TRADE and
THE CHINA MAIL, FRIDAY, SEPTEMBER 30, 1955.
COMMERCE SECTION
A DIP-THEN A RECOVERY
Shares Close
Levels
Hongkong
Below Best
VERY SLOW IMPROVEMENT
By A
Spécial Correspondent
slightly
★The Week's Moveinents
Share
Hank Union MK Wharf Wheelocks I'rovidents ik Dook Hotel Land Yaumau HIK Tram Lights (0) (n)
At A Glance ★
Up
Sept 22 Sept 26 Sept 27 Sept 29 or down 1730
----31744
24.40-100 23.30 -300
1725
1715
1725
1000-
990%
990%
72xb
73n
72b
9.85
0.80
9.50
10.10
10
15.80
та steady 9.75-100 15.00-200
20 18.80 6434x0 110
20.70
20.70
18.70
18.50
Ba
OL
65
110
118
23.00 2314
2434 24.400
24.10
116
29.70 +700 18.00b-200 +500 steady
23.10
18.40
1844
18
18.20-200
Electric Telephone
43
43
42
3434
3474
3414
3434
Cement
3717
384
304
38
Dairy Farm Yangtze
22.90
- 21.70
21.40
8.10
· 8,10
8.10n
43 steady
+250 ++750 21.70 $1.20
8
-100
They
Share prices on the Hongkong Stock Exchange took a sharper dip this week following the crash on the New York Stock Market. Falls ranged from $10 in the bigger issues to about 30 cents in the smaller ones. And then the market began a recovery.
At the close of business yesterday not all the losses had been redeemed, but the market closed on a steady to firm note at a slightly lower level than last Thursday.
I said share prices had taken a "sharper dip" this week. did, and although losses on the whole were only moderate, last Tuesday's rates were only fractionally higher than those ruling at the end of last month when the market depression was at its lowest point.
up
down gradually for reveral weeks now, The share was as high as $1,070 but been slipping for the last months.
has two
The conclusion to be drawn Let's go back a bit; if you edging from that is that the improve-held say 400 shares at the time merit this month has been poin- of the Inst interim, you should fully stow and the overall rise have received a cheque for $400 very slight indeed.
less tax. Since then there has been a new issue at par ($7.50) The wharf section on the I do not care to guess what
of one share for every four held. whole is doing well.
Wharves would have happened had the Now, if you'd taken
at $79 are steady. Providents New York Market not tumbled over
#suc
would
500. aro you.
have
20 cents down on the week so sensationally as a result
extra oran
-think 100 shares for at $15.00 but. I
they
y're The news of President Elsen- the
payment of $750. But ripe for a a ris-if you like the hower's illness. But 1 think
your cheue from
this year's look of the present trade nows Indicates interim yesterday's recovery
will and you're )) on 500 shares that there is sufficient support amount to only $300 less Lax.priced share
promises Æ to keep the market at a slightly and if you didn't take up the good return-then China Pro- bigher level than at present.
issue, $240 less tax.
vident is the one. It's a ver- sutile company with some good profitable sidelines and I hear i is doing well, Docks, the third in the
I hear that reduced earnings, Why did the Hongkong market
the renet at all? I put the question party if not largely from to brokers. One said: "Purely cold storage department, forced psychological". Another said: the company to cut its interim "Some of our chaps got windy distribution. when they heard that the losses I said this wasn't a terribly start to the week. It's on New York amounted to $11.-bapply 000,000 000," But perhaps the not the kind of news to promote that vital that Investment, to lay most feasible answer
of confidence that is so many Investors
the im-basis gediate possibility of President necessary if the market Eisenhower retiring from politics make a recovery to the levels it and with it a change in Americnoyed in the mid-year boom. can foreign
ign policy affecting the
19
suw
For East. I was doubt, uneasi
More Active
3 for a low-
whert section, rose 70 cents on the week to $29.70 on further talk of a land sale.
to
Chicken's Feed Wheelocks fell ten cents $0.75. To the hardened Whee tocks fan, this fall is chicken's
c
ness and even tear that caused i A glance at the panel shows the fall-but. happily. the market kept its head and you that this week there
lower
USING MORE SYNTHETIC
RUBBER
of
New York, Sept. 29. U.S. consumption natural and synthotle rub- ber in August totalled
120,590 long, tons, according the Rubber to figures by Manufacturers Association.
The total comprised 48,315 long tons of natural rubber and 72,275
long tons of synthetic rubber (including 50,774 long tons of OR-S).
Revised détails for August last year were 37,997 lang tons of natural and 43,110 long tons of synthetic (Including 32,398 long tong of GR-S)-China Mail Special.
Mr Butler Plans Further
Steps To
Strengthen The Economy
London, Sept. 28.
The British cabinet's policy is to defend sterling and to relieve the internal overstrain by giving the existing measures time to work through the economy.
ทท
In-
in hire-purchase NEW
at
YORK COTTON MARKET
WORLD RUBBER PRICES
The end-product must be to step down from over-employment to full employment though this cannot of course be publicly announced.
The cabinet has undoubtedly Part of this new attraction is lower prices than they can be
of British condi- bought elsewhere. discussed the further measures independent
relaxations, Given the new tut could be taken if needed. tions.
revival of confidence in Britain Let's face it: if you buy
They include culs in national Foreigners do not need con- and in sterling may powerfully Wheelock Mardens you are
of and service, defence,
foreign buying other Adence in Britain or in sterling influence sportsman. That doesn't mean Government
expenditure to buy dollar-clause Japanese or other sterling securities.~~~China you're a reckless speculator-but
and farm German bonds in London cluding the housing
Moll Special, one who delights in matching subsidies; wits with the unpredictable, one
further. restrictions were who revels in the glorious
Predits; measures to deter un-private ihree shares steady, ten
capital expenditure; waited for the next day's news-
and four higher than last week's certainty of life, one for whom further cuts paper.
And when reports spoke con-closing rates. The weekly turn-ara dull routine and prescribed a higher Bank rate; a November Adently of President Eisenhower ver is up from $4.3 million to dogma is anathema.
Most shares on the Hongkong budget: and Import restrictions making a complete recovery, the $7.3 million. Some of this in- market took the cue and decided crease--but not all-ts due to market are, in a sense, predicts and other physical controls.
The market trend is not. If feasible, the cuts in the fairly heavy selling pressure able to do
But always.
with it was also a good time
Wheelocks, national service and other on Tuesday afternoon when the something about its Own re-
never quito certain, Governanent sper.ding will be covery. And share prices began full effect of the New York fail you are
when there is every good reason node, since they are Inde- known became
in gilt-edged
the world to anticipate the
section,
un pondently desirable. move, yesterday upwards or downwards Dairy Farm Dividend Banks closed better
that offering
they will conform to your $1,725 buyers with Apart from
York and no sellers in the lists. There expectations, the New
Look at them now. Why been this has not
was a sale yesterday of $1,725 crash, terribly happy week for Ice which makes them up $10 on shouldn't they rise? I mentioned
Crisis Unlikely House Street. It
with Tuesday's low but $5 lower than recently that repayments from
the loans to Japanese
shipping the news of the
Farm last
price. week's closing
Interests were
They will be needed only it were coming in at a cut Brokers tell me scrip was fairly pleasing rate (sorry I cannot be some interim dividend. It
external At the close October ruted 9 from $1 to 00 cents und in-easy
until yesterday more specific). I to ge
know
that crisis blows up before the exist-points higher while the rest of vestor's disappointment
have time to the list was oft 3 to 21 points, ex when it became scarce..
Unions sold at $9824 which is charter rates and freight rates ing measures
mwork. pressed itself in a fall of $1.20
Opening prices were unchanged which benefit the com- of $17 down. Sellers have been
lo up 4 points. New Orleans In the share.
pany considerably-are high, in
me charter
closed off 4 to 10 points. fact, some
rates double those
to rise.
began
Dairy
WDS
In
New York Stock
Mar
Stocks carried their session at a moderately:'
Dow-Jones Closing averages wi as follows:-
30 industrials
20 raila
13 utilities
#3 stocks
40 bands
Comm. future price index
advent active
ope
Int'l Business | Int'l Harvester
A1.00 International Ni
455.45 Aternational Pap 14357 Int'l Tel & Tel 700.27
John-Manville Co.
08.40 Kennecott Coupes 154.33ggett lievers Tob. Co.
Lockheed Algeraft
Loewe Incorp.
Cement
Closing Prices Love & Navale .
Allied Chemicals
Allied MUG Inc.
Allis Chaloter
American Cyanamide Co.
Am. Mach, & F dry.
American Meini
American Smelting American Tel & Tel American Tob. "D" Angeanda Copper
|Lowenstein & Sons Memobi Iron Corp. $10912ontgomery Ward
373 Inc.
Cash Reg
55% Nationary Prod.
$115 Nasional ders 251National
National Love
National Steel Carn.
New York Central
Yet since Septemd last year. 8..the share
has fallen 85 cents. Why? Your special correspondent would be the last to venture a reason. Possibly general market Un- certainties.
All the others are heavy guns in reserve, to be used only if needed.
serious
new
This is very unlikely since the sterling devaluation rumours have no foundation and should cense now that the IMF other international gatherings have duly passed off with the expected boredom instead of the rumoured sensations.
New York, Sept. 29.
today Cotton futures moved irregularly lower with the early deliveries going to life-of-the contract lows.
Nearby months showed relative stability reflecting: 1. a sharp increase in producer loan entries: 2.
covering in October; 3. month- end mill buying.
Singapore, Sept. 29. The market opened steady but later cased off on spécula- tive liquidation and lack of overseas support.
Future closings were: No rubber per ib.
No rubber per 'ió."
October
November
13036-13034 139-130%
No 2 qubber per
October
18.
13514-13849
1334-13374
127-120
13044-139%
106-109
October
No rubber per lb.
October
spot rubber unbaled
Blanket crepe No 1 pale crepe
1404-14115 United Press.
LONDON MARKET -
London, Sept. 20.
Hedge offering und liquida- The rubber market was quiet tion upset the later months, with spot quoted at 40% pence with additional selling prompted per lb. Prices: by weakness of
FOB.I. E&A
COMPANIES
PENINSULAR &
INTALS.N. CO.
PASSENGER/FREIGHT
Dutwards "CARTHAGE" "CHUSAN"
"CORFU"
"CANTOŃ
Leaves Ensidon'
Likeď
30th September
18th October
AVICE
14th Novem
9th November 12th December
Via Southampton, Pure Bald, Adon, Bohiday, Colombo, Penang à Singapore
Leaves Hongkong Due Londom
flamewards "CARTHAGE" 21st
"CHUBAN"
"CORFU" "CANTON"
October
2nd November
21st November
29th Novembor
18th November 1911 December
10th January 18th December
Via Singapore, Penzog, Colombo,' Bombay, Aden, Port Bald & Lendon
FREIGHT SERVICE
1st Oct. valls 2nd Oct.
đua nth Du salis 18 Oct.
"SUILLONG" due
"SUNDA"
"SHILLONG" toada 25th Oct.
'from U.K. via Straits
Jae Japan
fram UI via Straits tor Japan
For S'pore, P. Swotten- ham, Penang. Colombo, Aden, Port Said, Genos Marsellos, Havre, Lon dan. Antwerp, Rotter dan & Hamburg
With liberty to call at Belawan before or after Straile Ports and at Bombay if inducement offers. Tanks available for carriage of Oil in Bulk. Space for refrigerated cargo, Limited Passenger accommodation
BRITISH INDIA S.N. CO., LTD.
"BIRDHANA" dum 4th Oct.
"SANGOLA"
“FULTALA"
wails $1) Oct.
due 5th Oct.
walls th Oct.
due at Oct.
Kalfs 0th Oct.
from Japan
for Singapore, Penang' Rangoon & Calcutta from Calcutta, Penang & Straits
for Moji. Yokohama, Nagoya & Kobe
from Japan
for Singapore,` Rangadu & Chittagong
P. & O./B. I. JOINT SERVICE
"OZANDA"
from Japan
In Port sails 30th Sept. for Singapore. Colombo. Karachi. Basrah, Khor. ramshahr & Kuwait from Karacht &`Bombay for Japan
"ORNA"
"OLINDA"
dus at Oct. 0th Oct. due 24th Oct.
alls 24th Oct,
from Karachi, Bombay * Coent (or Japan
EASTERN & AUSTRALIAN S.S. CO., LTD.
"NELLORE"
“ARAFURA"
due 3rd Oct. #aile - 4th GAL
from Australia for Javas soils 5/ü.Oct. 'for Bandakan, Brisbane, Sydney, Melboume & Adelaide
All vessels have liberty to call at any parts on or off the route & the route & sailing, 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
Queen's Building Tel; 26631||
P.O. Box 53
FAST PASSENGER/FREIGHT SERVICE
409-4012
Settlement house term:
November
December
January/March
40-4014 3910-30% 3714-3713
"VIETNAM” "CAMBODGE" "LAOS"
Bailing Oct. 8th
Bailing Nov. 5th
sailing Dec. 3rd
April/June
FAST FREIGHT SERVICE
sailing Oct. 17th
Batting Nov. 7th
Liverpool No 1 Rea spot ........ futures, plus larger crop estimates
and uncertainties about disposal of the huge gov andernnent surplus of raw cotton,
rc-
The Yangtze dividend of 70 Na devaluation or other tum- cents (unchanged) will not help pering with sterling is in pros- them. Many people were say-pect in any foreseeable future.
that if
All the existing internal me ing 'n few weeks ago Yanglazes increased
their rures, which are drastic hird dividend, then an increase in the all the still mare drastic ones
Wheelocks dividend was certain, | which are being held in 03 Yangtze Finance is a largo sorve, aro calculated to wheelocks sharphelder and a strengthen sterling and not chum bi ste Wheelock family merely to falsify but to stultify Now those people are not so the
nonsensical devaluation certain of a bigger alico of the rumours. 2012
profits and the speculation is mathat Wheclocks will pay an un-
changed dividend also.
F10
201
A Good Buy
Looking ahead to the next government Crop estimate, some traders staricd to discount an substantial increase.
Trading coluran and open in- tcrest
General markets, clf basis, porta!
October November
In the Exchange today New
Volume Open interest
The relaxations on foreignMonth holdings of sterling securities, announced on September 5, are Mar. nn important gesture at cori- hidy July fidence by the Bank of England, My faith in the share is not comparable to its similar
Oct. ЕСБ- Dec. shaken by speculation. And I tures
during the September Mur.
and Total
were:
Oct.
10,700
34,400
Dec
31,400
701.100
10,000
382, 400
15,300
424,000
8.600
212.300
3,000
212.300
1,100
41,209
200
4,000
77,500
2.029,600
bales.
United Press. NEW YORK PRICES
481don't care whether the company seasorul pressure, in 1953
raises the dividend or not, but i 1054. (still think it
blocks
Tri | at today's price, you've got your- A Step Forward Wi1⁄2 self a good buy.
New York, Sept. 20. Prices of cation futures closed today as follows:-
33.3-4
40%-40% "PEIHO" 40-4014 -United Prem. "INDUS"
York Sugar Market
New York, Sept. 29. World No. 4 sugar futures closed unchanged with sales of 15 contracts.
Domestic No. 0 sugor futures closed 1 point higher to points lower with sales of 33 contracts.
World futures ruled quiet and steady. Thirty-six trans- ferable notices lizded, against October were promptly taken up by trade interests. Trading in domestic futures lacked definite feature, dealers said.
GO
180
775 Om Mathieson
14
Que Elevators
a
Armco Steel
40%
Owen-Itinois Glase
121
Armour....
14
Pacific Gas & Elec.
Holdwin-Lima-iarn.
134
Paclita Western Öll
4212
Balmore & Onio
473% Pan American Airways
181
Bendix Aviation Corp.
Paramount Pictures
30
Denguet Cons
1 Parko Davis Co.
Bethlehem Steel
154
Penny J. C. Co.
10
3914
Ebeing Airplane
01
Penn Ball Co,
in
Borden (The) Co
Philip Morris
1
In the Blue Chip section, actually a step towards conver- Electric, Telephono and Yau-tibility, mati held firm at last week's closing rates.
Lands have held Arm
The incasures include this week at $85 though they dippedication of all sterling securities.
dollar, on Tuesday, recovering
fact of the In the
chatter about devaluation, this yesterday,
un!-
Spot Oct
31.801
is
Dec.
322.77
Mar.
33.00
May
July
32.10-12
It
Burroughs Ada Machine
201
Philips Petroleum
Canadian Pacing R.
33% Procter & Gamble Cu
Card (L. Kì cả.
14
Publickar Industries
Mar. Lights, old and strengthen transferable sterling, it convertible inte new, and Tram were fractionally by making 222 easier on the week.
American switch, which it was good not before.
automatically
tonds 10
Chet.
22.00
Dec.
32.00-
Future#:
51.37 -United Prew. NEW ORLEANS PRICES
Contract No 4 (world)
October
3.231
New Orleans, Sept. 29. Prices at cotton futures closed
March
3.21
May
C. I. T. Financial Corp.
July
3.21
43
Pure O.........
Cat. Tractor
Chare Manhas. Gank
Catanese Corp.
Chrysler. Motors
Cotato-Palmolive Co.
Consolidated Edison
Continental Oil of Del.
Continental Bleel
Cord Produeta
Crown Zellerbach Cuban Amer. Sügor
Curtis Wint
Diamond Alkali
Dow Chemicals
Dupont de Nemours
Paso Nailonial Cas
331% Radio Corporation
Republic Steel
Saint Test Paper
Binciale Oll
Bocony Varuum
Southern National Che
1716 | Southern Railway (Cơm.)
6344 Standard Branda.
Beptember
3,23
21
011
Shell Oll, Co.
23
4017
South Porto Rico Sugar
1st
Blandani Öll of cal.
Standard Oil of Ind.
40***
Standard On of N.
11
the
they've
added
them
with Con- or with trans-
Бров
Dec
than
Mar
May
July
Oct.
Dec.
Epot (rents per in. fab
5.28
33.00
Contract No 6
November,
March May
United Press.
Spot-(cents, per lb. off NY
ex-duty)
-United Press.
0.50
8.50
1
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.
2014 Riudebaker-Packard Corp.
2015 Swift & Co.,
Texas Co.
80% Tide Waler Asen. O
Cements gave another performance and under strong It makes all sterling securities
buying pressure added another more attractive to Americans, today as follows:- 75 cents this week to touch $38.who can buy
There is a talk of good contracts tinental switch
the offing and with the big feeble sterling, cheaper demand for cement in Hongkong the previous rate for "American and Southeast Asia their pro-switch. pects should be good. In inst fortnight 401 $1.50.
2349
mayNew York Foreign London Foreign
"As all forchin-owned sterling Accurities can now be switched to dollar countries, the relaxa- In the rubber section, Amat-ons of September 5 gamated and Trusts closed lower oventually cost Britain'
The raw rubber | more dollars for interest 10% on the week.
387 price in Singapore fell from dividend payment's on the
148% to 143 Straits centar alb dwitched securities, on heavy speculative liquidation
Fastman Kodak
614
Brie Railroad
29
Twenty Century Fox Film
28
Family Finance Corp.
23%
Union Carbide
100%
General Electric
Union Pacino Hallway
107
General Foods
T01
United Altcraft
AbY
14434
U.B.. Gypsum
3
UN. Ling Co.
1936
General Motors
9. Pub. bul
Gillette Safely Razor
Oldden' CoLÊN Goodrich (S
tibodyder Fire Hayden Chemical Homelaka kining Co. OngermodMind) Intajohemiani Corp.
L.B. Rubber
21 UP. Bmelting
Water Dron
1704 | Wastinghouse Elddirie
West Va. Pulp & Paper Woolworth
the Malayan
some
.
and
Exchange
Exchange
· London,' Bapt. 19.
11/10
New York, Sept. 20.
2.76-1/10 378-11/32: New-York- 1-17/22 | Montpen):
И
30-day futures. Bday futures"
SARAN INT Zealand
following the announcement by But such payments to Contin- Canada
Government last ental holders were anyway cost.nd official 211 weck of a scheme to encourage. ing 75 per cent. dallas sines
Autralia Bup-country producers to sell August 1.
forward.
Meanwhile the changes will douth: Amales Amalgamateds closed at $3.123 bring in some foreign excharide, sojalum, against $2.80 Jas woon) and by making important blocks of' Uruguay, solt: Trusts were $5.30 (againal $3,325 sterling securiles more tirao Indi
last week);
tive for foreigners to buy, 55,
For Freight & Passage, please call: Tel. 26719 & 38091.
TAK KEE SHIPPING & TRADING CO. LTD. FU HOUSE, HONG KONG.
THE "POST" TYPHOON MAP
Mounted $5,00 Unmounted $4,00
and TYPHOON TABLE SE
Giving Bearing-dištance and time-distance for typhoons ilkely to affect Hong Kong, A ́useful adjunct to the "Post" Typhoon Map.
$2.00 Mounted
Obtainable
from
SOUTH CHINA MORNING POST HONGKONG-S: KOWLOON