THE CHINA MAIL,
WEDNESDAY, AUGUST 24, 1955.
TRADE
and
COMMERCE
BRITAIN INVESTS £200 MILLION
N.Y. COTTON London Stock
MARKET
New York, AIMG. 23. Celton trading today proved to be another quiet and routine
Market
after
London, Aug. 23. Stocks turned easier rally today on the London Ex- late selling 'wiped out a feeble
change.
Prices -tawed narrowly as
British Government Issues the rank and file of traders
and Industrists made, encourag- ing awaited for new incentives.
starts, but by the close Commission house and New losses were widespread. Orleans welling lowered the Exceptions Included steel nearby cotton while trade share and coppers, The latter buyers marked time. Switching gained few points on frem rearbys to later deliveries London Melol Exchange. provided another
Governments dipped to around Liverpool brukes were amali. Olls moved erratically all Ecate buyers of Oct, and Dee.day.
upposedly to undo straddle. positions.
feature.
Foreign
bonds Were casier with Gerinan and Japanese
In the overall picture, traders liens showing losses of 1⁄2 point
fo a point. were wary about taking t de-
Gold shares were ignored, but finite stand either way pending held further crop developments or shares dipped.
A YEAR IN THE
COMMONWEALTH
From Our Economic Correspondent
London, Aug. 23,
The various sources of finance in Britain which, ́between
overseas
SECTION
China Buying Boom For Japanese
Egyptian Cotton
London, Ang. 23.
China today signed A contract to purchase 18,000 tons of cotton from Egypt, the Now China News Agenor said today.
A contract WRy also signed for China to ex- port 60,000 tons of rolled mivel to Egypt. The deal was signed on the basis of the Sino-Egyptian trado agreement, the Arency sald.---Router.
STOCK EXCHANGE
the them, contribute over £200 million a year for investment in HONGKONG
development projects overseas-mainly in the Commonwealth- are reviewed in the Treasury's current Bulletin for Industry.
UK capital invested in overseas development averaged £220 This was made up of UK. million over the year 1951-53. Government investment in commercial projects, Government borrowing in the London market, and the whole range of purely private investment. It takes no account, how-❘ (From Our Correspondent) ever, of transfers from the existing resources of firms, or the retention abroad in the sterling area of unremitted profits, or of amounts of less than £50,000 borrowed in London, none of which requires official sanction.
fairly alendy. Rubber
clearer picture of export prus Dollar stocks were unsettled. pects for raw cotton. Recent-Unied Press. hurricane
rafn proved detrt-
mental lo crup development in northern section of the belt last week, but otherwise generally
fair and sunny weather, with temperatures
the od's, fa-
voured plant development and checked Insects, shedding and
boll rot, according to the Govern-
ment weekly crop summary.
London Foreign
New
Exchange
York
In Texas, harvest is nearly Montreal completed in the coastal bend. Amsterdam Closing on a reaction the 1st Dis
Copenhagen finished 14 points lower to
Pais points higher. Opening prices | Stockholm were off 8 to 2 polnia, New Zurich Oricans closed off
Milan points.
NEW YORK
12
to 13
Prices of futures closed today
as follows:
Sput
Out.
Dec.
Mar.
May
Kub
Dec
NEW ORLEANS
33.71-70 33.77-78
31 30
31.03
TENS
$32.44
32.99
Prices of futures closed today
ns follows:
Spot
Oct.
Dec.
Mar.
May
July
Oot.
Dec.
LIVERPOOL
Future
elosings,
as follows:
Oct/Nov.
28858280
American
10.00-10.0015 [38,00-138) 19,43-19.437% 973-734 14.-14.3014
12.17-12.173 174016-174131⁄2 -Unlied Press,
Private Investors In Britain also play their part in financing Commonwealth development by in In-subscribing to loans raised
Shipbuilders
Tokyo, Aug. 23.
Japan's shipbuilding industry has plunged into full production in a boom almost guaranteed · by foreign orders to last two or three years.
Only the rise of steel prices darkens the new era for the industry which was threatened with a one-third cutback only a year ago.
Foreign demands for Japanese
ships have put to work nearly
all of the nation's $7 dockyards New York Sugar
with an annual capacity ol 600,000 gross tons.
The boom that began last autumn pushed Japan from fifth place among the shipbuilders of the world to possibly the third or second slot and is still going strong.
1,300,000 Tons
As of July 1, contracts ex- ceeded 1,300,000 tons for sales plete. abroad, with tabulations incom-¡
Great Britain had 3,000,000 gross tons signed up by Jast Business done
on the Hong-January 1, West Germany had kong Stock Exchange this contracts for 14,410,000 und morning amounted to $826,000. Sweden 1,390,000.
quotations and the morning's transactions: . SHARES BUYERS SELLERS GALER
Noon
Commonwealth governments |ternational Bank has raised £10 † have agreed to parilcipate. IL London, Aug. 23.
have million, and some of this has is designed 2.70.0/16-2.70 (including the colonies)
to assist private BANKS 2.74-7/16-2.74%rnised £157 million In thebeen re-lent to Commonwealth | undertakings without govern-
HK Bank London market since 1951. Bor- countries.
ment guarantee and will have rowing reached a peak of £41
An authorised
100 INSURANCES copital, of million dollars, of which the million in 1954; but so for this
Union United Kingdom will subscribe year no leans have been raised
Lombard 14.4 million (£5 million). by Commonwealth governments
Underwriters in London, In addition, the
• 8. Export Credits Guar-DOCKS. ETC. antce Department This hos granted a credit of £10 million to Pakistan for the purchase of. UK equipment in addition to guaranteeing Д substantial volume of medium-term
credit in the ordinary course of its business. It thus facilitates the purchase of British plant and equipment by overseas coun- tries.
New York Stock Market Prices
New York, Aug. 23.
The stock market after a week of dull, hesitant trading, broke through on the upside today with a late, vigorous push sparked by rails and leading industrials.
Motor stools, olla, chemicals, middling. In pence per lb, were inca-ferrous metals, alrcrafts, tyres and a host of individual 31.44-48 issues rase a point to more than 30,71
4 points in industriale, lifting
•20.00 20.40 the average for that group 4.80 20.17
points on
average and Crusing
Dec/Jost.
Mar/Apr.
May/June
July/Aug. to..
cluded!
Onielal values lu spot colture in losses suffered shice Aug. 3.
American, middling
American S.L. middling
Mexican midding.
SAO PAULO
futures available
Sau Paulo
not were, United Press,
32.73 29.01
Boeing Airplane
Borden (Tha) Co. Burroughs Add Machine Canadian Pacific R. Cave (J. Co CT. Financial Corp.
Cal. Tractor
Celanese Corp.
Chase Manhat, Bank Chrysler Motors
Colgate-Palmalive Co. Commercia) Credit Consoltinted Edison Commonwealth Elec.
Continental Oil of Del. Continental Sivel
Corn Products
Rails kept pace with a gain 32.08 of 1.00 on average which lifted prices for the group back to closings July 20 levels, Utilities rose 0.50. As newsworthy as the sharp rise was the pick up in volume Crows Zellerbnet on the upturn which gave the Cuban Amer. Sugar market
1,890,000-share Curtis Weight
tudny.-
World Rubber
Markets
Singapore, Aug. 23. The market cused on
löwer American consumption figures and later steadied on hints of general strike In
П
Crane Co.
Diamond Alkall
gcsstor heaviest since Aug. 9. Dow Chemicals There were 403 and only
-issues higher
Out of t
203 lower
total 1,149 traded.
Swift Turn
Singapore. velopment
The market was nervous flutuating
Futures closings were:
No. 1 rubber per ib.
Sept.
Det.
Nov.
and
1404-140 13914-1391 inquoted No. 2 rubber per . Sept. 136-137 No. 3 rubber per . Sept. 133-134
No. 4 rubber per ib. Sept. 12814-1971 No. 1 spot rubber unbaled 139-12911⁄2 Blanket crepe
No. pale crepé
LONDON
1271-127
130-140
Could
Dupont de Nemours
Enn Kodak
El Paso National
Erie alread
Famlis Finance Corp. General Electrio
Foods
Genc Motors Gen. Pub, vtl. Gillette Safely Bazor
Glidden Co.
Goodrich B. F. Co. Goodyear Tire sleyden Chemical
tomstake Mining Co. ingersoll-and
Market commentators attribute the swift turn in the market trend to no single de
and the rise wus scen or an expected develop ment Indicating the corrective movement in progress recently has about run its course and the large backlog of favourable | Internatjonal Nickel ninrket influences will prevail international Paper ogain.
The rise in rails-fifth in a row for the group — was seen 45 a particularly favourable de velopment since, interest in this section has logged.
inlind Steel Co. Interchenical Corp. Int Harvester Int'l Business Machines
Inll Toi. & Tel. John-Manville. Co. Kansas C. Power & Light Kennecolt Comper.... Liggett Meyers Tou. Co. Loews Incorp.
Lockheed Afrerait
Lone Star Cement Co. Loulaville de Nashville R.
The gain in rails today man to Lowenstein & Sona The rubber market was rm2 points or more in Santa Fe Mesabi Iron Corp.
with spot at 419% pence per 1b. Prices:
34o. 1. Ra spot Settlement house term!**
Bopt.
Och.
Nov.
41-4134
unquoted
40-digi 414-419
41-4115
10-397%
Oct/Doc. Jan/Mer. General markets, cit basis, ports: Oct.
41-4134 41-4114
Dec.
Futures
NEW YORK
today
closed
WCTO
Minnesota Mining
putstanding Mission Development
Mansonen Chemical Co.
and Rock Island.
Motors among industrials, with General. Montgomery Ward Motors up over 3 and Chrysler Mobroda The.
National Cash Reg.” “A” National Dairy Prod.
National Lemi National Strel Com. New York Central
up more than 2.
Steels had gains ranging to 2 Natione Distliers points in Bethlehem.
Non-ferrous metals also did well with Anatomia, the featuro
gain of almost 5 hero points reflecting talk of the
on a
on Mathieson Otle Elevators Owen-Blinals Gians Paelic Gas & Etoo. 75 company's Chilean mining Pacific Wastern Oli
prospects.
Pan American Airways Paramount Pictures
to 100 points higher with sales
of 320 contracta.
Jersey Standard and Standard Parke Davis Co. Strength developed with Wall of California, featured in alls Peany J. C. CB. Street commission house and with gains of around two Ponn. Sail Co. dealer buying encouraged by the
Philip Morris points.
Whips Petroleum rise at London.
Other buyers
Now York Stock Exchange | Procter & Gamble Co. awaited outcome of the scheduled bond volume was $0.162,000.
||Titsburgh Plato Clean meeting on Thursday of dock
|Publicker Industries American Stock
Exchange Pure Oil workers at Singapore when
volume was 670,000 shares. will join the strike of the utility vote is expected on whether they
Dow-Jones closing averages To Motors
workers.
1
The local spot market ruled dull. Among the few sales coming to light was October ono sheets done in the forenoon at 45% cents. Later sellers were holding for 484 cents with bida around 4 cent under. Spot No. 1 Rss were quoted nominal. ly 46% certs pound: Futures 47.30
Mar.
May
AMSTERDAM
today were:
30 Industriala
20 rails
15 uulities
bo stocka
40 borsda
Comm. future price
indox
0314
00
29
3314
10
sol
22)
Gl
8315
A4
London by private enterprises sterling Commonwealth countries. In the two and a half yours since the beginning of 1053, the amount approved for borrowing London by these enterprises was £113 million.
£100 Million
Authorisations for private in- vestment in Canada over rough- ly the same period amounted to
€100 million.
Tre Bulletin describes the functions of the various
or-
Needs Surplus
coun-
Japanese shipbuliding interests are planning deliveries for more than 21 months in advance and are booking orders for hulls to be built two or three years from now.
President Toshio Tezuka of the Kawasaki henvy Industries said: "Times
have certainly 10001010 changed since last year."
1720 1735 101725
1000
եր 50 55 1005 19.20
26.00
K. Wharf. 7345 76 Dock Provident (0) 15.00 16 100 10 Whreipek ....15 6.20 7000 U 020
LAND, ETC.
HK Hotel... 10.30 19.50 200 x 19.50 1000 e 104S HK Land
73 73% 438 73
2057415 Humphreys Realty
RUBBER
A. Rithher Trust
20.00 230 235 27000 Ep 2.39
น It was only a year ago that the Government In an attempt to rationalise the shipbuilding k- dustry asked it to cut its capacity to 400,000 gross tons or by exactly one-third with resulting layoffs of workers.
Concern
But this was before orders be gan rolling in from mations.
foreign
Shipyard circles are now con cerned that the Government will want them to build for the do- mestic market at the prices offered during the slump.
"Wo will inslet upon a price which will permit a prodt," one 24.00 leading shipbuilder commented.
United Press.
.. 2.18 2.20 1500 6 2.178
3.10 1000 g 3.10 5286 9.05 16000 03.10
UTILITIES
Tram ....... 24.00 25 200 25
Star Ferry XD Y'mal Furry
1050
147
117
300
C. Light (0) 22.00 C. Light (N) 17.00 Electric ................ 4134 Macao Elec. 11.30 Telephone 33.20
Some Commonwealth ganisations--both governmental les needing capital for deve- addition to any and private--who contribute thelopment in bulk of funds for investment supplied by the above sources, -obláin it by drawing, od their uveryoos,
sterling balances, Colombo Plan countries have also been allowed to use their blocked sterling balances for this pur- pose. Over the six years of the Plan (1951-56) these releases, together with funds made avail- INDUSTRIALS able to dependent U.K. terri- the tortes in the area through CD and W nets and the CDC, will case have
reached.
£300 million.
a
in
1. The Commonwealth Development Finance Company This was set up in 1958 542 Ltd,
by number of prominent British business houses and the Bank of England to assist the provision
of france for development projects in Commonwealth, particular ly there designed to Commonw yealth resources
נינו
strengthen the sterling
increase
and
area's
over
------ 22.90 23.10 1700 @ 23
10.00 Crawford 37 500 G 3745
COTTONS.
Cement
..... 3344
34 300 34
2077 393
40%
BEF
Поро STORES, ETC.
Dairy Watson
28
384 balance of
70
payments,
It nor-
1412
2
41
Sau
22014
78
these ways,
says tho is helping to mally expects to lend where Bulletin, Britain
and ordinary sources aro inappro- enlarge total world trade priate or inadequate. So far it create opportunities for British of capital hos
agreed to Investments Exports, particularly
goods, totalling £0 million,
In
is In-
2
02
2014
2. Colonial Development 23 Corporation. At the end of last March total capital sanctioned was £57 million. It was Invest
But, it warns, if Brilain to maintain the flow of
she needs vestment funds substantial surplus, taking one
cd in projects ranging from a year with another, in her cur- power station in Malaya
00% cobalt mine in Uganda,
60
50
lo a
Colonial Welfare and
Funds.
£140
3. Development
rent balance of payments. From 1953 to mid-1954 she had such a surplus.
"To robuild it is one of our million has been provided for most urgent tasks," the Bulletin the ten years to March 31 next, but this rate of investment wil
01) be doubled over the next five years. These funds are invested, mostly in the form of grants to colonial governments,
in basic development, such ад com- munications.
ZAR
84
41%
0731
2316
• 4. International Bank.
1996 The United Kingdom has agreed
201
473
to make £60 millon available
101
201
48111
701
the UK has agreed to releases
for lending by the Bank bo- tween 1883 and 1950.
Bo far,
40
ends.
Nanyatig ... DAD 6.00 1000 0.50 MISCELLANEOUS
Yangiste..... 8.00 820 3000 or B.10 Allied
5.75
1500 5.00
Exchange Rates
Business was dond in the local market thle unomelal exchange morning at the following rates: US dollar (por 31) ..........
5,81 Sterling notes (per £1). W Austraian notes (par d'i
Indonesian rupiah (per 100) 23,70 Bam ticals (per 100) Singapore (Bitrate)
Indo-China plastres (per 100) 9.00
Japs Concerned About
Indiscriminate Sales
A
New York, Aug. 23.
yesterday southern textile executive
4 totalling 16 million to India declared the Japanese were concerned over the
Radio Corporation
Republic Bleet
Hoynolds Metal
Shell Oil Co.
457.35
187.20
Saint Reg. Paper
alis
Sinclair pl
06.22
106.03
Socony Vacuuma
90.70
Bouth Porto Rico Sugar
Southern National Gas
150.00
Southern Raliway (Com.)
Standard Brands
Closing Prices
4646-80 Allied Chemicals
4330
Allis Chalmers
Standard Ou of Cal.
Standard Off of má
Standard Of ht NJ..
Rtokely-Van Camp,
| StudyBaker-Phokard
Bwitt & Co.. Texas Co.
7144 | Tide Water. Ano
and Pakistan. In addition, recent "indiscriminate” sales of Japan's cotton
various small releases amount-
ing to about £4 millor have
been agreed for loans to forelņu countries.
goods in the US following US State Department concessions.
of
the
8. International Finance.|| Mr F. 8. Love, Sécrèbuy- | shortsightedness of the utterly American astounding tariff concessions it Corporation. This proposed or Treasurer
and Cotton Manufacturers Institute, granted at Geneva," Unilod ganisation will be set up omliated
here today | Press. to the International fold a civic club
#gcoms Banks when the requisite nume significant" In view of the fact
that Japanese concern bor of member governments
tipt deep and wide" tariff con
NEW YORK COFFEE
FUTURES
goods
to Japan by the State Depart-Cotton Slump
Import
ment do go beyond dertatu limit of restrictions. The Sinto Do- partment made the tariff cons dessióna to Japan during the Geneva conférence.
Protection
Mexico City, Aug. 23, Government action to protect New York, Aug. 23,
The Trade Ministry of Inter-Mexico against a possibio slump Santos "S" coffee futures to day closed 45 to 60 points lower national Trade and Industry of in cotton prices was urged last Cells Japan has announced it will try night by Sensua with sales of 229 contracta
to stop so-called "dumping" of Campos of Sington State, -The "B" contract closed. ja Japanésa textile on the United
Sen. Celle; expressing alarm markets, over downward trends in the to 68 points lower with sales States and Canadian
Mr Love said. ot. 34 contracta
Roaster-demand was quiet in
local spot myrköt willę). Santos 4s held unchanach § DE
Allied Mül Ing.
the
4085
43.30
46.40
American Airline Am. Mach. & y dey.
2014 Twenty Dentury Foù-
·5415 | Union · Carbide
101
;
$7 Unun Feolla
107
129% United _Atreruf'
1741 PV.8. Line Co:
American Melal Amaricom Smelling
The market was steady. Prices America Tel & Ta Lolosed totleg in guilder „por | American Tob. "B"
kilogram, cif
Frabber
Septimber tis Anaconda Copper
4.00 paid
Armon Biel
Armour
Fiskiwins-Lam-41arts.
Baltimore & Ohio
Máy lên buynes', fiendis, Aviation
Best Cons,
Betisiekim stol
Woolworth
Folly
55%, cóntă. Colombians rose 15: ralita asent to be adming, xéound cent to 64% cent for Manizales, | to realise the inherent' dcont Medellínia, urinibla angk, mindet. "foily, in the US stato
Futures:
deckredi
Vigoing to be
world cotton market, wald - the | Government must: “keep abreast. of the colton situation/brid' tako focamary: stops. to protect Maxiogn
He said there, wer
EVERETT
Market
New York, Aug. 23, World No. 4 sugar futures closed today unchanged to 1 point lower with sales of 50 contracts.
Domestic No. 0 sugor futures closed 4 points lower to 2 points higher with sales of 72 contracts,
Nolther market developed enough activity to show a parti- cular trading feature, dealers said. Futuras,
Contract No. 4 (world)
3,19
Sept.
Oct,
Btar.
May
July
Bept.
Spol. feests
per lb. TON
Cuba)
3.21
Contract No. 0
Nov.
Mari
May
Spot-fcents per ib et NY
ox-duty)
0.43
United Press.
New York Foreign
Canada.
Exchange
New York, Aug. 23.
$1.01-9/10 2.64-2.06
England unofficial
*
30-day futures 20-day futures..
Holland Tenu
United
LINES
EVERETT ORIENT LINE
Fast Regular Freight Refrigerator Passenger Servies
Loading for singapore, Penang, Rangoon, Čalentia and Chittagong.
"REBEVÉRETT
"NOREVERSTI"
"DĽADBYERETT"
"LENEVERETT
Arr. Sept. 11
Balls Sept. 12
Oct Oct. 11
3
- Oct.
-- Oct.
. Oct.
20
Oct, 20
Arr, Sept. B
Satis Sept.
Bepi. 18
Sept. 17
- Oct,
1
2
Oct.
Loading for Kobe, Osaka, Nagoya, Yokobama
"NOREVERETT”.
"BEADEVERETT""
"LENEVERETT" "REDEVERETT,
- Oct. LIMITED PASSENGER ACCOMMODATION *All the above subject is alteration without notice,
EVERETT STAR LINE
·FAST REGULAR FÜRIGHT REFRIGERATOR SERVICE
Loading for Singapore, Port Bettenham, Colombo, Bombay, Karachi & Persian Gulf Ports,
"STAR ARCTURUS”
Sept. 7: -Bapt. $7 - Bept. 23 15 14
Oct. Nov, 11 Nov, 12 - Nov, 20... --- Nay, 30
"THAI”
"BTAR ALCYONE"
*LA ON
"STAR BETELGEUSS"
Atr. Sept.
- Oct.
0,
Salls
Loading for Kodė, Omka, Nagoya, Yokohama
"STAR ALCYONE"
THAI"
Arr: Sept.
Sails Sept.
* Sept. 21
LA Đ
B Sept. 21
a.
10
Oct. 20
"STAR BETELGEUSK" "TAR ARCTURUS“
- NOV,
Nov;
Nov. 21
ལྦུ་
- Nov. 20 LIMITED PASSENGER 'ACCOMMODATION
All ils above subject to alteration.without notice.
EVERETT, STEAMSHIP CORPORATION S/A (Incorporated in the Republio of Panama with Limited Liability)...... Chinese Department: Telaphone: 28293. Queen's Building, Telephone 31206.
MESSAGERIES MARITIMES
"LAOS"
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