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THE CHINA MAIL, THURSDAY, NOVEMBER 10, 1955.
TRADE and COMMERCE
SECTION
WORLD Present Outlook In
In NZ
NZ HONGKONG Reduction Of Natural
COTTON
MARKETS
New York, Nov. 9. Cotton prices today moved
a little faster along the up- side track as market senti ment broke away from the Influence of the giant-sized elop prosperf.
The Fally lasted after Tum day big pe cernurní predmetion ertrude grabar reef in mentum on the theory that the pre-burcnu fow
discounted a gond
of the top-heavy supply
the te beung
After stoung maximum adus
up to new $250 a hale, he later
deliveries gave
the rinse warden
day trade
realting But tout prices still rules op 11 to 43 peán a pet The moncker opened up 2 to #joints.
clubed up 2 to 45
IN རྫོནx{
145 w
Liverprint brokers, wha
D: mber og det sans of the lair mon he Colony (lb). der man tævet delivery equal to 8,061 30165
1 emb
ment w
Po fol at 14
almond
LONDON
British
MARKET
DRIFTS
London, Nov. 9.
PRESSURE ON TRADING
BANKS AFFECTING FINANCIAL NEEDS
STOCK
US Cotton EXCHANGE
Production For 1955
(From Our Correspondent)
Business done on the Hong-
ing amounted to $510,000. Non
Rubber Stockpile
US STUDIES 2 METHODS
Washington, Nov. 9. The President of the Natural Rubber Bureau kong Stock Exchange this morn-reported that Government officials were quotations and the morning's considering two methods of disposing of natural rubber should a decision be made to cut the SHARES BUYERA SELLERS BALES national stockpile.
transaction:
BANKS
NK Bank
Union
་
Washington, Nov. 9. The Agriculture Depart. INSURANCES ment today
estimated 14,843,000 bales of cotton, DOCKS, ETC. will be produced this up 916,000 bales or nearly 7 month's per cent from last
Auckland, Nov. 9. Pressure upon the trading banks to reduce Most segments drifted advances in order to stem the rising tide of imports lower on the London Ex- and check inflationary pressures has been carried change today.
to a point where reasonable financial needs are Government stocks | being affected, says The Australian, New Zealand
rally, but Bank Survey. mid-day the biggest losers at the
War Loun plummeted 25x In the year ended last June, total advances new low for the increased by a quarter to £NZ 180 million, but advances to farmers and private individuals (about half the total at the beginning of the period) in- creased very little. Nearly half the total increase was in industries allied to primary production, chiefly meat exporting concerns and, to a lesser pares with output last year of Royal! extent, woolbuyers.
L
X
1742 14
Other government stock? | 14 and 20s, between
dustrials opened stendy, art fin bad waster Bowater closed shillings, bBE st
down two
4
in the han shiling
After
lexa Lon were
forecast.
$40
1470 10 10:58
20 m
Writing in the current issue of the bureau's 1000 publication, Natural Rubber News, he stated that Government had not reached a final decision on reducing stockpile.
Ho stated that two plans being studied were:
year,
K. Whart Dock Provident (O Wheelich
02
10 100 68
28.00
14.00
0.05 1000 m 8,90
● LA
15.80 17.40 1000 u 17
5800 200 • 50
art 20 20.30
The estimate, based on rondt- tions no Now, when the crop was virtually all harvested, com-
13,000,000 bales and 10-year average production of 12,952,000 bales.
Bower Fantab, a girl spot reently. felt
The other half of the increase, Reciuction mecate profit-taking and skid-
of retailers' ad- fur by
Уапсев this Shell Transport fost, Was largely accounted
appears largely This year's prospective crop, Other Industry NZ 6 mil-dependent Che traders were edrewery.
upon repayment of combined with u carryover of i lion), and Merchants, Whole- stulling
credit extended to customerS more than 11,000,000 bales, will sulees and Retailers (LNZ ง
If at the same time, customers meet exosumption remands, both million).
urc requited Lo lesson
their foreign and domestic, for about Extern plant
a own indebtedness to the banks, two years. factur in the Increase, oggra- | severe pruning of their ex- valed by capti! iues contral | penditure is entatted
and which himits The raising of disrupt reasonable plans nunce from the market. Investment in equipament th major factor was increased Improvements.
Gobl
rubber copper. wi tes hul a good sprinkling of
H
15 16 ch tutki
MON IS
sea
The
bugnis
$10 50 bbm he low n de un 6 3
Afleruonn buying
invest
with news that Secretary of Aaron Gure Mr Hen-on toyours i come sule of surplus resursand).
The Secretar Hes in Russia.
also out he was "inclined to Try us the 1958 cotton price
before *upports
150
13.
Larness
quetas
the
But he has w
jurtmost may
mfo, mation by that take to av
Federal props.
Trading voltam and open the terest in the Exchange txla/
were:
Meath Уточение Open Interest
471,100
J91_500
אז, קונר
Des
25,700
Mai
May
030,200 47,000
July
Urt
Lee
3.pro
Mot
3.130
Tutal
170,400
NEW YORK
·
90.100 22,000
stajemote เลไ
selling
German which plunged as much 15. Japanese 12 wcre mintly unchanged
Strength in Wall Street helped and they closed duen gauen.
United Press. arisily biglan
New
Was
But
stocka and book debts, and no retauj stocks rose only 3% dur- that in this period. It seems extended
credit has been im-
York Stock Market
New York, Nov. 9.
A handful of soaring gainers in a generally higher and active market today 1936,000 bates: lifted stock prices to the best levels since
before President Eisenhower's illness,
Prices of futures closed Today
as follows
Spot
December
March
May
July
Octobe
Decen,ber
March
NEW
Prices of future, closed forlay
as follows.
Sixt
December
Магать
Oetuiny
May
July
Decem Moreh
Future
a
Du Pont stood out in the industrials with rise of 141⁄2 points at one time and a net gain on the day of 111⁄2 points in rails, it was Union Pacific which climbed more than 10 points.
Cam
LAND, ETC.
1K fotel HK Land Humphrey. Really
10,000 2.020 30,000 a
3000 v 1.975
23,700 or
1.70
RUBBER
A Rubber Trust
250
009 (2,40 2000 2,420
2330
2.30
5000+ 2.55
23.00
UTILITIES
Ynumau Ferry Light (0)
Elgetrie Telephone
INDUSTRIALA
Cement
The apparent supply of the for fibre is so great that Secretary STONES, ETC and of Agriculture Mr Ezra T. Ben-
son already ordered a tour per cent cut in cotton acreage for 1956
Do Tut
Down
offent
the
mounting
has
yet
the
- آنات
1658
Control Technique
Banks have been forced
to plus. He require repayment of advances acreage at 17,301,340 meres and inurket- Re-proclaimed a national by changes made by the
10,000,000 bales, Bank In the proportioning quota of
the minimum required by law. of their deposits which They
Furmers
vole will
Uti the must hold as balances
the
marketing quota in
n referen-
serve
Reserve Bank.
The ratios were raised on August 1 to 21% of demand deposits and 11⁄2
time deposits.
dan yo Dec. 13..
The Crop
Reporting Board
of their estimated cotton yields this year will average a phenomenal Changes in the ratios do not 431 pounds of lint 11 Bere. alone indicate the degroo of This compares with last year's restraint imposed, but must ba 278 pounds. In October, yleids considered together with the of the 1988 grup were estimated cash balances to which they 10 Average 406 pounds "n
these
vary relate, and
with acre. changes in the balance of ex- change transact
and with net Government expenditure,
co
Following Is estimated pro- duction In bales for
major
100 104 1000 103
2112
60 21.40
Fate fixed
scheine based on the sale of a
definite
month
quantity cach until the reduced target was reached, and
bußer plan under
2. A
which decisions
lease rubber in the trade would be on the basis of
the ruling markei,
lle added that
the Defence Department had submitted
to
the Comanece Department а
200 of 21.10 preliminary estimate of natural rubber requirements
301 390 300 30 31
tary tyre use,
for mili-
Chicago Grain
Market
Chicago, Nov. 9. The Commerce
Stepped-up export put a Department would fix to this
steady figure an estimate for necessary
to firm trend in civilian needs for natural rub. | grain futures
the Board of Trade today.
combined
Կ
3241 100 #2 34
300 32
34 1500 mp H
Dairy
Watsun
Kwong BonK
Bang
COTTONS
Texile Corp Nanyang
1815 000 10.40
14.30
ber.
Th
100 102
stration
final
which would determinations
3.70
estimate
ON
300 16.20 would then bo turned over to Dealings were active.
WORLD RUBBER
PRICES
Singapore, Nov. 9. The rubber market opened lover on poor Lendo advices and stendled on short-covering and speculative enquiry.
Both these Influences have con- producing states compared with No. 1 rubber per lb. trib tributed to a sharp
reduction 1954 production;
In banks' cash during the past
financial year, and are Hkely to continue to do so in the
year.
Thus
cur- North Carolin
South Carolina ren1
the banks' Georgia ability to lend would be further Tennessee reduced, even if reserve rains Maltopl were held at their present level. Mauri
Alabama
lending exercised by the banks Californin
is well illustrated by the fact Other states that at the middle
Future closings were:
Nov. 1 Det immate 355,000 670,000
1004 precaction 304.000 401,000
No. 2 rubber per lb.
No. 3 rubber per lb.
700,000 815,000 1,043,000 2,000,000 400,000 1,010,000
$12,000 No. 4 rubber per lb. $48,000 728,000
Nov. 113-1131 Dec. 1001-lfis Ian. unquotest
Nov. 111-113
Nov 1106-111
Nov
Spol rubber
1,571,000 450,000
Ianket crepe
unbaled 1122241135, 543-0015
No
1 onic
800,000 450,000
1.357009 872,000 293,000 3,940,000
316,000 011,000
1,487 000
$2,000
72-13
3181-82
20 84-87
211 54
215 62
20 63
ORLEANS
There
11 featured were issues but there were numerous gains of 2, 3 var 4 points.
Chose Manhat Chile Copper Chrysler Motore
Bank
4076
50
9215xd
Colgate-Palmolive Co
6312
Degree of Restraint
Arkansas Louisana
Oklaštoma
Commercial Credit
04'4
Texas
4,250,000
best
14
The industrial average climb
3:32 points to 473.00,
since September 23 though s(1) almost
Conurenwealth Elec,
403
113
Consolicited Exis
40%
The degree of restraint
Continental Of of Del.
In New Mexico
Arizona
270,000
405,000
20
3,250,000
-
Contextul Steel
40,000
14 points
Com Products
27
95
Crime Co.
3716
of August
United Prem
Crown Zellerbach
MA
this year advances were
below
*P{ཉྩ ཎྞLa
Cuban Ainer Skigur Curtis Wright
201
Diamond Alkali
423%
Dow ChemIÚCHİS
2014
1954 they
In the corresponding period
increased by
7%.
Dupont de Nemours
045
Z
Innces to meet customers
483
3716
ET
7318
LIVERPOOL
20151
ghg Antenenty
middling. In punce jar ib, wern; as Polkows¦ -- Oki contraet Dec/Jan
23 113
Alot /Ap
May/June
New nitrnet
July/Aug May/June July/Au Def/Nov
23 0
22 20
207-03
25 00
24.05 23 BA
40 00
HAO PAULO)
Future closing,
Egyptian Karaok
per kilo were as follows:
Dee
Mat
May
age cation
AZACAPU
23.20 27190
21.80 20.40
spot
below the all-time highs set that Inils. fco, were at their Hain or 2.02.
rlay Test with Utilities dippert 0:02.
Dividend News
Dividend news played a big part i the rise, there were hopes of a split for Du Pont and Linen Preille. Gener) Tyre can up nearly 3 points on a 10 per cent stock declaration. General Telephone ran up more than 2
Fortman Kodak
Pam National Gas Erlo Railroad
Family Finance Corp General Motors (haw) Gen. Pub. Utu. Collette Safety Razor Glidden Co. Goodrich (B. 7.) Co. Goodyear Tire (xd.) Heyden Chemical Humstake Mirứng Co. Ingersoll-Rand
on an increase in the quarterly, Inland Steel Co.
Interchemical Corp.
And Allas Corp, added nearly 2 Int'l Business Machines
(11 sbollar
news.
Fruchauf
Truller, recent sharp gather, Truse another 2 points.
General Motors' new stock- resulung from the three-fur-one
Common-rani up 1 to $48%
the day's heaviest turnover, reflecting the declaration late Monday of a $1 year dividend.
In the Uni ed States, the aver-split of old
prke of 15/16 midding 14 designated at imarkets today was 33.70 cents, Sales totalled 63,956 bales.
KARACHI
The raw market declined to day on bearish American bureau report but later armed on active demand.
International Paper fell sharp- ly when directors ordered only the usual year end cash and
payments. I stoc
slumped more than 5 points at the low.
Copper shares had wide gains to more than 4 points in Ken- pernecott.
Price closed in rupees mound of 4F Punjab, roller gin, at 73. Others were unquoted.--- Uni ed Press,
Singapore
Stock Market
the
Singapore, Nov. 10. Brokers toxiny quoted following stock prices:
Lalit Lintang Rubber
Lid,
Britis Borneo
Opening
Co.
Petroleum $1.00
Byndicate Consolidated Tin Smelters
Ort.
43.63
Boeing had a point gain In aircrafts, reflecting its new jet hansport order from American Air Lines.
TOSC
14.
30
3100
the end of March level, while
Even so, to retain sufficient free above the "frozen"
ba-
quirements, banks have had to
borrow from the Reserve Bank
or sell some
or sell
of their modest
portfolios of investments. As a
such borrowing,
the Reserve Bank raised its dis-
Studebaker
Packard Agreement
105-100
стере 125-130 NEW YORK Futures today closed 65 to 80 points higher with sales of 256
the Office of Defence Admini-
of natural rubber
reduced.
As
could
Exporters bought soybeana for mako Denmark and Japan; and
to for the United Kingdom and the
corn
whether the current stockpil Cantinent. It also was announced be Yugoslavia bought about one million bushels of US red whent If the
Defence Department so for this week and probably estimalo
were to include a re- would purchase another 1,350,000 commendation that natural bushels later today. stockpiles cpuld be reduced be- the improved quality
cause of
Exporters also received word
of United States-manufactured that Peru will buy 150,000 tons synthetic, then the salo
of of Argentina wheat and 20,000
natural from the stockpile tons of wheat in Uruguay. would arise, be sald.
Waiting Period
Grain traders took note today of an Agriculture Department The President went on to my announcement that farmem that it was not expected that have put smaller amounts of requirement figures would be the 1905 crop under price s ready before the end of the ports than was the case with year and that recommendations the 1954 harvest, it any will not be made before March.
Wheat closed up to 1%
He declared that if revision cents; soybeana (new) up 1% to were ordered, there would be 1% cents.
waiting period
by
CLOSING PRICES
a six months before sales,
as required the Stockpile Act.
Prices per bushel in cents: Referring to the two sug- Wheat, No. 2, red gested plans ho said that the Spot
Dec, 20415 (10) 200%(L) pian envisaging
a Axed rate Mar. was supported on the grounds May to know July that it is far better
Sept. exactly what the operation will Corn, No. 2, yelor be so that the market may be Spot
Judging Strength reflected the rise at guided accordingly in
and demand May overall
supply London
unconfirmed and
factors. This would eliminate 1 July rumours abroad that a shortages
Sept. unpredictable varying releases Re of butadience for synthetic pro- from the stockpile which could Dec. duetion might result in a greater rubber over
contracts
use
of
natural
after market trends.
The second.
on the
The. Mar.
Mar
Osts
synthetic through the first part Iron Out Extremes Doc.
of next year.
Mar.
buffer soybeans, No. 2, yellow Factory buying was slow in plan, was support insofar as Bpot the spot market, but shipment-it might help to iron out ex-Niv wise dealers traded a fair amount | treme market fluctuations bul Mar.
Jan.
La Barley
Bales Spot
of re-milled rubber at favour- with no buying power to sup- May able differentials under the one port a declining market it 1 July sheet market, traders said, doubted that merely its
Spot No. 1 Rss sheets were withdrawal feature offered at 41% cents a pound, effective Futures; December
deterrent 10
18
20
count rate to 5% per annum on
87%
July 1.
39
4813
401
27EA
Detroit, Nov. 9, In face of this continuing The Congress of Indus- pressure, banks announced early trial Organisation's United in August that all overdraft Auto Workers Union, and te 79% limits must be materially rPackard 1105duced as they come up for re-
March
May
Division
Jahn-Manville Co
0314
12 Studebaker-Packard Corp.
Kansas C. Puwer & Light
401
Rennecott Copper
Liggett Meyers Tob, Co.
119 09
Lockheed Airetult
30%
Int'l Harvester
Interntional Nickel International Paper
Tela Tel
Loews Incorp. ... Lone Star Cement Co. Louisville & Nashville R. Lowenstein & Sons, Mesabi Iron Corp. Minnesota Mining Mision Development Monganta Chemical Co. Montgomery Ward Motorola Ing. ..... National Cash Reg. *** National Dairy Prod. National Distillers National Lead ..... National Steel Corp. Now York. Central Olin Mathieson Otis Elevators Owen-lilinals Glaan Pacific Gas & Elec, Parifio Western Oli Pan American Airways Faramount Pictures
Ola Mathieson American Gan & Gas Electric - Parke Davis Co.
points, Pittsburgh Consolida tion Cual 41⁄2 points on news of
a multi-million dollar aluminium
proposal involving all three.
Closing Prices
Alien Ipe. Avy. Alked Chemicalı All'ed "Mins Ine,
Allis Charnerw
American Airline American Cyanamide. Co. Am. Mach. Be: Gry. American Motal
Atherican Sing
Ami. Bugar. Tel.
American Teb. "1"
Aissenntir. Copper-
20/-
Fraser & Neave Lid Ord... Frater & Neave Ltd 131⁄2 cum,
Pref
$1,09
Hongkong
Shanghal
Banking Corp.
Hongkong TIA LAO,
$0.00 ་ ་ ་ ་ 2100 1/30
Lunas nubber Eitales Lu.
Kempa bid Couplan
$1.50
$4.00
Armour
Malayan Breweries
13.40
New Seranan Hubber
Petaling. Tin Lid.
Hames Hotel
Bingspor Cold Storaks
South Brila Inetrance Co,
stekita trading
Strait Mezhip United Engineers Ord. 5,9
Armoosel
Hardwir-LimaHam
Baltimore & Olila ........ $1.50 Bendix. Aylation Corp. $4.07xd|| Benguet Conque $1.45 Battlefiem! Bbeet $1.720d Bowes Artis
Borden (The) Co. $20.00 ENTOMAS LOVE MEMORISTIO (2.70 ||| Cenvedjen. Pacific P
Co
Penn. Salt Co.
Penny J. C. Co.
Philips Petroleum Procter & Gamble Co. Pittburgh Plate Class Publicker Industries Rado Corporation Republle Steel
Reynolds Metal
Shell Ou Co.
Binclair Oil (xd)
1,23}{
Socony Vacilitri
1001
(ed.)
South Porto Fuco Bugar Southem National Ga
Railway nət | Standard Brands (xG.)
Standard Ou of Cal. Standard Out of Ind. Standard Ol of NJ. Sterling Drug Co. Stokely-Van Camo. Sudebaker-Packard Corp. Bwirt & Comandov Tide Water: Ammy, Dil Twenty Century Food wilm
Carbide%7Ei
Union Pacifio: Rad United Mirorätt (5, US. Gyphs. U.S. Line Co U9. Itubber :
oly US setting.
Us. Bui Warner Bros Weringhou We Ya. Pulp ♣. Woolwort
5100
Greater Stability
tract
Но
nough,
Back
$13.000. United Pres,
would be New York four 200 130-14
concluded: "We do no! 41.15 intend to imply in the above 37.98 that the total stockpile Aguro merely 30.70 will be reduced. Wo
3163
35.30 point out
34.90
the possibilities we see them for the future.
Exchange
Beptember of December
LONDON view during the ensuing
The
market was very steady China Mail Special months, except specially tonight reached agreement with spot quoted at 33% pence
for pressing reasons, dad that spe- on a new three-year con-¡per lb. Prices: elal emphasis would be laid on
incorporating the No. 1, root Bas reducing importers' overdrafts.
Settlement boure term: Der. guaranteed annual wage.
Jan./Mar. Apr/June Economic forms of the con-July/Sept.
about 9,000 Compared with
socond tract covering the
employees In the Nov half of last year there have Packard
Detroit area will also be or-Jan been indientions in recent weeks
to iended de-
0.000 Studebaker Estate crepe all quoted.United that the pressure of overall mand has become
more mo-workers at South Bend, Indiana, Pres.
stl.1 Arc derale. Monthly payments
although negotiators for have steadied trying to iron out differences oa local working conditions there, they may bu
86% Expected to increase again be the union said.
private-imports
down, although
BT
fore Christmas.
45%
Spokesmen for both Packard
401%
Lending institutions other
30% than banks have also restricted and the UAW said the agres-
33-3372
33-33
Dec.
304-319% General markets, cif basis, ports: Now York
3234-22}} | Montreal
Amsterdam unquoted | Trucecis
New York Sugar Market
New York, Nov. 9, World No. 4 sugar futures
operations and interest rates for ment "fully meets the pattern" closed today unchanged to 2 private loance have tended to of the guaranteed annual wage points lower with sales of 44 as colablished earlier by Ford,
contracts. General Motors and Chrysler.
97% ris
48
TEL
03
Restrictions upon bank over- draft rates not only provent banks from stemming dernand P for long but also from offer-
ing a higher rate to
The Inster could be
Best In Industry
Domestle No. O sugar futures closed today 1 to 4 points lower with sales of 100 contracts.
World sugar futures cased in do- The union called the Packard quiet dealings, while the agreement "the best in the auto mestic contract reflected the 61% in current conditions if holders Industry", because of improve- tasker raw situation, Futures: 00% of idie balances were tampled menta in several functional Centenet No. 4 (work) 2 by higher market rates of in- aspects of the UAW, while süll March
terest to provide funtie which providing the same economic July the banks are prevented from forms as other plans. offering.
Spot-toents per tb, fob Cuba) Employees will
a Contract No. 6 Int'l Monetary Fund x-ont hourly wage increase, March
OAN or 2% per cent, which is greater. Jub The past year, fiam origfinalsod An additional eight cente un sept. tha: neod" for minefant, réserves | hour will be paid skilled work- Spot- (cents per
1
receive
of overson, orcharige to finance are, and all hourly rated employ
· Marp, fubbaticals, in, tha: bulurs":
mand without will benefit from an adjust
d cost-of-living Wesen Infor"
Bept.
3.18
3.18
5.90
providing an additional Exchange Rates
hour, retroactive to
- Duntryman Whedon in the local market this
etor and, the full sterline notauit par t Möb “were granted, saja- Australian sote # (per: IndopaMEN TUMANE (2 Bingapore (struito
1000
B5
WINNIPEG PRICES ··
Winnipeg, Nov. 9..
Prices of grain futures closed
Canadian conts today in
bushel as follows:
per
0:
Dec.
London Foreign
May
July
Rye
Dec.
May
July
200-1004
2015
London, Nov. 9.
Barley
200-3/18-2.801
Deo,
2.99-15/16-41.86-1/10
May
July
Flaxseed
Dec.
May. July
Frankfurt Milan
Pari Stockholm Zurich All ethers were
10.61% -10,0
239,4734-130.32 43.735-13.733%
1768-1187 20.00-20.00% 9823-96336 14455-143815 12.329-12.2334 unchanged.
United Press.
314
309-3001
2031
Wheat, northern, No. 3 183% cents; No. 5 was at 128 cenis. -United Press,
Die Stamping
The South China Morning Post, Printing
Department
is equipped with modern
die-stamping facilities.
REGIMENTAL, SOCIETY; and CLUB
CRESTS & EMBLEMS.
TRADE : MARKS:
FAMILY COATS OF ARMS, and MONOGRAMS.
Call and inspect our
Orders accepted for Steel Dies
and Copper Plat
2000Z-olk for Mr.
SOUTH CHINA MORNING POST. LTD.
them Street.
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