TRADE
Britain
THE CHINA "MAIL,
WEDNESDAY, MARCH 7, 1956.
and
COMMERCE
Reducing Stockpiles
NO SERIOUS WORRIES
FOR DEALERS
London, Mar. 6.
The British Government's announce. ment that it intended to run down the defensive stockpile has caused no serious worries about long-term effects among dealers in stockpiled materials.
The Government has promised that it would consult with trade quarters to avoid disrupting markets and the possible future supply of materials from the stockpile was thought in many circles to be small in relation to total demand.
Total Government stocks of given supplies to sell, on a tender non-ferrous metals were thought |Boris. to be substantial, Although no Ngures were known. Copper Some quarters pointed to the
zald dealers
Government Government fact that the bruker might be appointed, or leased fairly large quantities of Individual dealers
be copper about this time last year would
And these were assimilated by The marketa.
A
Grain Futures Steady To Weak
Chicago, Mar. 6. Prices in grain futures were steady to weak on the Board of Trade today.
TC-
These
quarters void the quantities ovalloble in relation to total demand were unlikely to be a major lem in the long run. Other quarters, however, thought the effect on prices øver the long term might possibly be Inn adverse one.
Sources close to the two sell- ing agencfe of the big South
| African mining corporations be- Hoved it was unlikely that the Government's decisions would !cause ony change in the car.
porations" "plans.
Wool Stocks
profit-
Government stockpile W13
Shucks slightly of Un have been estimated by Fome quarters at 6,000 to 3,000 tonsor the equivalent of three muni supply for Britam
Dealers sald that taking and hedge-selling
for responsible
the lower than opening prices
Exporters
report that their business
The increase. Offerings are due after the close
01
bales
British wool curves estimated fright to Colombia on 335,000 | the total stuckpile stocks of bushels of hard wheat,
and a wool at arrund 500,000 large quantity of red wheat in They considered this to be small Yugoslavia, Western Germany in relation to world supplies and it to have any on March 8 is due to receive did not expect offerings
3 million notable effect on prices. on around bushels of US hard wheat, atui the exporters expect Austria in murkets shortly for fair amount of the same. Spain: received a grant of 25 million US edible oils.
dollars for
cents;
Wheat closed off
snybeans
* 10 14 up
10
17%
cents
CLOSING PRICES
Prices per bushel in een1s
22411
218-210
turned over The Government 30,00 bales last year and ils turver for the coming financial year was expeeled to be grunter then this
British timber sources have estimated the stockpile of soft- woods at about 200.000 standards.
OKEN"
SPOT TIN SHORTAGE
London, Mar. d.
The Financial Times 10- day
said that the tin
con. market in Lunzion Undies to be very sensitive In view of the shortage of spał kupplies and con- tinded uncertainly about thelabour situation In Malaya.
of
"VI the continuation American stockpiling.
the metal is still in short supply, acutely wo is áp- peary
this
the
17 Europe,
maintained.
world Industrial continues to forge
an it has done in past few years, the mirping of tin this year is likety to be much
the
tons 10,500 than estimated for 1950." China Mafi Special.
HONGKONG
STOCK
EXCHANGE
(From Our Correspondent)
Stock
Iran Sets Up Bureau
Of Standards
For Exports
Teheran, Mar. 6.
The laying of the foundation stone here of Iran's first Bureau of Standards is symbolic of the efforts now being made to develop exports other
than oil.
The Bureau will test and classify according to international standards the various products Iran has to offer and enable this country to on level term with other countries compete offering similar items.
One
reason why foreign buyers have not so far shown
in frankin too great interest exports was lack
A
of con- ndence រថ the standard. uni- formity and quality of such things 48
skina. rice, casings, gum tragacarth. pistachio nuts and optum.
cotton, ores,
Lower Prices
Inexperienced Iranian export- ers ave co occasions mixed good quality cotton with In-
with the ferior grades
result that, Increasingly. shipments were refused at ports of entry and severe losses were suffered. Because of this, many Iranian traders have been forced to
WORLD RUBBER MARKETS
SECTION
Slow Cotton | Aircrafts Strong Trading On Wall Street
In New York
New York, 8. Irregular price changes accompanied a slow trade
· cotton futures today. Pending a Senate vote on Thursday on the Farm bill, | when a show-down ia ex. pected in the Congress over flexible versus manda- tory high price supports, traders adopted cautious attitude.
A
more
At the close the list fuled & points higher to 18 pointe lower
ring price and closed 6 points. New Orleans up 3 to off 17 points.
With new commitments held
in abeyance, traders evened-up March contracts which held at this 36.77 cents level [OT the
fifth session in a row.
May contracts showed 1 dependent steadiness on further shipper covering. reportedly against raw colton export sales
and to Spain, Formosa,
other oriental destinations.
Now crop
MARKET LESS ACTIVE
New York, Mar. 6. Aircraft stocks were independently strong in a generally easier, less active market today.
Aircrafts ran up gains ranging to more than 2 points in Boeing, a point or more in Douglas, Lockheed, General Dynamics, United Aircraft, as Wall Street talked of possible orders for increased plane produc- tion to come from the conference of the Joint Chiefs of Staff in Puerto Rico.
Elsewhere, proût-taking ap-Dupont de Nemours
Fastman Konink peared on the heels of on carly El Paso National Gan' run-up to further new highs Erte Finilroad and all major
closed Family Finance Corp. slightly lower.
Ford Motar Of
groups
total 1,105 traded today,
scen ás
4
488 were lower.
The move was normal event after three days of rising prices had lifted in- dustriais to new all time highs, raile a new high since Decem-
months were onber 8, and utilities the the defensive most of the time since April, 1931. reflecting a lack of important of
besti
buying power in the face Turnover Dipped
light and vcattered selling.
VICTORY FORECAST
New York, Mar. 6. The No. 1 Ras rubber On the form
legislation; futures contract today Democratie and Administration leaders have forecast victory by closed 45 to 65 points
a narrow margin on the lower with
price sales of 209
support issue, with both
sides contracts.
working furiously to line up votes before Thursday, The domestic No 6 sugar for their futures closed 30 to 55 points Traders in near crop months Business done on the Hong-accept lower prices
products than they need have lower with rules of five con also decided to go slow pend- this Exchange
done. Their capital has also tracts.
ing more details on the govern- mounted to ap- been tied up until the goods they Futures firmed after a ragged ment's surplus disposal proximately $040,000. Noon
with to sell arrived at start only to weaken again and | plun. quotations and the
morning's the customers' port and were give up about half of the gain. transactions:
Sentu examined
determitte the Most of the
quarters felt the sub- ol trading was
privilege whereby speculative quality and price.
origin, with dealers alitution operating on both sides of the buyers taking stock out of the
Joan
from could subs!itute market, but appeared to
private sellers on balance.
holidings, would tend to bring more fugity pressure in futures and possibly heavier
contract deliveries.
kong
ת ורוסונו
to
of
All this means that much tran'a trade has been restricted for months past while a season's crop of, say, pistachio nuts, was harvested, transported
the 100 30.00 United States
proft,
SHARES BUYERS BELLERS
BANKS
SALES
1K Bath X 1075
INSURANCES
Unite
Linbera
DOCKS, ETC. K. Whort Dock
TAL DO 30 14 000
++!
to
and replised
ԵՐ
The prolonged nbsence of buying interest on the part of A big factories, at the lack of flesh news concerning buying officials United States
who have helped Iran with толеу and expert advice welcome the new Bureau of Standards means of removing the country's 300 8.40 reliance on oil to obtain foreign 2000 1833 exchange.
34% 34% (700) 34° 200344 I'mytdent (0) 14 20 14 40
Wheeback
LAND, ETC.
IK Hotel
A 40 2700 30
47 1.825 3000 # 150
as a
Oll 18, of course, by Iran's biggest foreign exchange 00 earner, but by law at least
development projects,
Big Problem
new
General Electric
General Foods
General Motors
Oen. Pul, 17111. Glidden Co.
Goodrich (B. FJ Co. Goodyear Tire Bomatake Mining Co. Heyden Chemical
Ingersoll-Ranc
Inland Steel Co.... Interchemical Corp. Int'l Butiness Machines Int'l Harvester
international Nickel International Paper Int'l Tela Tel John-Marvlile Co. -
Liggett Mey Co.
Loews Incorp.
Lowenstein & Sons,
Turnover dipped to 2,776,000 Kansas C. Power & Light shares from yesterday's 3,000,- Kennecolt 000,
A few special issues attracted Lockheed Alteraft attention. Westinghouse Elec-Lone Star Cement Co. trie was the day's most actively Louisville & Noshyllic R. traded stock as settlement of Mesabi Iron Corp. the protracted strike appeared Minnesota Mining likely. It held a fraction of an Mission Development Carly
wider rise."
Monsanto Chemien Cu. American Metal ran up 34% Motorcia ine,
Montgomery Ward on two-for-onLe stock National Cash Reg. "A points spilt news but others in the National Dairy Prost. metal group were lower,
Nations! Lend National Steel Corp. Steel losses ronged around a New York Central' point in Bethlehem, Inland and Olin Matlileron
Otis Elevators.... Jones &
Laughlin.
Owen-linols Gloss Motors were steady.
Pacific Gas & Elec. In olis, Gulf fell move than Pockle Wentorn Oil
Pan American Airways Unlon of California
3 points, and Royal Dutch around 2.
New York Stock Exchange bond volume was $4,070,000.
American Stock volume was 1,090,000 shares.
Dow-Jones
Open March contracts at the atart of trading today totalled 53,400 bales. The certented were:
declined 430 stock oventght bales to 9,914 bales,
Volume and
32,100
Exchange
closing averages
Closing Prices
Paraineunt Pictures Parke Davis Co. Penny J. C. Co. Penn. Salt Co. Philip Mortts Procter & Gamble” Co. Pittsburgh Plate Class Publieker Industrico Pure Oil Radio Corneration
Southern National Gas
Southern Railway (Com Standard Brands
Standard Oll of Cal. Standard Oll of Ind. Standard Oil of N.J, Blerting Drug Co. Stokely-Van Camp. Studebaker-Packard Corp. Swift & Co.
Texis Co
Tide Waler A181, Oli
Twenty Century Fox Fum
13,20 10 30
HK Land
10
INI Humphreys
XD Flearly
far
62
33 1500 02
01 1300 et 51
15.30
per cent of oil revenue is car- marked for Anancing
capital
NUDDER
A Hubber
173 1774 11000 of 1.77
T
by **Iron Curtain countries, brought realising by recent buyers.
Shipment offerings from the
held Far East were
above "h basis. Receivers workable cstimated Singapore at about 1% to 12 cents over a parity with cur market while Indo Month
Mar. nesid was about a cent over.
May business limited
spot
Oct. ocally included a small amount of flat bark done on
around apot 23 cents a pound, off 1⁄2 cent overnight. Spot No. 1 Res was quoted nominally 34% cents a pound.
open
30 industriala 20 rafla 10 utilities 50 stucks Interest to bonds
491.41
Republic Steel
101.10
iteynolds Metal
*E1.64
Sheli Oll Co.
17461
Saint Bed. Paper
08.14
Sinclair Oil
were:
Volume
3,700 20500
Open interest Moody's Index
Comm. future price index Comm. spot price index
101.04
Socony Mobloll
100.41
South Puerto Rico Sugar
105.00
$3,400
407,000
July
28,700
200700
48,500,
200,200
Dec
25,100
310,000
May
Mor
July Toini
3.000
120,000
1,500
70,000
4200
NEW YORK
of
Futures:
Contract No. 1
རྩྭ
Mor.
Electric
X.ALL
31 300 31
Macho Elec.
10)
9:00 8.30
509980
31% 324
Since Iran, on the average, imports double tire value of the goods, that she is able to Hell Dec. abroad, this is a perennial prob-
Mar. Any lem for the financial experts of the country,China Mali July Special.
May
34.30 34.40-45
as follows:
July
Bain
Spot
Sept.
32.75
Mar.
33.00.05
May
New Standard Contract
July
34.10n
Oct.
54,30
Dec,
33.20
Mar.
Srpl Der
32.55
May
13%
GOD 34
Mor.
31.20 31.10
July
15 20
23.00
This means that the budget other be balanced by
The trade would want 10
Covernment emsult the releases of this, said a spokesman į UTILITIES of the British Tibet Trader
Yunis Ferry
100 107 Federation.
Light 10) 21.40 21.TD 1000 21.50 has to
100 e 21.00 means, including the export 300 & 21.30 raw materials, animal products. Light IN 38.00 19.00 1000 m 18.70
100 e 18.00 ores, rugs and foodstuffs.
However, they did not think 22514-218 | Government stocks of hardwood or plywood weukt be embarrass- ing.
Wheat, No. 2, red
Spot
Mar 22 zia
May
July
1500
Sept
200
Nov.
203!
Corn, No. 2, yellow
Spot
1.291
Mar.
129
May
1331
July
1371-1
Sept
1379;
Nov.
133
Ryo
Mar.
May
Dats
1521%
Base Metals
Provided
stockpile releases
were carefully handled, it was
a dvelsion that the trade would
be imelined to
welcome, said
1294
the spokesman.
Meanwhile, the
Mar
May
6214-"b
Boybeans, No. 2, yellow
20011
200
May
July
Serat
2451
Nov.
230
Barley,
Spot
1.30-150
New York flour
$13.300
ואד
Telephone.
INDUSTRIALS Cement XD Rope
STORES, ETC.
Dairy
في الأم
300 221
17
17.30 1740 700
300 or 11,00 500 or 1740
35% 500 or atte
Waln L. Crawford.
COTTONS Textiln
1199
Corp 326
MISCELLANEOUS
Yongtize Allied.....
8.70
6.30 6.40 5000 a 9.35
Singapore
Stock Market
Singapore, Mar, 7. Brokers todný quotcu following stock prices:
Lintang Rubber Co. Borneo Petroleum
the
SINGAPORE
The market opened frm on overseas advices today. There were trade and factory supports for lower grades and sellers were a bit reserved. Futures: No. 1 rubber per ib. Mar. 101-1014
Apt. 9914-09¶1⁄2 May unquoted
020-0814 No. 2 rubber per lb. Mär. No. 3
Alden Inc. Aey.
Allied Chemicals
Alle Mills Inc.
Amerjean Airline
158,400 1,002,500 bales Allis Chalmers ..
American Cyanamide Co. Am. Mach & # dry American Metal
Prices of futures closed today American Smelting
30.000
35.30-43 Armro Steel 33.10.09 Armour ***..
31.47 31.37
31.00
| Baldwin-Lima-Ham. Baltimore & Ohio
NEW QILEANS
$ 215
123
334
2412
70
212
Union Carbide
Union, Pacific Raliway
134
United Alrernit
Am. Sugar Bet ta American Tel. & Tel American Tob. "a" 35.77 Anaconda Copper
0046
H.S. Cum
100**
U.S. Line Co.
TOM
V.A. Rubber
78
V.S. Smeting
$21
V.B. Strel
10
Warner Bros.
142
Wellinghouse Electric
4596
9002
Bendix Aviation Corp. Benguet Cons
Bethlehem Strel
103-1
Boeing Airplane
Burden (The) Co. Burroughs Add Machine Canadian Pocic R.
Prices of futures closed today are 3.1.) Co...
as follows;
Spot
Mar.
May
July
Oct.
Deo.
Mar.
May
2714-33
July
20-97
100-1013
116-117
lb, were as follows:
Old contract
Mar/Apr.
03-95
LIVERPOOL
35.20
36.76
33.45
33.78
31.44
31.07
31.01
30.90
30.31
C.IT. Financial Corp. Cat. Tractor
Celanese Corp. Chase Manhat, Bank Chrysler Motors Colgate-Palmolive Co. Coca Cola
Commerrini Credit Commonwealth Elec. Consolidated Edison Continental Cl of Del. Crane Co. ..................... Crown Zellerbach Cuban Amer. Bugar Diamond Alknit
Future closings, in pence per Dow Chemicals
Bia.
Brilleh
Syndicate Consolidated
Ord Frazer & Fraser & Neave 75 cuin.
pre!
Opening
$1,00
No..4
Spot rubber umbaled
41/04
Blanket crepe
Tin
Smelter
No. 1 pale crepe
28/34
Hongkong &
Shanghal
$130
$3.09
$900xd 2734
per lb. Prices:
Malayan Brewerles
$1.00 $4.12 $3.40xd
Ro. 1 to soot
2015-20%
New contract
Bettlement house ferm:
20.00
April
2934-201
July/Aug.
20.00
New Berandah Rubber Co.
Ltd.
May
201-2912
Oct/Nov.
20.15
$1.00
June
2011-2012
Dec/Jan.
23,03
Buyers Sellere
Petaling Tin Lid,
April/June
Exrption Karnak
Raffler Hotel
12.4
July/Sept.
Mar/Apr.
40,10
791
70153
Bhiksporo Cold Storagu
$1.50
Ocl./Dec.
433
434
| Bouth Bjuist Insurance Co.
Jar/Mar.
2011-2012
Lid.
17.50
BAO PAULO
12111
Siraits Trading
21.12
June
Biralls Steamship
$12.00
Zint in half Mar.
103
104
United Engineeri Ord.
June
100
10014 | Wearne Bros.
$0.70cd $2.00
Marchi April Estate Crepe
2914-2014
Futures closings, in cruzelfos 2017-201 unquoted per kilo were ne follows: -United Pre
United Pressi
-China Mail Special.
March
29,00
20.30.
30.48
31.33
34.00
Wert Va. Pulp & Paper Woolworth
United Press.
New York Foreign
Exchange
New York, Mar, .
01.001
England offsetal ...
*+
o Australia
30-day futures 90-day futures
bid
BDConddo
1274
43%
2.8014 2.79 19/42
2.70 7/10
1149
New Zealand South Africa Argentina
206/td
$236
101%
india
2:02
48 Pakikinn
2105
0021
United Press.
200 b, hack
Government announcement had no effect on sentiment in base metals on the as il London Metal Exchange,
was regarded as more of long- term signiennee. Prices were the influence of developments.-
2001-204 sll under
2831-206
WINNIPED PRICES
Winnipeg, Mar. 6. Prices of grain futures closed today in cents per bushel as follows:
Cel.
normal market Chinn Mail Special.
New York Sugar Market
New York, Mar. 8. World No 4 Ruger futurs closed today 2 points higher to 2 polota lower with no sales re- pented.
The domestic No. 6 sught futures closed 1 point higher to
I point lower with sales of 102 contracts.
Osta
May
70%
July
Ocl.
715
Rye ---
May
1233%
July
1103
h
Marley
May
10715
July
2014
Oct.
PSAL
42814
408
330
Floxrced
May
July
Oct.
In the world raw market, as resull of substantial soles
made by Cuba to date, tho Cuban Bugar Institute
has
transferred 100,000 tons of raws from retained stocks to Cuben world free quota for this year. Reportedly,
soldt Cuba hos
about half of its 2,000,000 tons world export quota for this year,
Wheat, No. 3, 165 cents; No. Futures:
5, 128 cents-United Press.
LONDON SILVER PRICE
Landbob, Mar, 0.
of The price
Miver WOR qubtext today at 79 perico” për fine oude for both politichi pabes for both Carmine 7514 poon previously.) United
Contract No. 4-(world)
MAY
July
Bapt.
Dot. Mar.. May July
Cuba)
Spot-fcents per ib. tob
Contract No. &
3.31
MAY July
Dept. B061 townla per 16. ar"
'NY ex-duty)
0.00
0.9
LONDON METAL PRICES
London, Mar, 0. The tin market was steady. Prices closed today in sterling per long ton as follows:
Tin spat
3-month Copper spol
3-month
Lead 1st half Mar.
420
"Banking Corp. Hongkong Tin lịch Kempre Ltd.
Lunas Rubber Estates Lid,"
13.00
LONDON
The market was very steady
with spot quoted at 20% perce
General markets, cit basis, ports:
Fractional Declines On London Foreign
London Exchange
Цо
London, Mar. 6.
New York
Exchange
Montreal Amsterdam Brunnda Frankfurt
Min
Zurich
Lockholm
P
Others
were
Dospite a steady opening on overnight strength in
Para Exchange stocks Wall Street,
the London closed lower, suffering mainly fractional declines.
Middle East events brought renewed weakness in the pound out furilor solling in indus sterling.
Foreign bonds showed little trials with main presture cont zoutstance to selling prossure centrated - In oll and aireraft with German Hions down £1 shares. Hurt most were British to £2 and declines in Japaneso Petroleum, Shell Transport and and Iron Curtain
common. Burmah.
mixed.
London, Mer, 6.
2003/10
2.19 11/
- 10.831⁄2-10.83%
3754-3160
$4.5235-14.42K
knged,»»United
May/June
JULY/AUR.
May/June
May July
Oct.
Dec.
In the US the average prico
of 15/10 middling cotton at 14 designatcal spot markets' w 35.48
totailed Salta cen'le. 48,180 bales.---United Prèst; +
NEW YORK METAL FUTURES
Exchange Rates in celta per 18. as follows:
New York, Mar. 6. Priebe of metal futurés elusod
Dunhams kad done in ・ the Total Lead
market Lasues were unmetal exchange Dollar stocks were in the fr
at the folloʻying rates:, Tin Fshares grmed, finding voter libe Belilah - Government bond and in the metals, coppies Un-Australises hetes State: All
Indonesian rupiah, (per,iboja Di under Influenco mot selling with losses finally proved
Biam, fleaf (per 100) axtanding to almost £1 following firming prices.United Press.
kath April
Coppar Merch
•United Press.
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