TRADE
THE CHINA MAIL, WEDNESDAY, MAY 16, 1956.
and
COMMERCE SECTION
WORLD Australia's Inability To
RUBBER
MARKET Restrain Spending
New York, May 15.
The No. 1 R rubber
futures contract today
dlord 150 bags bolas BUT NO REASON TO FEAR
higher with
contracts.
sales of 141
The standard contract closed
10 to 30 points higher
sales of six contraels,
with
The Armer trend reflected
a
the action al Loudon and prust in the recent quidating and hedge selling pressure.
A good part of the terminal Was In trans- raarket business
ferring operations, involving
swaps of July and September contracts for physical rubber.
Informed sources
estimates?
about 200 tans were done on on futures con- exchange of July
tracts for June shipment
cheels.
Appen
were
The shipment market ruled Sheet offerings quivi smaller and higher, with buyers
uninterested. Some
low-grade
factory rubber also was around, including four amber May/ from Indonesia June shipment
ut 23 cents a pound, cost and freight, with buyers uninterest-
Spot No. Res were quoted numinally 39% cents n pound, Futures:
No. 1 Ban
May July
2085
30.10
Sept
29.40
ZU.00
standard contract
Mur
29.85
July
29 90
Sept
Dec.
Mar
May
There
SINGAPORE
Wos
20.20
223.UKI
211.40
27 50
moderate trade support on the maritet today.
and also fair enquiry for lower
مال کیا گیا
July Augla
No rubber por lb. June
No. 3 rubber per lb, June No. 4 rubber per 1. June
Spot rubber unbaled
Blanket credo
No. 1 pale crepe
LONDON
The market was steady with apot quoted at 23-7/16 pence
THE LONG-TERM PROSPECTS
Although the picture may be clearer when this is read than when it was written, Australia's immediate prospects are obscure, says the Australian and New Zealand Bank Quarterly Survey.
CHICAGO GRAINeely
MARKET
Chicago, May 18.
Grain futures were weak to
Board of Trade heavy on the
late selling bring with today,
down to. the most prices near the laws of the day.
Soybeans led in the
or
a
is not for the There is no ravon to fear the stand that it
but are bunks' bonellt,
of part ng-term prospects. Threy
credit ofi growing national policy to limit founded population, high living standards, expansion.
Jong
projects queue .uf
These purposes
have already worthy of attention when re-
bren stimuinted by the establish- sources Arc
frmly available, establishel industries providing ment of savings banks by ANZ fuoda, libres, Kadgets services, including: mafor exports
Bank and the ***South Walca
to earn oversea funds to pay for granted in January,
considerable flow imports, and
to finance
of sayings levelopment.
But the short-term prospects are obscure, largely because of mability
spending within the inlts indicated by the country's real and monetary resources.
decline on word of weak benn oil and meul prices, while quidation of 1956 May wheat contracts WIS primarily responsible for the drop in wheat prices,
May whent, standingly werk yesterday, dideployment stightly better during today's carly trade.
which was vut-
111
Spreading was noted between deliveries of May atel July whowl, with The
(TM) ionth bought against sales of the ulch at a sad premium. When closed unchanged up cent; soybeans of 1 to 3%
cents,
CLOSING PRICES
Pelces per bushel in cents: Wheat, No. 2, red
315-2200
2207%-2-27
trades.
Futures:
No. 1
rubber
per
b.
04-04 0425-9412 unquated 13-1344 024-81 80-814
Spol
May 227H 2571)
July
Sept
Now
2001-2 21114-36
84-84
1712-79-74
Mar
212
100-102
Corn, No. 2, yellow
Spot
134.
May
July
Sept
Nov.
Mar
10134-36 1329 130-137 13971-140
per lb.
Prices:
Byo
No
1 Bra opel
2016-201
May July
1035-24 123%
Settlement house term:
Oats
Jana
22-201
July/Sept.
24-2231
May July
BUR1- 60%-4
Oct./Dec.
2445-2434
Jan./Mar...
2442-24
General markets, clf basta, porta
May
2424-25
Soybeans, No. 2. yellow
Spot May
3201
320
June
2414-20
July
July
2412-225
Sept
Estate crops
Nov.
201
Jon.
$19
unawied
Barley,
Spot
130-140n
Now York flour
200 lb. ok
$13,5
thin May and June thick
AMSTERDAM
The morkel was steadier. Prices closed today in guilders per kilogram, elf June as fol- lows:
No, 1 rubber
crepe
PRICES
LONDON METAL
London, May 15.
Prices of metal futures closed
today in sterling per long ton as
follows
9204 27434-278
MABY
10
WINNIPEG PRICES
Winnipeg, May 15. Pricer of grain futures closed
in cents per bushel as
2,41 pald
No. Z rubber
240 pald
today
No. 3 rubber
2.38 buyers
follows
No,
2.80 norn.
United Press.
Dals
May
July
Det
Die
7124
Rys
May
July
Oct
Dec
Rarley
Buyers Sellers
May July
Tha spot
750
3-month
740
231 751
Oct. Dec.
Copper apot
3475 Flaxseed
1351
Lead ist half Mar
17132
1102/
$11
Zixe let halik May
May July Oct Dec.
AS
Urated PreAM.
I-month
100% 101
400
402-40214 330 Wheat, No. 3, 164 conta; No, &, 134 cents.-United Prem
Industrial Spy Scare
In United States
New York, May 14.
There is a new spy scare in the US, today among big business men who fear that agents from rival firms are spying out their trade secrets.
as spies
to restrain
de-
CX73-
WORLD
COTTON
MARKETS
New York, May 15. Cotton futures trading today lapsed into dullness with prices see-sawing in- decisively.
At the close the list ruled off 7 20
2 points. Opening up prices were off 2 to 13 points. New Orleans closed off 3 to up 2 points.
the Mey With expiration of
pruised contruct, dealers
the situation reappraise
few generally, with quito wailing to
hew the farm 500
10
of
Lifting Jap Exchange Operations
Tokyo, May 15. Foreign exchange bank- ing operatione In Japan are expected
୪ "normalised" in Aurust with the scheduled lifting of Government control on foreign, exchange banking, according to the Anabi Evening News.
will
Ispantalo Z then become Independent of the Government ан foreign banke will no longer bo
.10 required have letters of undertaking and authorization.
Ministry offelats belleve, the Asahi mid, that
the lifting of Government restrictions
Intan a
gradual freeing of the foreign, exchange market. However, they don't expect tho freeing to bo felt aut!) at least this August, -United Presb.
HONGKONG STOCK EXCHANGE
Favourable
of the aspect legislation would turn out. Bank of New
weather and crop news,
plus Hences STA under
on disappointing reports
the mill drenand for apot Airesly the competitive
cotton during the past week, further services and facilities offered by
increasing tuulk these banks have stimuated the
curtailment, .handi- flow of savings, which can help expped now buying interest. to relieve the pressure of mand for consumption and direct
Sellers in the July 'delivery' situa- discussed the technical investment of It towards
tion, pointing out the current munity importance.
further Imports are
spot month, over the past few stricted. It is to be understood weeks, has advanced $9 a bale
trom tbo That this is not at the behest of
low reached merchants or to favour local! April 19,
but because manufacturers,
A good part of the trade
(From Our Correspondent) Australia cannot
the afford to buy originated among
pro- all the imports desired.
fessionals, with mill accounts,
Business done on the Hong Unless these matters are wide- apot firms, tulpper and local kong Stock Exchange this
traders adjusting market post-morning amounted to approx
mately $175,000. Noon quota Speculative interest was trans- tions and the morning's Trans ferred to the stock market and actions: the fastor-moving commodities
Internally, spending threatens to generate more inflation,
and locom
fur
are
are chasing prices and some sections of Industry complain that esis are rising more rapidly than revenue. Ex-y understood, not only may lernally, pressure to import is
Fibers
be criticism and bad reel- over-reaching the funds provideding, but the community will fall by exports.
to implement desimble policies fully. For it is well understood that disgruntled sections a to se importan! community can, to dogice, defy, defeat or by-pass rules and statutes. But if the whole DHO
ecmmunity understands what steps are in the community interest, they will find ways to further the national polley.
Government Steps
the
Ofelal reaction to this situa- tion has developed successively more serious pheses since serious
warnings
Budget Commonwealth August, although no action was Subsequently, The then taken. Prime Minister's conferences led TO SANTOR
but corrective action, This W115 still mainly dependeni Then the recon- on persuasion. struction of Cabinet following the December election created a Ministry of Trade to further
the necessity emphasise sttimulate exports.
Read Signals
tions,
on
BANKS
RK Bank East Asia
1030
.. 230
972
50%
of like grains, soyabeans and coffee. BILARES BUYERS SELLERS SALEN
The Goverment weekly crop summary sad mostly fair, warm and sunny conditions, following
FIDE | INSURANCES last week's generous rains, per. Union KD
Lombard mitted plating to make rapid
DOCKS, ETC. progress and stimulated germina-
K. What .. Dis 031 200 12
3842 302 2000 ve 3344 main
Dock tion and growth in the
Provident (0) 13.40 13,50 cotton belt.
The certificated stock increased 91 bales to 12,093 bales,
Month May
Volumin
Opel Insi
14,500
4,000
July
45,000
248.100
17,000
301500
Doo.
21,600.
433,000
104.300
5,900
128.200
2,000 1,100
103,000
10.500
Ocl
Totot
And there noed be no doubt about the need for corrective ac- tion Business can already read the signals: Rising costs eating in Oct. to earnings, revival of the wage-ar price epired; threats that further May import cuts will dislocate manu- July facturing and employment; low bave Latest moves
savoured
interest
rates failing to com- conditions, more of emergesicy
for the decline pensate lenders with the creation of an advisory
value of in
their capital dubbed Inevitably council,
Inflation: during
high costs "brains trust" by a public and
out" of over- "prieing Australia press not exampletely sympathetic sea markets; and so on. These to such extra constitutional
harr some Aus- We disturbances expedients. Some draw a false
tralians more than others,
but distinction between theory and practice, while others fear that try to government might saddle its advisers, or sections of
with drawn,
tho
"
they all harm the whole nation.
the community, from which the New York Sugar
are
advers responsibility for promoting, or even implementing, popular pieces of advice.
some
less
National Policy
But great harm will be done
or
that
are
if there is any suspicion of such "passing the buck," nationally-desired policies promoted by or in the interests of any sections. Under such cir- effective cumstances, full and co-operation of the whole com- and munity would be lacking the best of policies might fail.
The Government has tied its colours to the mast of "voluntary restralat," and although it may have to impose some degree of persuasion or compulsion, there must be a large degree "voluntarinese" it such a peiley is to succeed.
Market
15,000
121,700 1,426,000 balca
NEW YORK
Prices of futures closed today as follows:
Spot
مدينة کے
December
gelober
March May
July
Oclober
NEW ORLEANS
Wheelock .. 9.00 8.70 5000 or 5.58 LAND, ETC.
HIC Hotal 13.70 13.50
HK Lond
Humphreys
Really RUBBER
.. 02 03
17,40
1.40
A. Rubber 1.27 1.35 10.000 1.50 1000 en 1,325 UTILITIES
Trom
...... 29.00 22.70 Star Ferry.. 133 Yaumati Ferry 106 107 C. Light (0) 22.00 12.70 C. (N) 19,00 19.00 Electric
3015 30.70
Dairy
NEW YORK MARKET STAGES A VIGOROUS RALLY
New York, May 15.
Stocks had an abrupt change of pace today, swinging from a sharp decline to a vigorous rally with apparently no impetus aside from the usual technical considera- tions.
The rise came late in the Borden (The) Co.
Buroux And Machine day. Although all the recovery Cauadiana Pace R. failed to hold, most stocks Cure 12. 1.) Co. closed above the day's lows and Cal Tractor
A few even made good gains. Of the 1,101 issues traded how ever, 608 were tower while only 282 closed higher,
The turnabout- industrial
CRIC
Celanese Corp.
L. 1. inanclat Corp. Chase Manhat. Bank Chryster Motors
Colgate-Palmolive Co. Commercial Credit Commonwealth Elec. after | Consolidated Edlson
Crane Co.
stocks had slumped Continental Oll of Dei,' more than 6 points on average Crown Zelterbach and rails more than 2 points. | Cubau Amer. Sugar Closing
in Diamond Alkall
averages showed
dustrials off 2.45 on the day Dow Chemicala
and rails down 1.21. Utilities Pont de Nemours
gain,
to Да small managed thanks largely to a 2 point rise in Peoples Gas,
Heavy reling in the second
Eastman Kudak
El Par National Gam
Erie Ralirood...... Family Finance Corp. Ford Motor
General Electric
General Foods
Glen, Pub. Util Glidden Co.
hour put reporting tickers be-General Motors
Late hind briefly and they fell again in the fourth hour at the highs of their rolly.
Turnover
Turnover for the day totaled 2,630,000 shorts, compared with 2,440,000 yesterday.
motor
Goodrich (B.F.) Co. Goodyear Tire Heyden Chemical Homatake Mining Co. Ingersoll-Rand
Inland Steel Co. Interchemical Corp. Int'l Burned Machines Int'l Hugvester Inernational Nickel international Paper
Int'l Tel. & Tel John-Maryville Co.
hit Kenas C. Perver & Light
Kennecoti Copper and Daggett Meyers Tub, Co. Lockheed Atrezati Loews Incorp.
On the decline, new lows for the year steels were under heavy pres-
after
yesterday's wide,
sure
losscy.
Both groups steadied.
There were wide swings in rails
where Southern Railway responded to a dividend hike with a gain of more than 3 while Union Facile felt nearly 4,
Standard On
of
California
gained more than 1, Gulf Oil nearly Π
while Socorry point Mobli, Jersey Standard Fure Oll and Cities Service fost nearly a point to 2 points.
New York Stock Exchange bond volume was $4,730,000.
Lone Star Cement Co. Louisville & Nashville R. Lowenstein & Sons. Messbl Irons Corp. Minnesota Mining
baden Dovelopingna Monsanto Chemical Co. Montgomery Ward National Cash Reg. "A" National Dairy Prod, National Lead National Steel Corp. New York Central
Olin Mathieson
| Oils Elevators
Owen-linois Glass Tactic Gas & Elea;
Pacine Western On Pan American Airways Paramount Pictures Parke Davis Co. Penny J. C. co. Penn Salt Co. Philip Morris Procter & Gambla Co. Pittsburgh Plate Glass Publicker Industriem
Pure OFF
Radio Corporation Republle Steel
Reynolds -Metal
Saint Reg. Paper
Bocany Mobitolt
South Puerto Rico Suger Southern National Gaj Southern Railway (Com.) Standard Brands
American
Stock volume was 900,000 shares.
Exchange
30.70n
Rt.
428 Macao, Eles Telephone 2240 22.00 1000 11.00 DOO INDUSTRIALS
Cement
341 342,000 3455
19.40
30 Industriais
104.03
20 ralls
174.13
2216 11.00
15 utilities
05.00
65 stocks
170.02
40 bands
00.13
Eneli Oil Co.....
Comm. future price index
103.51
34.45-40
STORES, ETC.
Comm, spot price Index
103.78
Sinclair Ol
33.77
7283
Watson
10 10.10 000 & 10 10.00 11
Moody's Index
419.40
32.00
COTTONS
32.00
2.12
7.53
Closing Prices
31.00
Alden Inc., hey,
19
Allied Chemicals
117
Allis Chalmers
14
American Airline
American Cable & Radio Corp. American Cyanamide Co.
o
20
64
Prices of futures closed today
as follows:
Spot July
New York, May 15, World No.
futures 4 sugar closed today unchanged with October
sales of 40 contructs.
December March May
The domesti No. 0 sugar July futures closed unchanged to 2 October points lower with sales of 311 contracts,
LIVERPOOL
30.00
34.48
32.70-78
32.85
32.91
82
32.12 31.00
Future closings,,in pence per
Evening-up operations in the, July domestic delivery betweenb. were as follows: trade interests dominated both Old contract May/June July/Aug. markets, while Taws ensed
Blightly on Ute domestic futures. New contract May/June
Contract No. 4 (world)
3.20
REFERBER 8
July
Sept.
Oct
of
Mar.
May
July
July
Sept.
Spot (centa
Cuba)
por ib. tob
3.36
Contract No. 8
5.54
5.59
8.65
United Press.
If the community suspects that sectional interests are being i protected or favoured in` Д notional crisis, compulsion could fall. But, on the other hand, if all sections understand that national interests
being served, voluntary action support and supplement official directives and hasten remedies,
Ferhaps tho two keys to bo whether the nation is educated to the real
sureces
will
OTC
whether
сап
these
adopted.. and purposes of various treasures measures are fair and equitable us they affect all sections.
It hire purchase, for example,
Overdraft Rates
professional
economists
July ..Sept. Nov. Spot (cents per lb. cit.NY
ex-duty)
LONDON
July/Aug.
Oct/Nov Dec/Jan.
Mar/Apr.
SAO PAULO -
Texille Corp. 578 Nanyang
Singapore
Stock Market
Singapore, May 10. Brokers today quoted the fol- lowing stock prices:
Opening
$1.43
Batu Lamang Rubber Co.
British Borneo Petroleum,
Syndicate. 46/- edeb Consolidated Tin Smelters
Ord
29/- 20.45 Fraser & Neave Lid. Ord: 1.07 20.00 Framer & Noove Ltd. 734% 30.03
eum. pref. ...
***** $3.20 Shanghai 20.00 Hongkong
Banking Cup,
$963 24.83
1/30 20.00 Hangerig Tin Ltd.
$1.07 25.00 Kempaa Ltd.........
Future closings, in cruzeiros
per kilo were as follows:
Jaky
Out.
Dec.
Mar.
May
$3.50:
30,00
30.70
34.50
In the US the average price of 15/10 middling cotton at. 14 designated spot markete Was unavailableSoles totalled 10,019 bales-United PIESA.
STOCKS
MARKED DOWN
Landon, May 15.
:
Lunos Rubber Estates Ltd. 0.75 Malayan Breweries ...
Now Serandah Rubber Co.
Lod......
Petaling Tin Ltd."
Saffies Hotel
.80 $0.50 xd
Singapore Cold Storage.. $1.40 South British InsuraRICO
Co. isa,
Strake Trading
Straits beanakaly
United Engineers Ord...
Wearne Boe
$20.00
$7.75
$2.00
-China Mail Special.
London Foreign
Exchange
New York itontreal 'Amsterdam Copenhagen Milan Paris
Stockholm
Others were Frces.
London, May 1 .... 280111
2.70-7/18-278 10.073-10.68 -19.41-194134)
-1750-1737 065-34-0854%
-24.504-14.503%
unchanged-United
Am Mach. F dry. American Motal American Smelting American Tel & Tel American, Tob.
Anaconda Copper Armco Sicel
Armour
Standard Oil of Cai.
Standard Oil of ind.
Standard Ol of NJ,
Stering Drug Co. Stokely-ven Camp.
Studebaker-Packard Corp.
234 Swift & Co,
Texas Co..
70% Tide Water Assn. Oli
Twenty Century Fox Film
Union Carbide
53% Union Pacific Railway
180% United Aircraft
78 U.S. Gypum
70 US. Line. Co.
53
U.B. Rubber
21% US. Smelting
118. Steel ....
301% | Warner Bros.
Baldwin-ima-Hom.
Ballimore & Ohio
Bendix Aviation Corp.
M
Benguet Cone.
2
Bethlehem Steol
150
Bocing Airplane
041%
Westinghouse Elentrie
West Va. Pulp & Paper Woolworth
400
United Press.
New York Foreign TYPHOON MAP
30-day
"
New York,
futures
is restricted, the hire purchase companies are not to be blamed, It has resched such propor-ex-servicemen trained flotis that General Motors hive and electricians many of whom but the public night need to be equipped a new 175 million have set up as investigators told again that sponding must be
Oll shares, British Government stocks, and Exchange dollars research centre with
It says that their methods in- curbed in the national interest. devices that automatically draw clude: 1. Obtaining information
American favourites among the industrials led a blinds over the windows at the by sifting a Szm's waste paper;
general downturn on the London Exchange today. England trial over $2 approach of low-flying air 2. Using listening devices that craft that could carry industrial can pick up business conversa- aples with tolescopie cameras.
Precautionary marking down Borax keferred was a major Australia tions, through an open window
about seven New Zealand.
·Bouth Africa dyja á
parked
car across the advise higher taxation, it is not in line with the Wall Street Tower, was
of that they desire to seo us all setback was primarily respon shillings Bowalers and Rolls- sizeel; 5 Talephoto flame.
was Royce dropped around sway business take stockwards trans suffer, but, that they regard the sible for the dip. There lated
weful means of visible rush to woll,- at lip-reading schooler 4. stop Transmitters
Into reducing consumption clowed lower, despite s the British Government smurgled exdcutives pifjeds and taped, national, Interest:
fi mot | Tenganey: lato in under their deaks and 6: Tapping 11 band rate is rai of telephiné ankle
Involves probent run around e eva mo But Fortune Actor Absolute
hile other on
And there is a warning system so that attendants can cover up now models if helicopters hover `averhond. A
The Methods
Fortung Magazine, tho strious rainated monbil of big business businetrons imposibles chrich odwz le quote operators as saying that Corporate mergies stioksida nos changed its
more inditrial] be 7-absorbed to protecting sumption to proj erpionage in the US thìa over ateliale secrets but in producing portant for hal before is due to increased com- new ones!! London Express Bit. bank petition and the thousands of Barvios,
the
Pakulasi
Rates
with revised codes in force as from 1st April, 1956,
$500 MOUNTED
$4 UNMOUNTED
South China Morning Post Rtd.