TRADE and
THE CHINA MAIL, FRIDAY, SEPTEMBER 2, 1955.
COMMERCE
SECTION
DESERTED BY HER WEALTHY FRIENDS
The Stock Exchange Goes
From
Riches To Rags
SUPPORT. BADLY NEEDED
By A Special Correspondent
In the 18 months I have been writing this column I cannot remember a quieter week on the Stock Exchange. True, it has been a short week because of the Liberation Day holiday but not only have prices hardly moved-nine out of 22 stocks were dead steady on the week-but the turnover must have been one of the smallest on record.
There was an indecisive trend during the week resulting in negligible changes in the other 18 shares. At the moment there is nothing to support the market. It is floating, drifting aimlessly and sensitive to the slightest influence.
Ice House Street has certainly been deserted by her wealthy friends. The week's turnover amounted to $3,810,000. It is hard to believe that a month ago it exceeded $14 million.
mile to suggest that all talks
news
to the
The events un the Stock There was not much in the | designed as an annexe Exchange in recent weeks! international situation to spur Hotel, remind me of a nursery story, investors into any activity this A start on But I can't decide whether its week.
continued Possibly the
the work, hos recent Humpty Dumpty or Cinderella. deadlock in the Sino-American been delayed by the
dock and transport strikes in Perhaps it would be too pessi-
at Geneva is having
England. Steel which the con- effect; the depressing King's horses and
and all the King's that Britain will join America tractors ordered has not yet men couldn't It together
prit
arrived in the Colony. in opposing China's admission again. The Cinderella story into the United Notions again oft is the prospect of redemption this year may be another dis- by a Prince Charming and the couraging influence. patronage of a Fairy Godmother.
That's probably the better analogy.
WORLD COTTON MARKETS
Formosa
entries
the
showed stubborn
When it is known al what date the steel can be expected, then pile driving operations will
begin. I learn that contractors hope to begin
the this
At least one Ice House Street man I know thinks prices are still too high to bring in in-phase of the work later this vestors. Others are inclined to month. #gree with him. Certainly in-
vestors seem to be waiting for Plans for this bullding have someone to start the ball roll-been known for quite some
ing. Ilut there scenis to be time now. They should dispel
accredited were
Caution
Banks Down-
Avc
Electrics have come down in
rather price recently due to heavy institutional selling of this stock.
on
the nearby months.alevolent fate may be lurking the week while Wharves are $2
Un
Koren,
US Commercial| Programme
has
Washington, Bept. 1. The UB Commerce De- partment announced that it undertaken a stepped up programme, through a co-operative arrangement with the Atomic Energy Commission to make pubilo s possiblo ** promptly non-classified AEC research reports of Industrial sign)- ficance.
In the frst move of the new programme, 961 of the most
Important reports the AEC selected from accumulation WETO табе available today through the office of technical services.
The reports cover chemis- try, geology, metallurgy. mineralogy, ceramics, In-- strumentation, physics and reactor technology, the on- nouncement sald-United Press
TODAY'S SHARE PRICES
(From Our Correspondent) Business done on the Hour kong Stock Exchange this morning amounted to $540,000. Noon quotations and the morn- ing's transactions:
.. 1715 1730
1010
www...
BANKS
HK Bank
INSURANCES
Union
SHIPPING
Waterbost .. 22.00 DOCKS, ETC.
K. Whart Dock Provident
(Old) Wheelock
LAND, ETC.
77 78 300 A TI
26
New York Stock Market Prices
New York, Sept. 1. Industrial stocks closed in record high ground today but their performance none-the-less lacked vigour.
A few wide-moving stocks were responsible for the gain of 1.45 points to 469.53 in the industrial average. A handful of issues outside this group had gains ranging to 2 points or more but for the most part improvement was fractional with profit-taking paring many gains at the close in the absence of any incentive.
Socony Vacuum de
South Porto Rico Sugde Southern Natural Gas Southern Railway (Com. Standard Brands Standard Oil of Cat. Standard Oil of Ind. Standard Oll of N.J.
Ralls gave up 0.21 on average, with Atlantic Coast Line and Rock Island onch off around a point. Missouri Kansas Texas preferred, outside the average group, slumped points net on
dividend reduction. It had Blokely-Van Comp.
Studebaker-Packard Corp. traded nearly 5 points higher Swift & Ch early in the day.
11
Texas Co...... The move into new
high Tate Water Assn. Oll found for Industrials
camenty Century Fox Film"
Union Carhide" without the benefit of a bigger Union Paciile Rallwny volume.
totalled only United Aircraft Turnover
US Gypsum 1,000,000 shares, compared with US. Line Co. 1,850,000 yesterday.
Of a rotal 1,135 issues traded, 501 were higher. 394 lower.
Some of the best gains came In chemelals
Union where Carbide rose more than 2 points and Allled Chemical and Du Pont each added more than $1. General Motors picked up more than #1 point while Chrysler, its. strike seltled, declined more than one.
of
Inland steel featured its Broup with a rise of 2.
There were 1
number strong specials issues such as U. S. Gypsum, up 14 to $205; Sunshine Biscuit up 4: Visk ing up 2: Babcock and Wilcox up 2 Distillers Corp., up 344 General Foods, International
a point to two. Paper, up a
Bond volume on the N. Y. Stock Exchange was $4,481,000. Volume ofi the American Stock Exchange 650,000 shares. Dow-Jones closing averages were as follows:
$560 11.250 10.70 9.40 0.50 2000 or 9.40 045 4000 41
Be industrials
30.40
20 ralis
16 utilities
54 clocks
200 73
40 bonda
Humphruya
(New)
10
3.25 230
RK Hotel .. 19.20 19.40 500 *K Land
73 734 932
Realty
RUBBER
A. Rubber. 2.10 2.125 15.000 2.123 Trust
3.10 3.20 5.200 € 3.45
UTILITIES
Tram
$1.00 Star Ferry
144 Ymall Party 116 017
Comin, falute price index
VS. Rubber
U.S. Stegi
U.S. Smelling
Page
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. co.
PASSENGER/FREIGHT SERVICE
Outwards "CANTON" "CARTHAGE" "CHUSAN" "CORFU”
Leaves London Due Hongkong
Melled
14th Sevjambor
Joll September
12th October
19th September
17th October
2011 October 141) November
Via Routhampton, Port Said, Aden, Bombay, Colombo, Penang & Singapore flow words Leavei Hongkong Due Landon *CANTON"* 23rd September "CARTHAGE" 21s October "CHUSAN". "CONFU"
2411 October
21st November
2nd November
20th November
18th November
18th December
Via Singapore, Penang, Colombo, Bombay, Aden, Fort Beld & London
Also calls at Malta.
real
"SURAT"
003
Warner Bros. Westinghouse Electric West Va. Pulp & Paper Woulworth
United Press.
World Rubber
Markets
Singapore, Sept. 1. The rubber market was stendler on better overseas en-
covering. quiries and short
It closed
Futures
very steady. were:
per Ib. No. 1 rubber
September
October
145-14314 14332-144 November
unquoted No. 2 rubber per lb. Sept. 140-141 No. 3 rubber ber b. Sept. 130-1383% No. 4 rubber per tb, Sept. 130-131 | Spot rubber unbaled... 145-140
Blanket credo
NEW YORK
No. I pale crepe
480.03
188.00
06.22
160,00
108-110
145-140
Futures today closed 100 to 125 Points higher with sales of 903 308 contracts.
154.07 Speculative short covering and
Closing Prices
Allied Chemicals
Allied Mills Inc.
Allis Chalmers American Airline
C. Light (0) 24 80 23 334 22.00) Am. Mach. & 1
500 23 American Metal r Light (N) 17.70 17 20 500 i 17.30 | Ainertean Smelting
Electric
41 409, 700 x 4125 Eles. 11,40 TL50 2000 ce 11.50 Telephone INDUSTRIALS
Coment
--
33 335 3000 4334
+
a dealer demand, prompted part- ly by the rise at London, found sellers reserved. Market ob- servers felt shorts were extra- anxious
the to cover before long weekend Labour Day 24 holiday.
1121
30%
7134
Dullness
persisted in the spot market, Ол nominal basis, No, I sheets were quoted
Amerison Cyanamide Co.
dry.
28
03
557
American Tel & Tet
1792+
74%
at 47% cents, a pound, Futures:
September
40.00
193
December
47.30
45
March
40.05
13
May
44.75
10%
July
43.30
September
42.18
| Amerlean Tob. "D"
Anneonda Copper Armco Steel
Armour
334 3394 2000 6 3315 | Baldwin-Lima-Ham.
He confidence in the market any Illusions some shareholders
the moment · and I can't may have had about receiving BABES BUYERS SELLERS BALES
the that
pending distribution from the compuny imagine
401720 Interims will do much to restore
either in the form of a bonus issue or an increased dividend. interest.
There is
Is one point I want New York, Sept. 1.
Of 22 issues traded this week, make however: although the
ninic Cotton futures
were steady, eight were moved market shows no signs of re-
fractionally lower anel buoyancy irregularly higher today for covering its former
an were slightly higher. The most the second session in a row. at the moment further substan- We
rise substantial Closing on a smart rally the tial declines in prices are mos!
75 Cetricorded hown by Hongkong Electrics-up 18 points unlikely. The market has shown list finished 5 to
cents to $41%. Brokers point besitancy at various intervals were higher. Opening prices
that this share should be cut ince the raising of
of the bank New Orleans | Bus up 3 to 7 point
roughly double the price of closed up 6 to 11 points,
rate. These have been reflect-
a China Lights which are at pre- ed in price movements to under Larger
sent selling just under $23. degree. But Electrics' greater or lesser government loan programine,
comparatively low the market now seems to be joined with a lower private crop
it has been level and their good yield (6.1 estimate and doineslie milt bay- more stable than
si per cent) makes them popular for some few days. It ing in
in the "Blue Chip" 11x1, in keeping prices on an up-
tends to drift up and down grade most of the time,
Most of the interest centred during the course of the day but the changes bre very slight in the nearby months. October
Indeed. at times under gave ground
December Jiquidation, but the delivery resistance whenever the market
I was on the point of writing
Looking down the list: Banks dropped to near the 33.00 cent this last week but I thought it Jevet, the resistance point
at $1725, Unions might be premature. Even now
are $5 kiwer established earlier this week:
are steady nt $1010. Wheelocks have the feeling that some Shippers
at $9.40 are 10 cents-down buyers lan
in the background waiting against export commitments to patiently to confound my none
better on a buyers quote of while too confident expectations.
An $70. domestic mills bought against inbred caution
Docks are down
about 50 waths THC tu
al $15.80 textile orders.
restrain
my impulse... and cents 'but Providents operations Evening-up
are steady, yet I feel that prices will not traders getting ready for Un
lower and that
Lands are steady it $7316 go very much early start on the long weekend
while Realties are n shade off how may be us good a time as Labour Duy
also holiday.
nt $2.275, nny for the investor to buy. accounted
The some of
Troms have been very quiet Walt, if you like, until next activity.
Youmatis are market continues and close steady, week. If the A leading spot firm's
while China on is prosent dilatory course $2 lower at $116 estimated the current survey
$22.08. Wheelocks Lights and
were crop prospeel around 12,340,000 think it would be safe enough Lights close steady at
take the plunge. If I had + Lo This would be 382,000
few thousand think I'd do it about the most active slocks on
the bales, or three per cent under the
market yesterday, Telc- right away. I'd buy Providents, Jast Governinen! report The Wheelocks
phones are steakly at $33%. and possibly survey noted recent bumper
Realties. yields have been cut down some places because of excessive rains and insect dainage,
Loan entries for "The week: ended Aug. 20 totalled 10,020 bales against 4,431 bales in the preceding week and were slight- ly ahead of the io of im- poundings at the same time inst year-
His reason for belleving this: Trading volumes and open interest in the Exchange today
he says the operators who used spend big money buying were:
shares have deserted Ice House Volimme
There was only Open Interent | 11
304,300
Street. They feel 1 is not
erease in Singapore raw rub- | ing. worth it now with their over- 760,300
ber rates this week but rubber Wort
པས་ drafts at 7 per
eent, And my BhATCH here
frsk- are down broker friend adds with o, good tionally, Morc than 80,000
that it is Amalgamateds changed deal of justification
hands 2.100.700 knies the big operator who really at $2.10 yesterday.
counts. The small Investor can-
bales.
for
Month
Oct.
14,500
Deo.
30,000
Mar
0.000
345,000
May
14,300
33,000
July
Oct.
Dec.
4,300 4300 1,100
203,100
127,000 2,200
Total
77,700
NEW YORK
by
crop
in
- Cements Up That is what I feel. Now here
connded
that
Aro
Is the other side of the ques- Cements have gained 25 Eriend of mine cents to $334 tion: A broker
while Dalry 2005,
he Farms yesterday | S
are 20 cents lower at
Crawfords thought the market would stay $22.80. Lane In the doldrums for as long as steady but have been very quiet another two months or possibly this week. until the Big Three banks lower their interest rates,
to
Prices of futures closed today not do much to alter the pro-
as follows:
cent pattern of trading.
Spot'
October
Becember
March
May
34,45n
33.78-751 markot
33.74 33.44
33.49
July
October
12.05-00
32.40 32,30
NEW ORLEANS
December
Prices of futures closed today
un follows:
Boot
October
December
March
May
July October December
He may be right about the but I still think stand to
you
lose nothing by buying right away,
Baltimore & Oile
| Bendix Avlaliun.Corp.
Benguel Cons
LONDON
The market was very steady
with spot at 41-15/16 pence per lb. Prices:
413-41%
417-42 *40-404
37-38 30-3152 3634-97
Rope
STORES, ETC.
Dairy
22.602280 500 22.70 Bethlehem Steel
240 22.70 200 24.70
157
Buelna Airplane
Borden (The) Co.
63
500 45 24-70
Watson ... 14.00 15.20 COTTONS
Bomoughs Add Michine
20
Canadian Pacific R.
No. 1 Rs spot
4172-42
34
Case (J. 1.) Co.
162
Settlement house termi
Oct.
42-4212
CIT. Financial Con),
481
Textiles
MISCELLANEOUS
Yanguze
Afied
5.40
Cat. Tractor
Nov.
Dec.
Celanese Corp
2216
0.10 25 450 6.75 6.85
8-15
Qinae Manha, Bank
Oct./Dec.
Chrysler Motors
Jan./Mar.
Colgate-Palmolive Co.
6414
Apr./June
Commercial Credit
July/Sept.
Communwealth Fire.
salt
General markets:
Consolidated Edison
15135
Sept.
Continental Oil of Del,
Oct.
Curtimento! Steel
3712
Nov.
Corn Products
Grand Co
Crown Zollerbach
Duban Amer. Sugar
105年
Curta Wright
Damon Alkali
London Stock
Market
Dow Chemicals Dupont de Nemour Eastman Kodak
London, Sept. 1 Trading was light and stocks drifted aimlessly on the Lon-1 Peso National Gas don Exchange today.
Vibro Pilings are up 40 cents
Traders hod expected on the week to $23.80.
Van Yangtzzes are up 10 cents to change in the bank rate, but 28.15. Allieds are steady at the mid-morning announcemni of "no change" left them with $5.00.
Erie Railroa Family Finance Corp.
General Electrie General Foods
Gen. Pub. Bun
General Motors
Gullette Safety Razor' Glidden Co.
a slight in-ttle stimulus for active trad-Goodrich (B. F) Co.
Singapore
British Governments Wire mostly idle, and a few issues slipped as much as £%. Small gains
were sprinkled among the blue chips, with Unliever and Rolls-Royce
two up
to three shillings.
Oll shares attracted little at Lention. Royal Dutch was an exception, sprinting £% to £61,
Goodyear Tire Heyden, Chemical Itomitake_Mining Co. Ingersoll-Rani Inland Steel Co. Interchemical Corp
for Business Machines Int'l Harvester International Nickel
FREIGHT SERVICE loads 20th Sept.
tor S'pore, P. Swetten. ham, Penang, Colombe. Aden, Port Sald, Genoa
Marseilles, Havre, Lon- don, Antwerp.. Rotter- dam & Hamburg "SHILLONG" due 27th Sept. from UK, via Straits
loads 28th Sepl.· for Japan
With Uberty to call at Delawan before or after Strate Ports and at Bombay if Inducement offers,
Tanks available for carriage of Oll in Bulk. Space for refrigerated cargo. Limited Passenger socommodation
BRITISH INDIA S.N. CO., LTD.
due 10th Sept. from Japan salls 11th Sept. for Singapore, Rangoon
ChittuguTK
"WARORA”
"SANTIIA”
due 13th Sept salls 14th Sept,
Irum Japan
for Singapore, Penang Rangeon & Calcutta
“SIRDHANA" duo 14th Sept. from Calcutta via Ran-
Kalle 15th Sept.
goon & Straits for Japan
P. & O./B. I. JOINT SERVICE
dhe 10th Sept. from Japan
"ITOLA"
"ORMARA”
"ORDIA"
"ORNA"
walls Hth Sept. for Singapore, Maders,
Bhavnagar, Kuracht Basrah, Abadan, Khor“ ramshahr & Kuwalt
due 16th Sept. from JapOEK
il 19th Sept. for
S'pore,
BOMBAY. Karachi. Basrah, Khor Tamsinhr & Kuwalt due Zlat Sept. from Karachi & Bombay #ails 22nd Sept. for Japan dos 27th Sept. from Karachi & Bombay mails 28th Sept. for Japan
EASTERN & AUSTRALIAN 5.S. CO., LTD. "EASTERN" lands 5th Sept.
for Sandakan, Rabaul, Brisbane, Sydney, Mel- buurne & Adriafde 7th Sept. from Australia loads a Sept, fur Japan
dus ist Oct. from Australin loads 2nd Oct. for Japan
"ARAFURA" don
"NELLORE"
All vessels have liberly to call at any ports on or off the route & the route & salling 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.
MESSAGERIES MARITIMES
P.O. Box 53 Queen's Building Tel: 28831
FAST PASSENGER/FREIGHT SERVICE
"LAOS"
VIETNAM"
sailing Sept. 10th
sailing Oct. 8th
FAST FREIGHT SERVICE
404-42
"MEINAM" "PEIHO"
sailing Sept. 21st
sailing Oct. 13th
Estate crepe "thin Sept. .... 4111⁄2
thick
4215
AMSTERDAM
The market was firm. Prices closed today in guilders per kilogramme, cif Sept, as follows:
No. 1 rubber
buyers
4.03
No. rubber
3.00
No, 3 rubber
3.15
4.07
***United Press.
No. 1 crepe
New York Sugar Market
New York, Sept. 1. World No. 4 sugar futures closed today 3 points lower to 1 of 30
4831
407
307)
ternational Paper
130
Tui Tel & Tel Jelu-Manville Co. Kansas C. Fower & Light": Rencout Cooper Liggett Meyers Tob. Co.
contracts.
055 point higher with sales
201
83
Domestic No. 6 sugar futures closed unchanged with sales
of
1202
18
contracts.
68
Lockheed Aircraft
newa Incor
Gold shares were Lone Star Co
News Of The Week Stock Market improved, but coppers remained, Louisvitio eniten.
The nows of the week is that
Central Development Corpora-
tion Ltd., the syndicate which following stock prices: 33,74-75 bought the Hongkong Hotel site
23,60
23.74 43.59
33.45
#2.04
22.01
32.45
SAO PAULO
Future closings, American middling, in pencó per lb. were as follows:
Oct.
Dec.
Mar
May
July
12.30
million,
16
Singapore, Sept. 2. Brokers today quoted the
Co
Petroleum
Smelters
Opening
$1.47
434
How Od
Ltd.
in Pedder Street for $11 million Batu Lintang Rubber has paid is nul instalment British Borneo totalling $0.6
Byndicate Consolidated Tin months ahead of time.
Ord Fraser & Neave Fraser Neave Ltd. 736%
You will remember that this had been rumoured for
come timo -proviously. The Stock Exchange took the news quietly 34.25 perhaps becauUSO not many 30,30 know of it-and the
share fractionally to $1940. In the Unfied States, the They close steady on the weet .overage price of 16/1p middling however,
33.40 1340
seci
at 14 designated spot markets was 33,01 conta Salts at theso learn that the Hotel com- centres totalled 22,048 bales,
cum. pref.
Hotakona
་
Banking Comp
Idle.
Foreign bonds also shared In the inactivity, Japanese. Issues enjoyed fractional rises, paced by ne-assented
which 1010s, turned in gain of 21. Ger- man. bonds were unchanged United Press.
London Foreign
Exchange
1010
Hongkon Tin Ltd.
• 3d
Kempas Ltd.
Luone Rubber mates Lid. Malayan 19reweries ................! New Berancali Bubber Co.
Petaling Tin Ltd. Fallien otsi
$3.25
New York
Montreal
$4.60
Coper
Bingapore Cold Btorago South British Laurenos
Lid.
pany is going ahead with traits Trading The Liverpool cotton prices plan to put up a 12-storey almaita Steamwilp
were Presă.
unavailable, United look
of hervice flata behind United Engineers- Orð:
12.77 Wearne Beo. A the Peninsula. It has been
--China 'Mail Special
Frankfurt
London, Sept.' 1..
Lowenstein & Mesabi Iron Corp. Minnesoin Mining Mision Development Manto Chemical Co.
tontgomery Ward Motorola Ine. National Cash 'ites. "A" tionai Dairy Prod. National Distiller National Lead
National Bicel Corp.
New York Central ........
Ons Mahieson
Olle Elevators
Owen-Illinois Gina
Pacino Gas & Elec. Pan American Airways Paramount Picture
Parko Davis Co.
Penny J. C. Co
Penn. Belt Co.
Philip Morri
21.7035-2478-9/14 Polroleum
#74-5/30-8.7495 Procter & Gamble Co. 10.7744-10.3716"
Pittsburgh Flate Claes
19.83-19.34Publicker Industries
80.00-10.1094/Pure Off
10.891-19.09 Fadio Comperation
Floo Matare 14344-14,38%
New York, foreign exchie not rates
available were United Pres5.
Republie Blect”
Reynolda Mesal
Saint Reg. Paper Binclair
Evening-up operations in the September delivery featured the
629, world contract dealings, while
8 traders avened up accounts in
the November domestic delivery Futures:
Contract, No. 4 (world)
22792
8114
20%
40% Sept,
8134 Marcit
Ocl
4150
201
70%
GO! Nov.
May July Bepf.:
Mar
123%
May
451
道
3.23
3.21
3.20
3.22
3.223
Bpot (conta per il, fob Cuba) -3.25 Contract No,
Spot-foonia per lb, ci NY
́ex-duty) ·
5,41
HONG KONG-MACAU LINE
M.V. TAI LOY
AIR-CONDITIONED DAILY SAILING
DEPARTURE HONG KONG MACAU
TIME
3.00 P.M..
3.00 A.M.
For Freight & Passage, please call: Tel. 26719 & 38091.
TAK KEE SHIPPING & TRADING CO. LTD.- FU HOUSE, .... HONG KONG, -
540 THE "POST" TYPHOON MAP
0.00
United Preak
Exchange Rates and TYPHOON TABLE-
Dustnem was dona: in the Inpat unamotal *'exchange markes this morning at the llowing raten:== 13, B. dollar (per' $1) Lockersk
8.40 Bierling noter (per: #1), Australian aptes (per21 Tradosaman) Fupishi (per Barn fienim (per 100) Bingapore - (STYL) Indo-China plaktres
(per 100)
0.00
Mounted $5,00 Unmounted $4.00
Giving bearing distance and time-distance for typhoons likely to affect Hong Kong. A isetul adjunct to the "Post" Typhoon Map
$2.00 Mounted
Obtainable from
SOUTH CHINA MORNING POST HONGKONG a KOWLOON