THE CHINA MAIL, TUESDAY, FEBRUARY 28, 1956.
TRADE and
COMMERCE
SECTION
HONGKONG UK
STOCK
Lack Of Statistics Fooled Economists Austin Assembly Routine Realising EXCHANGE
PRIVATE INDUSTRY
INVESTMENT WAS UNKNOWN
From Ronak Boxall
London, Feb. 27.
The House of Commons listened in embarrassed silence last week while a back bencher accused his leaders of mismanagement of the country's economic affairs. There were no cheers of encourage- ment from the Opposition for the speaker had already made it plain that he considered their past handling of affairs no better.
The speaker, Conservative MP Sir Robert Boothby, was never a man to mince words. Crippsian austerity, he said, had resulted in devaluation. Mr Butler's "dash for freedom" had landed Britain in its present position. "The record of both parties in this matter," he said, "is pretty lousy."
111
speech venteer! exameniton that as
Curry at 17
1łu
10 atre
succesive vernment
the lentless rise of prices.
Mr Butler way form af for unlearn duce a supplementary Saulget in of Ch Toben to restrailt
1otamatu obice Aaptent is not easy to control enter of paley
L.
The trouble now, we ane takl,
That Ita
has
factores **W installing so much
1171
The
In Philippines
Birmingham, Feb. 27. The Austi Motor Ex- port Corporation announced the conclusion of tranchise agreemenia which will on- able Austin cars and light trucks to be assembled in the Philippines.
This markei HON been virtually closed to British
manufacturer for neveral years owing 14 tariffs which make the sale of assembled tint pro- hibitive.
The vehicles will be ex- ported
JEN completely knocked down units' and
assembed Itz
Philip- purs hy Fabar Incor- purated of Manila.
will
-
First shipments drave this month and sembly with ald of Austin technicians
was exported
to start about the middle of Aprit--China Mail Spe- clar.
NY COTTON
FUTURES
QUIET
New York, Feb. 27. Cotton futures today see- Bawed narrowly in quiet dealings.
On Wall Street
New York, Feb. 27.
Stocks backed down a bit today routine realising and less active trading.
on
(From Our Correspondent) Burifless done on the Hong-
kong Stock Exchange this morn- ing: umounted to approximately $920,000. Noon quotations and the inorning's transactions;
SHARKS BUYERS SELLERS NALED
BANKA
lik Bank
The turn was seen as a normal one in view of last week's sharp gains which INSURANCES lifted prices near the year's highs and the recent market tendency to hesitate around the 490 level in the industrial average.
Union Carbide
Industrais today cloth at 495.00. off 0.66. Rafis dipped to Pacific Railway
Unard Aircraft 045 while the utilities alone 19. Gxpan managed a small gain--0.05 U. 8ine Co. G2 numerius issues edged ups Rubber femtionally, ontweighing a is Sueling of store than a point in Pan-Warner Bros. Janndle Ba-1 1'izie Lin,
Westinghouse Electric
1.9. Stre
or a total 1212 uses traded! West Va Pulp & Paper 520 were lower on the day 482) Woolworth
1 p bisk start which¦ bud Tickets running lite bartetty. Wilh purk m Bron, furtover cupped to 2,440,000 shares from i 2,890,000 on Friday
Steels Off
Tobacco stares were hit by renewed reports linkbig smok- ing and einer and a rep of points J American weighed 1 the 122- Reynda
Searly 2
Tubace
clasta ial
overage,
Johacen lust more than a posni
21
چپریا
Viren Underwriters DOCKS, ETC.
Dock
Provident (ON)
Wheelcel
LAND, ETC.
11K letel
112
170
70%
BO
HIK T
Uld
(New)
Humphreys
Realty
TLA
RUINSERT
43)4
Grain Futures
Hit New Highs In US
Chicago, Feb. 27.
and rye
Wheat,
most
1T with Loybeans futures leaped to Youngstown new seasonal highs on the each down Board
of Trade today, while corn and oats point,
advanced only slightly mostly jabove the steady mark.
Demund for whent Wal Continental stood cut amongeredited to news of dust storing
Bard
Steeks Bethlehem Sheet and Tube Carre than 1.
Apperi Chrysler General Motors a
elsewhere
fractional in malls.
1
1
Al Qir riese ne fast rufeel oft 30. up 18 poura Opening
were an apponats New Orlean wif 9
זי 111
Mitsגזין
T
with a pan of Old crop nie w
Chemd hd sta ong defenave most of the day, feed is to keep, malfal inst the weight of March liquida- with Da Chiessigaf up enth on 111 ilft investment economy on an even keel. Thes
tne of Pent nearly a point lion and voicing by bushestry
ling sealls for the judgment
New York Stork last work's buyers in the May danger thai
always Bust
and July deliveries. new plant | guardest against is that any New is sagine netlon Triven to correct ht Yel Jess | might tip the beat over in the than two years ago there was
oppolle direction And no one equal concern. because invest- want to swap inflation for de- ! ment in new means of prolac-nation ting was Plagnating.
นรกใ the unm
the strom.
under
Glaring Omission
arui his predecesors at the Treasury lacked the proper
ari
his
When
fa
volume
was
Stock
uver
ONL
promoted
1730 1700
D. LO
M2 30 2000 35
1
1.50 0.75
Government Stocks Gain
London, Feb. 27. British government stocks posted gains up to £1⁄2 but most other section closed mixed in quiet trading on the London Stock Exchange today.
bar-
Trading totalled 8,750 King, the lowest Monday total
in five months.
The "gilts" Armed aflor erratle behaviour earlier in the ression, with clemand pushing
four per cent Consols ahead by nearly In shillings. Othera showed guins between (lve shill- Ings and seven shillings and sixpence,
measures.
In the industrinis, selling hit chain store shares and other 18 20 18 40 1500 170 Issues kely to suffer In the
1000 18.00
wake of new government anti- 300 10,00 islation
Wool- 8200 or 18.40 13300 130 worths skidded about a shilling,
as did Unilever and Vickers 41 01, 2000 - 61 Rolls-Royce moved
ngainst the 300 015 180 2 5010 | frend with a gain of nearly two
shillings.
12:00 143
вот зде
100 / 24.70
Bowaters Up
A Rubber 763 172 3000 1,675 | VIILITIES
Trond
24.70 Yust Ferry 14013 100
Dowaters was another feature, 14ght 10 211 21 20 1000 25.00 +5p nearly three shillings at one CLICK (N) 10 GO 18,70 3000 10,70
Electris
Marg Electri
(Old)
INow!. 8.30 Teteplione
INDUSTRIALS
Cinest
J
dest
A.S. WATSON
DIVIDEND
The Board of Directors of A. S. Watson and Co., Limited ro- port that, the net profil, subject to audit, for the year ended Octo- ber 31, 1958 amounted to $639,- 172.31.
After providing $68,- 000 (or taxation for
the year 1958/7. and
and including the sum carried forward of $83,274.25 from the previous year together with the amount of $14,099.25 being unclaimed dividends for- feited and the sum of $100,041.95 being reservation for taxation no
the longer required,
balance Available for appropriation amounts to $861,187.70.
The Directors propose lo utilise this sum by transferring to Battle Stock Reserve the sum
Oils opened thin, then eased of $100,000 and writing an with Boyni Dutch fractionally lower.
higher,
amount of $50,000 of the com-
Copperx
Metalhares generally firraed,pensation for loss of office paid
moved
but to the Inte General Managers, Golds drifted and showed most-and by declaring a dividend for ty mall loses at the close.
the year of $1 per share on 600,000 shares and to carry
9.33
421 422 344 « 43 2:00 12
5720 $.60
000 31%
30 302, 2000 or 301,
GOT... 38
Hom STORES. ETC
10
17
WETC Foreign bonds
mixed. Japanes Itens firmed, while
121 13.20
GOD G $8.00
5.30
7.00
0
200 11.30
Dairy Watson
COTTONS
Texillen Nunyang
MISCELLANEOUS
Allfest
HK & FC,
Invest
WORLD
RUBBER
MARKETS
New York, Feb. 27.
Kansa Oklahoma spots, Texas during the weekend, and 2. Du the action
in wheat buying in ye futures. Exchange Deniers said
soybeans moved $4,220,000 higher
short buying and covering brought on by firmer Exchange markels for edible oils. Soybean
April-May delivery, closed at 13% lower basis, decatur, traded cents
new tracts. pound today, L-
The standard 150.07 high for the season.
50.32 Wheat closed off 1% to up 12140 cent; soybeans
to 1
106.13 cents.
егор
showed hares. months
American smail yang most of the time,
C selling, volume was 150,000 Juures, fleeting the lack
Dow-June- closing pressure. while traders wanted developments on Washington
be farin bill.
the
The
were: 34)
astril
20 ratis is utiles
#3
stocks
bond-
Comm. future price index
averages
405.00
Closing Prices
Allled Cirmiesie
March contracts dipped below Mir Mnemillan had this well
the 952 ernt level on realtered 7!
welly
liquidation and spot house sell- franwel
anli-inflationary Mesures.
What he has tried in while shorts appeared to be
covered for the time being. restrict capital in- One reason why lungs have to do is to
open position March at Mr i vestment by government, by is WrOIN Kone 50
that Butler
The certif-Allied Stills Ine nationalised intustries and by the start of trading today toto)- Alden ine. Ay private industries to what the led 78,200 bales.
Frated slock dgelined four bales Allis Chalmers Their job. imation con alford.
weekend to 0,758 American Airline
Am Mach & dry Everyone regrets the need fo, ver economists
bals. without them he is glow down the pace of Britain's E
American Metal The Commodity Credit Cor-American Swelling such things as Investment In
sales of American Tel e ipel reported factories, power plants and o poration
Amertran Tob "1" 83.641 bales of raw cotton last The things are urgently
Anaconda Copper week
the government under
Armour meeleef of the rountry is to hold
The
equipment Statisties tools d forced to improvise.
the
to government economist, were 15 Jun in a highly cum-special programme for cut-rate twin-Limin-¡lanı
On of the Mend gluringon. omissions In statistics mymitatile
Agures showing how
inoustry.
Trade
was what
vered
when they
iles. ther
Junkerd
Cumulative
much pettive wa; kl. But Inflation exports investment WAS plomet by is the hort cut to reaminte dis- slice the new yeur, when
reached started. Rapply the faster and first things must come campaigni
mav first.
891.122 bales out of the million
ales originally offered,
open Volume and
private Board partially remedied this omission:
Misleading
127
الانه
up
CLOSING PRICES Prices per bushel in cents: Wheat, No. 2, red
Mir
May
Mar
The No. 1 Rss rubber futures -45 today
65 points with sales
281 con-
contract closed 25 to 05 points lower with sales of five contracts.
wero
Commission houses and dealer Interests operated on both sides of the market as prices alternately steady and unsettled over a range of % to almost a cent a pound.
Consumer buying interest in spot market remained slack, intra-dealer transactions 50 were reported on the small side.
Shipment offerings from the East were around
"fair Fu weights but above a workable basis.
Spot No. 1 Rss locally was quoted nominally at 33% cents a pound. Futures:
Contract No. 1 Rus
Germans tended lower on pretit forward to the next
the sum of $101,187.70.
Inking.United Press
account
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Leaves London Duo Hongkong
Safled
20th Febru
Outwards "CANTON"" "CARTHAGE" "CHUSAN”? "CORFU"
15th March
27th March
0th March
3nd April
13th April
30th April
Via Southampton, Port Hatd. Aden, Bembay, Colombo, Pening & Bingapore
Leaves Hongkong Duo London
Homewards "CANTON"
Dth March
9th April
"CARTTIAGE"
Oth
Apri
7th May
"CHUSAN"
29th
April
271h
MAY
"CORFU"
4th May
41h
Juna
Port Bald à Lender
* Miso Calle Marseilles.
Via Singapore, Penang, Colombe, Bombay, Agen,
5 21
Sput
22in
112
Mar 222
219iLi
219-
34
May
12014
713
July
2011-
the
24%
Sept
201
Nov
203- 2071
nod
Corn, No. 2, yellow
522
Spot
120
184
Мл
05
701
May
134-1337
***
July
137-1
Sept
13245
14
Nav
1333
sales
Haltimore & mo
44
se
Bendix Aviation Curp
551
1
Benguet C472%
24
133 131
2euehem Steel
1523%
Helg Arplane
75.
als
Burroughs Add Machine
31
Canadian Pacific R
3315
May
Interest
Care (1) Co.
1012
Soybeans, No. 2, yellow
Mar.
T. Financial Corp.
Spot
2017
May
As follows;
May
In itself. The latention is aut
July
Ori.
Mar
3243
July
private industrialists how much
they planned to spend an
New
Toubis regain they always May
building, plant, maclinery and will. Me Hurol! Wilson, the July,
of prxluetion ut Labour other means
Parly's Mr that 1050
cunvinced
Derember Chancellor accused the
Stareh Macmillan that his attack on
men! of relting
the Inflation
aime should
But he did not duly, ed corn. chiefly at Industrial Investment.
quarrel with the Chancellor's Tutal
But to go back for a moment,
tatay...
quelsion to cut rapital Invest-
In 1934 Brith spent less onment; only with his refugni not
to differmate between essential new fixed enplial in proportion OREK
ard!
non-essenting investment, The word "cut"
cut" is meading
nun
Communist
KO
to the national product than ali The other Europeni countries Greece. Earlier this year Me Butler had taken mellon in his budget to encourage more it. vestment. His
so-called "Investment
allowater;" Kave subsly to Indtas trialiste who undertook new investment,
In effect
to To reduce capital investment
011
Prices of futures closed today Diamond Alkall
Dow Chemieats
Prices of future closed today Goodrich (B. F, Co
below its present level but to slow down the pace of its rise Private Industries planned to spend about £150 million more en capital investment this year as lullowE: than they did in 1955, The Sput actual
mount that nationalised industries planned There
to is reason to believe spend this year
new
now
that
development is not known but it Industrialisis were planning
increase ther
is estimated that the £30 million "cut" in these plans will bring capital investment before Me
thele total expenditure back to intruduced his Incentive. Butler Investment that was originally
clore what it was last year. planned because Industrialists
If
the Hovernment's foresaw expansion
of demand intention to ensure that capital old contract for their products wan Thus expenditure this year is no given additional boost higher than it was last year New contract
amount by which too big a boost as it turned out, the total
nationalised of
an
Bank Rate
John-Manvilio Co.
Kennecolt Copper 20.10 Lekheed Alraft
Loews Incorp
25.70 Lone Star Cement Co.
Loulaville Nashville 2. 31.60 Mesabi Iron Corp. 20:30 26.23
| Minneroin Mining
Mission Development Monsanto Chemical Co. B126 Montgomery Ward
National Cash Reg. "A Notional Dairy Prod.
ไกรล private industries will have to Egyptian Karnak Mar/Apr. be cut back is somewhere in the region of £200 milion. It Futures closings. In cruzeiros A few figures
that there per kilo were as follows: (necessarily is not intended should belated) Illustrate
be any sudden big this. The total area of Industrial building reduction started in the first half of 1955
ture; rather
March
in, capital expendi- there will be a
May
July
October December
was two-all larger than a gradual slowing down in tempo year earlier and production of of new investiment,
for kha home market
WRS
motal working
machine tools
Earn Gratitude
higher in value
15 per cent.
At
mid-year orders on hand in
If all goes according to plon,
the machine tool industry wore
32 per cent higher than a year therefore, there should be n
National Lead ....
National Steel Corp...
20.34.
New York Central
30.50
Olin Matheson
32.30
Oils Elevators
33.00
Pacific Gas & Eleg.
37.00
Pacific Western Oil
In the United States, the aver-Pan American Airwayn age
of 15/16 middling Paramotint Pleturen price
Parke David Co. designated spot Penny, G. Co. cotton at 14 markets war 35.49 cents. Sales Pen Salt Co. totalled 08,076 Bates United Philip Morris
Procter & Gamble Co. Prost
previously and by the end of noticeable relaxation of pres-New York Foreign
September approvals for now sure on national resources by factory brulidings were up by 45 the autumn when the external strains on sterling are at their then there are greatest. If by
per ce
cent, This
of upsurge Investment had already begun definite signs that Inflation Is England_official" to have an inflationary effect on the reliest, Me
To deal will have earned the nation's
Exchange
capital
Now York, Feb. 21.
$2.50-27/32
201 30-day futures,.. »
1-day tulures' .. Australia New Zealand on having Bouth Afric your and again the next month. done what all his predecessors Argentina
Ghars but this was not sufficient and 'havo failed to do.
Macmillan
WALK
by the end of 1904,
with this the authorities zuisedă | gratitude, But it is too soon to the bank rate in January last congratulate him
| Plüburay Plate Ginos
Publicker Industrien
Puro Oil....
Radio Corporation Repubile Aloel
Reynolds Molal Bhell Oil Co.
Bouthern National Can Blandard Branda Kiandard Oil of Cal. Standard Oil of Ind.
·Standard Oll of NJ. Sterling Drug Co. 2.01-7/34
Stokely-Van Corp. - Studebaker-Packard Corp. 9737 unaliangen.inites: Bwist & Co.
Texas Co.
were; M4375
Valsaree
Open Interest
Cat, Tractor
no
Mar.
July
May
201
Sept.
Celine Corp.
51-ch
11.DON 33,000
422,400
Case Manhat. Bank bil Chrysler Motors
4015
July
200
Діс
241 Sept.
32,600
ghadow" Dcturer
17,000
230,000
17,800
264,000,
1,400
14.10
3,000 2,000
AZ,200
21.400
111 800
1.4-48,000 batex
Luikate-Palmolive Co. Commercial Credit xd. Commonwealth Eler. Consolidated Edison Continental Oil of Dei, Crane Co.
Nov
240- 240-1
New Standard Contract
Mar.
50 Barley
May
42%
Spot
130-140
July
40.
New York flour
Sept.
106
200 lb. sack
$13.00
Dec.
3712
WINNIPEG PRICES
Mor.
NEW YORK
Crown Zellernach Cuban Amer. Sukur
10
04
30,000
Dupont de Nemours
220
today in cents
Winnipeg, Feb. 27.
Prices of grain futures closed
SINGAPORE
per
bushel
49
03/74
Eastinan Kodak
follows:
19.31
El Paru National Cus
401%
Vals
34.35
Erie Railroad
211%
May
7036
32.31
Family Finance Corp.
24%
July
3203
General Flectric
October
74-74% 713%
No.
1
rubber per lb.
Mar.
31.77-78
General Foods
9412
Rye
Apr.
31.44
General Motors
4434 May
1243
May
30.07
Gea. Pub. Ulli.
301 July
11812
No. rubber per Ib.
NEW ORLEANS
Glidden Co
Octuber
1101%
MAT.
0424
Barley
No. 3
rubber per Ib.
Coodyear Tire
04
Heyden Chemical
1776
35.20
Homstake Mining Co.
372
Mar,
Ingersoll-Rand
33.2!1
May
Inland Steel Co.
04
May
July October Flaxseed
100%
Mar.
101
No. 4
rubber per
Da
MAT,
Spot rubber untaled
931-037 02-9214 unquoted 01-0212
91-0122
001-0015 ..015-0515
Blanket crope
July
34.41
Interchemical Corp.
4034
Miny
32.30
Oct
Int'l Business Machines
400
July
22.02.03
Int'l Unrverler
Mar
International Nickel
371; 02
October
4321 416-417% 340
LONDON
1.32
May
International Paper
July
LIVERPOOL Future closings, in pence
was as follows:
Int'l Tel & Tel_.......
per
Kaisan C. Power & Light
Mar/Apr.
May/June
21.70
July/Au May/June July/Aug. Oct/Nov. Dec/Jan.
SAO PAULO
April
May
June
April/June
July/September
October/December
110
*E
Wheat, No. 3, 103 cents; No. 1172 5, 125 cents-United Press.
New York Sugar Market
New York, Feb. 27. World No. 4 closed today
sugar futures unchanged to points higher with sales of 101 contracts.
The domestic No. 6 sugar futures closed 2 to 3 points higher with sales of 441 con-
40
4476
tracts.
30
Finmness In world futures
10
31
461%
Da
47
reflected the situation in raws
The market eased on seru,
and some was well
during
the day. There was some small manufacture interest. Futures
No. 1 palo crepe *
The market was steady with spot quoted at 28 pence per lb. Prices:
No. 1 Ras spot
Settlement house tern:
General markets, eff Dania, porta:
2744-2734 Apri
Estate crepe thin and thick, un
quoted-United Preas,
London Foreign Exchange
New York
and trado covering in the Montrent nearby deliveries,
Domestic fulures were active Copeningen
45% on trade buying, along with a demand credited to Cuban
Contract No. 4 (world)
Amsterdam
Lisbon Milan Par Zurich
London, Feb. 27. 2.00-13/10-20 2.803-2.00-7/10 70.63-10.84 19545-19.9436
00.10480.20 17543-1705 9021-90231
Others were unchanged
Untied Pre
Exchange Rates
102
**
interests. Futures:
421
49 Mar.
4011 May
Bept.
G01 Oct
41
Mar. May
soát chi par in con chua) 30
3.30 3.70 3.20m
imoficial
this
53 May
0.40
thoring at the following rates:
July
13
0.44
US dollar
5.61
Sept.
10
0.30
Bierling nolos (per Lt).
Nav.
Spotdene per it, ein "NY"
Auralian notes (per, 1)
Indonesian rupiph, (per 100)
@x_u{}}
Siam ties \(per (06)`
1191
Suvapor (öftruito)
Contract No., E
mairiend was done in the local
exchange market
FREIGHT SERVICE
"SHILLONG” que
for 'pore, P. Swetton-- PALATI, Penang,
Aden
Port Bnfd. Genan, London, lamburg. Hot terdam & Antwerp
7th Mar. from UK. its 0th Mar. for Jason
With liberty to call at Belewan before or after straits Ports and at Bombay it inducement oker. Tanks available for carriage of Oil in Balk. Space for refrigerated cargo. Limited Passenger accommodation
BRITISH INDIA S.N. CO., LTD. 3850-A HUNDRED YEARS OF SERVICE -- 1956 "SANGOLA" In Port
salis 2nd Mar, for Japan “SIRDHANA" its 3rd Mar, for Kobe "WARORA"
salle 18th Mar. for Singapore, Penang, Rangoon, Calcutta de Chittagong
P. & O./B. I. JOINT SERVICE
"IKAUNA”
from Karachi e Bom- bay
for Japan
;
Irem Dombay & Karachi
duo 10th Mar. salis 18 Mar, for Japan
"SIDHANA" alle 20th Mar. for Singapore, Penang.
"ORDIA"
Cochin & BOMBAY
DOMBAY, valla 2011 Mar. fas. Spore.
Korach, Bagrah, Khor ramshahr & Kuwait
EASTERN & AUSTRALIAN 5.5. CO., LTD.
"NELLOBE""
"NANKIN"
duo 4th Mar. from Japan salla 0th Mar, for Sandakan, RABAUL Brisbane, Bydowy, Mele bourne & Adelaide
due 17th May, from Australia. Kalia 18th Mor, for Japan
-Ali versõis have Überly to call at any poris on or off the route & the route à sailing are 'subfoot to change or amendment witis or wilkout police,
For full particulars apply lo... - MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos 27721-4.
32,3
"SURAT"
15 Port Kalle 20th Feb.
31.00
31.35
30,115
22.30/
32.50
31.80
31,15
30.05
30.00
absorbed
100-100
de 13th Mar.
#all 14th Mar
"ITRIA"