TRADE
THE CHINA MAIL, TUESDAY, JANUARY 10, 1956,
and COMMERCE
SECTION
Page
OEEC PLAYS MAJOR ROLE IN HONGKONG STOCK
INT'L TRADE
But Compensation For Relaxation Of Import Quotas
Is Problem To Be Faced
From Ronald Boxall
London, Jan. 9.
In the system of international trade that has grown up
in the non-Communist world since the end of the war the Organisation for European Economic Co-operation (OEEC) has played a major role. Last week it looked back
on another year of successful operation.
Among the Organisation's chief objectives is the removal of artificial restrictions which hamper trade among its member countries. It does this by setting "targets" for the degree of unrestricted trade at which members should aim and then gently prodding them into action.
WORLD
COTTON
MARKETS
New York, Jan. 9. Strength in new deliveries dominated col
crop
ton futures trading today an dealers read the Pre- sident's special message to Congress on the farm pro- gramme.
While MDA Co998-current were found in the brand 1910- posals, commentators concluded that the Administration, Qe eats or another".
"by
SILVER PRICE New York Stocks
CUT AGAIN
New York, Jan. 9. Handy and Harman, bullion dealers, today cut the pries of milter 3⁄41⁄2-cent 100 cents a fidè qunco.
In London, the price of silver was tɔday quoted at 70% pence per fine ounce spot and 78% penco for
för förvard.--United Press,
GM In
Investing
Western Europe
New York, Jan, 0. General Motors is betting on Western Europe futuro этом sperity with an investment there of about $200,000,000 in plant expansion, GM President Kar- By the middle of December; reduction of restrictions in each low Curtice sald today in An
of all trade Inot the main categories. of imterview in Look Magazine, We den Europe had born freed¦ peite at W** stipulata thai irota quantitive
reitern Paulion
‧、, il storlek The toga degran of
80 per cent
should
Detailing some of the Ex- 15 or n
"Eng- of penopusti, he said: feed- | fand, $100,000.000
being and pumped into auto production lines to boost output by 38 per vent. In France, we are putting $8,000,000 lo
our Frigidaire
" her bantion" was the result of theu anysorts of food and several years of steady of t ing suit w inates lats
manufactured goods At the end of 1932 more than one-third
Seven If
Faureau trad..
tenlly
railer of Wet! Arti- | was ' rex'ried by
444491
L
The end of 1954 i than one-fifth.
אא שהיא
15 countries
aport Wheh rep.ated progress towards and Ac-Delco Divisions, an in
Curse objectives complied A year later the pro-
with
Germany, $72,000,000 WCAL petus of "unliberalised" wade per cent of the liberalisationing uto
Ger-
vur Bulo and truck was lust under morequintei und¦requirement They were
inctories." many, the Benelus group, land, Holy. Portugal. Sweden
He cited Germany as making and Switzerlan (An ghih
The mnost inditstral progress, New Targets
| retinty-firrey== $ in a speels!
Imit Prisition because of P's conemes Bere is n Thin was the patien whenuation. Although not required mard for mandhetured
ducts in Western Europe. but Apply the 1er at on ed Citation Rot
▪'ར་ ic!!3-
European many almost totally 4:41 The hus, in fact
from quota businessmen for failing to in-
vest in their own industries.
"European Industrialists often
for was hurt by the begiming freed its imports of July hey should liberalir 16 restriction.) 1511 other mpels at. ;
Other countries did less well.
ho for balance
cafedra
Move Narrowly
New York, Jan. 9.
Stocks moved in a narrow, irregular
EXCHANGE PRICES
Business done on the Hong- kong Stock Exchange this morning amounted to $430.000, Noon quotations and the morn- ing's transactions:
SHARES BUYERS BELLERS BALLI
BANKS
NK Bank. 1790
INSURANCES
Union
Lombard
range early today with a few aircrafts SPING providing most of the
Bocing dimbed nearly 3 points a) the opening on news of a $248,000,000 Air Force order, then backed down to $70%, up
Among coppers, Magma rose
1 $1114 Cerro de Pas 1 to $07 and Anaconda a point to $734
Standard Ol
to 800
(Ohio) added
Beels were firm.
Chrysler edged up % to $84%
in the motors.
Rail shares moved narrowly.
Dow Jones closing averages
were:
30 industrials
20 1alls
13 ties
03 Mocks
40 bonds
interest.
Soybeans
Boosted
479.74
100 U
03.01
$69.
The
98 40 which
By Ike
Chicago, Jan, 9. farm
programme President Eisen- 404hower placed before Con-
Comm. future price index.
Moody's inack
133.07
Closing Prices
Allied Chemicals Allied Mill Inc. Allis Chainjurs American Crapamids Co, Am. Mach. ▲ F dry, American Melat Amertean Smelting
3456
47
American Tob, “B”
Anacids Oppper Armco Steel
American Tol & Tel
Almour
Minidwan-Link-Ham.
Baltimore & Ohlo
gresa gave a strong boost to soybeans on the Board of Trade today.
Corn futures made slight ad- 248 vaners, while other grains were 601 60 regularly lower. 100% 101
Many of the President's pro- posals, especially the soil bank, were anticipated by traders, but for higher support
11
101
14
his
plan
40% priers for soybeans and fixed
came as a suprise.
Bendia Aviation Corp. Benguet Conn.
#2
100%
1476
Delenem Steel
Bucing Airplane to the Borden (The) Co.
Candlen Paside uro-Case 1.) Co.
Cat Tractor Celanese Corp. Chase Manbat. Bank Chile, Copper Chrysler Motors Cukruse-Posaouve Co. Commercial Credit
suquet to restriction Secondly Apart from Turkey and Iceland lack faith in the free enterprise
Deginning of October by the
of payments system as we know R," he said, Are not obliged tos
shortcoming does more tariff wall or romply with the ende, Reveral harm than any
CYCD the deplorable cartels
they were to reinee such re- NOTACEY wiit stories that weare
16 habríalise no per cent of Detr
of them fell
strive to solve the problem of imports from other mem-ign per cent target. The United which still exist."
well short of the
agricultural surpluses.
T
T
I
Wit
1
The thx Comitys on house treders, trede interesis
Tuen achieved a more or less uniform 11t operators were the buying sido. along with Liveipuul nos
while counts.
Sellers sunul-
Innt ously become inore reserved pending further Washington developments
months
funderey of heathy Match -
reflec
tract liquidation and the posal to lower
Jaunum
price at which the government ;
sell
WORLD RUBBER
MARKETS
New York, Jan. 9
Kingdom had bberallerd 84.5
He also rld he favoured in- per cent of its imperts (rather
creased sales of cars and other the avaruga). The de- elsatt to defer further berailsn-pracetime produc.s to the Yo-
viet bloe as jung as such ei for measures, maid the Prosjury
with Us Sale Department 1 week.
buszú on WHA
polleics. b.Ative of payment Arounds,
Exceptions
The
With one
or two notable ex- ceptions, therefore. the Wesl Kirpean cut-tries made further
und progress under the OEEC "liberalisation
In 1955 code" that a high percentage of the trade Treed by the end of the Year masks considerable varia- Then hetween the degree Through
the In applied markets, sal.ston
Three mar Categories of im- In The Cum when extra parte.
with the
may
government-ownwn! Rubber fu urca today closed surpluses in the doustem ke 125 to 170 outs lower with
Reacts to the government's males of 258 contracts.
Sellung {t*tutI* sale of surplus cotton last week'
Tubber primary The was negligible.
hereti ty 18.742 ba e-was
small
cward the rice The price
úveloped considered satis-ling
expectedly
range
factory
Wis
amount
However, experts thought the news clarified recent uncertainty about the price whiris the government would acil surplus cotton, With a "tentative vadi- tion established," one commenta- tor anid, it seems a "sarung point has been set preliminary In Increased sales in the ensuing weeks.
NEW YORK
morr
the
اده
West European countries now maintain Ima restrictions on spot markel, quietness prevailed
from with prices on the caster side.orts of raw materials
It provi saries in luuled Pbrunty
uk die sheets
Commonwealth Elec. Consolidated Edison
mt hental Oil of Del. Continental Steel Com Productar Crude Ou Crown Zellerbach Cuban Amer. Sugar Curtis Wright Diamond Alkali Dow Chemigala Dupont de Nemours
Kodak
National Gar
Erto Railroad Family Finance Corp.
General Electrio
General Foods
Genel M tors
Gen. Pub. Jul,
He revealed that his company already has ree ived inquiries Gilletto Barety Razor
Iron Glidden Co. from coun ries behind the
Goodrich (B, 7.1 Co. Curtain, with whom it formerly Goodyear Tire did businers, for the purchase of | Herden Chemical large numbers of passenger ears Hernsteks Mining Co. and spur parts United Press. Ingersoll-Rand
Singapore
Stock Market
Triang Steel Co. Interchemical Corp
Int'l Tel Tel
Before the President's mos 0424 se WRS
2333
80
A
whent published, tulues suffered a saiback be- chuse of heavy golfing by
The de 193arge elevator dealer.
eline was checked to some ex- un by the Prussef's proposal to sell wheat for animal reed.
15 1/0
2015
Wheat cluse) off to น cent; soybeans (now) up 1% to 41⁄2 cents
CLOSING PRICES
Pricts per bushel in cents: 40% | Wheat, No. 2, red 881$ Spol 22011
..po
4160
Waterboat DOCKS, ETC. K. Whart
Luck
Provident (0)
LAND, ETC.
Ik Hotel HK Land Henity
RUBBER
A.
Trust
..23.50
Prestige Shares Lead London Markets Down
London, Jan. 9. Stock markets opened with a sovore
slump led by such prestige sharës ak Rolls-Royas down 4 shill. 18:20 100 15 20 ings and others down one,
two or three`shillings.
331 33 2030
17:30 1713 1000 192
A 10,000 1.33
Rubber 1.00 1.03 2000 a 207
1000
UTILITIES
"
S
BOCO 4 2.029
1000 @ 1.625 1500 si 2,775 3000 2,775
The first three hours of the market have shown very little- High of recovery, Olls were urair pressure with British Petroleum | down 3 shillings, Shell Transport down 2 and Royal Dutch down l serri Although the alarm wüs dua la Austin Motors abrujt adoption of a t-day week, Motors were no worse off than
24.80 1000 24.00 other
Y'inst Ferry 104 106 C. Light (0) 221
Electrio
Madmo
stocka Government were weak with both Old Con- sols and War Loon down sterling-United Press,
British 142 431% 100 or $235
2000 42
1223314 1000 & 33
Elec, 9.10
Triophone
INDUSTRIALS
Cervent
Hope
STORES, ETC.
Dairy
Watson
301 3024 000 € 38%
16%
18.00 19.50 700 10
130 19 13.10 13.30
3,70 5.00
COTTONS
Text1icm MISCELLANEOUS
Yoga 0.09
Allied
0.00 0.00
Exchange Rates
Busines tinometal
was dose in the IOCAL market tha exchange meening of the tołowing rates:
1.8, dolier (per $1} Bierling notes (ppe #1), ....... Australian notes (per é Indonesian rupiah (per 1001 BIRI tlal (per 100) Bingapore (Btraits)
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL, S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwards "CARTHAGE"
"CANTON"
Leuven Londen
Salled
In Port
nue Hong opp
14th January
7th February
1st February Bih March
Via Southampton, Port Said. Aden, Bombay, Columbo, Ports & ingapore
Homeward
Leaves Hongkong Dao London' "CARTHAGE" 13th January
**CHUBAN"
30th January
zoth February
olh Atarch
18th February
ryn February
12th March
Pthi April
Via Singapore, Tedang, Colombo, Bombay, Ašyn,
Part 1x10 A London
★ Also Calla Marsollen.
2140
46
2014 Mar 2121H1 2004(L)
.....
21096
July
11
pt.
201 190-100 200-1/2
"CHUBAN"
233
Corn, No. 2, yellow
"CORFU"
031
Spot
44
Char
May
3516
July
3014
Sept.
Rye
миг.
12914-15
101
Moy
12314
Qais
84
Mar.
00-
"CORFU"
0511
May
40
Soybeans, No, è, yellow
"CANTON"
International Nickel
Int'l Puriners Machines Int Harvester
450
pot
2015
Jan.
Pl Mor
International Paper
112
*31***
May
July
242-241
24831-14
26.1mBoville Co
bi
aApt
Kanae Power & Light
11032
304 Barley,
Spot
130-1406
40
New York flour
"SOMALI"
1991
200 ib. xck
$18.40%
704
BD
WINNIPEG PRICES
2014
Winnipeg, Jan. 9.
Minnesota Mining
107
Afission Development
20%
Monsanto Chemical Co,
4014
today
in cents per bushel
Montgomery Ward
32
follows:
Motorola Ine.
National Dairy Pica.
National Can Beź. ̈Ã ̈
Onta
National Distillers
May
National Steel Corp.
July
n
$5.00
New York Central
RJO
Olin Mathiesen
May
Oils Elevators
July
Owen-11Ahog lag
Oct.
1074
1 12
Pacing Westaro Di
Baricy
#4.20
Pan American. Airways
$3.47
Paramount Pictures
MAY
Parke Davis Co.
July
$1.03
Penny J. C. Co.
OM
Penn, Salt Co,
Flaxseed
May
$1.02
Philips Petroleum
Insurance
Procter & Gamble Co.
Oct.
within the greitp. SEVETNÍ mi
Singapore, Jan. 10. someChem have to ally abolished re- Brokers today quoted the fol-
42rictions in this category and on lowing stock pricea
P3 per cent of
een slut inter buyers dropped, wiports have been freed
to 41 cents,
F
Spot No. 1 Res spot quo cd nominally at 43%
pound.
Fu ure closings were
MAR
May
T
July
Sept.
Des
I
Prices of futures closed today, as follows:
Sput
March:
May
JULY
October
LALUINOST
Merch
May
NEW ORLEANS
33.08
33 94-95
33 44-40
32.18
30.48 20.08 30.55
Prices of futures closed today
March
as follows:
Spol
May
July
October
December
March MAY
LIVERPOOL
SINGAPORE
on
were by nil members OEEC members cents have been more reluctant, now-
ever, to remove restrictions Imports of manufactured goods 12 09-10 and foodstuffs. In each case the 30 29 degree of liberalisation achieved only about B1 per
37 76
30 40
35.40
has been cent.
The market was weak at the
Opening
Smelters
Betu Lintang Rubber Co, Ltd. 11.45
etish Borneo Petroleum Bynd:cate
40/+ Tir Complidated
30/ Ord. presser & Neave Lid Ord.. $1,60 Fraser & Neave Lid. 7 eum. akong & Shanghai Bank prei....
Hongkong Tin Ltd. Kempas Ltd.
in these catenuries at least 111umas Rubber Estates Ltd. seems that liberailsation of Im- Malayan Brewerien ropening but soon after recovered ports will become an increasing- New Serandah
Rubber et short covering and good buy-ly slow and painful affair, It is
Lidin Pet-iing Tin Futures ing for lower grades.
Gne of the rules of OEEC, 43 | Roffles Neth were:
well as of GATT, that Import Singapore Cold Storage No. 1 rubber per 1b Jan. 11875-13033
ilä-list | restrictions may be retained only Son Brush Feb.
Lid Mar.
in the case of balance of pay steaks Trading unquoted 118-11311 No. 1 rubber per tb. Jan.
iments difficulties. But many of Stratte Bienmenin No. 3
1174-118
the countries which stil restrict n'ted Engineers Ord. No 4
Wearno Bis). certain imports, admit Spat, rubber unbaled
frankly Blanket crepe...
04.00 that they do so for protective 13012-130% reafona.
++
No pale crepg..
LONDON
The market was quiet with spot quoted ut 344 peños per lb. Prices:
Scitement house term:
30.00
83.03
03.45
No, I has Bizot
3.10
30,87
Teb
90.88
Mor.
July/Sept
Future closings, in pence per lb. were ho follows:
Old Bontract Mar/April
May/kuna July/Aug.
New contract, May/June
1
July/Au
POL/NOV.
Egypliks Marriak "Jen/Pai,"
SAO PAULO
Apri/fut
Oct/Dec.
3191-38
of bargaining
same
$3.92
-China "Mall "Õpecial.
London Foreign Exchange
Une result of this is that in- port quotas have become a kind counter among the countries concerned. GATT
this .experiencing 34-3111 dificulty over
over a wider fold thán 31-33that covered by OEEC. 3115-331:
In the current issue of Lloyds 317-32
Bank Review Mr Michael Hoff- 30-3016
New York that Montrea man writes from Geneva
import, restrictions Amsterdain 34 quantitive
have become in practice sub- Brusela Jet of alernational negotiations Copenhagen Dice tariffs.
General markets, elf basis, gatti..
Jen.
Fou
Mar.
Estate crepe all unqusted.
AMSTERDAM The market was work, Prices 21.10
320 closed today in guilders per kilogrami, elf January as follows:
No. rubber
No. 2 rubber
24.05
No. 3 rubber
No. 1 crab
Future closings in cruzeiros
per kilo were as follows:
March
Contradiction
A He points out that this in
Contradiction to GATT
5.40 buyer
నేనే pujyers
3.30 buyers fist
3,815 drivers || theory which hol's that -United Proes
LONDON METAL PRICES
Loxton, Jan, D.. Prices of metals closed today
follows:
no
country shall receive compen-
Li-bots
H Paris Blockholm Zurich
链
London, Jan, D.
2.00-13/16-10ON 21.8935-2.09.7/10 10.00-10.000 130.71-139.1134
1032-19.22S
$0.03-60 15 1781-1258 087-158 14.509-14.0915
-United Press.
Kennepoți Copper 1 Liggett Meyer Too. Co. Lockheed Aircraft Loews Incotp..... Lone Star Cement Co Louisville & Nhateville R. Lowenstein & Bons. Mesabi Iron Corp.
National Lead
Fhile Morris
Pitbyrgh Pinle Glaza
8. Publickor Industries
sation for relaxing its import New York Foreign
quote, "In fact," Mr. Holman continuet, "meal of the cuntries
with low ad Valorèch zariffa and
[# humbar of thöre with hot - so log tarihi have come to demand
Exchange
[New
In sterling per long too saard get compensation in various Thalamki offla
the
Tin
Copper
Ouldber
Deber
In the United States, javerage pride of 16/16 middling cotton al 14 designated pot markets-Win 33,01 temà. BRIGI at the centres totalled 38,528
forms for removal of relaxation
buyers wallets of strictly
protective import
This is a problem for OFEC New Zeal no less than for GATT. Fineiing
sinh sawer; to it will be oga, ni
the Organisation's main talks
10914
India
100%
during the coming year--Lou- | puškatkan don Express Bekviðs.
Radio Corporation Republic Strai
Reynolds Metal
Shell Oil Co....
Balat Far. Papas
Ainclair Oil
Bocony. Vaestum
Bouth Parth Rico, Suzar Southern National." "Gia
Standard Brands
Standard of ca), standard off of Ind
ol of NJ
Stern Drug Co.
Blokya Van Čemp.
Riudebaker-Packard Corp. Swift & Co,
Texas Co.
Tide Woter Ammi. Oil
Twenty Century, Fox Film Union Carbida.
Union Prelie Railway
United Aircraft..............
UB. Gypsam
U. 8. Line 0. UB. Rubber
UB. Smejting UB. Bløsl no
Warner Bros. Weddinghouse. Mlect rid We Va, Pulp & Paper Woolworth
44
Prices of grain futures closed
270
1324
19
Wheat, No. 3. northern, 16144 cents: No. 8, 128 cents-United Prcat.
New York Sugar Market
New York, Jan. 9.
World No. 4 Bugar futures closed today unchanged to 1 94% point lower with salts of. · 123 |
contracte.
Domestle No. sugar futures clceed 1 point higher with sales of 300 contracts.
World raws ruted quiet, al- though Syria is expected to be In the market shortly for dargo 41% while Swedén reportedly is ins terested in a părțèl lot April-May shipment.
Fitur:
NEW YORK METAL
FUTURES
New York, Jan. 9.
Conimci No. 4 (world) March
MAY,
Prices. of metal futures closed supt.
today ip tento parîbi as follows;; | spote:(vents per ib, fab
Tin
:January
February
Mudo viery
Copper Ufuary.
February
100%
206.006 Marchi -
12.863 Sept.
for
6.33
"SURAT"
FREIGHT SERVICE
Cat 10th Jan
due ard Feb. saile oth Feb.
for S'pore, P. Swartens ham,
Penkt. Aden.
Port said. Qiños, Mat-
peilles Hagre, London,
Hamburg. Hotterdam & Antwerp
from UK
for Japan With Iberry to call at Belawan before or after Biraits Portland at Bambay if Ludnesment offer. Tanks avaliable for carriage, of. Oil in Bulk. Space for refrigerated chryn. Limited Passenger Becommodation'
BRITISH INDIA S.N. CO., LTD.
1838 — A HUNDRED YEARS OF SERVICE — 1858 "WARORA"
11th Jon. for Singapore.
tagong Rangdon, "BANTHIA" de 180 Jan. from Calcutta, tangoon
& Straits malle 15th Jan, for Japak
"SANTHIA"
Calcutta
P. & O./B. I, JOINT SERVICE
"ORMARA"
"ITAURA"
“OZÁRDA”-
"ORNA”
due 16th Jan. from Bombay
#alls inth Jan, för Japa
Chit-
toads 28th Jan. for Bingapore, Colombo, Karachi, Barat, Khor- ramshahr & Kuwait Londa nd Feb. for shore BOMBAY, Bhavilazur Katachiy Baran, Khorramanaltr
Kuwall safie 12th Mar, fer Singapore. Madras,
Columbo, BOMBAY, &- Katechi
EASTERN & AUSTRALIAN 5.5. CO., LTD.
"NELLOBE"
dus 4th Feb, from Australia). seits vin Wah, for! Japan - "ARÀFULA” - dus mth Feb,¦ Irons Japan
HARK IN” for Bandakan? RANAUL Eclable, Bydney, .k18: bourne de Adelaide..
All vessels have liberty to call at any poris an die 'off'the routé & this route & balling, GPU MENJER to shange or amendment with or withou
For full porli, Jurs apply to
MACKINNON. MACKENZIE & CO.
OF HONG KONG LID
Telephone Nos. 27721-4.
18.00
5