weeks of lay-off,
The contract also calls for pay increases ranging from six hour for GM tg 24 centa an workers. The increases are effective immediately.
Both the trust fund tributions and the pey increased
Con-
Hadio Corporation Heo Motora Republic Size! Reynolds Metal Shell Chi Co. Sat Eeg. Paper sincials 01 Socony Vacuum Southern National Gas South Porto Rico Sugar
Southern Railway (Cora.) Standard Brande Standard Oll of Cal. Standard Ol of Ind. Standard ou at N. Stokely-Van Camp. Studebaker-Packard Corp. Swift & Co: Texas Co!
de Water Asm. Ofi Twenty Century Fox Fim Union Carbide
are retroactive to May 20, theon Pacific Railway
contract date,
U.S. Gypsu
our payments will be United: Aircraft
a lump sum on the U.B. Line Co.
made in
workers next
The
U.S. Bubber pay day. three-year pact was US Emelling reached by negotiators on June Werner Bros.
U.S.Steel
· 13. .... It had to be ratified by Wesinghouse El today to become effective. Wat United Presa.
Woodworl
SAO PAULO Prices are unavailable, as it 3434 is a holiday in Sao Paulo to
Singapore
of
Stock Market
Singapore, June 30. Brokers today quoted the fol- lowing stock prices:
Opening
..... 1 52
All such conjectures seem to Batu Lintang Rubber Co.,
Ltd. ***** 304-36% be a preposterous misunder- British Barnep Petroleum
standing of Britain's converti- Syndicate
EVERETT
TLITIES
Tram ....... 23.80
Star Terry.. Y'mati Ferry
1.21
122
C. Light (0) 21.30 203; 1340
C. Light (N) 18.50-
Soxe STORES, ETC.
Dairy ..
224+
.88888
Watson
... 13.704 1900 Crawford 314% 32% 1700 COTTONS
Textile Corp $.10 5.80 1000 * 2%- Nanyang 1.10 7.30 MISCELLANEOUS
Yangtze Allied
87% 8.90 4000 € €75
51⁄2
LINES
EVERETT ORIENT LINE"
Past Regular" Freight Refrigerator Pasaengar · Service Leading for Singapore, Penang, Hanggọn, Calepita and Chittagong.
"HOREVERETT
"DRABEVERNTT""
"LENKYSLETT""
#REDEVERETT""
Arr. July
2
-July 18
Au -- Sept. 3
Salis July July
Mim- Aug. Sept.
Loading for Kobe, Osaka, Naroya, Yokohama.
*LENEYERETT!
*REBEVERETT“
"NOREVERETT
"BRADEVERETT"
Arr. July
4 Salle July
- Aug.
6
Aug.
7
-**- Aug 22
Aug.
- Sept.
B
Sept,
LIMITED FAHENGER ACCOMMODATION, All" the above subject to allereien without notice.
EVERETT STAR LINE
Smelters
34/02 # 1.30
$8.35
$900
"LAG"
Consolidated The bility policy.
EPU
will
Ord 30134almost certainly be renewed, on Fraser & Heave Ltd. Cad. 281-2 the basis of 75 percent gold to Fraser & Noove Ltd. 715%
-2115
credit instead of percent
the
cum, pret. General markets, elf basin, ports;
Hongkong & Shanghai Bank- the July
3222 present 50-50, and with
ing Corp Hongkong Tin Ltd. wants. These are: termination of Kempas Ltd the present EPU as soon
holding countries Its after no EFU
Sept
In the US, the average price state crepe July thick of 16/16 middling at ten
designated spot markets today was 34.02 cents. Sales at these markets totailed 3,543 bales,-- United Press,
New York Foreign
Exchange
Canada England-ofßetzi
New York, June 29.
31.0115 2.78% umoşicial
2.70 -2.72 30-day futures" 2,78 New Zealand
2.779 South Africa Belgium India
2.781
0209
000
Unked Press
AMSTERDAM
unquoted
other changes that Britain
4
05
ns Lunas Rubber Estates Ltd. ** | Malayan Breweries
50 percent of New Serandah Rubber Co.,
there-
Ltd.us)
* Quotas 20-le, Petaling Tin Lid.
Sauth British Insurance Co. Singapore Cold Storage
The market was steady. Prices kind that would be rival to Rames Hotel closed today in guilders per sterling: the principle of flexible kilogramme, elf July as follows: exchange rate fluctuation limits 3.34 buy for these countries which want
No. 1 rubber No. 2 rubber No. 3 rubber No. 1 crepe
3.13 buyers them.
3.06 buyers 322 buyersa United Pres
New York Sugar Market
#
Ltd..............
Straits Trading
FAST ELGULAR TREIGHT SEFRIGERATOR SERVICE Loading for Singapore, Pari Swettenham, Madras, Colombo, Bombay, Haṛachi- 44. Persian Guất Port.
Art. July 13- Salts July 16 *STAR BETELGEUSE"" —,— Aug, 13 -Aig. 14 "STAR ARGTUBUS"
Sept. -- Sept. 23 - Olot.
"THAI"
"STAR. ALCYONE"
-- Sept. T Sept. 22
- Oct. 5
Loading for. Kobe, Orxka, Nagoya, Yokohama.
*STAR BETELGEUSE”, AIT. July 10
$20.005
‚#STAB ABCTUEUS" :
Salls July 17
- Aug. $
"THAI
Aug
$14.35
- Aug. 20
United Engineers Ord.
$30.00
Sept
8
Sept.
2.701
Oct, '4
Chine Mail
- Det.
Straits Steamship
Weárnes Bros. ..........
cundry: exity.
Special
LONDON METAL
¿
PRICES
buyers sollers
72814
340
ROOT CAUSE Britain wants them, and this is the root cause of the anis understandings. For the foresee- able future, she wants only the!.. principle. She wants the latitude at abolishing the present rigid fluctuation limits which were
London, June 29. New York, June 29. created at Bretton
Woode
in and,
Prices of metals closed today World No 4 sugar futures for conditions which are now in sterling per long to as closed unchanged to 2 points unrealistic but she certainly has follows; lower with sales a și contracts.no Intention of altering sterling's Domestic No 8 sugar futures, present actual parity of $2,80.- closed unchanged to 4 points. lower with sales
Regardless of the EPU, Bri-Copper, Do of 134 con.
tain's convertibility policy is to Lead. 2nd half June tracks.
quiet unity all non-resident sterling ast half Bept. World futures were and generally featureless. The as and when it unifies itself, and Zine, and half June....
ito widen the present fluctuation 97815 lower trend for domestic con-limits. If and when transferable
tracks
easier coincided with
rises sterling spontaneously situation in raw sugar, Futures: Contract No. 4-(World)
Labove the present upper limit (3.18 (of. $2.82,2
3.52 If Americans so on buying British equities at the recent 324 pace, switch sterling might con 324 colvably take all starting rates
London Foreign Exchange
New York Montreal Amsterdam Brussela
Lisboa
-Longlan,”“”“ June: 29. 2.38.7
1.745/15 10.844-10.844
139.921 80.00-20.30 -United Press.
Jub
Bep
Dev
Exchange Rates
Mar
July
Sept.
Bustem was done in the local Spot-(cents per
رية
11.20
Tin, spot
*-month
3-month
2nd half Sept
United Press,
NEW YORK METAL FUTURES
New York, June 29. Prices of metal futures closed Led Time
24 unorigial exchange market Luts Comeast No. 10.30p Cube), 320 mgh the boot so far the tosky as follows:
kmenleg at the following catesta
"U.S. dollar (per $13.
4.78 Sept
Sterling notes (per "21) Australian notes, Der £1) Indonesian zuzdah (per 100).... Stem Heels PST, 201 Indo-China, pitres (per 100)
15.54 NOV
12.04 MET 12.10 day
Ex-dirty
purchases baye
34 American
sentially Wish: Some Amed
"ITAE ALUTONE"
LIMITED PASSENGER ACCOMMODATION,
All the above "anbject to alteration without noties.
IVERETT STEAMSHIP CORPORATION'S/A
(Incorporated in the Republic of Panama with Limited Liablilty). Chinese Department: Telephone 28293. Queen's Building, Telephone 31206.
MESSAGERIES
MARITIMES
■ P.0. Box 53 ... Queen's Building:
Tel:"26851
FAST PASSENGER/FREIGHT SERVICE
“VIETNAM” "CAMBODGE"
sailing July 17th sailing Aug, 18th
FAST FREIGHT SERVICE
$11.50h
33
derived from sales of perline
securities" (mainly gilt-edged) bý
Cooper, June
"MEKONG "DONAI"
the same or other Americans.
de cans have been trying London in June Sequities with switch sterling zine, Fune
sailing July 5th saling Aug. 17th