THE CHINA MAIL,
THURSDAY, MAY 10, 1956,
TRADE. and
COMMERCE
Protests Follow U.S. Envoy's
HONGKONG Farewell Speech
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- konk
Stuck
Exchange
ป.ล
to appro-
Noom quot
morning mounted
ximately $350,000
lions and the morning's trans- actions:
SHARES BUYERN SELLERS SALES BANKS
East Asia
Unko Xi
IIK Bank
INSURANCES
LOARTE
DOCKS, ETC
K. What
Dxk
LAND, ETC'
JIK June!
1070
230
4 197
'
112
2
Provideni (0) 15 101300 500 Wheelock
MK Laze Humpneys
RUBBER
A
Hubbel
Trust
PILITIES
Tram
Star Ferry
Vimal Perry
100 100 9000
13.90 1.33
13 70 1300 300 ur 13 HO
63 09
17 40
1421
2200 210 2009 270
110... 2270
DOMINATION OF CANADIAN
INDUSTRIES CAUSES CONCERN
The
By John Bird
importance
attached
WORLD
COTTON
MARKETS
New York, May 9. Cotton futures trading today seesawed narrowly in one of the slowest sessions of the year.
Ottawa, May 9. here to the problem of American domination of the Canadian petroleum industry and deep penetration of the manufacturing and mining Congressional development spheres is reflected in the protests which followed a farewell speech by Mr Douglas Stuart the popular retiring United States Ambassador.
ut
The
American
the
101
fields.
the general The one looks like becoming
Ambassador discernible among in the then rommented upon the most public as was developed among one of the ruolo issues
Purlia- now Opposition members 1 next Federal election, expected highly Controversial bill
1 before
Canadian Parliament. 111 1957
Ordinary Canadians are sens[- last speech as Am- I s
"Currently," he said, "there is live on the subject of American jhussacr
Mr considerable
various Vancouver,
controversy
domination over Stuart quoted from a speech by | the question of Canadian par-
but the country is by no means mood gener- in anti-Amerkan someone whom he identified as thetpation in the ownership
prominent Canadian" and the Trans-Canada (natural gas) ally. who was quickly recognised
pipeline. It has been agreed, be Mr George Drew, Leader of
believe, that a minimum of 61 per cent of the equity shares in the Opposition and of the Con- servative Party
This spraker.the company would be offered 31 10093078 Mr Stuart said.
Even investors. I Caradinn warning "that we are not going with this urovision,
(7)- there 121900 to be treated as though we were paint is still heard that
United the 50th state of the
that the in- is no assurance not going
vestors will buy the shares, or to be hewers of wood, drawers
if they do, that they can in fact water, and dugers of holes
yeontrol the company." for any other country. nu mat
that country ter how friendly may be "
G 非常
134
D90135
104 1031
10022
Luthi 10 22 40 22 (4)
Etrolete
500 * 22**
30'
031
JLL+
2086 30 !!! !
20 22 70
12 12 21 20 12 18 States.
14
16 143 26
20
10 60
11
2004 J1
Tek phone
His
INDUSTRIALS
Coment
Rep
STORIES, ETS
Day
Walkon
COTTONS
Texile Corp
Nanyan
53335 750 773
MISCELLANEOUS"
Aller
343
had
We are
Kiven
Mr Stuant was quoting from a speech by Mr Drew at Hamil
on in March.
US Rails Continue
To Advance:
Near Record High
New York, May 9.
L
the
Unfortunate
taken
הן
Much of what Mr Stuart said concerning the benents American capital to Canada widely appreciated.
Must
Most, traders held to the side- lines pending: 1. Crop news; 2.
farm legistation; 3. A clearer view of Government policy raw cotton exports,
On
on
At the close the list ruled 8 down 7 points. Opening prices were up 1 to down 8 points New Orleans closed up
to down 5 points. Uncertainty over export plans Incensed an traders awaited the
of outcome
bids submitted yesterday to the Commodity Credit Corporation for purchases government surplus out of the stock.
Meantime, traders evened up positions In the May delivery, where dealings expire on Mon-
SECTION
CHRYSLER LAYS OFF
Detroit, May 9. The Chrysler Corpora- tion, third biggest Amert- Can
жали- automobile
facturers,
today laid oft 3,700 hourly-paid workers the Detroit area and 2,500 otherw at two tories In dlanna.
Evansville, In-
General Mo-
brought to 37,000 the number
Chryiler of workers left 1dle for a.fi Indefinite perfod by a pro- duction cut, Which began late last year. Ford and tors, the two other biggest makers, have also cut pro- duction recently and the latest Government figures show 123,000 workers idle in the car and related In- dustries-China Mall Spo..
ciat.
WORLD RUBBER
MARKETS
Now York, May 9.
LONDON TRADING
MIXED &
& QUIET
London, May 9.
Stocks moved narrowly and closed mixed in quiet trading on the London Exchange today.
Industrials were trendless vical, apillings on news that would government with changes limited to a tow Canada's
pipeline penco either
Hudson's help way
a gus Alberta to Winnipeg, Bay was in exception, adding from
Chicago Grain Futures Irregular
Grain
Chicago, May 9.
futures prices were irregular, and the market featureless after a mid-morning decline
that
financo
Manitoba. Rolls-Royce bright- buying at one ened on US
point, then fell back and closed virtually unchanged.
Ola felt selling in the fore-
but managed
to regain
noon,
part of their losses,
British
Government
stocks
drifted and closed with losses of small fractions.
in an
Profit-taking slashed at Baltie bonds, recent speculative favour- fles, and they tumbled as much as £2%. German Berlin issues were strong
otherwise quiet foreign department.
Cold shares lacked on small gains with Free Stato Gerduld a feature,
Coppers and other base metal shares moved rarrowly.
Dollar stocks cased in quiet
dropped corn and soy dealings.-United Press.
beans contracts
ably.
consider
Selling and liquidation
nc-
The No. 1 Rss rubber counted for the sharp declines in
day. The spot month held around futures
,
contract
today corn, soybeans and lard, but
soon recovered a the season's best level of 35.88 closed 10 to 29
Points Prices
portion of the early losses. Some cents a pound most of the time. lower with sales of 96 con- soybeans contracts were off 10- Canadians TRCORNUSE
Open contracts in May at
cents a bushel, the daily limit, that
their
postwar country's
the start of trading today total tracts.
turn caused selling In and in The standard contract closed other grains. boom would have been a small
fed 78.500 bales. The certifiented nffair without the great influx
20 points caver Increased 380 bates to unchanged to stock of American capital.
No transferrable with saks of six contracts, all in Canadian workers enjoy
12.022 balca the
notices were issued against the switching operations. they receive high wages which
spot month today, from American Arms and Conn-
business recognises
the
The Liverpool futures market
to higher capital closed 5 points
English points tower.
Volume Open Interest
14,100 10,300
dion
ured
for development
here
was im-
Nevertheless, there is a grow→ the
anxiety test Canadians ofing Jubashoukt surrender control at their
Mouth
May
July
0.000
280.000
October
14.100
309,900
December March
13,000
4,700
107,700
May July
1.800
104,000
700
8,300
8.500
Mr Stuart's speech jmediately
up External Affairs Committee
Commons. Mr the Diefenbaker, QC, Conservative own economy, or of important and scolors of it. This has led to Member for Prince Albert
the Canadianiso- xkesman for the offelul Op- demands for
October tion of American subsidiaries in ffairs, foreign position on
110
Total that they may deserbed it as an unwarranted Canada so intrusion by the Ambassador of longer be run as branch plants. a friendly, neighbouring country
an unwarranted
אף
reflection
on the Leader of the Oppost- tion"
Rail stocks, with individual gains, pipeline dispute).
3 over
points,
sparked
ranging moderately active market today,
a
some
Wide Agreement
Practically, the current EX- cilement over Mr Stuart's speech is likely to increase the pres-
for Canadianisation of sure American concerns here.
of
Mr MJ. Coldweil, leader of the Com- Co-operative (Socialist)
declared monwealth Federation, that it was "highly improper for an Ambassador to enter into a
Even Mr C.D. Howe, Minister domestic Canadian controversy
Trade and Commerce, while (meaning the Trans-Canada
of defending the employment
here. American capital
made Minister Mr Lester Pearson.
the suggestion that Unitext for External Affairs, said that
In their own in- no formal protest
was being States Bris,
terest. should make équity but that made to Washington,
sub- had stocks in their Canadian representations
sidiaries available to Camudians. demand, unofficial
been
made concerning
Politically, the Trans-Canada passages of the speech.
pipeline and the domination of Mr Drew himself
in United States capital and allied fields has provided an
on which election issue Conservatives and the Co-opera. Federation tive Commonwealth
.com- Socialists can find some mon ground.
However. In the next Federal Canada's third party, to And Social Credit, is likely
with Itself in wide agreement
Lasue since the Social Credit strong-
The rails, meeting heavy pushed up 1.86 in their average to 181.23 a new high since September 21, 1929 and not far from the all-time peak 189.11 set September 3 that year.
Industrials And a generally Chrysler Motors
Tosses at Colgate-Palmotive Co. Arm Jon
although
Consolidated Edison. more than 3 points each in Du
Contimental Ou of Del Put and Texas Co. pulled Crown Zellerbach
Cuban Amer. Sugar down thetr average by 0.07.
Dinirwind Alkali Dulle, edged up 0.10 despite Dow Chemden....
luss a point
Philadelphia Dupont de Nemourn
Batman Kodak Elretrie.
Out of Total 1,169 traded. 515 were higher, 412 Jower,
Turnover increand to 2,550,-
000 shares from 2,440,000 yes- terday.
Missouri
Pacific,
In rails, Western Pacific and Louisville & Nashville uided 3 points.
more.
от
Among the rail equipments, General "Railway Signal jumped more than 6 points ani Pullman nearly two points.
Oils Wide
Oils
had
El Paso National Gos Family Finance Corp. General Electric
Erie Baliroud
General Forde General Motors Gen. Pub, U, Glidden 'Co.
Goodrich (B. FI
Goodyear Tyre
Heyden Chemieni Homenko Mming Co. Ingersoll-Rand Island Steel Co, interchemteni Corp. Int? Business Machines Int Harvester
International Nickel
International l'aper
Int'l T & Tel John-Marie Co. wide movers in Kan C. Ier & Light elther direction. Texas Co. fell Kennecott Copper
Moblie Meyers Tob. Co.
Lockheed Aircraft more than 1. Wilcox Oil had Loews IneLENTI, nearly 5. Superior Oll of Call-Lone Star Cement Co.
nearly 4 points, Socery
fórnia fell 28 to $1,085.
In stocis,
on
!ex
00
to the conciliatory.
fortunate,
It was un-
"attempted that Mr he said, Stuart had given "su inaccurate of Canadian un interpretation sentiment toward investors from the United States."
Furthermore, "no responsible that had suggested
Investment was election, United States unwelcome."
46% Canadian
124
07%
1392
יכל
Line Of Acceptance the Government on the
He himself
had said.
this
the
and hold is the oil-rich province of
Alberts, which owes
200
425,300
The lower trend reflected the trend at London, plus the co- 10 tuued pause in factory buying interest, Dealer switching opera- tions also accounted for some of the activity. Exchanges Included contracts cn May old and new
Large export sales brought support into wheat, and trading during most of the day moved in wide price ranges,
ATLAS MINING
[OPEN TRADING
Now York, May 9. Shares of Allah Con- und Mining
solidated Development Corporation, which traded for the first time today on the Ameri- can Stock Exchange, alosed lower on the day. "
Trading began at 1505 opening GMT with
of 700 shares at
отет $499%. It never got that price and hit a low of 340, finally closing i $40. A total of 1,200 shares was sold.
Exporters today reported the sale of over two million bushels
block of US wheat to France, leaving
still to be a balance of two million bushels purchased against u current requisition. Slightly over one million bushels of US hard and sold Colombia
Wheat closed up to 1%
an even basis, and Portugal,
ber old at 28 points
Agents
of all grades of
good variety ported 1,574,400 bates shipment
01,000
NEW YORK
Prices of futures closed today as follows'
Spot
May
July
Dec.
Mar.
May
July
Oct.
Alar.
May
July
NEW ORLEANS
rubber. Singapore
wheat was,
Closing prices cents:
per bushel n
offerings were held above the cents; soybeans off 3% to 10 cents. local market, but Indonesia had some offerings at "reasonable" levels, including three ambers, May shipment, at 25%1⁄2 cents a pound, cost ambers 24% cente, and flat bark at 10 cents a pound, cost and freight,
July
́SINGAPORE''
Wheat. No. 2, red
Spot
20.10 Soybeans, No. 2, yellow
Spot
29.25
20.595 May
July
Sept.
20.70
Nov.
20.10
Jan
20.45
20.20
Bartoy
28,70
Spot
New York Flour 20.19
2001. Back
20714-20817
254-1 2571-20
130-140
$13.00m
WINNIPEG PRICES
022
Atlas in the largest copper producing mine in the Far East-United Press,
you'ro golag.......
ORIENT
(O
ROUND
-0
30.70n
Whorover
25.08
May 2234(H) 223 (L)
32.33
8249
July Sept
32.56-57
Nov.
32.52
31.80
30.00
30.05
at
Prices of futures closed today as follows:
Spot
35.40
May
35.03
July
33.12
Oct.
32 An
Slam offerings included thres sheets al 2014 cents; four sheets 28% cents and five sheets at a pound, cost and 27/2 cents freight.
Demand from domestle fac- tories remained practically non- existent, dealers said. Spot No. 1 Rsy was quoted nominally ot 30% cents a pound.
Jan.
220 2003 2009- 2001;- 211
Corn, No. 2, yellow
Spol
15294
May
July
Sicpl
Nov.
10316-9
1431:
EUROPE
Jan
Пус
May
1203
July
12014
Oats
Futures:
Dec
13.40
Nos. 1 RSA
May
67
USA
July
67120
32.50
May
29.70
32.32
305tin
31.63
Sept
30.00
300%
Bec.
Standard
LIVERPOOL
Mer
July
Closings, in pence per lb.
Sept
were as follows: old contract
Dee.
Mar
May/June
May
July/Aug.
New contract
May/June
10.30
July/Aug.
27.80
Oct/Nov.
Dec/Jan.
Mar/Apr.
25.90-92 25.50 25.30
SAO PAULO
|
Future closings, in cruzeiros per kilo were as follows:
unquoted 13,90
Juno
37.10
37.10 77.10
LONDON
The market opened lower on overseas advices and little trade
until support
prices reached abcut one cent below yesterday's
In the afternoon, prices today close. dipped nearly one cent before follows: trado supported again. Futures: Dais No. 1 rubber per lb.
May..
6311⁄2-8521 03-859 July
inquoted No. 2 rubber per Th. May 84-815 No. 3 rubber per ib. May 63-14 No rubber per lb. May 012-8146 Apot rubber unhaled Donket crepe No. I pale crepe
May
July
Oct.
Dcc.
Flye
May
P631-8532
July
Oct:
7715-701
Dec.
101-1031
Barley
May
July
Oct.
Dec.
Flaxseed
May
2396-237'
July
Oct,
2014-2016 347-25 242-2412
Dec.
25-231
254-12
2311-2323
unquoted
Its pros Egyptien Karnak May/Jume 57.78
would continue to say, that the perity to United States funds. Candian Government should "encourage Canadian
Industry
to process a larger proportion of Canadian raw materials."
However, winding up the de- 8914 bate on the budget for the Con- 113 servative party, Mr E.D. Fulton, member of Parliament
34
New Form
the since In any case,
op- May July position to the present Liberal october Government is divided between Decembar for three parlles. Conservative, Co-
In the US the, average price
March
18 Kamloops, British Columbia, operative Commonwealth Federa-
American Ambassador with
601 combined criticism of the tion antt Social Credit, there is of 15/16 middling cotton at 14
OT
040
9G
140
511
130
0016
and
bales.United Press.
a little dizelihood that power will designated spot markets was 344 warning of the underlying change hands at the next clcc-33,50 cents. Sales totalled 0,329
seriousness of American control tion. 3436 of Carmidian resources, such
Nevertheless, with the emer- petroleum.
old lesue under gence of an "The fact that this responsible a new form, namely Canadion Am-independence, the Opposi- friendly man, this 49bassador of a friendly country. tion is likely to
gain scats 2th would intervene directly in an and the Government will prob-.
Issue which is now being
with a con- ably be returned cussed as a domantle issue," Mr siderably smaller majority than, Mall "is itself a meat Fulton said,
now enjoys--China
dis
43% sure of the seriousness of the Special
78
Louisville & Neshville R.
100
Lowenstein & Bone,
Bethlehem paced
Membi Iron Corp.
63
Monte Chemical Co.
2011
Bituation.
National Chah Reg. "A" Nation Dairy Prod.
40
"That he would regard it a
his right and his duly do do so
181
70
a gain of almost 2 points. with a
Motors were firm. Among the specials, Owens Corning Fiberglass added more than
New York
| Montgomery Ward
Motorola .
Nationed Ima
National Steel Corp. Stock Exchange | New York Central
bond volume was $4,000,000.
American Stock Exchange volume was 1,180,000 shares.
Dow Jones closing averages were:
30
nilais
20 rulls
15 utilition.
03 stocks
40 bonch
Co. future price index
Closing Prices
Allied Chemicals Allied Mills Inc.
Alle Cholmora a
American Cable & Radio Corp
American Cyanamido Co. Am. Math. & E dry. Aanerican Metal American melting American Tol & Tel American Tbb. "B" Anaconda. Copper Anne Stoel Armour
Baldwin-Linn-Ham. Baltimore & Ohio Bendix Aylstión Com Benguet, Coral.
Isedilerem Brool Boeing Airplane Borden (The) Co
Barughe Adică Machine
Candiei „Favizio .. CHIN (3, LT-06
Cat, Zimator",
Delanese Cary. G. L. T. Innebel Corp.
Clampe Maches. Bol
Olin Mathieson JÕUs Elevatora
Owen-linols Glam
Pacific Gori & Elec,
Facile Western Oll Pan American Airways Paramount Pictures
649.30 Parke Dave Co.
The Penny i. E có
60.35 Pen.
Salt Co. 102.33 Procter & Gamite CD.
90.00 Pure Oil
103.41 Radio Corporation
121
O
Republic Sirel
Shell Oil Co.
Baint Reg. Paper
Sinclair O
Focons Mobiroll
Bouth Puerto les Bugar
94 Southern National G
Southern Tallway (Com.
31% Standard Brands
07
Standard Oli of Cal.
566 Blonderet on of Ind.
10 Standard Oll of N
7011
Studebaker-Packard Corp,
20 grit & CD,
Dogi Tea Co.
Más Water Arm, DIE
233 Twenty Century Fox. rum
Union Carbide
Union Pacific Railway Unned Aircraft 182.8. Gyprom
40.5. Line Co.. 00% 17.5. Rubirey $15 TiB. Bmating 501 10B Bicel
185 Warner Bros.
3:0
shows how far things have gone New York Sugar
421 plong the line of acceptance of
07
American domination .... with
44 domestic controversy
on here, a fundamental differ
going
495ence of political opinion
be-
10% tween the Government and the
Market
New York, May 9. World No. 4-sigar futures
32 Opposition, we have the United closed today unchanged
Ambassador going to point lower with
505 Vancouver and expressing exact contracts.
the sort of criticism
339
B01 States
100
1v
the
BO
Government is expressing,
In
4535
an attempt to becloud the issue the 0515 and misrepresent the stand
ofcial Opposition is taking."
Sensitive.
in
112
Mr Fulton concluded by re- 43% forring to the axpropriation United States oll. interests
to I
Balds of 22
The domestic No. 6 sugar contract closed unchanged to 1 lower with sales of 30 point contracta
World futures softened Blight- ly in line with the raw market otherwise featureless trade.
futures Creatured moderate activity in the nearby in July delivery with trade houses
of
trd
Dontestic
50xd Mexico: "We must not allow the on both sides of the market.
Futures:
altuation to develop to the point Contract No. 4 (world)
484 where wo woke up madenly
130
431 one day to fled that is the only 20% re-course that is left open. 1201, either political annexation 104
70de, the devllable consequence of some drastic, violent action which we should not like to contemplate upon. sober, roflee- tion."
AVI
Singapore
Stock Market
Singapore, May 10. Brokers today quoted the following stock prices:
Opening
Batu Lintang
Rubber Co. Ltd........ $1.45 Dritish Borned
Petroleum Syndicate ..
Cetters
Ord
20% 3d Fraser & Neave Ltd, Ord, $3,85 Fraser & Neare
71% eum. pret ......... $5.20 Hongkont a Phan nói
Banking Corp.
Hongkong TM. Ltd.
Kempas Ltd.
Lunas Rubber
Ertains Ltd. Malayan Breweries
New BaranKinh,
The market was steady with spot quoted at 254 penco per lb.
Prices:
No. 1 fi upot ***..... 25%-25%
Bettlement ou term
June
July/Bept.
Oct/Des.
Jan/Mor.
May
Jena July
Winnipeg, May D. Prices of grain futures closed in cents per bushel as
100
10136
420
$10
Wheat, No. 3, 162 cents. No. 6, 138
General markets, clf basis, porta: cents-United Press,
Estilo · CrODO thin May 30-30% Estate crepe thick ..............
ABISTERDAM
The market was dull. Prices closed in guiders per kilogram, eif June as follows:
No. 1 rubber
No. 2 rubber
No.3 rubber
No. 1 repe
2,46 buyers
2.48 buyers *.42 buyers 2.03 pald United PreES.
London Foreign
Exchange
New York
Montreal Amsterdam Copenhagen Frankfuri
1:390
$1.70
0.71
$3.25
Rubber Co. L Petaling Tin Ltd. fames Hoteller smgapore Cpid Storage $1.40 Bouth British
$1.63
3.65 xd
Zakartice Co. Ltd. Stratta
$20.00
Zuriell
Trading Yex<}} straits Buramanip United Engineers Ord. Weatre Bromu?+++
$24.30
£11.00
$2,80
$2.77-
China Mail Epecial.
Exchange Rates
Milan Tarin Stockholm
London May B.
2.001-2.00-15/10 2.70-11/16-2.701% |30,0755-20,073% 1939-19.391 22.75%-11672R).
170812-170715
24.5814-14.607 12.477-17373% All others were unchanged,United Press,
New York Foreign
Business Wedừng" in the locks Chladen
Exchange
July
Sept.
10
Oct.
Mar
New York, May
July
$1.00-13/14
Sept
Une Total Cyrchatige market (Chia | England ogledal
-15/16
Conirket No;
+11/31
28/16
34470
While there was widesprend of the Ameriósk Ama
"'s speech in Canadian no such heat i-is
rupinti:2 (per 1:100)./30.00
Urugu
Singapore: Untenitor
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