THE CHINA MAIL, TUESDAY, NOVEMBER 8, 1955.
TRADE and
COMMERCE SECTION
Pagë
Autumn Budget Impresses Foreign HONGKONG STOCK
Egypt's Industrial
Programme
Egypt
Dalsicc
Cairo, Nov. 1
baw
decided In
ber Industriala- tion Programme with steri products from East Ger-
it wha
MANY,
announc toeta v
confræence after a belwren East German Vico-Premier Heinrich Ban and Egyptian Vice-Premier Gama Salem and Minister of Commerce Abuu Nossier.
Ermit
Eart
Herr Rau fold the press that #br existing screement be wren Germany and Egypt "will be expanded to the benefli of both countrira.“
Mr Nosler said Egypt will export cotton, textira and vegetables in exchange for East German steel pro-
ducts-United Press.
WORLD RUBBER PRICES
New York, Nov 7 Itubber futures today closed
her to 35 points of 389 **013-
1 polut
lower
with sales
tracts,
All but the nearby Deevničen futures contraels finished on the downside.
reported
Dealers most of the activity speculative with consumers holding of
Prices had been tłown Us much a vent a pound on mew- e quidation but ruled before the close 37
speculators,
Covering
by
Lently, spot No. 1 Rss streets
quoted at
cents, 4116
were Futures,
Dre
Mar
Mey
July
Repl
Dex
4025-40
3700
3: Der
35
34 25
SINGAPORE
The market
short-covering
was very steady
Futur
Closings were:
No rubber be th Nov
Des
Jua
No 2 rubber per 10
Nav
No
5
No 4
Spot uttry unfurledk
flanket rese
No
I Doir et une
LONDON
The market Wils
110-4361. 114-114
Kursquarefe44
115-118 114-115 10.110
1-18 HI-C
111 132
ancestors
with spot quoted at 331, pener
3er ID.
Prices
No. It t Seltlement hatise Term
Dec.
Jan./Mar
May/June
July/Sept
Traders
FIRST OBJECTIVE ACHIEVED
BY GOVERNMENT
From Our Economic Correspondent
London, Nov. 6.
Now that the dust of battle has settled it is possible to tot up some of the preliminary results of the autumn budget. In one way they are fairly favourable to the government. After months in the doldrums sterling has reached and passed the official line of parity with the dollar.
It is only fair to give some of the credit for this turn of events to the govern- ment's latest measures against internal inflation. However unpopular they may be at home they have deeply impressed ¦ foreign businessmen,
11:1
the
1
Bulla lan antagommoseel fat this coming farm the sparke
4 large hat jen tak af the British pubile and peace ven store diffholt for actually helped neteve, gustin-
These the moderate element of trade WAN POVd any
edes slapo Intilat
to urge upoz folless the need for Pourque 5 Be bowlge war | 11
dom, kang wangs elugano. Bad Mistake
“
**** tering
The in Jap 51 Burlers w 14. Potion to man ta ther value of the penind ano ng the sing action. Hy min
ax Uran male revere Ban was Stay
Beer MANY
they doubly insured that dhe djus red amprene rion worth be made abrol
11t
General Motors New York
\US $1 Dividend
New York, Nov. 7. General Motory rode the
crest of
another
sharp
stock rise today by deolar- ing a 1-2-share dividend that gave the
500,000 stockholders record
company's
earstings for year.
Stocks went up a
total on the
of $1,000,000,000 New York Block Exchange today, and soon after the
the trading ended
GM Board of Directors voted the lyldend
$1
The dividend will bo worth a total of $278,083,- 500 on the company's new stock, which was issued on
three-for-one basis. The record
GM Lotel dividend
for the year will amount to more than $005,000,000, The giant Antemobile
concern thum has swept the board for Industrial records. The Corporation already had
རྣ} records for sales, carnings, production, cm- ployment, payrolla and laxes.-- United Prem,
NEW YORK
COTTON MARKET
today
Stocks
Show Billion
Dollar Gain
New York, Nov. 7.
Blue chip industrials paced the stock market in another billion dollar gain today.
Du Pont rose 4 points, Sears Roebuck, Jersey Standard, General Foods more than 2 points each, the last two selling ex-dividend. Eastman Kodak, Procter & Gamble, Westinghouse Electric, Inter- national Nickel gained a point or more, the last in response to good dividend news.
Chrysler had one of the few joases of any size a drop of nearly 2
the polr.is reflecting directors fallure to split The rich lust Friday. In the same General Motors closed group unchanged as traders hesitated in advance of the GM dire. tois meeting after
the close today at which a
a year-end extra dividend of $1 a share was ordered on the u༢*༣༦
resulting from the three-for-one split.
Wall Street saw in news of The Impending public offering af Ford stock a vote of confidence in the industrial future and this helped strengthen market senti- ment.
Average
Industrial
as a group over- New York, Nov. 7.
aged 3.23 higher and at their Cotton futures moved This was a bad paychological
best since September 28. mistake and it has
moderate not been lower
in
Itails gulned 0.95 to their entirely retrieved by the sub- dealings.
best lovels since September 30. that TOWN
Industrial gains ranged to mor Proti-aking sent
and increased to be removed from all house-hedging near the close dropped than 4 points In Union Puelfie.
Utililles
kept pace hold goods except thire mase prices as much as 51.50 a bnic.
with et metal
The list finished li
gain of 0.12 lifting their over- to 30 lower. puinis
two to its best since September Opened
23. to 14 higher
points points pressing seesively large wage lower. the
of New Orleans closed 14
total 1,172 Issues tradedi. ♫ most a
to 04 points lower.
563 were higher, 370 lower. serieur was the tipas: Inken by The market
opened inixed Trading was at a good pace Ship-
and active
with nearby months most of the session, although holding steady as mill buying using near the close in re and Liverpool struadle cover flection of pre-holiday con. The Exchange will more than absorbed hedg- siderations, ing ing and Liquidation. Trans-be closed for Election Day to-
The recovery of sterling draw- ever is partly due to the vom was preceded the budget The dimmutie improvement of gold and doli position was th mo! impurtant of these
Gold Flow
Gold was netually flowing into the reserves ih October -the Bed | lime that this has happened for several months. The net loss of $48 million was calcuated after
ut $80 41400 taking account which wZTEN paid curling thonth to the European Pave main part seuleme
of the sterling area's
The
There are signs that the bud- get in to be made an excuse for
claims
The
latest and
Confederation
building and Engineering Unlofs when they began talks with their employers for wage grenses for theje Urree million SENIO members
and
dow ferring from the nearby Until the budget thete claim
liveries to far-off months push- was for a which would have cost the in-
10 per cent interested the distant deliveries down
made 11
wardi.
Alt Al
months
the after
WES
relea
dustry
additional £100 million a
But yea in wages, when the talks began the union
that this then trimm ch 14 Anal Agure, they said would not roade until the
ading,
deflent with Western Europe in invrely
September
D
The important fact-at which; ffect of the budget the rest due note was taken overseas of Ivank round be mor
was that the sterling area ban, accurately assessed.
Nation's Hope
morrow.
on
lower In-
Turnover of 2,230,000 shares compared with 2,430,000 on Fri. day.
Cuppers shures were among the day's strongest performers with guins of 4 points
in
EXCHANGE PRICES
Business done on the Hong- kong Stock Exchange this moming amounted to $1,030,000. Noon quotations und the moming's tranæetions:
SHARER BUYERS SELLERS BALES
BANCS
IIK Bank
INSURANCES
Union
Lombard
105
0-90
8888
BO 3100
C. Light (0) 21.40
Light (N) Eectele 2014 2014
Telmhono
INDUSTRIALS
Current
.... BIR ·
1400
..... *475
35 2000
3000
34.75
1920 100 1040 1930
"Textiles ****
2000 to 14.00
Nanyang...
8.70 0.40
P
91% 3400 op 9.00
1.20
DOCKS, ETC.
14
2015
K. Whart Dock Srovideant
(Old)
Wheelock
LAND, ETC.
Ik Hotel
JIK Land
14% 14.70 373 14.50
STOVUS, ETC.
Dairy
Watsons
COTTONS
000 0.10
1000 9.00
500174
17.20 17:40 300 @ 17.30
00 0
870 00
500 00
800 à 00.00
MISCELLANEOUS
Alitod
Exchange Rates
300 00.50
Fontty
2.000 2.10
RUBBER Trust
UTILITIES
Tron
10,000 200
done in Busincro Was
the local unofficial exchangy market morning at the following rates U.B. dollar (per 833
this
3,60
Sterling notes (per £1) ............. 16.47
Motorola Ins.
Y
29.70 Forry 103 1:00 4:00
Australian notes (per £1) ... Indonesian rupiah (per 100). Slam icals (per 100)
13.43
13.80
24.74
40**
National Can Beg. "A"
100 103 Singapore (Stralts)
1.79
National Istillers
National Dairy Prod.
1091
National Lead
National 9ted Corp
New York Central On Mathieson Oth Elevators Pasific Gre & Elec Owen-inois Glass Pacids Western Qui
an American Airways Paramount Pictures Parke Davis Co Penny JC. Co Peron, Salt Co. Fall Petroleum Procter & Gamble Co Pittsburgh Plate Glass Publicker Industrier Pure Oil
Itadio Compotullon Republic Steel Reynokis Metal Shell Oil Co.
Saint Reg. Paper
Suclair O
Secony VacYKITI
South Porto Rico Sugar Southern National Con Southern Railway (Com) Standard Brands Standard Ou of Cal. Standard Oil of Ind. 9tandard Oil of NJ. xd) Sterling Drug Co. Btokely-Van Camp. Studebaker-Packard Cory. Swift & Co. Техая Со
.....
This Water Ano, Oll Twenty Century Pux Fi Union Carbide
Unkan Pacific Railway
United Aircraft
U.S. Gypsum US Line Cu U.S. Rublier
US. Smetting US Steel Warner Bros Wert Ve, Pulp & Paper Westinghouse Electric Woolworth
4423
3
304
pd
4071
77%
46
R21,
30
443
40%
497
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Lexy London
Sailed
Outward "CORFU"
"CANTON"
"CARTHAGE" "CHUSAN"
9th November 7th December
10th December
Bus Hangrang
14th November
12th December
9th JanuaIJ
14th January
Via Bouthampton, Port Ball, Adeo, Bombay, Ohlombo,
Penang & Singapore
Leaves Hongkong Due London
19th December
11002
105
Bomewarde "CORFU"
18th November
"CANTON"
"CARTHAGE"
18th December 13th Janitayy
10th Jantary
13th Nebraty
**"CHUSAN”
30th January
27th February
4012
40%
United Prest
Singapore
Stock Market
Co
Opening
$1.00
43/0
Smelters
Betti BoeTIE Petroleum
Syndicate
470,58 16337 Cosolidated Tin
04.20 Ond
-76%
Inoved opening ereased liquidation and hedging Magma, nearly 3 in Miami and
trade sup more with only limited
thon a point in Ken- port in evidence except in the
deliveries.
Trading Tolt. ucurby turned dull in the afternoon.
Bond volume on the NY Ex-
Singapore, Nov. B. change was $3,570,000,
Brokers today quoted the fol- Most truders
looking were
Volume on the American Ex-lowing stock prices. ahead to the government cotton change was 760,000 shares.
Batu Lintang Rubber crop report tomorrow at 11 am
Dow Jones closing averages Ltd. EST. The Exchange will remain were as follows: open tomorrow,
30 Industrial A leading spot house reported 2 calls continued good demand from 10 tities mills for ection
65 Aleks in the Atlanta 40 bunde area Lust
It added that Comm. future price indor weck. movement of cotton into the Comm. pot price index
this #ren continues Mouly's Index heavy with sales confned mostly hope of ever to cotton that is ineligible for seeing the end of inflation must the loan. rest more than ever on the
The Art also reported moderate men in the trade union increased mill interest In the
unenviable Atlania area. lask is to make their followers readre where Interests ie.
A surplus of $20 int!lion in as¦ 33-31
Irming nevount with the dollar. 334-304
area 3396-321% 316-31% 301.-31
2294-33 3214-33 .... unqualed
General mikeb, est banim, ports
Nuy.
Dec.
Jul
Eitula crepe all unquoted
AMSTERDAM
The market war czasier Prices closed today in guilders per Klio- gram, cit November as follows: 3.18 paldi
No No.
rubber
rubber
No. 3 rubber
No.
спере
did pato
100 годи
3.50 hom
tinated PreRS.
Alberta Crude Oil
Production
Calgary, Nov. 1. Alberis crude oil
production ahowed its fourth consecutivo advance in the week ended October 24 and was 5,401 barrels daily from the alltime high of 301,493 b/d set last July. Out- put from approximately 5.000 wells in the Province showed only a gain of 132 b/d to 370,092 bid, but was nearly 150.000 b/d higher than a year carlier.
Conservation increases Authorities allowable production rates for November indicate that still further increases
This helped strengthen ste lag 10 the first few days this month and reinforced MOVE- ment which was afrovy under
Kold
the
Way
The marked weakness of sterling during the summET which caused such heavy and dollar losses during Wird quarter of the year --- was due to widespread and per- latent rumours that the British authorites
were planning tu the value the
At pound or least widen the margins within which It is free to fluctuate.
These
Jave since been scotched, but the effects of the prolonged run on sterling which they touched off are still being felt.
A
at
who
** If more unions take the une that rereases in taxation auto- maiteally provide grounds for demanding extra pay the initia!
༣༣། SUCEVERS of the budget will prove short-lived. The nation's
Ricvement whose
their own
Fractional Losses In London
מן
DE
Trading volume and open in- best terest in the Exchange today
London, Nov. 7.
British bustnessm needed dollars to finance in- ports later in the your advanced their purchases by month or two. This increased the pres- sure on sterling at the time but sure on reduced it later on when these The Middle East uncer-]
of purchases
dollars would
nade. tainty and general pcasimism have
been normally
the London Exchange Commercial demand for dollars' hit was therefore
conectitrated in
in today, and most sections short period instead of being turned in fractional losses. spread over several months and this accounts for the present
British Government stocka unseasonable slackness of de-
ummeted on threats of a re newed government muecze on croat. As a group, they fell to a level about £2 above the lows of Sept. 5, this year-lowest since was established in 1926. Losses ranged over £1, Nevertheless it is doubtful and War Loan fell 25s to £70%. in dally whether the recovery of sterling OX Consols lost the samo
The would have been averages may be expected.
so sharp f gain in production for this period these other factors had not been amount, closing at £60%.
Fractional losses were the rule results mainly from the opening reinforced by the British Govern-
Stects and emong industriala. znał
store shares were department
Dutch had an Royal
British Petroleum last
mand for dollers now reported In the London foreign exchange market.
Advance Approval the Index
of now markets for Alberta ment's determination to
more demonstrated
active
Closing Prices
Allied Chemicals
Allied Mills Inc.
Allis Chalmers
American Airline
American Cyanamide Co. Am. Mach, dry, American Metal (Kd.) Open_interest American Smelting
304,300
Am. Bugar Ret S American Tel & Tei American Teb. "B"
Work:
Month Dev Mar.
Volume
34,300
43,206
500,700
May
18,500
220,000
July
20,100
101,600
Qef
0,900
90,000
Doo
5,900
DO 000
Mar.
2,000
17,900
Total
150,000
1,000,000 bales
NEW YORK
Anaconda Copper Annoo Steel
Armour
Baldwin-Lima-Ham. Baltimore & Ohio
Bendix Aviation Corp, Benguet Cona Doinichem Steel
Prices of futures closed today Boeing Airplane
34,79
33.45-46 32.43-44
31.11 29.10
Borden (The) Co. Burroughs Add Machine Canadian Pacile R.
C. I. T. Pinancial Cer
160.37 Proper & Neave Ltd. Ord.
19.10 Froner & Nerve Ltd. 7%
cum, prof.
Via Bingapore, Pettatig, Colombo, Bombar, Aden,
Fort Bald & Loudon
* Also Calls Marseliles.
FREICHT SERVICE
load 10/11th Nov, for B'porn, P. Swatten-
ham, Penang. Colombo Aden. Pert Said, Geoon Marselles,
“Casablanca, Ilavie, London,
werp
Hamburg
Rotterdam
Ant-
"BUNDA"
"SOUDAN"
due 13th Nov solla 14th Nov
from UK
for Japan
With liberty to call at Delawan before or after Straite Forts and at Bombay iş inducement ofSTE
Tanks available for carriage of Oil in Bulk. Space for refrigerated cargo. Limited Passenger accommodation
$4.00
105.02 Hangkong
Shanghai
398 64
Banking Coen. Konekord Tin Leo.
1/30
Kempaa "LAI
$1.00
Lunas Rubber Estate Li Malayın Brewerles
"WARORA"
$4.00
$3.40
$1074
| Raffles Hotel 소니다
Petang Tin
Tin Ltd.
New Berandah Rubber Co.
Ltd.
“SANTHIA”
61.00
$4.10
$2.40
| Bingapore Cold Storage
South British Insurance Co.
$1,70
$20.00
Strudis Trading
1:23.70
11340
United Eneers Ord.
310.20
"OBRA"
"ORNA"
$2.92
China Mail Special,
"OLINDA"
**OKILA"
24 Strait Steamship
Wearne Bros
New York Sugar
Market
New York, Nov. 7. World No. 4 sugar futurcs closed today two points higher 144to me point lower with no gales
reported.
as follows:
Spok
Doc.
Caso (7. 1.) Co.
r
May
Cat, Tractor
July
Oct
28.01-02
Celanese Corp.
Dec
20.37
Мат.
za.in
NEW ORLEANS Prices of futures closed us follows:
Chare Manhat. Bank Chrysler Moters Colgate-Palmolive Co Commercial Credit
04
Commonwealth 100, Consolidated Edison
Spot
52.43
303.42
1.13
Mar
May
July
Oct.
The
Mar.
LIVERPOOL
today Continental Oil of Del.
Conunontal Steel
Corn Products
Crane Co......
Crown flerbnefi
Cuban Amer. Bugar
29 20-21 | Curtis Wright
20.64
Closings, American middling,
Diamond Alkali
Dow Chemicals
Dometic No. 6 sugar futures closed one point lower to two points higher with sales of 10 contracts.
Both
world and futures were dull.
domestic Sales in the domestic futures market ap. peared only in the March de-
3 Hvery. Futures:
Contract No. 4 (world))
March
May
411
July
20.4%
5431
25.10
Dupont de Nemourd
Sept.
$20
230
Eastman Kodak
Spot-(cente per lb. fob
Eric Railroad
Cuba)
3.23
General Foods (ra)
Family Finance Corp. Gentral Electric
Contract No. 6
Marchi
534
May
040
28.00,
General Motors
July
5.50
Gen. Pub, VIL
Hept,
34.20
23.40
Razor
Spot-(cerita per lb. elf My
Cikkien Co.
23,00
x-duty)
Goodrich (3, P.) 20.
2846
24.00
Hömstaka. Mining Co.
in penen per lb, were as follows: Old contract
Doc./Jan.
Mar/Apr.
May/June
July/Aug,
MAY/JUNG July/Aug. Oct/Nov.N Egyptian Karnak
JunyFab,
crude oil. The wider geographie tain the value of the pound notably easier. Olls were ersalic. New contract cal scope for sales has
by Ita budget. than offset what otherwise might | measures. have been a seasonal decline in Approval of the budget as session, and closed higher by demand.
Fastest growing oil field in expressed in advance of sterling. Canadia is Pombino. Its output judgment on the British Govern- Mining shares came in for that of ment's measures to grapple with buying support. Gold shares second only to Rodwater and has been abend inflation.
firm, with Orange Whatever they feel were
firs of the Ledue-Woodbend flow.
now about Britain's economic State's, tusuca showing strength, per kilo were as follows: The
businessmen Doliar stocks were marked up
is, however, only an Interim
On Company prospects, foreign
of its fourth well, on a 320-first sign of weakness, nero tract in the Pembina field
for the covering
foreign numerous gains...
Gillette Safety
Good entert Heyden
23.80 ingersoll-Rand
· 42.90
| Jaland, stée)· Co.
Inti Harvester nada Inferriational- 2012
International Pader
SAO PAULO, Future closing, in crizeiros
Dac.
bonda
Mar. May July
feri 2et dags John-Manville' C
druze 2800 Kerroots Copper
PAG. 28.07A KEEN Meyers Tob. Co.
It is for this reason that the score. But ahead smarily under average price of 15/18 middling: Louisville ✯ Nachreille R. high ||
Croemen
In the United States, the Loner: Gemarsi, Co. The wall flowed at the rate of Imposition of purchase, tax on bonds went
the leadership of Potma 61⁄2 per ection, at 6 14 denganfodi, spot | Scanjet son DorDI. 1,752 barrels daily through a household goods has been half-inch choke from 0.290-0,901 strongly criticized. For the ke cent, which gained, 64), Jupary murients wer not available. Sakai permite tipo food and from 0.289-5,272 febt-of syphoning off an insignificant ose 1930's also closed higher. Et 13 of these markets totaled min | Everskapene Chitm Mall Special.
amount of sponding power, Mr United Press.
|31,981 Baler ----United Press,
Tarola Chemical Co.
-United Prosa,
London Foreign
Exchange
New York
Montreal Antekerdem
Qdo 4...
Ezurich
Loden, Nov...7.
10%
80.0011⁄2-30.004%
Others were unchanged.
Chit-
BRITISH INDIA S.N. CO., LTD.
sails 10th Nov. for Singapore,
tagong & Rangoon saits 27th Nov. für Singapore, Penang di Calcutta
P. & 0./B. I. JOINT SERVICE
diye But Nov. from Bombay & Karachi Baile 9th Nov. toe Japan
loads th Nov.
for Singapore, Calatubo, Karachi Bastah, Khar rammababa de Kuwait
loads 20th Nov. for Singapore. BOM-
BAY & Karachi londe 2nd Dec. for Singapore, Madras,
Colombe Bomber Karachi
EASTERN & AUSTRALIAN 5.S. CO., LTD.
"NANKIN**
"EASTERN"
loads 8/7th Doc. for Bandakan, ZABAUL,
Brisbane, Sydney, hey bape & Adelaide dao th D from Australia salta lith Dec. for Japen
All vessels have liberty to call at any porta'an or off the route & the route de miling 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.Ö. Box 63 • Queen #74N
'FAST:PASSENGER/FREIGHT: SERVICE**
"LAOS".
VIETNAMIKEA.
"INDUS"
to New York Forolgi akehinigé "MEKONG"
anteis United Press.
WETO
not available
sailing Doc. Brd
sailing Doc. 31st
Balling Nov. 9th salling Dec. 9th