TRADE
THE CHINA MAIL, TUESDAY, MAY 1, 1966.
and
COMMERCE
SECTION
MAJOR SETBACK FOR BRITAIN'S 6 Months Forward
SYNTHETIC
RUBBER
PRICE UP
Akron, Apr, 30. Goodrich-Guir Chemicals an- nounced today a boost the price of general purpuss “GR-S” #ynthetic rubber from 23 cents to 23,9 cents a pound, effective to- ΠΟΙΤΟΝ.
Mr W. 1. Burt, President, said the price mcrease was made to meet the price of GR-S set for a major compoutor, and to partly recoup higher costs of Jabour, component materials, And 112- creased freight rates.
Tho price advance brings Goodrich-Gulf's GR-S price in Jine with that charged by Phillips Petroleum Co. since its synthetic
rubber plants were
spokesman said.
CHANCELLOR
Engineering Union's Demands
Could Wreck Economy
From Ronald Boxail
London, Apr. 30.
Mr Macmillan's efforts to defeat inflation have suffered a major setback with the decision by the National Committee of the Amalgamated Engineering Union to seek a "substantial” wage increase of about one pound a week for its three million members.
purchased Iron the Govern-Employment which
The seriousness of this inust be considered agalust A back- ground of what has been hag- pening in Britain over the past to the Tew years. According "popular version" of the Govern= ment's
While Pape;
on the Economie
Implications of full pub. WIS ished lety than a month ago. the present inflation has been Incomes have enused because
ment, a
Other major suppliers declin- ed
to commen! on the price HETENA, Thel currently 15 level,
Its
Fon
price the 23 cents
Goodrich-Gulf's action mover
delivered price from 24.3 cents a pound 10 23 cents pound--United Press.
CHICAGO LARD
FUTURES
D
Chicago, Apr, 34. The price of
futures lord closed today in cents per 16, in follows:
May
July
Bopt
Oct.
Nov.
14.72-70
10 10-15 15.10 14.97
United Press.
been rising faster than produc-
the
In the same quarter, however wage rates rose by 41⁄2 per cent -the largest rise in any three months since 1947-because 81⁄2 million
workers received pay increases amounting to nearly £200 million a year.
And this included #wage increase well in excess of the average for the three million engineering workers who are now to claim a further "aibstantial” rise.
This milition to the national wage bill ir the first quarter of the year brought the total rise in wage rates for the year to the Cad of March 1936 to eight per cent, Over tho Sino period wages rose six per cent.
etolm la simply the latest move, could conceivably have thot dire result.
In-
WORLD
COTTON MARKETS
New York, Apr. 30. Independent strength in the old crop July delivery dominated the cotton fu- Itures market today.
Д con-
Breaking away from the rest of the list. the last month of the old crop year worked up to gning of around $2 on Unuation of the recent covering mavement. Other deliveries set. deal- sawed narrowly in slow ings.
July's runaway action was coupled with several factors:
1. The extra-wide discount
$10 a bale under the expiring May delivery: 2. Lessening for heavy contract tenders; 3.
But this takes no account of the other weapons the Govern ment has arrayed against
credit notably the fiation,
and the exceptionally t squeeze large budget.
Irresponsible
The disinflationary effect
winds
of
"Between us,** it said. "we present 30 per cent more goods and services (between 1946 and 1955) and ink 90 per cent more money for producing them. That is
big
why reason priers have reached a figure These are the hard farts of atraut half as high ngain as nine į Inßation, And the engineering
worktes' claim years ago."
which
So it may be that after pected to serve as a patter for other industries justifies doubts the unions or more properly element that that have been expressed about the irresponsiblu
lesson
now
burst of buying in the textile market, where last week's sales on print cloth yarı fabrica
approximated million yards.
traders
Dealings Approved
„The
London, Apt, 30. Bank, of Enitust big informed the banks authorised to deal in for- eign exchange that, claning today, Ly authorised to deal forward up to # period of six months in thore European currencies, recognised official: the present Imil Is three mouths.
10
The French frano is ex- cluded from
rind arrangement; Forward dealings in the frine are limited to, three months-United Press.
U.S. Cotton
Exports Decline
Washington, Apr. 30.
Page
HONGKONG STOCK
EXCHANGE PRICES
Busines done on this Hong-
boothg Slotk Exchange this in New York Sugar
ing amounted to approximately
$340,000. Noon quolations and {this morning's transactions:
BILARES BUYERS BELLENS BALEB BANKS
HC Dank
INSURANCES
Union
SIPPING
1000
..
200
Asta Nay..: 1.20
DOCKS, ETC.
K. Whart
Dock
Provident (010)
Wheelock
LAND. ETC...
HK Hotel
HK and
Humphreys Realty
+
70
ທ
Market
New York, Apr. 30. World No. 4 sugar futures closed today unchanged to 1 palit Higher with sales of 40 contracta.
The domestic No Sugar |futures closed 1 to 3 polits 1100 1.70 lower with sales of 12 contracts,
14.10 1000 @ 20
8.00 8.90 2000 7000
13.00 14 500
49
4.00
Tradéra sold activity Was hardly broad enough in elther the world or domestic contracts to develop a special feature.
Futures
May.
July
Contract No. 4 (veurïd)
13.80 Septeinber
October March
May
July
Beptember
Spot (centa pry tb, fob Cuba) 1.39
Contract No.
Star Ferry002.50 1000 a 22.79 July
c. Light
(NFXD"
Electric
*
103
Spot cents Der th. cit NY
cx-thue-
6.52
8.40
Prited Press
NEW YORK SILK FUTURES
17.40
1.45 140
NUDBER
A. Rubber
1.40
UTILITIES
Trám
Y'mati Ferry 103
September November 104 400
C. Light
(0) XD
... 22.70
78.00
30%
Bettina ..
fita. Telephone
10.00
.. 22,90
1000
Rte
12.20 12.30 100
++
90 12.28 200 k
334% 301 2600 F 3535
Dalry .....2010 16,30 1000
Watson
COTTONS Textile MISCELLANEOUS
000
10.00
INDUSTRIALS
Coment STORES, KITC
The United States share of the 100 cotton markets In 11 out of 12 of the major cotton-importing The rise narrowed the July countries continued at sharply throughout the discount under May to around reduced lovels these two measures, will be pro-269 points compared with 2701955-50 season, the Agriculture
Department reported today. gressively felt as the year un-points-$13.50 a bale-just the wage claims now being dia
By the autumn when
wetic ago.
Only in Spain did the United Apart from the July adjust-States share of cotton imports cussed by the trade unions are ments,
operated Increase over last year, the re- formully presented employers
cautiously, Elsewhere pending port said, may be in no position to incet
news оть outcome of bids them.
submitted last
The Department also reported week
that Egypt's cotton exports of purchases out of the
109,000 bales (500 pounds gross) inent's surplus stock.
Crop news was more on the during the first seven months
Yangtzo [August-February) of the 1033. side. Eastern
Allied belt 66 marketing year represented the usefulness of appeals to has captured control of some of favourable
accounts said good progress was an increase of 38 per cent over Unfortunately there ไม
"self-restraint" when dealing them-must learn their
the hard way. Appenin to made during the week with sign of this inflationary process with an inflation that is in full
the exports In falled have
corresponding expending itself, Industrial pro- | swing.
to planting and replanting opera- months Naturally the Govern-commonsense
of 1954-56. United duction in the first three months ment cannot order
Influence workers in at least one done, Memphis the
sald clear
Press of this year has remained more
of the nation's key unt to ask for more money.
the weather for the next ter days, one will bjame or less static at about only one the words of its recent state. But no
timaly showers, will mean Government for having tried-excellent and rapid progress for per cent higher than it was in ment on full employment "It can the first quarter of 1955.
only ask those concerned to keep Landon Express Service.
Further Rise
no
WALL STREET IRREGULAR
BUT MANY INCREASES
New York, Apr. 30.
rail
A long list of industrial stocks shares, cements, aluminium and special issues -rose a point to 7 points in
irregular stock market today.
programme.
Oils were helped by indica- tions of a firming price trend. Cements continued to meet demand stemming from House approval on Friday of the giant highway building Many special issues ran up 03 good camnă,ga reports or favour- able dividend announcements.
Ratis meet some profit-taking after their rise last week to nèw highs since October 15, 1929.
Of the total 1,190 issuca appearing today there were 401 higher, the same number lower, with the remainder unchanged.
Industrials showed a rise of 4.14 in their average while rails dipped 0.91 and utilities edged 0.23.
Oils Gain
Borden (The) Co
Cat Teactor
Celanese Corp.
C. Tinancial Corp
Chrysler Modu
Continental Oil of Dell Crate O Crown Zellerbach
Cuban Aimer, Sugar Diamond Ajkall Dow Chemiesta Dupont de Nemura Eastman Kodak
an
Burroughs Add Machine
2012
Canadian Paclite R,
Case 1) Co
13
72
10
4476
Chase Montu. Bank
ዳነ
Opis
Colgate-Palmolive Cu
502
Commercial Credit Cominonwealth Elee Consolidated Edison
4812
411
40%
100
40
10
22031
D3
4022
Eric Railroad
22231
Family Finance Corp.
23
General Electric
General Fooda
POL
General Motors
Gen. Pub, Util.
Geity Di
Oliden Co.
3815
Goodrich 1. F) Co.
on
Goodyear TWO.
Heyden Chemical
Homstake Mining Co.
363
0436
43%
Turnover of 2,730,000 shares, compared with 2,760,000 Friday.
El Pon National Ga
Inland Steel Co.
Gains in the oils ranged to ingersoll-Rand points in Standard of California with Continental.
In cements, Lehigh Portland and General Portland roce more
Interchemical Corp.
int Business Machines
Ini'i Itarvester, International Nickel Int! Tel & Tri international Paper
John-Manville Co.
Kennecott Copper
then 3 points, Lone Star more than 2.
Manhattan Shirt ran up near-Kansas C. Power & Light
dividend increase, ly @ Clarks
Equipment gained 7 on an optimistic forecast for
company.
the
Rails were caster on balance with lossics ranging to more than a point in Santa there were strong spots too.
Steals were mixed. Active leadorship with
was
Lockheed Altera Lone Star Cement Co. Loulaville & Nashville R. Lowenalein & Sons,
Membi Iron Corp. Minnesota Mining
Miation Development Moreno Chemitent Co. Montgomery Ward
Fe but
top
National Cantt Rex. National Dairy Prod. National Lead..... National Steal Corp.
New York Central Olin Malleson
top
three
quality
General Motors, Jersey Standard, US Steel in
spots.
tho
Oils Elevatore
Owen Illinois Glo
New York Stock Exchange Pacine Gas
bond volume was $4,240,000.
American Stock
13
K-
people
In
the needs of the country as a whole in mind and to remem- ber the experience of 1940-55 when prices were driven up by about 50 per cent mainly be cause incomes rose faster than output."
Other Demands
Those who pressed for a wage increase for the engineering workers conveniently forgot those words- Indeed if they
to ever bothered
read them. But this was not the only de- mand they urged the union adopl as official policy.
In addition to the wage in- creases the engineers (whether they like it or not) are now committed to ask for a 40-hour week instead
s
all
industries.
Singapore
Stock Market
Singapore, May 1. Brokers today quoted the following stock prices; Bei
Lantung Rubber Co.
British Borneo Petroleum
Syndicate
Lid.
for govern-
the crop. Rio Grande Valley Czechs May Buy
reported light to substantial
rains, were very beneficial.
The ceruleated stock übelined 343 bales from last week's posting to 10,950, bales.
Volumi Open interest
1,300
43,700 $2,500 203,200
Manth
May
July
Oci,
13,500 314,700
Dec.
10,000 422,000
Mor.
Mas
6,000 170.000 7.600 114,700
July
Oct.
3,700 500
164,700 7,100
Total
100,400 2,384,700 bales
NEW YORK
Colombian
Coffee
Bogota, Colombia, Apr. 30. Czechoslovakia may buy "im- portant quantities" of Colomblar coffee as well as Colombian raw materla's in exchange for in- dustriel
farm machinery equipment, newsprint and other
Czech the
Consul- Generni Mr Michael Gracilk said here today.
Prees of futures cloded today Roode, as follows:
March
81 57
45/00
Consolidated Tin Smelters
to
Ord........
27/04
Fraser & Neave Lid. Ord. $1.05 Fraser Neave 71 cum.
Spot May
July
pref...
$5.70
October December
Hongkong
Shanghal
Banking Corp.
$485
Hongkong Tin Lid. Kuupas Ltd.
741
May
$1.75
Jails
44-hour
Lunas Rubber Etates Lid. Malayou Breweries
October
0.27
20
Lul.
$1.73
Petaling Tin Lid. Raffles Hott!
$30 xd
as follows:
Singapore Cold Storage South British
£2.33 $1.44
Spot
May
Insurance
July
Weame Bros.
Co. Ltd..... Strait Trading
Bleamship... Välied Engineers Ord.
-China Mall Special.
$26.60
$225,00
$11.30
$1.35
Μην
1275
July
October
working week anch Л third, New Berandab Rubber Co.
hoilday with pay. It
weck's these demands were met in full they would cost the industry an extra £300 million a year.....
which would pre- most of sumably be recouped by raising prices of British engineering products
These demands bear witness to complete lack of understand ing. by certain trade union elements of ti:o country's economie needs. Their "couldn't care less" attitude is strangely at varianco with their own real 36% Interests-which is in the main-
tenance of full 'employment.
NEW YORK OIL AND SEED
New York, Apr. 30 Prices of cottonseed olt futures
closed today in cents per lb. as follows:
of The popular version the White Paper referred to above
May sought-amiskuccessfully it now
In July seems to make this clear.
September large red type it said, "If prices October go on rising and the vidue of December
35% money goes on falling it leads
Di
to
1339
and all social unfairness kinds of economie dimculties.
Jarmory March May
Soybeans oll was
1333/
70%
15.05
35.80 33.94
and
Mr Graclik is the first repre 22.30-30 sentative from an Iron Curtain
32.54
country to arrive here in severel years.
NEW ORLEANS
Prices of futures closed today which this ration now has
October December
March
LIVERPOOL
*
*
*
283 AAR88
5.33 BAS 2000 @ 3.40
6,60 0,00 1600
New York, Apr. 30.
Silk futures today closed 8 to 10 cents
higher with sales of
four contacts.
Closing prices in dollars per
lb. were:
May
June
July
Aux.
Sept.
Oct.
Nov.
Dre,
4.19
4.40
4.45
4.39
All bid prices.-United" Press,
PO B∙IEA
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICÉ
Outwarda
CORFU"
Leave London
Bailed
Due Hongkong
In Port
Both May
9th June
10th Aufur
"CANTON"
"DANTON"
shika Juž
Via Southampton, Poit siia, Adem, modiblý, colomba Pénaná 4 âingapore.
Homewards "CORFU"
Leuven Hongkong Due London
4th 350y
4th June
1st Jane
2nd July
31st July
"CANTON"
3343
212.45
21 AN
30.89
He said in a press conference that his country would also be Interested in Columbian meat, of
Q
surplus for export.
36.40 35.85
32.35
32.44
32.55
3276
$1B
The Czech consul sald his country is seeking markets here for other goeds besides those al- ready mentioned, including buses, tractors, motors and other equipment.--United Press.
*
*"SURAT"
VIA
*
30.90
Future closings, in pence per 1b. were as follows:
Old contract
May/June
July/Aug.
New contmet
May/June
July/Aug
Oct/Nov.
Dec./Jan.
Mar/Apr.
Egyptian Karruk
16.00 10.15-14 18.2% 13.83 17.18-10
17.11 17.12
May/June
May Juty Oul. Dec.
quoted at
Savings are discouraged. Some 35xd people get left behind in the 10% cents perlu, while
raco to keep incomes in step coconnut oil was offered at 12 with prices; and it is not the cents per lb. West Coast, Copra least deserving who
was quoted at $105 a short ton, get lort 231 behind.
Most important of all cif Pacific Coast United Press. Just now, unless prices in com- poling countries are rising fast (and they are not) wo are likely to lose export markets.
Elec.
Pan Antestents Astwaye Paramount Pictures
331
Exchange Parke Davis Co.
volumo was 1,000,000 shares.
Ponny J. Co.
Dow Jones closing averages Penn. 54 Co.
were:
30 Industrial
15 utilitie
20 ralis at.......
65 stocks
40 bond.
Comen, future pride index Moody's index
Closing Prices
Alden Inc. AsJ,
Allied Chenni en is Allied⋅ Miza Inc.
Altia Chainers
· American Airline
American » Cable
American Bruelting
American Tob
Amico · Ripol
Bethlehem “ Mirei
Philip Morris
$10.12 Pittsburgh Plate Glas
170.03 Publickar Industries
43
Procter & Gamble Co.
30715
60.24
Phare Oil
102.31
91
40%
4051
Radio Corporation pe.54 nepuntia teat
106.20 Shell Oil Co
421.70 saat Reg. Paper
| Sinclade. Öl
Supany Mobisola
Bouth Puerto Rico Supar
Bouthern National Co
# 2015 Southem Railway (Com.)
130
Standard Brid
33
Bandant Oil of Cal.
Stewart Of of Ind.
Standard On of NJ
Step. Drug, Ou,
Bfoe7-Van CAND.
914 | | Studebaker ackard Chap.
が
Swift & Co.
891% Union Cartilde
Ou
40
sud
P
LONDON METAL
PRICES...
our
If we do not 8011 enough exporta we shall not be able to pay for Enough imports to keep economic machine going. hopes of a rising standard
Our
of
London, Apr, 30, The tin market was fondler living will grow less bright.this afternoon. Prices of metal Full employment itself will be closed today in sterling per long threatened."
Weakness Reflected
3-month
25.30 24,85
.30.19-20
27.10
28.23 24.50
55.00
SÃO PAULO Future closings, in cruzeiros per kilo were as follows:
..unquoted 32,40 34.40
34.03
Copper Price
Declines
copper
Salisbury, Apr. 30. Price of electrolylle from the world's two major copper minez-Roan Antelope and Mufulira will drop ten per cent effective today.
Companies running the two mines announced yesterday that until further notice their bosle Britain price to customers in Tomorrow is a holiday no would be £350 per tong don prices available,
In the past two months the
Rhodesian two
mines were In the US the average price
selling
copper on the London of 15/16 iniddling cotton at metal exchange for £303, to designated spot markets wat 35.40 cents. Salca totalled 10,874 bbles.--United Press.
London Rubber
Market
Íɛndon,' Apr. 30.
The rubber market was qulat with spot quoted at 20% perico
ton as follows:
Tin spot
757?
75311
Buyer Beberi por . Prices
No. 1. Ras spoi
Settlement house tenn:
740
750 June
Copper spot
3311
337
July/Bept.
3-month
349
Lead and halt
1111
Zino 2nd hall' Apr,
9535 | Jume
-United Press.
July
343 Oct./Dec.
·11231 markető, eli basin, porta;"
111
day's, new price is a drop of 200 from the record peak of 2438 quoted last. February United Press,
MIKOYAN'S TRADE TOUR OF LATIN AMERICA
· on
Moscow, Apr. 30. The Soviet Union plans lo First Deputy Premiler scind Anastas Mikoyan, its' number Cheadlesman.
R tree- whaling trade tour of Latin |2415-345% | Amorică; it was jearned today: Informed sources soit thei 2815-06 Mikoyan, who has just returned 15-2016 frem a kuccessful swing through Estate crepe "thin May 30-30f the Far East, will make a strong
31 thick, May ... The Amsterdain stock and com- bid for incremeed, Soviet Leads [dition aricota
closed on with Latin American countries Other rubber markela were unavail- on |able,-United' Press,
0736 May
Ware
composition to NEW YORK METAL 47th birtday today with trip, and whil, seeks not
Hid it wished the Govern- gment could have extended this For 406 argument still further.
Britain is the Inder of the sterling aren and the custodian of a currency in which about one-third of the world's trade la weakness in Any 27% conducted. 35% ber
mediately reflected in the valuó Jis of the pound. So the situation Moncried ∙Above dolla enilly 2014 fami, to another) dovnluntlörke and that would but “paid. 4o Brkoin's claim
evotiomio grootnose" Thoso arguments may be unduly" harsh," "After. all this claim is only for Mother|| Land pounded wools? WouldUN
1816
ruln Britain overscyrilomil97,5"
By ftrof offcom Aly would not. But the proceed thire Be been going on for tour years, and of which the towering window.
FUTURES
New York, Apr 30, Pričés of methi futures closed today, canth per lb.
NORDRE
Copper
in
LÖNDÖN SILVER PRICES
NUTIE přice of silyd
today at 78th
pem
ource for spog BIENA
for forwao, (hgames (2054) Ma 70% panon: previou
markets for Russian raw rate. rials at Industrial Book.-- United Praks.
Exchange Rates
funnet was done in the look). ||AMMONTIOLAT
zynenkwal, the, following "PICKA (
Ensonorizes' Tuplata per 100) 00:
W
*
*
*
"CARTHAGE"
Singapore,
20th June
11th July
13th August
Penang, Colombo, Boniháy, Aden, Port Said à London.
Also calls Martiburg, notterdam & Antwerp.
FREIGHT SERVICE
"SOUDAN”
"SOMALI"
loads 10th May for singapore, P. Berat- tenham, Penang, Aden. P. Baid. Geoco Mar seilles, London,
burg.
Antwerp
Rotterdern
due 24th May liom UK...
Hama-
With liberty to call me Belawan before or after . Straits Ports and at Bombay if inducentisat offides. Tarika sválláblé for ̧vairiage of oil in bulk. Space for setzigerated cargo. Limited Passänger Accommodations.
BRITISH INDIA 5.N. CO., LTD.
A HUNDRED YEARS OF SERVICE — 1950
troin Calcutta "SANGÓLA” due 15th May
All 10th Mis for Japa "ORMABA" doe 10th May Balts 28th May
štena, Japan for. Smakpore Penan Rangoon, Calcutta Chittagong
P. & 0./B. I. JOINT SERVICE
"ITAURA"
"UMARIA”
"OZÁRDA”
URLAN
"ETOLA"
A
In Port
from Bombay &e Kasmehj Kailah May for Japan
in Port
from Japan
Salle It May for
B'ouse,
Madras, BOMBAY,
Colorribo, Kerachida Baunegar
dan, tih May from Bombay HALO BIH Mhy, for Japan
due 11th May sadje ides any
Troha Vaban fut, 'DOIR,
HOMMAS,
Kartch, Dágran, Khor« russhatir de Kuwait
dns 17th May from Hómbay siis 2011 May for Japan
EASTERN & AUSTRALIAN S.3. CO., LTD.
“BASTEEN”” borde lith stay for Sandakan, Rabeul,
Brisbane, Sydisły - Mel bourne, Caslong Adelaide
PURA”. duù zoti kay
From Australia
All yemela haye überty do mali në any ports an tor off the route à the ibato a matka, sro bahseen.
to changwon: sinálokimanek„teith ar without Iécion:
For full particulis apply to MARKINNON MAGKERZI A CO OF HONG KAYK ITH Toplum. Hus. PARA