THE CHINA MAIL, TUESDAY, MAY 15, 1956.
TRADE and
COMMERCE
NEW TECHNIQUES ADOPTED TOO
CHICAGO GRAIN MARKET
Chicago, May 14. Grain futures prices were ir- regular on the Board of Trade today, with further bean oil ad- Vaners alimulating the coybean futures market.
Although profi-taking tended to drop noybeans prices GUID- what thing unid-session trad- ing, the advance continued again toward the close, with most de- Alveries at or near the day's highs.
Wheat futaires opened
today, but kodu
fro
น gave way
profi-taking med were kow throughout the mainder of the sesalon,
What closed Cinis;
soy bean 1% cerris
off 4 to 59%
up 3%
LONDON METAL
PRICES
London, May 14,
off
Pilces of metal cload toxluy in sterling per lung ton as follows:
Buyers Sellers
Tin spoi
760
102
3-month
101
Copper spot
30
302
Finoml
24)
342
Lead 1st half May
Avg.
110
11012
Zinc ist
Ini May
Aug
03
-United Press.
LATE IN BRITAIN
Lagging Behind
Other
Exporting Countries
From Ronald Boxall
London, May '14.
HONGKONG
STOCK EXCHANGE
[From Our Correspondent)
Business done on the Hong-
Stock Exchatige 'kong
*This morning amounted to approxi- mately $270,000. Noon quota- tions and the morning's transae-
NHANES DUYERS 'SELLERA SALES1
BANKS
Portents rather than events now dominate discussion of ons:
Last week they concerned the economic affairs in Britain. position of workers in the coming automation age, the future of British monetary policy and the possible demise of imperial preference.
The controversy now raging around automation is confusing to most people as the word itself.
new
to
as
Mr Harold more competitive
day House of Commona, every
Ex- was to invest in new and better Wilson, "Chancellor the equipment that
enable chequer" in the Socialist shadow would
cabinet, was speaking during a the same number of men
dobate on the Finance Bill. But produce more goods.
the significance that has been rend into the incident
didn't concern Mr Wilson's words much as Mr Macmillan's recep- tion of them.
Time Lag
beller
:
He nodded when Mr Wilson ward that the monetary weapon had proved to be disappointing.
Ho nockled again when Mr Wilson went on to say that
11K Bank East Asia
.. 0036
233
+
INSURANCES
Union
Lombard
SHIPPING
Waterboat
DOCKS, ETC
Whart Dook Provident (0) Wheelock
12 1000
970
0014
21
02 03 100 215
38 1937
.. 8.65 8.00
LAND, ETC.
HK Hole! 11K Land Humphreys.
RUBBER
13.70 13.00
1740
100 13.50
“Rubber 1.3216, 1:40 1650 e 1321
2000 458
SECTION
International Tin Agreement
to
London, May 14. Indonesia has now made arrangements
deposit the statutory documents formally ratifying the in- ternational
tin agreement with the British Govern ment on Wednesday, it was learned here today.
British Forelaxa Ofilco circles had
exppeted tho ratification procedure to take place today. Bill a spokesman of the Indo- pesan Embomy olovely in touch with the arrange- ments for next Wednesday's Qerensony said that - ibey had fixed the date with an eye the documentary work involved.-Router.
WORLD COTTON
MARKETS
New York, May 14. Quiet dealings in cotton futures today featured final ndjustments in the May de- livery and strength in the ensuing July contract,
*Page
London Markets Remain Quiet
London, May 14.
Stocks markets remained dull and subdued all day with prices in nearly all sectors declining. Closing prices were mostly at the day's lows.
The apparently dubious out- look for the American motor industry had a wide effect, far
outside the parallel British New York Sugar
of motors, Professional pes. simists were reported visible in this neld but the most they could do was to lower Rolls Royce some 25 d while Ford Motors retreated only 71⁄2 pence, Courtaulds fell. is 3d while the chairs stores were down about a shilling. Electricals were lower.
Oils Mixed
Werio
11
Market
New York, May 14.' World
No. 4 sugar
futures closed unchanged to 2 today
with sales of 18 points lower contracts.
The
categories
domestic No. 6 sugar futures closed unchanged with no sales reported,
Traders in marised time awaiting the developments on Incentives, Futures:
Contract No. 4 (world)
Oils
mixed field. Royal Dutch was certainly It finally pressed for sale but goined £1% to £78. British Petroleum coveredļa range of 2 shillings beteween high and low but closed only 7 pence lower. Shall Transport
2 July gained shillings and Burmah Oll lost 2 September
October shilings,
March MAY
British Government stocko July were heavily sold and closed at September
Turnover
July
Kome
Industrial ex- Plans for this
UTILITIES Juust pansion were laid at 2
Tram
22.00 22.70 1100 & 2170
the day's low with Old Console Spot (cents per ib. fob Cubaj samplelous time -- home sales
Star Ferry.. 138 140
New crop deliveries idled and "Paitons" down 10`shillings
Contract No. 0 were booming.
Y'all Ferry 100 100 400 (et 107 the economic
15.00 2.00 most of the day, with small and War Loon down 7a 6d, C. Light (0) 224 outlook had never been
19.40 100 0 1920 | buying ordero predominant us
in gold shares is Light (N since the end of the war and
Electric .....
30 304 200 20.35 traders awaited congressional very light these days but a cer- Beptember 10.00 Macao
form legisla-lain amount of selective buying November Elec. 3
developments on Telephone 22.40 24,00
ex-duty) gove the sector a cheerful air Spot (cente per ib. ef- NY 11.00 1.00
Closing near the day's best United Press,
United Press. levels the 1st was up 16 to 20
A
Britain it IN miti is going through 2 period of economic docline—that
relative to other nations. And there is general agreement that the reasons for this is that she has been slower than other countries
exploit to
industrial techniques
adopt a And
norw roclut unri economic uttiluis that go with them.
The boom of 1958/55 changed and Management ա.
alike realised that the Jabour only way Britain could hold her the Government had, in affect, high baric mate had not succeed- position let alone improve it-decided to subsidise capital in-od in restraining consumption la a world that was becoming vestment.
and estabilising prices.
The The trouble has been that in policy was not working. sad the inevitable ume lag between Mr Wilson, and many eminent laying of these plans and their authorities of all political economie realisation the econo-parties were extremely worried mic climate bao takeen a turn about the situation
New factories for the worse. and plans that were on the drawing boord when home de- mand was increasing steadily are arriving in fact at
a timo when strong measures are being taken
to restrain demand and equate il with available supplies.
Late Selling Knocks 2 Billion Off
NY Stock Values
New York, May 14.
Australia's Demand
And the Chancellor nodded |
time when Mr for a third Wilson suggested that he would have to go through an "agonising reappraisal"
financial at his policy. And therein lles the problem.
Just what those nods meant For industrialists who planned
brut they to Increase production with the s anybody's guess,
interesting material for while the country machines are finding that they speculation
as awaits the next major event in sell their products cannot
economic calendar. the easily as they could when the
This in all probability will be expansion was first envisaged.
Common- So instead merely switching the meeting of the
wealth prime ministers in Lon- men from one job to another as they hoped they are having to declare
redundant workern And the workers' reaction this has given birth to a new 4041 term in the English language:
Stocks gave in to selling late today help of new processes and new make
after an early attempt at advance failed to
generate any enthusiasm,
Individual losses ranged oVET Burroughs Add Machine
404%
4
points in the industrials
And
Canadian Pacific R. .....
rails. The loss came
Case (31) Co.
13
to
Over
Cat. Tractor
73
1071
2 billion in the value of all listed
п
shares,
Turnover
moderate at 2,440,009 shares was 10,000 below Friday and looked upon as the saving, feature of the decline.
Steals were hit hard. Reports of steel production running at the low of the year as wildcat walkouts curtailed operations af scattered points in advance of wage negotiations odded pressure on this group.
A
All major groups were down, howover the motors, oils, air- crafts, metais, chemicals and long list of special issues.
Steels Fall
Industrials fell 3.07 un average, pushing prices back to March 8 ievels.
Rails
down WINTE
Celanese Corp.
C.LT. Fished. _Corp. Chase Marshot, Bark Chile Motors Colgate-Palmolive Co. Comtencial Credit Commonwealth leo. Consolidated Edison Continental Oil of Dol. Grown Zellerbach Cubon Amer, Sugar Diamond Alkali Dow Chemicals .... Dupont de Neusonars Salman Kodak
Crane Co.
El Paso National Gas Erle Ballrood... Family Finance Corp
General
Ford Moteris Gene Motore
Foods
Gea, Pub, Util. Glidden Co. Goodrich (B, F.) Co.
| Goodyear Tyre
Heyden Chemical Houtake Mining Co. .03 ingrail-Bond
Inland Steel Co. Interchemical Corp,
on averago, Utilities, strong in the face of last week'e selling, also
ground gave
with average drop of 0.55.
an
Ini Business Machines Int'l Harvester.,. International Nickel International Faper
Steel losses ronged to nearly 4in1 Tel & Tel
points in
Bethlehem
with US John-Menville Co. Steel, National Jones & Kansan G Power & Light Laughlin, Youngstown Sheet & Kennecott Copper
Liggelt Meyers Tob. Co. Lockhoed Aircraft
Loown incorp.
Lone Star Cement Co. Jower Louisville & Nashville R. Ford, Lowenstein & Soma
Tube down around 2 points.
Southern Rollway tell more than 4.
Chrysler
led motora with a loss of over one.
ex-dividend, Belling almost
4
2516
43
40%
4527
1 .
39
10%
"The automation strike”
Must Go Ahead
toUSTRALS
Coment... 54% Hope SIQUES, ETC.
13 dary Watron COTTONS
13.40
10 10.30 10.70 10,00
Textiles Nanyang MISCELLANEOUS
Allied
11.80
125 10.10
points net, Opening prices ruled up 3 to off 3 points. New 13 500 344 Oricans closed up 6 to 20 points.
Crop
market news, textile
spot colton and the usual run of prior-shaping Influences were lost sight of while traders con-
old crop centrated in
months adjustments.
500 1000 dauntente, demand for
0,40
WORLD RUBBER MARKET
today. 5
New York, May 14, The No. 1 Res rubber don next month. And the topic futures closed. that is likely to steal the head to 70 points lower with
occasion is Aus- to lines on that
tralia's reported demand for sales of 314 contracts. scrapping the
ments,
Ottawa
Agree
The standard.
has felt that the whole system of 21 contracts.
May contracts went off the board at their season's high of 38.98 certs a pound, recovering after a post-opening set- Enartly
Delivery back of $1.10 bale.
WET notices for 2,200 balce issued
Leading spat interests
today fed most of the
The certificated 375 baits 10
May contracts, stock declined 12,428 bales,
Buying in July was attracted discount under the
by
*
*
*
P.OBIE&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
„Leave London Das Hongkong **Ballad
Outwards "CANTON"
"ADEN"
"CANTON"
"CARTHAGE” Biri Mag
20th June
2012 May
24th June
20th July
18th July
20th Augu
Via Bouthampton, Port Said, aden, Bombay, Colomb
Penang BIRKADOTU...:
Leaves Mongkong Dus Eandon
End July
31st July
Homewarde
"CANTON"
1st June
*
"CARTHAGE" 29th June
*
**SURAT" "CANTON"
11th July
Via Singapore,
G
+
expired May delivery. Strength at Liverpool and the larger sales out of Government stocks were additional contract closed at lugher prices, wer
influencda. Liverpool closed 35 For some time now Australia 20 to 80 points lower with sale to 75 English po
Cor- Credit The Commodis higher. of Imperial preference Wogica Eusiness reflected the leaver
reported sales of 233, one-sidedly in Britain's favour primary markele, plus reports of pozation repo There is no question of Bri-She claims advantages Britain additional lay-offs in the auto-255 bales out of the Government stock on bids opened May 8. The 1sh workers embracing a new enjoys in the Australian market mobile industry and the con
based middling range lag in factory buying price Their inherent by virtue of preferential tariff 66% Luddite creed.
15/16 inch at average locations, them commonsenso tells
that rates far outweigh any
bonellt the spot macker
to 20.93 cents she herself receives in access to
reported Agents
ed moderate- was 27.50 Britain must koop ahead in the 4technological race if it is to sur- the British market.
sized offerings of shipment rub. pound. The next round of bids and will be due May 22, but agency 2149 vive as an indurtini power. But Other Commonwealth coun- ber from Slam, Indonesia
no one can blamo them for tries, with the possible excep-
will be stepped up to oner a tigli for the local market. feeling
confused and angry It ton of New Zealand, have little Salon but mostly at prices too officials have indicated bids soon
weckt. of the Arst fruits
promised interest in the subject.
Spot No. 1 Rss were quoted
a pound. May dawn of this new economic era view--and rightly or wrongly it nominally at 20 cents 351 is the sack.
is shared by Britain-is
that Futures:
No. 1 Ess adherence to GATT - which strength- Nevertheless, it is imperative expressly forbids any
expansion, in-calog of
of preferential trading July
advent- "robot systems has decided
trade. nges for their, overseas
67
217
02
2304
Go
00
71
17
that industrial 36cluding automation
65 factories" should
от
10
ahead.
Their
MAY
May
Volume Open Interest
123,000 1,449,800 bales
NEW YORK
Prices of futures closed today
E-
*
Month
July
23.100 19.200 45,000 200,400
Oct.
14,200
29.50
Dec.
2003-05
Mar.
304,800 24,300 429,400 10,800 123,500 10,000 122900
*
Sept.
2925
20.75
July
4,500
103,700
Oct
1,100
9,500
Standard contract
Total
system
May
20.00
their
July
20,75
Sept.
29.10
Dec.
23,00
as follows:
28,10
Spot
May
27.00
Mary
July
SINGAPORE
October
The market
December
Mag
July
October
67% And this advance will be far If they had to choose between
quicker and smoother if it can GATT and a, stronger 34be made with the approval and of imperial preference 136 the full co-operation of the vole would go mbeit reluctantly
Sastrade unions.
to the Caneva organisation.
Dati .128P
The three-point policy an- 19 nounced by the Prime Minister 47% shows that the Government
701
103
24% fully alive to this need policy is as follows:
The
2011
Megabi Iron Corp. dropped Minnesota Mining General Blasion Development
de-Monsanto Chemical Co.
012
147
27
43
Motorola Inc.
point and Motors, also ex-dividend, clined a smaller amount.
Montgomery Ward
In aircrafts, Bendle fell moro Nattoozi Cast Reg. "A"
than. 3.
Pure
National Dairy Prod.
Lead
Owen-Illinois Glam
Gulf slumped more than 4,National Steel Corp. Phillips Petroleum,
Oil, New York Central Shell, Standard of California on Mathieson points or more than in the oils. Os Elevators
New York Stock Exchange bond volume was $4,710,000,
American Stock Exchange volume was 1,000,000 shsies,
Dow-Jow closing
were:
30 Industrials
20 malle Ank
15 m
45 stocks
40 bond.*****
Comm. Euture price index
Comm, spot prica. Index
Index Moody'a
Pace Car & Elec. Packic Western Oli |Pan American Adaway
| Pazosnowayt Pictures
averages pony. JC. C.
| Parke Davis Co.
Pedal Salt Co Philip Mcinta 497.29 Procter & Gamble Co. 195,31 | Pittsburgh Piele Glass
05,83 | Rubiokur. Industries 178,43 | Pune' Oti;
Closing Prices
Alden Ind." ANY
Ailia Chal
American Airlino. American Cabla
Corp.
90.71 | Rádio › Dorporation 184.00 Republie Boel 103.00 | ayol. Malai
· 420,40 | 6be11 O Co.
Balot Reg. Paper
Sinclaire Oil and Booty - Mobil..
Bouth Puerto Rico Buursr Bouthern National Qae
$1931 Bouthern Railway (Com.)
110 Standard Brander
293) | Dündard-Dil of Cal
Benderd Oll of Ind.
23andard Oil of NJ.
Badia
Bio Drug Co.
#%
| @pokely-Ván Comp.
30%
audebaker-Packard Corp.
291
wie & Co.
American Cyunamide:Co.
Asnerican Matse
Así, Bugs
American,2pb. 23:
7worty Century Fox, Film
100% Utilon Carbilde
Union PACHIO Raliway
Pale Valled Atrerait",
18, Gypaum
UNI Enelling
AIL
Decisive Stage.
opened lower The now development in this and fluctuated very narrowly situation is that Australia has throughout the day. There was apparently grown tired of try some trade support at lower
the 1. A continual improve- [ing to win rest of the levels. Prices ment in Industrial tech- Commonwealth over to her side No. 1 rubber per b. May 85-0514 June 144-66 niques is necessary to and is now considering a pro- preserva Britain's' com-posal to scrap the present No. 1 rubber per lh. May
The system of imperia petitive position in world,
maintain full altogether employment and ensure risc in continuous living standards.
n
are..
•
2-12
March
33.55n 35.70 expired 34.32
*
32.13
31.03
NEW ORLEANS
Prices of futures closed today as follows:
Sport
July
Odloker
July unquoted
831-54
80-81
85-8314 -78-80
101-103
May
LONDON
July
The market was easy with
October
preference No. 3 replace it with No. 4
Spot rubber unbied an entirely new trado pact. "Blanket crepa
about No. pale crepe Maybe she la serious this proposal. Maybe she wants to force the whole vesed ipsue
2. Theno developments out into the open at the per spot quoted at 284 pence per
to bo ministers' therefore
Ether conference. welcomed and industry way the not remains: dis 1 Prices: will be encouraged to in-cussions an imperial preference No. 1 Im spot
decisive June
Settlement house term vest in the new types of are approaching the machinery to the fullest stage-London Express Service. July/Sept. possible extent.
3. At the same time there must be joint com— sultations within the in- dustry at an early stage Bo that the introduction of the new methods may
London Foreign Exchange.
be bright about witti- New York
out friction Plans must Montreal
Maan | Amsterdam
Londor Ma
be concerted in advance Copenhagen to reduce dimeulting and ROUT
tests which many people Pari understandably feel Stockholm
Others unchanged, about the consequences of technological changes.
Questions Asked
Other
possibly changes ace under' 'discussion; im
flo
present-time..
being miced aNG:
Have Government, hid utic
this, about the
Jurid
December
Morch
35.80 3306 expired 34.51-53
$2.00
$3.00
32.10
31.04
Future closings, in pence per
July/Aug.
July/Aug.
Oct/Nov.
24th August
Penang,
24th September
-13th August
Colombo, Hombay, Aden
Fort Bald & Lapton.
* Also calls Hamburg, Rotterdam & Antwerp.
FREIGHT SERVICE
"SOUDAN", loads 17th May for Singapore, P. Beret
tenham, Penang, Adan, P. Bald, Grecia, fer- selles Londo, Ham burg, Botterdam
Antwerp
"SOMALI" dad 24th May : fear. UK. 'SINGAPORE"due 20th May from UK.
"SINGAPORE"Loads 8th June for Singapore. P. Swal-
Lenham
Foreng, Aden, P. Said, London, Haz- burg, Rotterdam Antwerp
With liberty to call as Bolawan before or after Straits Ports and at Bombay if inducemaçi ofers. Tanks Available for carriage of oil in bulk. Space for refrigerated cargo. Limited Passenger Accommodation.
BRITISH INDIA S.N. CO., LTD. 1850. A hundred YEARS OP SERVICE --- 1950
from Calmiita "BANGOLA≫ in Port
sails 16th May for Japas "ORMABA" dae 10th May sally 20th May
from_Japan | for Blogspore, Peo Rangoon, Calcutta Chittagong
"BANGOLA" dus 2nd June from Jemen
"WAROBA"
Balls 3rd June for Singapore, Penang,
Rangoon & Calcutta due 13th June from Japan masis 18th June for Singapore, Penang,
Calcutta Vi Hangoon)
Chillagong
P. & D./B. 1. JOINT SERVICE "ITOLA"
dus 27th May from Bombay MALIE SON MAY for Japan, "TTAURA" due 21st May from. Japa
20.45
20,00
20.10
"OZARDA"
LIVERPOOL
2814-233
1b, were as follows:
Old contract
24952476
May/June
Del/Doc. Jan/Mer.
2416-246
24-246
New contract
General markets,cit, porta
May/June
Mnyy
July
2490-2435
Dec/Jan.
Fatate crope thin May Estate crape thick
unquoted
Mar/Apr.
Egyptian Karnak
May/Junaga
The
Future closings, in cruzeiros. per kilo were as follows:
30.10
26.45
AMSTERDAM
market.
whe quiet: Prices closed in guilders per kilogram, clf June as follows: No. I
**** 242 nom. No.".
2.40 nom: 236 nom, 200 281 hort; | Uplied Pre-
40-1941
-14,68-14809% United Prem,
1.732.
No. 3 rulžier
*300
Dec.
SAO PAULO
зало
In the United Statca, the average price of 15/18 middling [ at 11 designated spot markets
33,283 balen-United Prear,
New York Foreign NEW YORK METAL was 3550 cents Sales Cotalit
Exchange
Now
FUTURES
Brices of metal futures closed L'Oerste ̈per 76. as do!
BOMBAY,
salls and June for Binapore, Madras.
Columbo, de Barecha
dus 10th June for Singapore,_BOM- salle 12th June DAY, Rarwchi, BancNES, Khorrameliahr, Kirwait
EASTERN & AUSTRALIAN S.S. CO., LTD.
from Australia 27. "ARAFURA” in Por "NELLORE" dua eth Jime from Australia'. "ARAFURA" tady 8th June for Bandakan, Kabatii, Brisbane, Sydney. Mak .......... bourne, de Adilfide D Gáll Vosocio-have fiberty to pai), Alżant; parts, an ar off the route, di, the proto à messing are, zuhjaga.
For full portender upole to MACKINNON, MERINAL A
Exchange Rates
A HOND BUND ID
liti
5.59
5.57