TRADE
THE CHINA MAIL, WEDNESDAY, SEPTEMBER 14, 1955.
and
COMMERCE
SECTION
GOOD PROSPECTS FOR COTTON UK IRON AND STEEL IN New
WORLD COTTON
MARKETS
New York, Sept. 13. Cotton future prices today retreated for the fourth with all session in a row
to seasonal 1956 deliveries lows,
Lossey
GROWING
IN ISRAEL
Tel-Aviv, Sept. 13.
"White Gold," as Israelis call the cotton in their fields, is becoming a promising branch of the country's economy.
WORLD
RUBBER MARKETS
Singapore, Sept. 13, The rubber mariçet was quiet with narrow fluctuations, Future closings were:
No. 1 Bapt.
When the cotton-picking season gets into full swing this month Israeli cotton-growing will pass No from the experimental to the commercial phase.
American cotton- mower who owns a 12,000-acre Estate in San Joaquin Valley, California, and who started cof
on forming In Israel from scratch,
་་་ wd extended cotton plantations to an area of 200,000 dunams
(50,000 aores), Israel would be in position to dispense with financial contributions from Jewish communities abroad," he said here recently.
rubber per
140-1401% QET,
1402-14011⁄2 Nov.
unquoted rubber per lb. Hepi
240-1443 No. 3 rubber per 1.
Bept............................ 14334-34232 No. 4 rubber par J.
Bepi.
Spol rubber unbaled ... Hanket crepe No. 1 pale crepe
13435-13815 14735-1479% 112-114
14016-340||
NEW YORK Fulures today cloted 60 to 110 points higher with sales of 402 contracts.
Nearly deliveries rose to new { ve, evidence of a broader de- and locally from blg factories and smaller consumers.
ranged up to around $1.56 a bale with nearby Ocio- wirient Rot- her showing the back ៧៧ holders quidated Although barely three years cotton," Mr Semuel Hamburg, a Letore Brsi notice day-Sept. 24 have passed since cotton farming successful
was introduced, experts, farmers tradera reported and the average Isracit have be- Elsewhere,
of Siquidation
"stole long comme great enthusiasts alrout the positions" supposedly
from promising prospects for its effect Holders
discouraged by over-ipon Israel's economie future. hanging uncertainties and who decided to switch over 10 One foreign expert described and the faster-moving | cotten prospects here as follows: stocks commodities like coffee, cocon, "You will certainly gather the rubber and some of the grains, cups of the white gold' while the hunt for the 'black gold' is With the market an the verge still going on." This was a re- of the heavy marketing season Terence to the intensive search to for ol in this country, which traders were encouraged
fringe of the rich Highten holdings pending deve-lies on the lopments in the plan to dispose Middle-Eastern of basin. of the Government raw cotton,
Israel has many regions with favourable Generally
crop the hot, dry air and the heavy, news and quietness of the tex-Chalky wall required for cotton tile market also acted to dis-rowing, courage new buying interest. The main demand came
Back in 1052, he came to visit covering by satisfied short and a
Stere, the routine
demand from mills.
The Beisan Valley is partithe young dowish
he had left 30 yenra shippors and other trade inter-cularly suitable because its salty country
carlier, Told of Israel's need spring waters,
of farming in .Dec. other cups, can be used to for expansion
absorb hundreds of order 10 irrigate cotton land. It was in thousands of new immigrants, he this valley that cotton planting fered Mr David Ben started three years ago on on experimental scale.
els.
Beisan Valley from
weekly
unsuitable for
The Government weather and erop sununary, apart from the Atlantic coastal area, was construed favourably Heavy thowers caused additional
year, cotton covers pa boll rot and weevil netlylly in
In the area
some 22,000 dunams of opencil (6,500 acres) in various parts of "From Для to rupkeily and in Texas the harvest the country
active In Beersheba." was reported very
dern sections,
bell, cotton
Thi
Every
two About once in months, this Californian cotton- grower file from the United Stalcs to Isravl 15 supervise operations here.
Succeeded
Gurion, then Prime Minister, to set up a mudel farm for industrial crops
western on the
bank of the Jordan river.
Within a year, he succeeded in turning 2.500 dunams (625 acres) of swampy. neglected land in central and northern areas. Hut But although successful ex- the Beltan area into a flourishing dry weather was mostly ideat inperiments have been only on estate growing first class crops modest scole, dynamic Israeli of cotton, sugar beel, maize and
driven by their vegetables. Trading volume and open in-planners, country's
for urgent
the far southwest.
Ver.
were:
Month Volusne
Open
Oct.
20,000
n2.300
Mar
10,300
257,500 737,800 35.9.201
May
$7,700
423,000
July
10.200
207200
Oct.
4.800
130,200
Dec
BOND
Taiat
144,100
need
terest in the Exchange today development are already taliting
From the United States, Mr expand cotton-Hamburg cf projects
has teen shipping interest glowing over an area of 350,000 seeds and machinery to "Samuel's
*unams
(87,500 acres) which, Estate," the farm named after they estimate will net an Income him, and every now and then re of some 35,000,000 dollars a year comes to inspect personally the Belsan farm as well as other These rosy dreams are not dis-
the country whore couraged by the "father of Isracil parts of
been cotton
has - growing introduced by enterprising co- operatives and individual farmers,
27.700 2,142,300 bales
NEW YORK
Prices of fatures closed today
as follows:
Spat
Oct.
Dec.
Mor
May
July
Oel
Dec.
NEW ORLEANS
33.0017
53.19-14 31.06
33.12-04 32.41-40 32.14 12.00 CELON
Prices of futures closed today. as follows:
Spot
Oct.
Dec.
Mar
Biny
July
33.25 33.15
33.10-17
33.06
33.00
32.40
$2.00
Liverpool and Sao Paulo cutton prices were unavailable.-United Pies.
Singapore Stock Market
Singapore, Sept. 14. Broker today quoted the fol-
lowing stock prices:
Batu Lintang Hubber Co., Ltd. $1.83 British Borneo Petroleum-
450
Consolidated Tla Smelter
France & Neave Lid, Ord $1,77
Ing Corp...
Chicago Grain Market
Chicago, Sept. 13. Light regelpis of grain ut terminal markets put firmness in most grain futures on the Board of Trade today.
When the tests with the first colton erop were comploled, Mr Hamburg proudly declared: "This 1. the most Fantastic colton- growing country in the world— twice as good as California."
Mr Another expert,
Elliot Dallus, Geffen, from
Texas, engaged by the Israeli Govern- Wheat move up to join the ment to advise on cotton produc- other gralas in o higher trend tion, also reported the success of after carly
phase profit-taking and the experimental
and hadging lot up.
1sraeli cotto: DS Domestic described four demand remained slow. "superior to that of any other
country."
1955
British Report
were
Shipment offerings moderate and mostly unwork- oblo; although some business was worked in Siem rubber to dealers
factory and
buyers Locally, November cne sheet sold at 4846 cants; April-June oner at 454 with sellers later holding VA cents higher; and November three sheels at 47% cents a pound. Spot No. 1 Ras were quoted nominally at 40% cents a pound. Futures:
Mar May
July
Bepit.
Dec.
AMSTERDAM'
43.15
47.20
40.30
44.6Q
42.45
The market quotations were unchanged since yesterday.
London rubber prices were not received today.-Uniled Press.
AUSTRALIA
Tand
GOOD SHAPE
London, Sept. 13.
HE United Kingdom fron steel industry con- tinues in good shape. While the internal demand has much to do with this sails- factory state of affairs, it must not be forgotten that the universal shortage of stoci in also a big factor in the situation. Many coun- tries are pushing their pro- duction
10 new record levels, but concurrent with this demand still forges shead. The United Kingdom should benefit will further by the fact that India has become
bigger Importer, than ever, while New Zealand recently suspended the im- port duties on the heavier types of iron and steef until the end of this year. United Kingdom makers are heav- ily committed, and, though it is comforting to know that there are sub- stantial resoTVUS In hand.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
the persistent withdrawal of pig-iron and scrap from the reserves may soon re- duce them to below the safety line.
of
A substantial carry-over uncompleted contracts expected at the end of the third quarter, and bookings for the fourth quarter Bro so formidable that makers have little room left for the
OF- acceptance of further ders.
steel Constructural and cold-rolled sheels Aro said to be expeclally tight. But not very reas
reassuring is the
larger Imports of foreign scrap, pig-iron, steel semis mid flat steel products which the United King- dom needs in order to augment the deflelencies in domestic supplies. It IN understood that these items are becoming Increasingly difficult to obtain because of the expanding demand in Europe and the United States-China Mall Special.
World Sugar Production
Pago 9
WHAT
York Stock Market
New York, Sept. 13.
Top grade industrials Sears Roebuck, General Motors, Standard Oil (New Jersey), Du Pont, Procter & Gamble ---- ran up 2 to 6 points to feature a higher, more active stock market today.
While industrials climbed more than 2 points to an all-time average high, rails met a bit of profit- taking and dipped nearly a point in their average. Utilities held firm.
Cruwn Zellerbach
Trading was at the best pace Consolidated Exion in two months with
Continental Oil of Del. turnover Continental Steet totalling stock split for the issue, Comm Produkta General Motors, up nearly 4 Crand Co points yesterday, rore 41⁄2 points Cuban Amor, Sugar today, with some of the demand curte Weight attributed
to short covering. Dauno Alkali Dow Chemnicain Chrysler, which unveiled its new Dupont de Nemours push-button line of cars for 1050, Eastman Kodak added nearly a point.
F1 Paso National Gas Erle Railroad
Family Finance Corn. Jersey Standard ran up nearly General Electrie 6 points. Standard of Call-General Foods
General Motors fornia, Texne Co., Continental Gen. Pub. Ull Oll and Gulf Oll rose around a Gillette Safety Razor point, Metals continued in de- Glidden Co. mand although profit-taking alt Gudrich (B. F.) Co. a few of yesterday's best gainers Hayden Chemical
Goodyear Tire
Ingersoll-Rand
-Reynolds metals in particular Homatake Mining Cơ, which retraced 8 points oliniona Staci Co. yesterday's 161⁄2-point rise, Interchemical Corp.
Int'l Business Machines Int'l Harvestor
Steels Neglected
Steels, pace-setter's yesterday, were somewhat neglected today.
Owens-Illinois Glass almost 2 points and Owens-
added
International Nickel
International Poper
Int'l Tel & Tel John-Manville Co,
Kanisa C. Power & Light Kennecott Copper... Liggott Meyers Tob. Co. Lockheed Aircraft Loews Incorp...... Lone Star Cement Co. Louisville & Nashvlile R Mesabi Iron Corp.
Minnesota Mining ... Monsanto Chemical Co. Montgomery Ward
Rome, Sept. 13. Corning Fiberglas 0 points. The world produced 23.6 Firestone Tyre improved nearly million metric tons of sugar on a sharply higher earnings Business done on the Hong- during 1954, a ten-year re-Sport. Procter & Gamble gained Mission Development kong Stock Exchange this morn-
2 as the company announced ing amounted to $800,000. Noon port of the United Nations price cuts for its wholesale bulk quotations and the morning's Food and Agriculture Or shortening. transactions:
ganisation (FAO) revealed SHARES DUYERS SELLERS BALES today,
BANKS
HK Bak .. 1730 1740 East Asia ...234 INSURANCES
Union Lombard ... DEEL
SHIPPING
Waterboat
DOCKS, ETC. K. Whact Dock
1810.
54
#3
74
211740
36 1003
160 20.00
Provident (0) 16.20 1616 2123 or 160
0.05 20 0000, 10
JOINING IFC clock
Canberra, Sept. 13. Sir Arthur Fadden, the Aus- tralian Trensuror, has announced hero that Australia is to become a member of the International Finance
Corporation. Legisla tion to this effect is shortly to be introduced. In the Australian Parliament, he said.
1FC is to be closely linked to the
International Bank and will provide lonns of capital for private undertakings without Government
IL guarantees. will supplement, not compete with, private capital, Sir Arthur Bitidl.
who
3500 62 0.00 500 e 9.95 1000 Ft 10
7000 10
LAND, ETC.
HK Hotel 10.70 18.00 1400 18.80 IIK Land 935 74 200 74 Humphreys (N) 20 Really RUBBER
2.375 2000 or 2.35
US
Gypsum, yesterday's big mover with n 291⁄2-prat Lse on This production, the report a five-for-one split announce- said, was higher than any of ment, opened 10 points higher to 315, of 10 the past ten years with the sole then foll back exception of 1953 which saw a points net on the day, total of 34.2 million metric
Of a total 1,103 issues, traded, tons of sugar at the disposal 248 were lower on the day, 433
the higher.
of consumers throughout world.
Motorola inc.
National Cash Reg. "A" National Dairy Prod. National Dutiliers National Lead ........... National Steel Corp. New York Central
in Mathieson Otis Elevator Owen-Illinois Glass Pacifle Gas & Elec.
Pacife Westám Oil
|
Pan Amertonty Airways
Paramount Pictures
Pothe Bavla Co.
Penny J.C. Co.
Pena Salt Co.
Benguet Consolidated, appear- Philip Morets
Procter & Gamble Co.
It was pointed out that 1953 ing on several 5,000 and 10,000-Philips Perplexam had been n_record year alasbare blocks, was the day's most Tittsburgh Plote Glass for the production of rice.
had
activo issue. rose to 14 Publicker Indaricles
Bond volume on the N. Y. Stock Exchango was $5,500,000,
Volume on American Stock Exchange was 000,000 shares.
Dow
were:
Jones closing averages
The report revealed that points. 2500 69.93 Europe's sugar production
sharply declined at the end of World War II and in 1947-48 was one-third lower than Im- mediately before the war.
World tables, however, did not feel the effect this
of drop because
of the great expansion A. Rubber 3.10 2.25 5000 2.2215
In the Trust
sugur production ..... 8.25 3.2715 500 4 3.25 of
LE WHO 30 industrial Western hemisphere, notably 20 refle UTILITIES
Cuba. It was also because of utilities Tram
the drop of production in Aslo, C. Light (0) 2331⁄2 23.00 600 23,00
World production spared. however, by about 16 per cent C. Light (N) 18.40 10.00 500 6* 18,40
19.50 by 1000
1948-50 when Westerit Electric ... 434 43% 600 13 Europe again reached its prewar
Yaumati Ferry
24.80
120
2:00
Масло Telephano
Elre 11.50 11.80
Rope
Australia's subscription is to INDUSTRIALS
Coment be two million dollars, accord- Ing to the Treasurer, pointed out that Austraila was STORES, ETC. one of the countries in which IFC could invest. Whether any received help Australian firms from I would depend on the and their availability of funds Hability to satiaty the standads re- he quired by the Corporation, id-China Mail Special.
The Department of Agricul- turo reported farmers art placing less grain under the support programme 'than they did a year ago.
A more sober report, although This was
came from the attributed
that promising too, to the (oct
are ancashire Cotton Corporation of most cereals
Britain which
in tested eloser to support volues
laboratories a sample of worsted spun from Israeli-grown Wheat closed up to 14% cotton. The report read: "Well-
prices for
last year.
cents; soybeans old up
24 cents; soybeans
1% to 2% cents.
than
new
ug
CLOSING PRICES
yarns
yarn,
aoml worsted, to pun
uniform, a little above average Colour consider- standard. nbly above average standard. Strength-normal standard. Fibre of fine quality,"
According to
experts,
Man's Struggle
this
For Food Since War
yoar's crop is oxpected to yield at least 2,000 tons of glnned cotton, which would meet more than one third of needs for local consumption.
Rome, Sopt, 13.
3.70
34 3414 100 6 24
300344
of
level of output. Because of the requirements
traditionally Importing countries which found themselves with rising living 38 standards, prices of sugar rose 301 considerably everywhere and in 17.20 1946-50 were
150
cent per period be..
.... 301 3011⁄2
17 17.30 000
78 2300
higher than in the
23 23.20 2000 14.40 1
23.19
tween 1034-38.
1000 or 1415
0 2000 5.00
1.25 3000 63.20 4.80 0.00
Dalry Watson L, Crawford COTTONS
Textile Corp. 5.35 MISCELLANEOUS
Yangtzo Allied
London Stock Market
Struggle for food in the post- August trade figures and new In the next two or three war years is mirrored in the peaks reached on Wall Street sears, it is planned to treble the story of wheat, according to a holpod to give the markets cotton-growing area and supply United Nations Food end strength, the entire local demand, which Agriculture Organisation (FAO) is expected to be some 6,000
Critical Years
торог
th stocks bonda
40
Comm. future price Index
Pure Ol... Radio Corporation Heo Motor Republic Steel
Reynolds Metal Shell Oil Co., Saint Reg. Paper
Sinclair Ou Sucony Vac
South Porto Ileo Bugar Southern National Cras Southern Railway (Com.) Standard Branda Elendard Dil of Cal. 480.03 Standard Ol of ind. 181-39 Standard On of N.J
09.26 Sterling Drug Co. 171.00 Stokely-Van Camp.
9931 Studebaker-Packard Corp. 164.30 Swill &.co.
Closing Prices
Alden Inc. Acy. Allied Chemicals
Allied Ms Inc.
Allis Chalmers
American Airline
American Cyanpinids Co.
| Am. Mach. 4 F dry.
American Metal American
Smelly
Am. Sugar Ref. American Tol & Tel American Tob. "1" Anaconda Copper Amico Steel Armour
Texas CD.
Tide Water Aum. Oli Twenty Century Fox Fum Union Carbide
Union Pacific Railway
$2314 United Aircraft
U.B. Line Co,
69
1.8. Rubber
231
bat U.S. Smelling
63
US Steel
27
Wamer Bros.
Westinghouse
Electric
West Vs. Pulp & Paper
Woolworth
United Press.
NEW YORK METAL
FUTURES
Now York, Sept. 13.
Prices of metal futures closed
491%
1014
Lead
Tim
oday in cents per ib, as follows:
Sept
14.14b
Ouf
14.18b
05.500
Out. Zinc Sept
Det, Copper Sept.
Oct.
94,006
13,400
12490
$0.100
United Press.
Sept.
Let US handle
The critical years of 1951-52 Billimore & Ohle were followed by the favourable Baldwin-ilma-Ham. weather condition of 1953 which, Bendix Aviation Corp.
Benguet Cons together with Increased plant-Bethlehem Steet ings in some areas, resulted in Bosing Airplane
Burroughs Add Machine a crep for 1953-54 which was Bordon (The) Co. 11 per cont higher than that of Canadian Pacific R.
Case (..) Co. the previous year 1952-53.
The FAO
indicated CT, Financial Corp.
Celanese Corp. that sugar output is likely to Col. Tractor
the Chase, Maho, Banit rise in 1955-56, but, 021 other hand, it also anticipated Chrysler Motors
Colgate-Palmolive Co, London, Sept. 13.
further consumption increases, Commercial Credit
America, Commonwealth Elec. Stocks were firm in light especially in North
Near and the trading on the London Ex-Latin America
East change today.
The exhaustive report of FAO concluded:
Should weather conditions in 1055-50 produce a crop in excess of ten million metric tone, as in 1033-54, Europo's import re- British Governments and quirements should be sharply industrial stocka generally reduced-United Press, of cotton fare and 12,900 tons report issued today. of seed. The resulting moving
The report noted that wheat showed gulns. Old Consola 2%
dropped foreign currency is estimated production
during per cent scored a five-shilling seven-shilling gain. metric tons. From 1945 on sup-
Selective buying and industriels ply and demand for wheat wat sparked Ford Motors to a six- Simultaneously. with the ex- one of the most important pansion
cotton growing, problems of
occupying the post- shiling jump, and Rolls-Royce
tacked on 1 pence. ginning plants are being built. A war years. modem gin has born in opera-
ahead Vickers moved Lion at Beisan since lost March,
wheat economy shilling to
30 shillings, Its annual production capacity is eince the war's end has passed 22044-227 | 1,500 tons of cotton fibres and through three phases, the FAO Bowaters chalked up a gain off point higher with sales of 23
8,000 tons at scod. Another is report said. Production during
sixpence. one shilling for the
Foreign bonds were dull, but Herzlyin being set up in
Germans showed strength inte 120-140 central region, and the foundin 1845-47, owing to war effects
and bad seasons, was "Inade tion of a hit was laid in July quate to the point of scarcity. af Kiryat Gal, the proposed now
-United Press, ontre of the Lachish Develop- ment Project in the northern Nogey.
Closing
Prices per bushel in cents: Wheat No. 2, red Sput
1975 Sept. 1981 1984(L) .. 198- Nov.
Mar.
Syndiente
May July
2013- 20376-10 300-15
107-186
Ord.
2003
Corn, No. 2, yellow
Spot
FTOBET & Neave Ltd. 7352
cttm. pret. A
$0.40
Sept.
Hongkong & Shanghai Bank-
$015
Des. Mar. May
Hongkong Tin Ltd.
Tard
Kempas Lac,
$1.00 od
July
Luna Rubber Estates Ltd. 12.12
Malayan Brewered
33.50
Ryo
New Serandah Nubber Co.
Sept.
Ltd.
$10
Nov.
10242-35
Petaling Tin
$4.60
Raffles Hotel
$2.20
Qats
Singapore Cold Storage
$3850
South British Insurance Co
320,00
Sent, Nov.
5714
0755-
Straits Trading
324.30
Straits Stoometid
$13.00
Foybeans, No. 2, yellow
United Engineers Ord.
$10.00
Bpot
224n
Wearrio Bros,
$3.02
Sopi,
China Mail Special.
Nov.
Jan. Mar.
May
Barley,
¦
LONDON METAL
The
PRICES
London, Sept. 13.
remained tin market 'stoady with spot and three months marked up 1⁄2 to £1454. Turnover was 80 tons. Load and
Spot
New York flour
200 lb. mack
$13.50n -United Prom.
zine were steady while copper New York Foreign
we cany. Prices closed today
in sterling per hong ton us fol-
lowes
- Tin spot
3-month
Copper Boot
Lead lat baik
Zine ist half
Buyers Sellers
70
745
74644
Canada
עד
10736
2071
P
Exchange
2500,000,000 dollars (over World War II by eight million gain, while per cent takes New York Sugar
As the picking senson began in August and new immigrants all sorts of bright and colour- ful dress
Invade the fields stooping to gathor the white gold,"
The
world
London Foreign Exchange
there wore still some New York, Blept, 1 flangors facing the budding in- New York
dustry: bests, production costs Montreal
Frankfurt England official
2.70-21/03
ka-id and marketing difficultles. 30-day futuros..
1.Jsbon 90-day futurar .. 212. Now Zealand
277-13/10 Yet Mr Hamburg Bream Paris South Africe
Other
Prem
WWW
179-1770 unchanged,Uniteasered to be nearer le filimand.
China Mall Speciál.
Stockholm
Press
London, Sept. 13,
2.7076-2.783% 3.744-3.74% 11.33-11.30
on
"
opo
and
In the sesalon. Potasts 7 por cent climbed one point to 249 sterling and 8 per cent roge half a point to £228.
Olla closed ender after early firmness.—United Press,
F
Exchange Rates
Market
sugar to
New York, Sept. 13. World No. 4 sugar futures day closed unchanged to one contracte.
6 The domestic No. contracts closed unchanged I point
higher
with sales of nine contracts
Both markets remained quiet dock and
featureless. The
however, striko more. Interest in rows and refined, dealers said Iran reportedly purchased a cargo of Cubans relined. Contract No. 4 (World)
workers stimulated
Mar 1July
Dusiness was done in the local Mey unoffcial axctiatigo・・ market
this Sept morning at the following rain
pol-(conta per 363" "foo" "Cline) Contract NO,
US dollar (per $2 0,00-80,00
Sterling notes. (per. 70.9011-00.00 Australian noter, (per Ri) UNDE DTX-9745- Indonesian rupish", (ver 200) 23: 1940. (May
Slam Ticalabar)(100) Aug
16.3099-74301L uncianredanUnited
Bingo (direita)
Indo-China plastrar· (per 100)
pot (tents per "it," "the
8.30
то,
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