THE CHINA MAIL, TUESDAY, MAY 8, 1956.
TRADE and
COMMERCE
W
HONGKONG Britain's Surplus With EXCHANGE Western Europe
STOCK
(From Our Correspondent)
Business deur the 18- kong
Exchange 111። morning monded to apt-
Stck
ximately $210,0FF
stens af e
actions.
Nam qudu-
porting's futu
SHARES MUYERS SKALERS SALES
BANKA
HK Dunk
INSUTLANDES
Union X12
DOCKS, ETC.
K. Whart
Dock
Provident (012)
Wheelck
LAND, ETC
HK Hotel
BK L
Hangbreva
HUBER
Healty
3670
075
B1
n
1370
14
5 193
MOST WELCOME FEATURE OF
BARELY SATISFACTORY MONTH
From Ronald Boxall
London, May 7.
3
WORLD COTTON MARKETS
Now York, May 7. Cotton futures 100 - sawed narrowly on either close şide of previous today in slow dealings.
The higher to
opened
list ruled "six points seven points lower. peyon six points lower. four
The most encouraging feature of an otherwise barely satisfactory gold and dollar performance in April was the emergence for the first time in 11 months of a surplus with her to nine points 76 Western Europe.
130 13.00 500 13
17 40
1470 30 3000 1 475
Ratchet 41 45
UTILITE
Tran
Slar Pzt
Yat Pery
2279 22 60 1:HU Z NO
10
Ight 924922 70
J LAKE IN 19116 EXA
#
Tceptione
Hin
INDUSTRIAIS
443
Hope
sentrs, ETC
Dory
Watsons
1. Crawfor
CUTTONS
Textiles
Nony !
301.
40034 20 20
22 000 1000
LOX
12
12 20
300
The sterling area's gold reserves improved during the month by $51 million-an adequate but hardly exciting rise in a period when seasonal factors favour sterling countries.
show
In net
of this year nearly regained the
of the last quarter Jones 1955.
will still only 1 they represent about "one-twentieth of
the world's and This is
monetary
PTACTVER weath
Revised Bgures
the serves atrod al $2 328 million- 100 derling area's transactions with having in the first four months 4 2210
22.29 Western Europe were
balance March
e no pay- 12.3u cwal or receipt of gold from Cou... 30%, the Euroan Payments Union
was called for last month
But in Apel the sterling area
11 surplus earned
+f £14 million in its transactions with - Western Baurope. Since the vol- danding credits o debits in the EP11 sydem are settled as Lu 35 per cent in gold and a month ITCUTS ES means that the sething area will collect about
14 10 4 30 900 160
10 200
1.1 34
3 40
100 775
540
MISCELLANEOUN
Alfleth
Exchange Rates 5 on this month.
focal
that hel exchange Tremolot at the following talen
wan come Dustus
11 h
214
US dollar per $1)
Sterling tes
$10
Autralian mulos (per 1
Indoreste spital per
1401)
Kim Weal per 100)
4 B4 1974 12.10 1040 20+ 1 MA
Singapore
Pitifully Weak
Another Kald surplus F thereto in sight for May. Bul the overall position is still giv- ing concern in afficial quarters. the re- At the end of April
New York Steels
And Metals
Slide Down
New York, May 7.
Steel and metal shares featured on the downside, oils and rails on the upside in an
a pitifully backing for a currency which is nearly half or the used for work's trace.
Measured
standard,
by ny sad the Treasury's Bulletin for this woelt, reserves Industry
are too low.
Since 1949 there has been a big increase in monetary 알았어 the United serves held outside Stutes, partly due to production of mens gold and partly to con- siderable outflow from the
Bal | United States itself.
the United Kingdom, which holds The reserves for the whole of the sterling area. has gained
less proportionally
gold thou other important areas,
WORLD
RUBBER
MARKETS
New York, May 7.
No. 1 Ras rubber The future
today contracts closed 20 to 34 points 115 lower with sales of contracts.
The standard contret closed 25 points lower with sales of one contract.
a
closed
Now Orleans higher to five lower.
Most traders stood on the
pideline awaiting fruch Incentives. Further news on bill cannot be
the farm
expected before.
when tho Committee
Senate
Wednesday Agriculture the
will consider
Houre-passed bill.
The
market opened' mixed
with new crop
on
weekend
ilquidation,
months easing
hedging
arch
Pricks stendled shortly thereafter and falled to move much - either
WAY throughout the rest of the day.
one May trans-
There was terable notice issued at New York. The delivery, which goes off the Board at noon next Monday, was quiet and Aboul unchanged.
SECTION
New Factory \To] Supply Asia
Melbourne,
A now factory will be built-in Australia to Supply Asia with' ethical drugs and cosmetics, the Australian branoh dr
Warner
- Lambert prietary Ltd Juan
Pro-
AI-
The Company'k ̧· Manag- ing Director. old she factory would be built at. Villawood, New South Wales, at A oost of
AL
2 220,000. Production expected to start pround July 1957.
Now plant and processes would enable the freiors to compete
WILS
successfully with other branches of the Company, particularly with UK branch which -at present controlled (ie bulk of the Asian market, lo added. China Mail Spécial
Tokyo Stock Market
Review
2
Page
Selective Buying
⠀ In London/⠀⠀
London, May 7, Sélective buying support helped oils and indus- trials score modest gains and most sections closed firm on the London Exchange today.
Electricni
shares were in an otherwise quiet foreign popular, with Associated department: Electrical Industries a' bright |- Gold shared drifted lower,
Bristol spot,
Arropline Coppers were on offer although advanced on hopes of American Rhodesian Selection Trust moved order for its Britonala air- against the trend. liners, But gulus. among the Industrials fractions.
were
!
In mainly
+
Dutch led the Royal adding better than £2 for a new high at £814. Shell and Burmah held small ging, but British Petroleum wavered Cohtinental telling and closed virtually unchanged.
British
on
Governinont stocks Armed in the forenoon then slipped back and closed almost unchanged on the day. Specula- lon pushed Baltic bonds higher
New York Foreign
Exchange
New York, stay
2.243
Tokyo, May 7. Bloc buying in heavy in- dustry gave the Tokyo England 30-day Stock Exchange a lift last New Zealand week
"golden Per despite week" holidays.”
Shipbuilding, shipping and A leading spot. Arm reported
t very little mill interest in spot steel shares had the Uft in cotion in the Atlanta and riso which took the Dow-Jones Memphis areas last week.
yen, slightly It average up 480.3 sald mills and talking of curtall- below the high set on April ing and are keeping inventories 24, at a minimum
and above
the 473.70
closed the
at
11st which the previous' Saturday.
observers Market there whe Volume Open, interest for the
100.dob 2,100 283,000
The physical market Woa | dull. London prices stendied in The certificated stockle- reports of breakdown In ned 197 bases to 12,430 bales. labour negotiation in Malays,
follow Month but New York did not
May suit.
July quoted October Spot No. 1 Rss were and at 30%, cents a pound, nominal, December
March Futures: the United
MAT
More Significant
1955
Between December 1940 September Kingdom increased its gold holding by $857 million. But the Increase for Western Germany for the same period was $2,101 hillion and for Western Europe
ля
a whole (excluding the United Kingdom) the rise was $0,700 million,
1,400
12,000
309,100
10,900
4,700 104,500
420,400
1,500 130,000.7
0,100 103,700
1.000
agreed no special material
but trend
aliri- the rise to the buto continued low Interest rate, tho, backlog of shipbuilding of interest to orders, a return the established industries and
56,700 1,891,200 bates belief the market would open
NEW YORK
higher after, the holidays,
Nomura, Nikko, Tamazuka and Prices of futures closed today other leading securities firme
July
No. 1 Ra
petubes
Total
May July Sept..
20.10
30.00
30.20
Dec.
30.00
Standard contract
as follows:
Spot
May
30.20
May
July
30.50
Sept,
30.10
July
Dec
293K
Dot.
they
Mar. May
29.40
Dcc.
28.00
Mor.
Mby
July
Oct.
compari-
A more signideant
the son, however, is between
held by various gold reserves countries and the importa
irregularly lower, less active stock market have to finance,
today.
Exetpl
Bansal
for
∎15
of selected insus,
пап
111-
Colgate-Pahnutive Co. Tommercial Credit
Corrustnweath Ele.
dustials met considerably sell-Consolidated Edison ing and
Jest 3 55 at average.
gakis, rdged up D 21
Avalonail Oil of Del Crane to
Rails, bolstered by several good Crinn Zellerheli
to their Culum Ainer. Banjar
Diamond Allenli 11. 1929.
Dow Chemicals
Rudak
best level neo” Det.
Wibus agent any of 0.30 Dupont de Nemours
on average a Peoples Gas add-on Rational Ga ed more than 2 Panhandle Bastem Pha Lane more than a Fonaly Finance Corp.
Bethlehem p.ced the Jwers with n decline thon 3.
Non-ferrous
metals
El Paso Erle Railton? -
General Electric General Footis
steel General Motors
Gen. Pub. UM.
of inure Gidden Co.
had
losses ranging around 3 points
Goodyear Tyre
Heyden Chemical tomatake Mining Co. fugersoll-Rand
inand Steel Co.
in Aluminium and Reynolds | Interclinical Corp,
metala Kenntent Copper lost
more than
two.
Int'l Business Machines
Int'l farvester
a point and Alcoa Intemilunat Nickel
molors,
In
Chrysler than a poll, Ford Boro General Motors fractions.
Studebaker-Packard
was
174
As the end of September 1956 the
reserves sterling arca's covered only 21 per cent of its
frum Imports natal
41 sterling countries.
物
non-
West Cermang's reserves, on the other hand, were sufficient to per cent of her annual 107 cover
imparts and those of continental Western Europe
the covered same percentage of a year's in- ports into both metropolitan countries, and their overseas de- 314% (pendencies,
50
2:2017
01
40
21
387
1734
No Crisis
The sterling area is still
35 long way from reaching even a minimum safety level of re- which is unofficially estimated at $3,000 million.
113%
serves
537
342% DB4
During the first four months
SINGAPORE The market was stendy In the pressure maining but selling developed in the afternoon and not until the 80 cents level was reached that support developed. There was some small factory buying. Futures!
36,700 30.07-03 33.07
bought heavily in the heavy, in- dustry shares sparked the rise.
Mitsubishi Heavy Industry 324-47 with Nomura, buying a blog of 190,000 on Friday closed the week, at 115 up seven yen on the day.
32.67
31.84
10.30
NEW ORLEANS Prices of futures closed today
as follows:
Spot
May
July
No. 1 rubber per lb. May 88-0812
June 871-9816 | Def. :, །
July, unquated Dee.
No. 2 rubber per 16. May 80-0074 No. 3 No. 4 Spot rubber unbpied
Blanket erepo
No. 1 pale crepe.
LONDON.
General markets, ef bass, ports:
LIVERPOOL
39.40.
35.95
31.03
32.47-48
12.07
30.70
zzai
31.00
30.90
Ajinomoto pained one point to close at 230. up one
point from the previous week, United Press.
CHICAGO GRAIN
PRICES
Chilengo, May 7. Prices per bushel in cents: Wheat, No. 2, red
Dollar, stock closed generally gher-United Press.
New York Sugar Market
New York, May 7. World No. 4 sugar futures closed today unchanged to one point lower with salts or 64 contracts,
The domestic No. 8 contract closed unchanged to one
point lower with sales of 89 contracts.
Both the world and domestic futures markets were quiet World raws were offered at 3.38 cents A
pound and domestic raws at 0.10 cents. Futures;
July
Contract No. 4 (world)
Sept.
Oct.
Mar.
Mny
future 2.00-15/32
July
Bent.
200-1737
Hpol-teenta per fu, fob Cubaj
.0770
4.Contract No.
.04.23
July
2500
Sept.
India
2108
Nov
Pakistan.
ex-duty) London exchange rates wore un- Avaliable -United Premt,
2110
Spot-cents per lb. `elf 'NY'
Australia
Argentina
Uruguay
*
*
Mar.
15-11-504 May 231-144 July 93-304
Oct. 8014 100-100
*
-་
ก
The market was Orm with spot quoted at 26% pence per ib. Prices,
Official values in spot coltans, Ambrica middling closed in pence per lb. as follows
Closing Prices
Spot
27TH
228(11) 22434(L)
July
Sept.
No. 1 Ras spot
2-
American middling 1 inch ....
$223
Noy
15/10th
2040
Settlement house term:
Jan,
June...!
2016-2015
July/Sept.
20-201
Peruvian Tanguta Brazfilan
25.00
Corn, No. 2, yellow
Oct/Dec.
20-425-35
Syrian No. 1 No. 2
212.00
Spat
Eyptian Gis
54.23
May
Jary/Mar
**
Karnak
04.50
July
Ashmount
$7.50
Scot
International_Paper
t' Tel & Tel
34
fell
John-Manvile Co.
12
Kansas C. Power & Light". and Kenniccott Copper...
Liggett Meyers Tob. Co.
131
2516-20 20
Cotton futures quotations were 30%-30% unavailable.. thick unqugted
ased Presi
Sidan Baki 100 Yo East Afrion No. 2, DSC,
Nov.
30,00
Jan.
Iyo
Maci
SAO PAULO
vigorously,
Oata
215
TD
in readiness for seasonal strains which begin to appear later in
Futures closings, in cruzeiros per kilo were og follows:
Mas
July
*
Soybeans, No. 2, yellow'
101
the year. So, official
concern
63
about the position
is under-
May
unquoted
Spol
May
July
3014
140atandable.
Oct,
30.43
July
Sept.
3711-323 32422 2783-279
Dec.
31.01
$212
mean,
May
7.30
Nov.
23714-16
20015
spot
Barley Spot
130-1400
$13.70%
major attraction as rumours cir-
Lockheed AirRZE
Low Incory.
Lone Star Cement Co. Louisville 3 Nashville R.
Minnesota Muung
culated that Curtiss-Wright is Lowenstein & Sons planning to take over the com- Menobi Iron Corp. pany. It spurted a point to $9% Minson Development on the day's most active turn-Monsanto Chemical Co. over-65,300 shares.
Montgomery Ward
Motorola Ene,
Of a lotil 1,181 issues traded, National Cash Reg. "A" 454 were higher 682 lower,
National Dakry - Prod. National Lead
New York Stock Exchange National Steel Carp. bond volume was 5,342,000.
New York Contral
American Stock Exchange Oily Mathienots
volume was 1,250,000
Dow-Jones closing
• were
30 Industrials
20 la
18, utilities.
25 lacier
40 bonde
shares,
Gamun, future price index
[Olis Elevators averages Owen-Illinois Claes
Parific Gas & Elec. Facilie Wertera Oli Pan American Always 178.44 Paramount Pictures
Parko Davia Co 0002 Penny J. C. Co. 102.83 Penn, Salt Co.
96.74 Pip Morris
Closing. Prices
Alden Inc. Arỳ.
ST2.80
154.45 Procter & Gamble Co.
Pittsburgh Plate Glass
Publieker Industries
Pure Oil
Radio Corporation
Saint Reg. Paper
Sincinte Oil
Southern National Gam
6-1/8 Bourthem Rallway (Com)
723 Standard Brande
Standard Oil of Cal, xd.
oct Standard Oil of Ind...xd.
31
143% of this year the reserves were rising at an overage of about
May Juna
*July ***** SK $50 million a month. But this Estate crepe thin May
was in a period when reserves should be growing
This does not
how- 001 ever, that we are in the middle 4816
40% of a gold and dollar crisis, Re
30%
serves are still rising and thero
104 has been a revival of confidence.
Singapore
Stock Market
Brokers
Singapore, May 8 today quoted
in sterling-both of them wel-following stock prices. come signs of recovery followalu Lintang Rubber Co Ting the serious gold fosse, last
year.
42
5714 4516
403
167
Correct Payments
In the US the average price of 15/16 middling cotton the at 14 désignated spol markets was. 35.48 cents. Sales totalled Openlaz 8,380 bals-United Press,,
$1.50
Ltd. Dififal, Borneo,Petroleura
Syndicate 50%- Corsotiated Thu Smelters
29/0
Ermer & Nerve. Liki Drá, je 31.67.
· Fraser, & Nepve 7, cum.
met
But, slowness of the recent Hongkongi &c Shanghai rise-It was a much smaller in- fiongkong Tin Ltd
Do creuse than in the
Banking Cury....
almlias Kempar Láda - txerr
101 periods of 1983 and 1994-and Lunas Rubber, Eelcter itd.....
the approach of the dificult Malayan-Breweries
for reserves explains way British, economic policy 1 Potel
47
B414 Period
directed at rebuilding a
How
Di♬ | Singapore Cold Storage" surplus in the United Kingdom's souin Drities Insurance Co. balance
of payments. Me Harold Macmillan, the Straits Treung Chancellor of the Exchequer, United Engineers Ord WNNG (1,600
position in a nutshell in Wear Bros.
*~x4,,+1-ex-all. China, Mail Special
put hla
the
Republic Steel
2016 Shell out co
Allied Chemicals
1131
Allied Mills Ine.
35
Allis Chalm.DEA
Ge
Rocony Mobil
American Airline
231
South Puerto Rico Sugar
Americon Cable & Radio
Corp.
American Cyanido Co.
Am... Much. F-dry,
American Motal
American Smeltag
Blandand C of NJ,
American Tel & To
132
Bierling Drug Co.
American Tüb. "B" *d.
Blokoly-Van Comp.
Anaconda Copper
3715 Sludebaker-Packard Corp.
Armbo Slept
07
·Bwill & Co.
Armour
221
Texas Co.
130. really
Bofdwin-Lima-turn.
13
de Water: Asam, 01-
Tlaišinoma » Oblo
Bendix Aviation Corp
Union, Carbide
Benguet Conu. |
Bethlehem Stopl
100%
Boeing. Altplanu
Hordesa = (The) Ca..
Hurroughs Add Machine,
Canadian FCIBO J.
Can Can Co...
Calato Corn, Whdess INGRII. T. Znahelal Corp.
Chino Manhat, Bank Chryşlar. Motors";
Dwenty-Cetitury Fox Filt
Union Pacino Railway United Aireratí
Gyprim
81. Line. Co.
30. Rubber
38,8melting
Warner.
-Werlinghou
West Va, Pulp & Paper Waglworth. xii,
budget is
speech our 1943
surves... are quito insufflelent 40% for their purpose.
We are trading beyond our capital resources. Wa Jack that
Sirulle Stemmship
LONDON METAL PRICES
London, May 7. The tin market, was much Armer this afternoon,
Prices closed today in sterling per long ton as follows
Baker Seller.
760
July
New York flour
200 . suck
WINNIPEG PRICES
Winnipeg, May 7, Price, of grain futurps closed today in cents per bushel ag fol lowe:..
Oats.
May
July
Dec.
Rye
May
July
Deli
Dec.
262 263 Barley
341 342 May.
$5.70
$500
ሃራ
$1.20
6.77
13.70.
Now Serandah Rubber Co.
Ltd.
1235
in spot.
Symonth
296) Chg/per - apot
Smonth
$4.501
Lead ist, ha Zing let balf May
Aug
11016 1001 110
004
United Press,
July Jet Dec. Flaxsted
July ... Det.
AND SEED
130.
New York, Moy Y.. of, Cottonseed
off
New York-May.7 Prices of metál1 futárcé cloted today in conte per lb, as follows:
CHICAGO LARD
ON FUTUREST
today in cents per Ib, an follows:
13.00
Kiria; Copper
14.07
16.47
14.00
NEW YORK OIL
extra, umount of strength, which futures closed today, in cente would allow us to take the per
in our Balance of
Way. In.
therefore
myaments with comfort,
ייז:
NEW YORK METAL FUTURES
Wheat
*
PROB.I
Unliest Pressi
EA
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwarde "CANTON" "CARTHAGE” "ADENHOR
*CANTON"
Loayes Lendon
iSalled
20th June 18th July
Das Hongkong
Asth June
29th July:
ZOŁKƐ AUSTINS
Via Soitthampton, Port said, Aden, Bombay, Colombo,
Pehing & Singapore.
Leaves Hongkong Die Landon
1st June
--- "CARTHAGE”- · 20th - Jung
Homewarde "CANTON"
*SURAT. *"CANTON"
VIA
11th July
"24th Augant"
and July
Sist July
15th August
2461 September
Singapore, Penang, dolombo, Bombay, Aden,
Fort Bald & Londed,
Also cals Hamburg, Hotterdam & Antwerp.
FREIGHT SERVICE
"SOUNAN" ads 10th May
for singapore. P. Bet tenham, Penang.". Aden, Paid Gotion, Mars Bellies, London. Xam
Rotterdaad
burg,
Antworp
due 24th May from UJ
from UK
"SOMALI"
SINGAPORE due 28th May
"SINGAPORE"toads4th June for Singapore, P. Bwet-
Lembar Panong, Aden, P. Said, London Hain- bund, Rotterdam :** de Antwerd
With, liberty to call at Belawan before or after Straits Ports and st
at Bombay if inducement offers. Tanks yailable for carriage of oil in bulk. Space for refrigeraind cargo, Limited-Taisenger Accommodation.
BRITISH INDIA S.N. CO., LTD. 1850 A HUNDRED YEARS OF SERVICE: — 1955 "SANGOLA" due ihh May, from Calculte
Rails 10th MAY for Japan
"ORMARA" due 17th May
from Japan salls 19th May for Singapore Pening
Caloura Rangoon,
CHILARODE "WARORA" due 13th Jung from Japan'
Muwaily auth June for Singapore, Penang.
Rangoon, Caliquatte Chittagong
P. & 0,/B. I, JOINT SERVICE
"OZARDA” in Fort
Me
sails 8th May, for Japan "URLANA”: dug 11th May from, Japan, pain
for Scare Balls 12in My
"ITOLA"
“ITAURA”.
худков..
Karachi Barat, Khor=
ramabatir de Kuwait
97th May from Bombay
M
31st May from Abe
2nd June, for Bingapore Madras,
Colombey
Je Karach
BOMBAY,
EASTERN & AUSTRALIAN S.S. CO., LTD. "EASTERN" jonda 115 May for Bandakan, Rabati,
Brisbane, Bydney Mel bourne, Gasing Adelaide
POR?
'Alf wannels have tlbany, toʻcall as day, parti elj
of off the route
For full particulars upply to: MACKINHON. WADKENZA A GO.
OF HANC KANG BIA Telopings Hom 277011