TRADE
THE CHINA MAIL, FRIDAY, AUGUST 12, 1955.
and COMMERCE
SECTION
RECOVERY-THEN NEW DECLINE
NEW YORK STOCK MARKET
un
Owing to bat radio receptian
the comment this morning the New York Stock Exchange was not received.
CLOSING PRICES
Afied Chemicals
Allth Cital
American Airline
Am. Mitch. & Fury.
American Metal
American Sivelling
Am, Sugar tief.
American Tel & Te
Ameriron Tab
Anaconda Copper
Armen Steel
Arton
Blue & Obia
Benguet Cons.
Bethlehem Stre
"I'
Canadian Pacile It,
Cat Tractor
Celanese Corp.
Chrysler Motors Colgate-Paintalve Co. Commercial Credit Commonwealth Eler, Consolataiva Edison Corn Products'............. Crown Zellerbachs Cuban Amer, Sugar
Curtis Weight
Gen. Pb, Uui.
$106
7034
#34
301% 4734 604
147%
101
Erratic Movements On
The Share Market BANK RATE BLUES IN
ICE HOUSE STREET
By A Special Correspondent
Movements on the Hongkong share market this week have been rather bewildering-to investors as well as brokers. After the "Big Three" banks' increased interest rates on overdrafts and advances last week the general feeling in Ice House Street was that in the foreseeable future there would be a gradual decline in prices:
Then to everybody's surprise there were signs of a recovery on Tuesday and again on Wednesday-coinciding with a strengthening of the London market which has also been affected by a "credit squeeze."
$25 Long-Term Answer?
the hopes
The
value
Hongkong Bank In California
The now Hongkong and Shanghai Banking Corpora- tion of California opens for business in San Francisco on Monday. It will operate commercial and
23
savings banks.
It is a subsidiary of the Hongkong and Shanghal Banking Corporation here with l own board of directors under the preal- dency of Mr S. J. H. Fox who will be remembered by many as a senior Bank officer In Swatow and Shanghal after the war.
The Hongkong
and Shanghai Bank agency in San Francisco, opened in 1875,
WI' continuo to operate but the new cor- poration will deal with a
much wider field of banking; in fact, & complete domestic banking service enabling customers to open current accounts and make deposits.
The new trend was shortlived ↑ In hu you would get a
vcry The company also announced however and the slow slide toon or overdraft equivalent to yesterday that it has awarded 2015 | began sgoin resterday with about 80 per cent of the value (the centrpet for the construction some sharpish falls in Utilities. ¡ of your collateral. In the British of its new generating station al don't think there is any banks you would get around 50 North Polat to the English 401 real doubt that the recovery, as per cent.
Electric Company Lid. The euch, was premature. The market
of the initial contract ja about has not yet absorbed the full
million.
company effect of thre banks announce-
new plant will be in 233 meni. Uncertainty,
But It will be very surprising if commission not
early in 1959 and expected for a few the higher bank rates discourage the project as a whole should awwaitness, is expect
be more days and it may con-transfers and remittances to the
meeting capable of
power tinue for a week or two."
Colony from Southeast Asia and requirements on the Island for Perhaps the most significant financiel observers believe that the next 20 years. feature however is the reduced while last week's action turnover.
in have succeeded
damping down speculation to some ex-
more
Turnover Down
About a fortnight ago, the market was averaging $14 million
ʼn week. At the close of yester-
Daund Alkali
Dow Chemlezis
Dupont de Nemours
223
Easiman Kodak
77
Erie Railroad
2214
Family Finance Corp.
General Electric
General Foods
General Motors
124
Gillette Safety Razor
7915
Glidden Co,
Goodrich (3.5.) Co.
GO
Goodyear Tire
Heyden Chemical
Hoinstake Mining Co.
394
Ingersoll-Rant
05
Inland Steel Co.
7815
Int'l Business Machines
400
Int'l Harvetur
30
International Nickel
781
International Paper
10424
Int'l Tel. Tel.
John-Manvile Co.
Kansas C. Power & Light
42
Kennecott Copper
1247
Lockheed Aircraft
40
Loews incorn.
2014
Love Star Cement Co.
50%
Lowenstein & Suna
2632
Merab Iron Corp.
294
Bit
382%
412
21
7011
40
60
6724
11042
In
42
10
Minnewal Mining Miasion Development
Montgomery Ward
Motomia Inc.
National Cash Reg National Dairy
National Distillers
National Led
New York Central
Olin Mathieson
Ou Ervator
Owen-Illinois Gin
J'aelle Gas & ec.
Pan American Airways
Paramount Pictures
Parke Davis Co.
Penn. Salt Co.
P Morrla
Pittsburgh Plate Ginga
Publicker Industries
Pure Oil****** Radio Corporation Reo Motut
Republic Steel
Looking at the market: Banks have lost $80 on the in the immediate present, week and sold yesterday at they
for, and I difficult to believe $1700. Partly this is due to the,
that this action will provide a Increased bank rates but much long term answer to the problem. more to the evening-out process
hapixels next
of that is going on in the market question now between London and local tess is as good as register shares. There is however no shortage mine. Perhaps the next Cabinet
What day's trading the weekly turn-course a hypothetical over had fallen to $10,710,000.
and your
up again,
At the three British banks
Chancellor
Exchequer....
of
It will be noticed that Londons
of money, for investment. And minister to visit the Colony will are selling at £98 which is more once prices come low enough I be the
the than $200 below the local re- feel certain the market will pick
glster selling rate. Once this The interim dividends are be-margin used to be as low as ginning to come in, Star Ferry $50-00. has announced a $3.50 distribu- tion which is unchanged. share has fallen from $155 last; Thursday to $140 yesterday. but this has nothing to do with the dividend announcement.
interest rates to the average in vestor
are between five and seven per cent. A few people are on vight,
The
Narrowing The Gulf
Within Californian bank- ing regulations the
now corporation will be able to make advances
against securities: this is one main feature that should interest Hongkong people who in- vest In American stocks.
TODAY'S
SHARE PRICES
(From Our Correspondent)
Noon quotations and the morn
World Cotton
Markets
New York, Aug. 11, Cotton traders crowded most of today's business into the opening and closing transactions,
In between time the market drifted over narrow limits in Blow dealings while traders studied crop news and awaited Washington developments on the Government's surplus dis- posal plan.
Closing on a rally the 1st Anished 10 higher to 6 points lower. The market opened up 1 of 18; New Orleans closed up 4 10
4 to 7 points.
Favoured the belief that de- finite news on the export sub- sidy question for raw
cotion might be forthcoming after the Cabinet meeting tomorrow.
Trading feature of the day was the sharp opening drop in the December (1058) contract while other deliveries varied only a few points on either side of the
the previous close. Under-selling credited Liverpool and commission house Account December, dropped to 32-34 cents a pound for an over- night loss of $1 a bale and set a new season's low. Later, all of the lost ground was re- traced.
Pago
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwards "CORFU"! "CANTON" "DARTHAGE" "CORFU"
Leaves London Duo Hongkong
Matfed
17th - Augush
14:-'Sepjember
12th October
3rd August
19th September
17th October
14th November
Via Southampton, Port Said, Aden, Bombay, Colombo,
· Penang à Singaporn
Stosowards *"CORFU"
**CANTON"
"CARTHAGE”
"CONFU"""
Leaves Hongkong Nue London
27th Augurt
28th September 23rd September 24th October
21xt November 10th November 19th December
21st October
Via Bingapore, Penang, Colombo, Bombay, Aden, Port Bald London
* Alto call at Maile.
FREIGHT SERVICE "SINGAPORE”joads 18th Aug,
"SURAT"
for S'pore, P. Sweiten ham, Penang, Colombo,. Aden, Port Said. Genos Marseillen, Havre, Lon- don. Antwerp. Rotter dam & Hainburg
dhe 30 Aag. from UK. via Straits
loads 31st Aug, for Japon
With liberty to call at Belawan before or after straite Ports and at Bombay if inducement offers Tanks available for earrings of Oll in Bulk. Space for refrigerated cargo. Limiter Passenger socommodation
BRITISH INDIA S.N. CO., LTD.
"SANGOLA"
to
"BANTULA"
"WARORA"
The Liverpool market closed 10 points higher to 19 lower.
The Commodity Credit Corp. reported withdrawals from the 1954 loan programme for the week ended Aug. 5 totalled 3,870 bales, leaving * 1,672,392, bales under the loan. Withdrawals from the 1953 loan totalled/ 0,130 bales leaving 4,754,445 vales still held by the agency.
Trading volumes and
open
interest in the exchange today
were:
Month
Volume Open interest
Oct.
17,300 308.300
Dep.
24 000 745,400
Mar,
0,000 317,500
May
July
*150
Business done on the Hong- | Dec. kong Stock Exchange
this Talal morning amounted to $1,320,000. processing's transactions:
BHARES BUYERS SELLERS GALES
At present people are selling Hongkong registers and buying Londons and if this continues next week the wide the prevailing market mood if gulf between the two should be
In the Chinese banks, as far as I can learn there has been no marking up of Interest rates
with the "Big anything. Sympathy Throc." Their rates were much us higher anyway and depending on 30% which bank you went to you
40 would be charged between ten Baand sixteen per cent-in a few 10 cases even more.
3711
4092
4452
Reynolds Metal
210
Shell Oil Co. ...
80%
Saint ist. Paper
4134
Sinclair Ou....
Socony Vacutim
South Porto Rico Sugar
Southern Nationat.Gan
Southern nilway (Coin.
Standart Brand:
Standard Oll or Col
Stondon! Oll of Ind.
Standard Olt of NJ,
13316
Stokeley-Von Camp.
Studebaker-Packard Corp.
Swif&Co.
Темах Со.
Tide Water Assn. Ol
Twenty Century Fox Film
Union Carbide
Union Pacific Railway
United Aircraft
US. Gypsum
US, Line Co.
US Nubber
US. Smelling
U.S. Steef
Warner Brno, Westinghouse Electric
Woolworth
Redistribution
No Surprise
Blame
to
DANKS
HK Bank
narrowed.
Unions, which sold at $1,030 yesterday making them $40 lower
have borne the INSURANCES
Wharves
zi
14.200 340,100
duo 13th Aug,
sails 14131 Aug.
from Japan
for Singapore, Penang Rangoon & Calcutta due 24th Aug. from Calcutia, Rangeon
Straits salis 28dyAug. for Kobe & Yokohama dur 7th Sept, from Japan Balle 8th Sept, for Singapore, Rangcan
& Chittagong
P. & 0./B. I. JOINT SERVICE
“OKHLA"
"ORMARA"
In Port
ails 12th Aug.
dam isl Aug.
from Japan
for Singapore, Calambe, BOMBAY & Karachi
from P. Gull, Karachi & Bombay
for Japan
due 30th Aug. from Karachi & Bombay falls Just Aug. for Japan
salls 22nd Aug,
"OZARDA"
"ITOLA"
due 7th Sept. from Japan Ball Bih Sept.
for Singapore, Madras, Karachi Bhavangar, Barrah. Abadan, Khor- ramshahr & Kuwait
EASTERN & AUSTRALIAN S.S. CO., LTD.
Joads S0th Aug for Bandakan, Rabaul,"
Brisbane, Sydney, Mel bourne & Adelaide Loads Bin Sept. for Bandakan, Nabeul, Brisbane, Sydney, Mel- bourne & Adelaide due 8th Sept, from Austrália loads 6th Sept. for Japan
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.
17,709
.110,000
4,000
103,000
"NANKIN"
4,000
22,000
92,900 2,133,200 bales
NEW YORK Prices of futures closed today
"EASTERN"
as follows:
"ARAFURA"
Spot
34.450
Oct.
33,37-415
Dec.
23.70
1775 1000 170 9 1780 .00 1700
Mor
33.81-80
May
33,30
July
£30
32.40
37.45
Union ...... 1025
SHIPPING
Waterboat ..32.70 DOCKS, ETC.
Dock
Prices of futures closed today
as follows:
Provident 260 27.42
(Old). 181 Wheelbek
Spot
33.50
Oct.
43.04
3000 181
Dec.
800 1000 8.80
Mor.
1000 n 1.00
MAY
82-03
July
Oct.
Doc.
LIVERPOOL
Future
Textiles have passed their on the week, dividend. (A market term which, I brunt of the market silde better paradoxically, means "by-passed"? than
share. any Wheelocks ore slightly lower or "decided not to pay"). The market anticipated this and the down" from $8.30 last Thursday Edinburgh House announcement to $9.05. Their $10 peak seems enused no real surprise.
clusive at this stage but brokers expect they will be on the rise The share slipped slightly again soon. from $8 sellers last week
at $75% are $14 $5.90 solters this week. Again lower than last week's rate, this was probably due more to Docks at $27 are $1.80 down and the general market. trend than Providents at $13% are $1 lower. to the company's announcement.
have taken the spotlight.
weck. They Last week at $20.00 in paragraph quite a strong position consider- RUBBER "Since March 31 Ing the general condition of the 193 metric tons of sugar originally (1954) the company has entered market. On Monday they were 284 allotted to Czechoslovakia and into a commitment in respect of like a cat on hot bricks, opening
Of Sugar Quotas
If you look at the last bolones (onally this
win sheet you
London, Aug. 11. The International Sugar Coun nccounts section " 51ell announced today that 86,580 which
30%
ree in
the
07 Haki are to be redistributed to capital expenditure amounting at $19.10 slumping to $16.00 and 133 member nations.
70
2764
to approximately
A Council announcement also Then the
$3.0 million." then leaping back to $192. company called up On Tuesday they rase from saki "acting under Article I of $2 million by issuing 400,000 $5 $10.00 to $20.50. On Wednesday the agreement, committee shares of pur. That still left it they were off a few cents and 612 decided to reduce the export with almost $2 million to yesterday closed at $19.20.
quotas of the participating coun- recover.
52
2036
United Press,
World Rubber
tho
in
To Be Or Not To Be?
LAND. ETC.
IK Hotel.. 1015 19.50 1500 40 10.30 2000 19.00 HK. Land...7115 7215
Honily
A. Rubber.2.171
UTILITIES
C. Lyni (0) 216 C. Light (N) IT
Electric
10' 800 @ 17.70 425 4224, 2500 42 Macao Elec. 11.50 Telephone. 33 3314 4500 of 33!!
NEW ORLEANS
30.En
29.10
23,81
26,25
For full particulars apply to:- MACKINNON. MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.
closings, American
middling, in pence per ib. were
Future closings, in cruzeiros
EVERETT
LINES
EVERETT ORIENT LINE
Fart Regular Freight Refrigurátor Passenger Berylce Loading for Singapore, Penang, Rangoon, Calcutta and Chittagong.
300 os 1215
3000:
2
us follows:
Oct/Nov.
33.000 $ 2,20.
Dec./Jan
Mar/Apr.
May/June
Y'mati Ferry 117 120
119
July/Aug.
SAO PAULO
per kilo were as follows:
Oct.
33.00
1000
Dec.
35.45
1500 33
Mar.
30.50
"
May
35.00
INDUSTRIALS
Cement.... 3234 2334 2000 5:00
United Press.
(23.70 23.20 500 e 23
18.00 Crawford 371%
1.90 0.00 8.70 400 81,00
21.
-0.00
Dairy Watson
Textiles Nanyang
40 trics by five per cent of their Last year the company paid
basic export tonnages; the total total of 90 cents and the dis- thus being reduced from 8,057,-tribution took up $760,000. This which are definitely overvalued STORES, ETC.
Why so erratic? These shares 500
year the company's earnings are at $20 are particularly sensitive to 2,721,750 metric tons. The Executive Committee of down by seven lakhs to $810,000.
to rumours: There have been was informed by And during, the year it bought many suggestions in the market the Counell Czechoslovakia and Haitf that and, erected more buildings and
recent weeks that Central the two countries do not expect increased its spindlage from Development which bought the MISCELLANEOUS to use certain amounts of their 13,000 to 20,000.
Pedder Street plot for 1955 quota. Czechoslovakia said It would not use 64,130 metric tons and Hatt! gave up 12,055 lons.
The sugar thus is being re- distributed under Article 97 of the sug
sugar agreement to other No. 2 rubber per Ih. Aug. 1419-14239 No. 3 rubbre per ib. Aug. 15615-1371 participating countries.
Markets
Singapore, Aug. 11. Future closings were: No. 1 rubber per ib. Aug. 140-1401
Sept. 147-140
Oct. unquoted
No, rubber per lu. Aug. 140-330 Spol rubber unbated
Danket crepe ....
Na, pale crape
140-1401% 112-114 146-137
di.xport
$11
Vibro
the Allied
The effects of this expansion million is going to pay the are not reflected in this year's $0.6 million balance owing_im accounts but they should be op-
Some say: "They parent next year,
London Stock Market
London, Aug. 11
▲ shamp advance in stocks was checked in the last 15 minutes of trading today on announce-
called for
ment that a Others say: "They won't." New York Foreign meeting had been
special Cabinet
been
Exchange
Under these circumstances it Bulls and Beurs
among the is hard to complain about the market
have Jabbers disappearance of the dividend cashing in and out in a constant although some brokers think & crescendo of "buy" and "gell" In-small token payment would have while the market tries to make
been appreciated by the market.
No one
Now York, Aug, 11. up its mind.
knows Canada
#1.01-17/22 the strongest England official
2.14-23/32 They will"
2.25 3.77 Now Zealand Next, Utilities: Trams at $23 My tip: watt and see if they
South Africa 80 cents down. arc
Stars at Uruguay drop a little lower. They'll be 8148 are Su down. Yaumatis are a first-clues
Then buy at $5.
lower at $119. Lights at put them away and forget about $22.80
down them for a few months,
31.30 and
quotas of the countries concerned as of August 10, 1955 after the re- NEW YORK
distribution of 88,569 metric tons Futures today closed 09 to 170 surrendered by Czechoslovakia points, higher with sales of 383 and Halti and the reduction of avo per cent decided upon by contracts.
committee executive that date;
The spot market centred on one shorts with reports salta In- cluding Oct. delivery at 45% cents with buyers later bidding
tho
on
Revised quotas in effect Aug.
value wore as follows:
Wait Till They Drop rumour is that
except
$4
are
| Telephonts at $83 are $2% lower.
91 bill
up to 45 cents a poynd. Futures 10, 1955 in metric tons of raw men have also announced their there are no buyers, Last week-
Sept.
Dec. Mar. Mer
July
Septe
LONDON
40.30-40
43.03-75
6490
43.00
47.50
41.50
The market. was erraile. Spot
again closed lower at 41% pence compared with 42. No. 1 Ron
spot was quoted at 41% pence per lb. Priecs:
Bettlement house term:
Bept.
Oct
Out/Dec.
Jan. Mar.
Apr/June
4192-42 4110419% 2013-40
Generál marketa, cif basis, pória:
AUS,
4:51-42
Salate crepe, thick Bept. “Unquoted
AMSTERDAM
The market was quiet today, Prices closed today in guliders per kilogramme, olf Sept,
follows:
·No. 1 rußber
No,ili rubber
** Nm, 1. crepe
Belgium***
China (Taiwan) Czechoslovakia
Cuba
Dominican Rep. France
Land and: Invest Cements are offered at Hongking dividend-$2, which is unchang- there was a sale at this price. 40.150 ed. These shares have gone up Dairy Farms are 80 cents lower 541.804 $1 to $76% so there's no need at $23.
Watsons are offered at 160,000 for any excuses about unfavour- $15.70 or 10 cerits below. last 2,001,707
41004 abie market trends. 15,150 possibly being influenced by the week's sale price. No buyers.
10,445 forthcoming now issuO,
40,290
They are
871 Hongkong Electric announced
Hal
|
Hungary
Poland
Mexico Philippines
046
United Press.
Lane Crawfords Up. Lane Crawfords are looking a 70 cents
Interim yesterday, healthier than ever and despite 119.910 They fell by 25 cents on the day the market slump are #1 up on.
and are $1.25 down on the week the week to $38. at $434. There may have been some, disappointment
Yanglazes are offered at $8.20
London Foreign Exchange
Now York
tho
·OTI
market yesterday for there were but no buyers are in the market,
a few wishful thinkers looking not at that prica"anyway which forward to a slightly bigger pay-five cents more then Inst week's galo. Allah ato Rightly. out or a bonus Ame
or at 3.80 2
11.
$25 Million
• Contract
Nanyangs are five banje, beller. jon ïtho. vnik" st. 38.80.
Brokers poins out that it is Rubber, prie b and Ella
10 unusual; for company to raise
He interim, and a bortus leue: Minde)
"It generally announced with, the 14231⁄2 -3mat
Anal - dividend, wo I'm atrald: Bad Amala there's no sympathy for the dies down "DOCE appointed
Australia
2.7958 .3060
United Pro
Monday.
Rumours of an increase in the "credit squeeze”, which might cause, a wave of selling. prompted dealers to mark down prices.
Nuclear shares paced
tho downside, falling several shill- ings, followed by olls. · Asso- ciated Electric, which ran up '65 high as 94s 6d, closed at 90s 6d. down is 9d, from last night's
close.
Some British Government
early finished unchanged. Gills
Exchange Rates Issues, which moved up
Business was done in the local) were irinctive. other metals:1 unoficial · EXCHANKO market this Gold shares and morning at the following ratestng,
also were quiet with prices firm. 1.8. dollar (per $1),
581
the bonds were Foreign 10.07 Starting, notos (per #1) Australian notes:(per £1) H
market 1100 brighter spots of the Indonesia rupiah (per 100)...
1318 with
German and "Japanese Blam titala siper, 2001.
23.50
120 suns rising to £9. United Bingapotu (Btralia) QUEENS Indo-China plastrem (per 100) 817] Press.
'.
MESSAGERIES MARITIMES
"REDEVERKIT**
"NOREVERETT"
“DRADEVERETT
"LENEVERETT“
Arr. Sept. 11
Salle Sept. 12
Sept. 30
Oct.
1
- Oct. -- Oct
11
Oct.
13
Oct.
20
Arr. "Aug. 13
· Balls Aug. 14
Bept. 2.
Beil Sept.
Loading for Kabé, Osaki, Nagoya, Yokohama. ‚"RADEVERETT
"NOREVERETT”
"BRADEVIRET?". "LENEVERETT
Sept. 16. --- Sept. 15 Sept. 17 - Sept. 37 LÍMITED PAIKENDER ACCOMMODATION,
All the above subject to altération withous metton
EVERETT STAR LINE
FAST REGULAR FREIGHT REFRIGERATOR - SERVICE *Leading for umgapore, 'Port Kwotzékham, Madarás, Colombo, Beibay, Karachi à Parim dokle Put.
"STAR DETELGEUBE” Arr. Aug. 17; Bails Aug.
[METAB ́ARCTURUS”
CSTAS ̃ALCYONE
UNLAO".
Sept. 9 Sept.
- Oct.
14 How.t
· Det
Leading for- Kobe,: Osala, 'Magaya, TokuhaaN. METAM ANCTUMUS"
THAI"
*STAR ALCZONE"
Arr. Aug. 18”) Halim Hig.
dept.4
Sept
Bopt. 19
- Sept.
imagen, Dat.::15
RETAN BETELORUSE" İmam.Oct.
LIMITED PASSENGER ACCOMMODATION,
All jke above suhjest to, nisication withenź natios.
PO Box 53
/FREIGHT:SERVICE.
EVERETT. STEAMSHI
Aur. 19th opt 10th
TION S/A