TRADE
THE CHINA MAIL,
and
WEDNESDAY, MAY 9, 1956.
COMMERCE
SECTION
The Russian Gold Puzzle PS-No Groundnuts
WORLD
COTTON MARKETS
New York, May 8. Cotton Futures trading today continued at a creep- Ing pace with prices sub- merged just below the pre- vious close most of the limo.
AL the close the list ruled p
bo off 12 polnits. Openingt prices were up i to off 7 points. New Orivons clowd up 3 to B points.
The best part of a small busi- ness criginated asong profes. sionals, with spot Interets, mili accounts, Joes) iradees and com- mlaston houses drifting in-and- cut of the market witje watching for
new incentives. Uncertainties surrounding far legislation WIS
WIR
matched with
quest lis about Government policy on raw colton exports. Traders understood CONETOS slonal pressure has been exorted on the Department of Agricul- ture to press the sale of surplus ruw cotton
prices,
Cotton
པ་་
potary
sinto
told
competitive
senators ru-
Agriculture
Inst
Bertson that
cents 1
weckt's price of 27.90 pound for 15/10 middling was kewer than the average price.
The Government weekly crop sald ulmost daily
summary
showers in eastern belt sections
delay ed
planting.
EL
moisture
beneficial
stantial
but sub-
very
In
European Coal
Shortage
Doal still
Strasbourg, May 8. Shortage of overshadow the general industrial situation In Europo, M. Rene Mayer, president of the European Coul-Ster: Pool' high Aynudity, sold here today.
high authority priority task In to ensure adequate coal supplies, he fald
the Parliamentary assembly of the six-nation pool.
Expansion In the In- dustries of the pool was continuing and the "do- mand for steel and coal be Just an vigorous and press- Ing
ever," AM
he mid
M. Mayer Bald he wanted a turi agreement between British and Com- knot wealth steel markets and the pool nation%= France, Belgium, Belland, Italy, West Germany, and Luxembourg,--China
Majl
Special.
WORLD
RUBBER
MARKETS
New York, May 8. Tho No. 1 Rs rubber
45
fur stimulating futures contract today gennination al growth cise-
closed
to 65 points where especially in Texas.
higher with sales of 189 the far southwest, warm weather
favoured completion contracts.
The standard contract closed germination and growth of 50 to 65 points higher with sale
of planting and stimulated i
cotton.
The gerlifeated stock totalled 12,430 bales.
Open interest
05,400
Morsth
Volume
May
11.200
July
13,000
20.800
10,000
311,100
Dec
in 300
421.300
Mar
13,900
188,500
May
4.100
130,300
July
L-OU
106,400
Oct
100
0,300
Total
78.900 1,330,100 Lates
NEW YORK
of four contructs.
dustry.
Montagu Estimates
Annual
Output 10m Ounces
London, May 8.'.
Now that Samuel Montagu have committed themselves to an estimate that Russia has an annual gold output of more than ten million ounces and reserves of about 200,000,000, it commands more respect than when propounded by other people who know so much less about gold.
Some British officials believe Russia has huge gold reserves and could finance any enlargement of imports by drawing on them.
remains that there
The fuct la no dirvet evidence.
The Russians themselves have never claimed to poSKUGA such texts,
Not-Russion bellevers in
any
the
big figures suggest that Moscow May tear
Washington
would
[em masukce difficulties for Russian gold sales.
has never
of
Yet Washington done so. It has even accepted Russian gold after removal Soviet markings. Washington canont reject gold without pre- Judeing the dollar,
Always Sparingly
Chicago Grain
Futures Weak
To Heavy
ELABOCI
ORTHERNA THODESA
ACKES UNDERGROUNDHEITE? KON
BACK POSLOPMENT
170 BOAGNUM
YIKA
最初
MAKING
B014
7,310
BACKLIS WIĘ
HOYA BIANG
MOZ
ALL over the worla science is elzahl
LOU
inwa. Wharves and conquering evils that have roads have been bullt. Urambo beset mankind for centuries. railway station-closed down in But certain areas stili dety the 1913 has been re-opened. selentist
Innumerable experiments have Tanganyika, Lor instance, been made with a great variety
groundnuts | of crops. 11 1947-8 But groundnuts have almost of pounds were spent faded from the pleture. They on ambitious plans to open up are still grown, but only as one the underdeveloped areas of of a number of crops, under a Tanganyika
and Lo grow system of rotation-mulze, soyu groundnuts - one of the chief | beans, tobacco und sorghum ingredients
margarine and plant yielding sugar).
Remember the scheme there? millions
cooking fats.
It was at
of
first
acros
of virgin
planned to Tse-tse scourge
area.
mechanised
(a
US RAIL STOCKS HIT NEW HIGHS
New York, May 8.
Rail stocks, with gains ranging over a point, featured an irregular, moderately active market early today.
Rails, climbing to further new highs, since October 1929, featured gains of 1% points to $167 in Santa Fe, 1% to $62 in Atlantic Coast Line.
Selected oil shares countered | Goodrich (D. F. Co.
the generally casier trond in industriala, Warron Petroleum
climbed 2 to $102, a new top. Sinclair added a point to $724. Barbed Oil to $71. Gulf Oil 4 to $128, with the last mov- ing up sharply after an opening loss of 1 points.
Eastern Pipe boistered utilities and they closed up 9.07. Of
Goodyear fire
Heyden Cherrucal
Ioinstake Mining Co.
persoll-Rand
Inland Steel Co. Interchemical Corp, Int'l Husness Machine Int'l Harvester International Nickel International Paper Int'l Tel & Tel Kanan C. Power & Light Jonn-Manville Co. Kennecott Cupper
total 1,173 Issues traded, 551ggett Meyers Tob. Co
were lower, 301 higher on the Lockheed Aircraft day. Turnover eased to 2,440,000 Low Incorp..... shares from 2,550,000 yesterday. Louville & Nashville B.
Lone Star Cement Co.
Lowerustein & Bone Sharp Gainer
Mesabi Iron Corp. Minnesota Mining Mission Development Monsanto Chemical Co. Studebaker-Packard, a sharp Montgomery Ward gainer and most active Issue Motorola Inc. yesterday, continurd In de National Cash Reg. "K" mand as rumours persisted the
National Dairy Prod. National Load company soon. is to be takon Nottunai Steel Corp. over by Curtiss-Wright. It re- New York Centrai covered all but % point of
Olin Malhieson al Oils Elevator initial wider loss on realising Owen-mode Class and headed the active list again. | Paddle Gas &c Bec, General Motors followed in the Paine Western Oli nctives. G. M.. Chryster and Ford all were fractionally lower.
Losses in oils, later in the day, ranged to almost 3 points in Royal Dutch.
Allied Chemicals, selling ex-
In stects, Bethlehem, a sharp Joser yosterday, fell nearly 2 paints more, US Steel declined a fraction.
Pan American Airways
Paramount Pictures
|
Parke Davis Co.
Penny J. C. Co. Penn. Salt Co Philip Morris Procter & Gamble Co. Pittsburgh Plate Glass Publicker Industrion Pure Oil.......
Chiengo, May 8. plant 000,000 Grain futures prices were soil 420,000 of them in the
Only with great difficulty are mostly weak to heavy on]
Under the any of these crops grown. Nachingwen
In Food Corporation the Nachingwea, the red boll worm!! Overseas the Board of Trade today, scientists went to work, bent on has stopped cotton growing: in dividend, and Du Pant cach lost Radio Corporation with nearby soybeans lead-"Investigating the economics of Kongwa, locusts have infestext around 2 points. As Jourders and arts take 11 million ounces annually and asing the decline.
agriculture cultivated arca
of 55 square all the rest of the world out- Sciling nearby soybean under tropical conditions"
miles; and in Urambo a plant put in recent years
discase has gone futures was due mainly to lower
called rovello has oll futures, although
Now a town | banished groundnuts altogether. elsewhere than Washington, why edible
weather was ako a factor, and
In all three arces tse-lse flies should Russia care?
brought soiling into all grains Last week the
almost O.F.C. pub- make Uvestock farming except outs, which remained lished the last of its anuual re-impossible, and droughts or about steady.
ports (it has now handed over tropical rains are apt to ruin His activities to the Tanganyika acre on acre of crops Agricultural Corporation). What The Anal report of the Over- results does that report show? sena Food Corporation is like a Nachingwea, formerly a small port_scriptum, P.3.-no ground- group of native huts, is now anuts!
Morrow has never acted as if it possessed such huge means of payment.
Over the past ten years it has sold an average of less than one inillion ounces unnually.
TC-
Covering credited to specula- tive interesis braced the market
Exporters this morning in the afternoon following earlier
ported sale of 380,000 bushels of easiness in company with Landon
US soybeans to Japan. Large and news of additional labour
Over the past three years the purchases by Japun and France loyalīs in the automobile insules have averaged two million are expected tomorrow, with the ounces and always sparingly and latter slated for 4,500,000 bushels apparently necessitous.
of US wheat, Greece today re- Ordinarily, one would sup-quested offerings on about pase the moderately larger sales 575,000 bushels of wheat to be since late 1953 included some submitted on May 14, accumulation from the previous six years when Moscow virtually none,
in the shipment market, “fair- sized"
quantities of four and five sheets were reported from Siam at "discretionary" prices, along with three and four ambers from Prices of futures closed today Indonesia at "reasonable" prices. Spot No. 1 Rss was quoted Dorinally at 30% cents a pound
DS follows:
spot
May
July
Det
Mar
May
July
Oct
NEW ORLEANS
Prices of futures closed today.
in cents per b. as follows:
Spot
May
July
Dec
Mar
May
July
SINGAPORE
Other Hardships
sold
Wheat closed off 1% cents; soybeans off 4% to up 11⁄2 cents.
CLOSING PRICES
Prices per bushel in cents; Wheat, No. 2, red
London Stock Market
Rather Ragged
Stocks turned in a ragged London Exchange today, with 154-164jority at the close. 155-15 Precautionary selling hit most)
154-105
30503
Futures:
33.53
323A
No.
RES
23 38
$2.00
July..
12 12
September
31.30.01 20.0-YU DU 20.70-7A
2187
December
24.90
Standad contrari
Miny
20.71
July
29.85
The Soviet representatives London recently did not say that Russia could or would pay in gold for the proferred larger orders, not even for strategie
in
Spot
May 2281) 224(L).
2241
July
20424-2
Sept.
Nov
2002 2020
Зал.
230
September
29.60
goods.
Corn, No. 2, yellow
Spot
December
20.30
401
March
20.00
Mary
27.20
30.07
$2.40
32.60
labour
33.53
31.60
30.00
On the contrary, they would have to carning more sterling from larger Russian exports. Soviet gold sales were mainly to finance the ex- ceptional sugar purchase to re- love hardship for Soviet con-
They sald
May
July
pay by
Sept.
Μαν.
142
Jas.
last
Bre
year
May
14511
12015
July
Oats
May
073%-00
July
074-34
Soybeans, No. 2, yellow
May
June
20.00
23.35 30.25 27.80 Nn. 3
May
20.00
May
rubber
July No. 2 ruliber per 1.
rubber per
per ib.
2741-077 4715-874
Eastern unquoted
Spot
319-16
May
July
Sept.
8514-0014
63!4-86
83-8311 8732-877% 701-811 10536-10531
270-2764
Nov.
Yet, Moscow did nothing the sort even during Mr Malen- kov's policy of relieving strain an consumers.-China Mail Special.
of
Jali Barley,
2501-15 2011⁄4-
Spot
130-1400
the New York flour
$13.60m
Future closings, in pence per
the After opening higher on
situation the market sagged rest of the day on poor support and yelling. There was ttle trade support at the close,
Futures: No. 1 rubber
1. per
LIVERPOOL
1b. were as follows:
Old contract May/June
July/Aug
Dec/Jan.
Mar/Apr.
New controck Juży/Aug.
DA/NOV
Egyptian Kamak May/June
SAO PAULO Future closings, in
23.00 No. 4
67 26
cruzeiros
per kilo were as follows:
May
unquoted
30.03
December
30.3
March
34.99
October
In the US the average price o 15/16 middling cotton
May
Spot rubber unbaled
Blanket crope
No. I pale crepe
LONDON
The market was barely steady with spot quoted of 25% ponce per lb.
Prices.
Settlement house term:
No. 1 Ras apoi
at 14
wps
designated spot markets 35.44 cents. Sales totalled 6,761 boles.-United Press.
London Foreign
Exchange
New York'. Montreal Amsterdam Copenhagen
Frankfurt
Mitan Paris
London. MAY D. 3.801-3.80-18/10
2.70-1710-271-15/16
10.07-10.074 19.397-19.30 21.7315-11.75). 175534-1756
00516-00511
Others were unchanged
United Press,
June
July/Sept.
Oct./Dee.
May
2591-26
23-254%
2335-22312
2432-23
2414-23
Joy/Mor General marketa cif base, porta:
2315-2032 2514-231
2016
Sune July Estate orpe thin May 30
thick unquoted.
ADISTERDAM The market was quiet. Prices closed todity in guilders per kilogram, clf May, as follows:
No. 1 rubber
2.40 paid No. 2 rubber
2.40 puid No. 3 rubber
243 pald No. 1 crepe
2.88 nom.
United Press.
Humers.
Many other hardships and difficulties in Russia, China and Europe could easily have been reloved by using a small fraction of the alleged gold board.
US COTTON
200 lb. spek
WINNIPEG PRICES
Winnipeg. May 8. Prices of grain futures closed
cents Loday In
PCT bushel as follows:
CROP SIZE
Date
May
July
Oct.
FIXED
Doc.
Ryd
May
July
Washington, May 8.
Oct,
Doo.
The Agriculture Depart Barley ment today fixed the size of the 1955 cotton crop at 14,721,000 bales.
May
119%
July
Dec.
1011
་
Flaxseed
May
July
Oct,
New York Foreign LONDON METAL crop value
Canada
Australia
Exchange
New York, May .
.... $1.00% MODIS England 30-day futures
2.24 2,00 281-1/10 020015 2014
New Zealand
South, Atrich
Bellum
folland
"United Prem.
NEW YORK METAL FUTURES
New York, May 8. Prices of metal duitürew closed
PRICES
London, May B.- The tin market was easier this afternoon. Prices closed in sterling per long ton as follows: buyers wollen 740 100 74011 74715
Tin spot
3-month
Copper spat
The value of the crop, based on the season average price ta May 1 of 32.4 cents a pound, is about $2,302,000,000,
Thla compares with 1054 of $2,301,000,000. The 1894 avougo price was 33.61 cents a pound,
The 1996 crop estimate, basci en actual ginnings, comparts with production of 13,690,000 bales in 1954 and a 10-year. averale output of 12,952,000 500-pound bales.
SEED
COTTON
42214
Deo. Wheat.
northern, was at 18 cena: No, 133 corts.—United Press.
NEW YORK OIL AND SEED
New York, May 8. Prices of eptiopod oil futures cloedd, today in cents 'per. Ib. as follows: MERY... SORBONN Average y
September price received by farmers for October cottonseed was $44.00 a top, December:
valued productions
at Fanuary $200,000,000, For the 1984 MAY
35 342
349
343
The 1955 110
300
3-inonili Lend ist half May 21014
Aug... Zipe, 1st half May.. 04
95 Aug.
03 United From
CHICAGO LARD FUTURES
with
MATOR
17.13 17.74-70 17.38-14 30.00 74.82
15.67
of the list in the forenoon, and only modest support managed to ft scattered issues later in the day.
Industrials drilled
quietly.
Unilever dropped more than a shilling and British American Tobacco almost as much, but Rells-Royce bounced ahead on American buying, adding about three shillings.
Oll issues enard, although Royal Dutch and Shell Trans-
London, May 8.
Now York Stock Exchange
bond volume was $4,380,000.
American Stock Exchange volume was 1,010,000 shares,
Dow-Jones
were:
30 Industrials
20 rutie
14 utilities
44 stocks
Republic Steel Reynolds Metal Shell Oil Co. Saint leg. Paper Sinclair Oil socony Mobiloli South Puerto leo Bugar Southern National Gas Southern Railway (Com.) Standard Brands Standard On of Cai Stanztard Oil of Ind. Standard Oil of N.J.
closing averages Sterling Drug Co.
Stokely-Van Camp. Studebaker-Packard Corp.
500.13 Swice & Co.
179.37 Taxes Co.
68.00 Tide Water Ann. Oli
Twenty Century Fox Film", Unfor Carbide
163.45
Union Pacifle Railway
United Aircraft
U.S. Gypsum
U.S. Line Co.
U.S. Rubber
Smelting
40
bonds
0178
Comm. future price index ..
142.30
Closing Prices
Allied Chemicals
#12
Ailled Mila Inc.
30-1
| Aille ChaĪTIETO
8th
| American Airline
American Calze & Radio Corp.
Woolworth
| American Cyanainisle Co.
Am. Mach. & F'day American Smelting American Tol & Tel.
performance on the American Tub. "D"
small losses in
ma-
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
ap-
Anaconda Coppar Armco Steel Armour
Elaldwin-Lima-Hain. Baltimore & Ohio.... Bendor Aviation Corp. Blonguet Coms.
Bethlehem Steel
Boeing Airplane Borden (Tho) Co. Burroughs Add Machine Canadian Paclite R. Caso (J. 1.3 Cp. Cat. Tractor
Coinnes Corp.
C. I. T. Financial Corp. Chase Manhat. Bank Chrysler Motors Colgate-Palmolive Co. Commercial Credit Commonwealth Elec. Consolidated Edison xu. Continental Oll of Del. Crane Co.
Crown Zellerbach Cuban Amer. Sugar Diamond Alkali Dow Chemicala Dupont do Nemours
Eastman Kodak
El Paso National Gas Noon Erie Railroad
Family Finance Corp. General Electric
port were morning features. Business done on the Hong- Then they both slipped back. kong Stock Exchange this Losses run to two shillings or morning amounted to more among the other oils.
$370,000. proximately
and the morning's quotations Defaulted Balile bonds again found speculative support and transactions:
SHARES BUYERS HELLERE BALES soared £3 and more. Germans |HANICS
JIK Book ... 1645 155 20 4 1070 and Japanese moved narrowly In an otherwise inactive fortign drpartment.
East Aria
10 or 1
230
INSURANCES Valon KD Lombard
601$ CO GO
17. 00
British Government stocka retreated quietly, but hold their losses to around £% of £1/10, DOCKS, ETC.
K. Wharf ..... DIG 83 400 (+ DZ Dook Wheelock... Gold and copper shares rulled
8.45 8.43 8300 ų 6.00 after
easier. Deliar LAND, ETC, opening
Hi Hotel 13.00 13.00 stocks lost up to 2 In line with
HIK Land 43 635 100 Wall Street's lower levels--
200 44 634) United Press,
New York Sugar Market
Now York, May 8. World No, 4 sugar futures to- une day closed unchanged to point lower with sales of 61 con- tracts.
Domestic No. 6 sugar futures point closed unchanged to 1 higher with sales of five con- tracts.
...
Activity was not broad chough
Healty to...... 1/4734. ·3,80 NUBDER
A. Rubber 13714 14244 1305 @ 140
Trust
UTILITIES
1050 0 140
2000 @ 1.75
Tram 22.79 22.00 726 ON 22,70 Star Ferry ........ 134
Y'mat Terry
10 104 300 103
C. Light (0) 2234 23.00
C. Light (N) 19.60 20.20 300 ₫ 19.00 Electro... BUIL
Montis 29
„2014 20.00 Telephone (22.30 Itt INDUSTRIALS
Coment
12 12.20 3700 6'12.10
36
300
351%
(6.40 16.50 825 1.10.20 10.00 11.30 -000 @ 10:00
5.00:2009:10 PV
• kope BTOIUS, Dales?
Watson
COTTONS
Texte Corp
Nongank Vanglar Allied
2,00 17.78
6.00 0.00
in either contact to develop a MISCELLANEOUS particular reature, dealers sold, Futures:
sengon the average price, was Edles 524, contracts, 950,90 and the value of produc- Soybeans all was quoted at July
15% conta per lb, cocoanemut" all tion was $344,000,000.
The Crop Reporting Board we de 12% cemr por by cit said serenge in cultivation last West const Castor Bood was 1, the start of the 1955 quoted at 74 betta," "and" copira July lord futures closed person, How climated at war of 1177 por short ton c Dasas teday in conta per lbs or follows 17,000,000 acres, with 10 $28,000 Pacific court
, today in cents per l.' de follows:
Lond May
oln.
May
May
Juna
Copper May
14.875
Prices of 14.806
13.000.
May July
38.000
Chiengo, May B
12.37
- Deres being
harvested.
per acre on the
-United PruBS.
| acreage+now- Laker
pounds-United
ituroj comm
roactively for May and
Contract No. 4 (World)
per
Contract
0.43 2000 'SAS 1000 W 540
Exchange Rates
"VOLANÍTUDIE VAAż & done in the Iadal KARYOTELOINĂ », exchange market, tala
Rydonozár" rupiefik (per. 106) Blain tien) (per 100) Bingapura (štruita)
General Foods xd.
General Motors Gen. Pub. DAR. Glidden Co.
U.S. Steel
Warner Bros.
Westinghouse Electric
West Va. Pulp & Paper....
Ualled Prese.
Singapore Stock Market
Singapore, May 9. Brokers today
quoted the following stock prices:
Batu Lintang Rubber Co.
Lid.
Opening
$1.50
British Borneo
Petroleum
Syndicate
49/id
Consolidated
Tin Smelters
Ord.
20/34
Fraser & Neave Ltd Ord,
$1,07
Fraser & Neave 7 cm.
'pres...
39.70
Hongkong
Shanghal
Banking Corp.
Hongkong Thr Eid,
Kempas Ltd.
Lainos Rubber Estates Lid" Malayan Breweries... New Serandah Rubber
Itel 223 Potallig Tin Lid. Hanies Hotel
231
601
431%
Singapore Cold Storage South Brit
Ltd.
Straits Trading
Insurance Co.
28"| Btralts Steamcip
United Engineers -Ord." [Waazno - Bros.
d. 7-11, Chuo Mail Spec
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but there's a SURE. way
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