Page
THE CHINA MAIL, WEDNESDAY, JANUARY
1956.
TRADE and
COMMERCE
NEW ZEALAND FEELS EFFECTS
GOVERNMENT'S HONGKONG 'CREDIT SQUEEZE'
London Stock OF
Market Brighter
Moderate
A
London, Jan. 3.
demand brought cheerful at. mosphere to the London Stock Exchange today and most sections closed higher. Industrials openedi frm and moved ahead, with gins running Medius! to a shilling or better. profil-taking at end-of-nervunt tended to keep the advance from gelning momentum, but general- ly
Tformances good recorded by Dunlop. Courtaulds, Ford, and one of the sícola.
In the oils, iruders benefited Interest In
were
centred on Burmah, Shell Trans- port, and British Petroleum
Copper Waum terded higher, and dollar plocks were largoly neglected pending the re-opening of Walt Street
forsign
Wellington, Jan. 3.
The effects of the Government's "credit squeeze" policy are becoming apparent here.
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong-
ing "amounted to $400,000, Noon quotations and the morning's trazanotion:
Although the credit restrictions, clamped on about four on Stock Exchange this morn- months ago by the Minister of Finance, Mr Jack Watts, were not too drastic, overdrafts and mortgages are for the most part more difficult to obtain and money is in shorter supply.
Singapore
Stock Market
Singapore, Jan. 4. Brokers today quoted the fol- section,lowing stock prices:
Opening
$1.00*
the In Japanese bens spurted as much at £2, although Tokyo 5 Jer
Cent were a preoption, skidding, Britisha almost to the smallest paint. Several Germant 18144-5
Kains runing
1're
Lantung
Rubber
Co.
Liu
sested Bruted
DJuther l'etroleum Syndicate Consolidated 7721 Buzuiescru
Onl Frases & Neave Lid Oru. Fraser
30/- $1.80
A Neve 21, cami
$400
Hakum & Slinghud Bank-
Ing Dolp
Higher Tin Lad
929 1/00
Которок 1л.
#217
Las Rubber Estates L14
$4.20
Mulayan Browerin
$3.40
New Serial
Lid
Rubbe
$190
$4,27 $2.39
3
LONDON METAL
PRICES
London, Ju
The tin arket was very flim) thin Rong bong the highest since April 7, 1953 Spon jumped 2840 and three- 14% point to
month 'pots higher to £8211⁄2
Turnove was 105 tons Chasing prices in string per long You
Мальт
bile:w polipin Indresa
3-month
Petaling Ti Dad Ruffles Hotel
kalyers
sellors
Other motal closings were
Copper rol .
3-mith
Lend 1st hall Jan
Apr
Zinc 18 hadi Jan
Apr
1.0
Bingapore Colt Storage Sound Assists Insutwice
$27.50
Supistis Trading
Strugle BiraITIMI{}}}
United Engineers. Did Weurne Bren.
$27.00 $12.00 $0.70 ka 20
May Special
1411
130
AL
12)
of Watts' intention in reducing the toavailability of credit was to cut down on imports which were, and, indred, stili arc, eating away Now Zealand's Overseпa reserves. However, importers have boon noticeably quiet
Acently.
end Overdrafts at the March 1954 amounted
£149,300,000 and at the end of October. £170,000,000. At the end of March 1155 they totalled 109,000,000 but at the end of October
down wem
to £170,000,000,
Without cred!! control, the
value of overdrafts would have soarod
10 Incre
thom £200,000,000 by October, Mr Watts told lugineseneeh Palmersion
Resigned To Saving
Thai money is less readily atavallabie is evident.
North, 100
100 miles
| north of Wellington, In a sprech **This his policy. reviewing would have produced a seriove Indatlosary position with ciring prices and more unfilled
Jubs and competition for isbNUT."
In Conflict
He made it clear that fila nim is to deflate and nut to depress the economy---lo curly a little the expansion caused by the continuing
confident optimism of the business cominunity in the futuro of New Zealand''
in
scme
The young man proposing to build a house in New Zealand, for example, now ɑnds money nuch more difficult to borrow than it was six months ago. Some prospective hoine owners aro resigned to saving more and borrowing less.
But the position has not yet clarified sufficiently for a wholly accurate appraisal. Who, 11 anyosue, is going to be really hurt by the credit squeeza will not be certain unul trade has settled down aguin la the New Year.
Plans for faster and faster und If Mr Walls achieves his alm, | wider and wider economic deve- no one will be hurt. He wants NEW YORK COPRA opinem were
to perfect "the art of balance ways theamscives in conßiet with the in
expanding economy"," Government's objective of stressing that he wants balance securing a
balance all rather than limitation. round, he explained,
AND OIL
New York, Jan. 3. 303/300
Copra was offered at $147.50 304/367 122-12214 short ton, cif Pacille Coust; cocoanut oil was offered at 101⁄2
Coast. pound, West United Press.
13914-120
1000+5-104 rents a 101-101
United Prema
N.Y. Industrials
Hit All-Time High
Ground
New York, Jan. 3.
Stocks in the first session of the New Year pushed ahead into new all-time high ground for industrials.
With reinvestment demand apparently getting into full swing, trading was fairly active and there were large opening blocks for many issues.
A newly mitraltexxi issue, Minute Mald Corp., common alock, was the first to appeur, trading at $10 and later dipped
to $18 with turnover active.
artis Wright
Dow Chemicals
Dupont de Nemotos
Eastman Kodak
| K) Pasu National On
Eric Railroad
Family Finance Corp. General Klectric
Some of the blue chips rose General Fis Mp 14 to General Motor polutien Pub. Uli
snorlly--Du
$2324. Texa Co.
higher " $122
Gillette Safety Razor John-Gudden Co.
Goodrich Fic Goodyear Tire
Manville, up 1% to $80 -
Union Paelle helped carriers Ingersoll-Rand
with a gain of 24 points 10 inland Steel Co
$1824.
Others
were narrow.
interelemteal Corp.
in the group Int Business Machines
Int Harvester International Nickel International Paper
Panhandle Eastern Pipe Line Ini Tet & Tel featured utilities with a John-Manvilio Co. gain to $70.
in
Texas Co. Houston Ou added 2 to
great
The evidence shows that the hue and cry which was the Immediate sequel to the ap plication of the "squeeze" was ofther the death-rattle of businessce which were 1:01
"credit-worthy" or it was based on pessimistic prediction,
The gloomicst prophets were the Importers. PRTI of
Mr
CHICAGO GRAIN
MARKET
Chicago, Jan, 3. Wheat futures were up about 2 cents a bushel in a generally firmer price trend on the Board of Trade today.
Traders said buying of wheat was prompted by reports ок
dust Atorma over parta of
Kenets and Colorado during weekend and by the fact
the
that the five-day weather fore-
easta indicated no moisture for these parched areas.
Rallies
20
59%
Cars
BOP and 4745
221
in corti
attracted
hedge selling on receipts of 244 of the food grain today, profit-taking put Bomo pressure on the soybean market. The latter made galas later In the stazion however, ng the 1155 result of reports of large crush- ing of soybeans during Novem- ber.
"Internally, aim at reducing
I pressure on supplies of finance, labour, buildings and machinery," ho Bald Palmerston North, "Externally, I aim at reducing pressure on overacas funds by reducing the demand for Imports.
Little Too High
SILARES BUYERS SELLERS BALES
BANKS
HK Bank INSURANCES
Union
Lombard
BHIPPING
Waterboat
.. £700
DOCKS, ETC.
K. Wham!... Dock
23.30
00
Provident 101 1516 10.70 Wheelock···
LAND
JK Hotel HR Land Humphreys
Henlly
15 1770
20 000
SECTION
UK AVIATION
EXPORTS UP
Figures for
Nortenber
1955 abow that trilata aviation, exports totailed
£6,028,803, almost double" the Azure-3,440,988–—– for November last year.
During the ârst eleven months of 1831. exporis totalled £59,472,801, more than
million 28
Vorm than in the same period last year.
WORLD
COTTON
MARKETS
Liverpool
Cotton
Market Drafting
Futures Contract
Liverpool, Jań, 3.
A committee of the Liverpool Cotton Ex- change is toiling to draft a new futures contract for American type cotton.
At present apart from the new contract in Egyptian long-stapled Karnak cotton - all deal- ings in futures are based on United States cotton. That is the actual cotton which must eventually be tendered.
But spinnerS are, not Lin- naturally, alarmed at the huge surplus which has tocumulated In the United States and which New York, Jan. 3. mast eventually be sold abroad, Cotton Futures trading possibly under a two-price
overy which off 500 101 today got
anverpool contract
bondocho unusually slow start in the Hence the tendency is to unt first session of the New less actual United States cotion Year.
and more American to cotton from Central and South ́America, Africa and the Middle East.
500 G 31,70
8% 8.35 5000 ₫ 8.30
$7.20 17%
INI
1.60
500 17 40 3319,40 IDAO 33 10.30 2 9000 ₫ 1025
25000 @
RUBBER
A tubber UTILITIES
Tram
100 Y'matt Ferry
Light (0) 23 BA
1.00 123
300 ZA 20
100
14 400
22.70
22.00o
C. Light (N) 16.70 27.10 Electric
42 42%
500 @ 421%
Electric (N) 6.20
Telephone
33 33
INDUSTIALS
доль
Macao
Cement Hope
STORIA, INC.
Dairy
1800 49 42
282 0.30 300 33
Technicians
to
New market interest remained
6000 120
ahackled because of uncertain- 50A Trzalice about new farm legislation and pandio news on first bids the Govern- for cotton under 24.10 24.40 500 F 24.10 ) ment'e million-bale export pro-
gramme which started today.
thought the Initial
bids might be excep tionally low, possibly in the way of a "tector" to seo just how Jow
the Government selling agency will go in the move to sell some of the surplus over-
09 at competitive prices.
Ideus on the bids differed
might be around 25 cents a Inch pound. Middling 10/16 cotion at Houston last week Other was around 33.50 cents. ObErVers thoughi the bids might
wwerage about seven under the current centa
spot
26% to 27 cents level.
Meantime the
10.40 025 * 10.20
13 13.40 300 na 13.10
Watson COTTONS
Textile Corp 8.75 0.08 MISCELLANEOUS
0.70 0.90 Yonglaze Allied
1000 19.30 widely. Some thought they
3.56 0.38 3000 x 5.00
NEW YORK METAL futures delivery, or around the
FUTURES
at
New York, Jan. 3. Prices of metal futures closed today in cents per Ib, as follows:
Lood
Касть
Job.
16,200 10,300
Titt
Jan;
107.256
Feb.
104,200
Zinc
Jan
12 191
13.976
Copper Jan,
46.35b
44.855
"I am hot setting out to achieve drastic changes in our economy even If I could do this.
"Imports are a little too high and the level of bank advances is a little too high,
The cost of living has been rising at a much slower rate for the last year.
"A little more balance and wa shall have a stable economy," he sald China Mail Special.
United Premi.
Exchange Rates
twinem we done in the local morning at the following rates: unofcial exchange market this UB. dollar (per $1) Sterling notes (per £1) Aurellen notes (per £1) Indonesian rupiah (per 100) Stam tical (per 100) Singapore (Straits)
U.S. Gross
Income
might make
Unpredictable
WORLD RUBBER MARKETS
New York, Jan. 3. Rubber futures today closed 120 lower to 5 points higher with sales of 310 contracta
Switching operations, between dealers and commission houses a good part-of Thus far this your imports of accounted for
terminal market activity. American-lype cotton from points the outside the United States have Exchanges included Sept July been 05 per cent of the total at 140 points; July-May at 105 compared with $3 per cent at points with five lots of July this time last year.
exchanged for physicals.
The spot market ruled quiet.
But spinners, actually sing one kind of colton and trying Factory interest was lacking, fas showed to do their hedging in another but dealers
In forward kind which suffers from an amount of interest
one April
cheeta predictable price policy, have positions,
"to fended at 42 cents with buycer been pressing the exchange
to 41% draft n
under later dropping back new contract which they can get protection. cents a pound. Spot No. 1 Re
were quoted ut 44 cents.
Future closings were;
March
May
July
Sapt.
Dor
in
What D futures needs is very large bushes; Only then can supply and demand operate auccessfully. The Exchange Is for from satisfied with the pre- sent volume, hence the effort. But this cotton ranging usual price- shaping influences were ignored, staple from seven-eighths of an Multiple
Inch
inch comes 144th price-support pro- pols
large number of coun- are expected to go into from
tries. The legislative
when hopper Congreen gets under way.
The certificated stock de- clined 119 bales to 17,754 bales.
ic
Far Behind
SINGAPORE
The market was dull in the morning but active in the after- noon on liquidation of January shipment. Futuros:
Nu rubber per lb.
The market closed one point Ranking next to the Uniter! No.
bigher to 12 points lower after States as a source though far ree-sawing within a range of behind-la Nigeria which 19 $1 a bale. Opening prices were furnishing
72.4
off 3 to up 5 points. New Or-with Brazil ranking third with leans closed off 6 to 20 points.
45.6 in!llion
Volume and open Interest The others
were:
Volume
million lbs.,
and
aru
pretty
Jan. 15034-120) Feb. 128-1383 Mar. unquoted
Jan. 123%-13412
3 rubber por ib.
No. a rubber por jan. 12344-123% No. 4 rubber par. ib
Jen. 110-1162
226-12011 93-100 137-15#
Bpot rubber stabaled Blanket crupe No. 1 pole crepe
LONDON
the USSR raniding fourth with 46.3 million. well behind these trçe, Heuce the Open interest problem is to
based on
a reliably quality it quiet with spot quoted at 8872 successful. The
pence per lb. Prices: that cotton from the USSR will No. 1 Ras spot....
341
10.30
Moath
12.47
March
23.500
393,700
May
80.000
$35,200
10,43
July
17,000
254,700
20.20
Oct
8,500
10,000
1.00 pec.
0.100
145,000
Mar
2,000
31.900
Mar
4,100
17.000
Total
1003,200 1,565,800 baies
NEW YORK
Prices of futures closed today
as follows:
Spot
Mar.
May
July
Cict
Dec
Mar.
May
Above $400 Billion
By Joseph W. Michalski
New York, Jan, 3.
The nation's business in 1956 will move to a new all-time high level, business leaders and
government
Wheat closed up 1% to 2 predicted at the year-end.
cente; sybeans new off % to up cont.
CLOSING PRICES
Prices per muahel in cents:
Kansus C. Power & Light
3914
Kennecuti Copper
1171
Oils had several strong spots
uddition to
Lockheed Aircraft
Liggett Meyers Tob. Co.
00
ar. 1234(14) 2101 (L) 212)
May
July
Loews Incorp.
Bapt.
2003 1963- 20014-1
Lone Star Cement Co Dealsvilla" à Nashville R.
Corn, No. 2, yellow
2015
Spot
Metabi iron Corp. Monsanto Chemical Co
47%
Mar.
12016-Y
46
MAY
93%
July
40
Sept.
30% Bre
Mar.
MAY
$1464 Jersey Standard to Lowenstein & Sons. $163.
Dow-Jones closing averages Montgomery Ward
were as follows:-
30 industrials
26 Talks
IB utilities
stocky
40 beds
Comen. future price inac
Closing Prices
Allied Chemicals
Alltea Mills Inc.
Allis Chalmers
American fado.
Am. Mach, di
American Metal
Ain, Bugar Ref
American el
American Tub, “n“
Anaconda Copper
Armeo Sibel
Armour
Baldwin-Lima-Ham
Bendix Aviation Corp.
Benguet Con
Bethlehem Steel
Boeing Airplane
Borden (bg) Co.
Burroughs Ada Machting
Canadian Pacifio R.
CAN (J. 1) Co,
C. 1. mancial Corp.
Cal, Trantor
Celiners Corp.
Cine Mant. Bank Chrysler. Motore Colgate-Palmoliya Co. Consolidated Edison Conhental Oil of Del: Continental "DIME
Motorola Inc. National Cash Reg. "A National Dairy Prod..
405.70 National Distillers
102.11National Lead
National Steel Corp. New York Central
63.2
-$71.70
06.13
162.92
81134
07
Otis Elevators
Owen Lilinom, clam
Pacine Gas & Dier. Pan American Airways
Parenount Pictures
Parkce Davis Co.
Penny J. Co. Pille Morris
Philipe Petalum
Procter & Gallie Co,
00% Publicker Industries
$180
Pure Dll.....
Radio Corporation
Republic Steel
Shell Of Co
Saint Rag Paper
Sinclair Oi
South Porto Filco ditu
Hocony_Väetistes
Bouthern National
N
Blandned Branch
Southern Railway (Cont.)
Blandard Ol of Ca
| Standard Ol of it.
So Studebaker *ackard Corp.
40
ost
Awk & Co.
TEXRE CO..$32
Union Carbida. Union Pacile a United Aireraiti bift | 15: dypeum Bit] US. Line Co. WUS.. Rubber
UR. Smelting Warner Bros. Westinghouse Electric
WARNA, Pulp & Paper. KAISE
ול
5434 Oats
Mar.
May
Boybeans, No. 2, yellow
Spot
Jan.
Mar.
May
July
Bept
Barley
Boot
New York Bour
200 lb. İc
economists
Most of the records rolled up in the boom year of 1955 will be surpassed, many by a wide margin, they asserted.
Prior
NEW ORLEANS
50,07
20.80
20.40
Prices of futures closed today As follows:
Spot
Mar.
May
July
Deo.
Mar
May
LIVERPOOL
Future closings, in pence per
to 1955, the record business year was set in wow as follows. 1953.
:
Most of the exports based
On the money front, interest their opinions on the expecta-Irites are expected to continut tion that all three major mur- to stiffen in the first half of 1930. chasing groups - Individuals, However, the experts say they business, and government-will| may lavél off in the second half. i spend moderately more money in The Federal Reserve Board is 1956 than they did in 1955. expected to maintain a tight roin Berring a war, the United on credit as long as business is States should turn out more than booming.
$400 billion worth of goods and
services in 1956, a level never Reap Harvest
reached in the history of the nam tion. Estimates at the year-end
Building will also help to for the gross national products make it a good business year. ranged from $404 to $410 Total outlays in 1950 were fore- billion. This compared with on casted to reach a record $43.5. average of $387 billion for, all billion against $42 billion
130-140
$13.400
of 1955.
'WINNIPEG" PRICES
Winniped, Jan. 3. Prices of grains furor closed today i cants per budhol as follows. 391% Oats
DON May.
POTS
July 2015 Joff
July
iwinkled Press)
1950,
Old
contract
New contract
Mar/Apr... 20.00
May/June 23.00 July/Aug. 23.20 May/June $7.25 July/Aug 10,43 Ogl/Nov, 24.40 Dec/Jan. 23.00 Exptian Karauak Jan/Feb. 39.30
Other cotton marketa were urvailable this morning. '
-United Press.
London Foreign Exchange
in New York
Montreal Amsterdam Brunnels
Retail Trade
Stockholders in the nation's rankfurt" edrporations also will reap Retail trade will also stimulate harvest from a good busines Paris
thaila
Stockholm
business in 1958-full-year retall year. Total corporation earnings h
others
sales of about $192 billon, are in 1956 are expected to show a predicted." This, yopresants un fractional gain over 1955, full- Press, Fricrease of around four per cent year, dividends will about match over 1955, which set a new tho gain, in profits.:
London
unchanae
draft a contract
chances
arc
The market was steady but”
be tenderable under a future Settlement, house term: contract known as "American-Heb. type" cotton.-United Press.
Mar.
April/June
July/Sept.
Oct./Dec.
General markets, ell bas
CHICAGO LARD
FUTURES
Chicago, Jan. 3, Prices of lard futures closed today in cents per lb. as follows:
30.01 11.3 11.60 11.00
Jan, Mar
Jan.
Feb.
Estate crepe unquated.
AMSTERDAM
The maritet was quietly steady. Prices closed today in guilders per kilogram, cif Jan. as follows: No. 1 rubber No. 2 rubber No. 3 rubber No. 3 crepe
May
July
A
United ProsT.
3.60 nom
10 дол
3.73 pald
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