•
WORLD RUBBER
TRADE
THE CHINA MAIL, THURSDAY, MAY 24, 1956.
and
COMMERCE
US FINANCIAL DOMINATION
MARKETS HONGKONG
New York, May 23. The No. 1 Ros rubber
today
Futures contract closed 35 to 50 points lower with sales of 150 Contracts.
The standard contract closed
35 to 53 points lower with sales
of Ave contracts,
The
lower trend reflected London cables, plus the 10-
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong-
Stock kong
Exchange this amounted to 40- buying morning
$400,000. Noon interest and smaller consump-proximately
quotations and the morning's transactions;
tinued lack of factory
Lion estimate for April.
Shipment offering on sheets
moderate, Coming from were Indonesia,
Slam and Maluya, Indonesia, but at prices about
1⁄2 cent a pound over o demestir purity,
ان
Deniers said preliminary trade estimates foliculad April domes de consumption of natural and synthetle
around 120,000 ions, off 10,000 from March
was quoted Spot No. 1 Ras
pound. nominally 2914 cents &
Futures:
BUAREN BUYERS BÈLLERS BALES
BANKS
BK Bank.
Famt Anta
82 תוו1
INSURANCES
į
Lombard
DOCKS, ETC.
K. Wharf
Dick Provident (0) Wheele
50
LAND, ETC
MK tel
HK Lart Faireys
HUBER
A Rubber
UTILITIES
Train
Yimati Fury
ו 31
1003
216
907!
12
Πα
200 241 13.00 503 8.25 1000 m 8.70
131, 13 70 50x113.60
1075
13 500 6521) 17.30
202701
22 22,00 000 1 22 70
900 10 no 1300 30 76
200... 30.50
OF CANADA
WORLD
Cabinet Ministers COTTON
Explain
Govt Attitude
By John Bird
Ottawa, May 23.
Opposition, criticism that Canada is becoming subject to financial domination by the United States (China Mall, May 10) has led the Liberal Government to explain its own attitude to the country by means of important speeches from the two Cabinet Ministers principally involved.
Mr C. D. Howe, Minister | work for American overlords as of Trade and Cornmerce, chose "humilinting,"
the for his platīvem
city of 2000 22.000milton where the Leader of the Opposition, Mr George Drew, started thin debate. For It was at Hamilton that Mr Drew declared that Canadians would not be "hewers of wood, drawers of water and diggers uf holes" for ally foreign Pountry, however friendly,
20 201 12
Star Ferry
No 1 1
100 100
Lig 101 22' 22 10
220 20 101 100422.70
20 40
May July BL. Dre
28 00-05
(N) 10 10
20
27 175
Electthe
30
30
27 55
Standard contract
May
July
Bept
Dec
Mai
May
SECCES
Маста
Telephone
1092
1000 ...
500 11 20
Site
Elee
1 40 70
22 30 22
11
1300
INDUSTRIALS
Cement
3
$47
360 34 73
27 00
1
11 70 12 10
SINGAPORE
STONES, ETC
Dairy Wat
COTTONS
The market was morning
On
steadier in covering of near 1 eamed off during the afternoon on setting and poor factory Interest.
shipment,
Futura:
No.
rubber με
b
June July AURUAL
unquoted
70-10
71.16
61-62
71-73
DD-F01
No. 2 rubber per tb June 201 No, 3 rubber per jb. June
No. 4 rubber per . June
Spot rubber unbaled
Baoket crepe
No. le crope
spot
LONDON
The market
zasy Wis
with
at 24
pence per
15
Frices:
241-245
241-241
23-23 2012-234 23-231
No. 1 spot
Settlement house term
General markets, cif busin, porta:
June
July/Sept.
Det/Dec.
Jan/Mar.
Moy
June
July
Estale crepe thin and
thick
נאל 15
14 1100 a 18 10 | | 12310 62
Textile Con 6.33 130 2000 Nanyang MISCELLANEOUS
Allied
7 50
15
Italo-French
Agreement
Rame, May 23. An agreement for France to Atance certain projects In southern aly has resulted from
mitice.
other
reform
del
Governing Passage
The governing passage in Mr Howe's speech was:
of
"We should be careful," Mr Pearson said, "not to discourage (American) participation by 1- considered and unfriendly talk: we can't kill the goose, but she decide to lay her golden may CRÉs somewhere else."
our
MARKETS
New York, May 23. Cotton futures trading today became more two sided in |-market.
loss active
Indepnadent firmness in old crop July contrastert with nar rowly irregular changes in que- coeding deliveries,
At the clonso July ruled 2 points higher while the rest of
the list we off 15 to 25 points. higher.
New Oricane closed 3 points
Tradó buyers
andb shorts,
technical reasons, again found &
moving to cover in July on lack of aggressive selling pets-
sure.
In tho new crop months tradere moved in-and-out in a limited way while waiting for White House action on the farm bill. Uncertainty over Govern)-- ment policy on row cotton ex- perts and the favourable tenor of crop news, blunted overall markel interest.
Recent wide raliles and l- clines in the July delivery were coupled with
uncertainty over
SECTION
Auto Industry
Advertisers
New York, May 13. The auto industry's "big three" fed the parade of ipfloral nbwspaper adver- flabru last year with nearly 20 per cent of the total newspaper expenditures, the American Newspaper Pubilihors Association ana nounced today.
Central Moistu boosting
Corp.,
# advertising 07.4 per cent over 1954, topped the list with a total of $02,587.251. The figure was more than 80 million higher than Ford Motor Co, No. 2 national adver- Haer.
Ford jumped 64.5 per cent to $29,610,982. Chrys- for Corp,
more than doubled its 1084 Agures,
Taken together the "ble three had more than a $100 million allow of the pent record $405,322,000 by all national newspaper advertisers taní year. United Press.
No Buying
Support
London
In
London, May 23. Buying support failed
Page
WALL STREET COMEBACK WAS SHORT-LIVED
New York, May 28,
Stocks hended for a comeback today but it `proved to be short-lived and the market closed the day with its 12th decline in 13 sessions.
Armed Steel
Armour
The loss for the day, despite Anaconda Copper some early gains of well over a value of all point, pared the stocks by nearly blilion.
In
All major sections were affect. ed by the selling which, market men said, steamed largely fremm
cutbark the prospects of third quarter steel operations, presented by leading steel men at the American Iron and Steel Instituie mecting.
to
Steels came down from early guins ranging over a point Josses of around a point in Bethlehem, Crucible and Jones & Loughlin.
Auding pressure were copper price cuts which reflected in the lorers in that group. Cupper 4 and than Range tell more Kennecot more than 2 points.
Easier Money
appeared
The
had mariect head:d for a substantial re- covery around noon with all- nd- vity picking up as prices vanced There was talk in the street of easier money to come the extent of way contact de- liverles. Technicians reminded to appear at the start of a but with nothing concrete to go news the spot month is the last month
and on, the less favourable now account period
the to Commencing
influence with contract.
prevalled sections fell back most base October, the
will bo on
sharply on the London Stock Exchange today.
middling one-inch cotton,
today bales. The
For several years. Mr Pearton saich Canadian savings have not equalled Canadian Investment: "The deficiency has been made up by an inflow of capital from abroad, mainly from across the border.
In 1955 this amounted
Open July contrasta to over 800,000,000 dollars but
230,000 total capital investment totailed was over 6,000 millions. Unless certifleated stock held at 12,400 we wish to invest more our bules. polves especially in speculative
hope 1 in developments--es
shall do this for
capital invest ment
by our
neighbour, for from being
unnecessary dangerous, ta of essentia! Importance."
"I share the desire Canadians to be free from de- pendence on large-scale imports of capital. As a member of the Canadian Government, 1 do ail !
help maintain to can
conditions favourable Canadian Investera in the hope that one day we shall be able to look after all our capital re- quirements, if we choose to do
60.
The
"Let us face the facts.
Bets will be carried State
in
SLATIO
not
Repercussions
we
The Agriculture Department Chile to buy 37,500 authorised bales of raw cotton, paying with
their own currency,
Month
Volume
Open interest
July
30.000
240,900
Oct
17.400
304,300
Dec
24,000
05:00
Mar
8,700
210,000
May
6,300
150,100
July Q&
1,700
12:00
107,000 14,100
99,100
Deploring such phrases "new colonialism" and "Banana Total
| Republic," used by the Con-
servative Opposition,
uni-
worthy, Mr Pearson declared that This lo no Lime for political or economic ingoism"
The Hod
our
NEW YORK METAL The concern the financing
plate truth is, hawever, Canadians
have a proposal by the alo-French that
Co-operation Economie
Cem-generated enough savings to supply a the capital required French banks represented by for Canadion development in They have the Banque Francaise de Com-the post war years, merce Exterieure have been preferred to invest their authorized to place a credit of savings in traditional fashion. up to 12,000 million franes Canadians are Inclined to be the disposal of the Cassa Mezzogiorna-fund for southern cautious. 2316-24
or it not been for the enterprise 236-271 Italy-atid
and capital from the United 2016-0
which has been 50 unquoted
at
disposal, mit by Italo-French firms who freely our -United Prem
win awards for the work.
development would have been Details of other collaboration slower and
of te projects will be announced.
days, spectacular projects of which next few Parls in the
We are so proud.
....would mill of be far in the future,"
Opposition criticism projects in the field of agricul-
and rail trans-"
the complete do ture and rond
<mphasised port-Chinu Mall Special,
mination of American Capital in the held of petroleum and its Increasing
share in the entire mining
manufacturing and Industries.
Mr Business was
that Howe remarked done in the focal market Unofficial
American capital and experience exchange
to morning at the following rate#:--
not "welcomed, be ៨. ដង U.B, dollar (per #1) ...
permet in the early stages 10.62 11.035 Sterling notes (per 1)
12.40 of development. Australon notes (per 11
18.20 Indonesian rupiah (per 100)
26.40 Błam tical (per 100) Singapore (tratta
FUTURES
New York, May 23.
futures
Prices of rretakl closed today in cents per ib. as
14.5323
14.02b
10.400 10.30
follows Lead
May
June
Tin
Zinc Copper May
Mad June May June
11.90b
June
40.65 40.05
United Prot
Exchange Rates
1.8.2
DOWN, DOWN, DOWN IN SEARCH OF OIL
New York, May 23.
An oil company recently announced simply the recovery of oil from a depth of between 21,443 and 21,465 ft.
This is the greatest depth yet at which oil is being produced-exceeding the previous record by some 4,000 ft.
The new
South
in
Cool Bits
|
In Own Interests
Howe found
furore present
over Anancial Canadian - American relations may sill have re- percussions in the next federa) election compaign,
market,
| Baldwin-Lima-ilem. Baltimore & Ohio -Bendix Avlallió Corp.
Benguet Co.
Bethlehem Steel Boeing Airplane - Borden (The) Co Burroughs Add Machine
Canadian facile R
Coa (J.) Co.
Cat. Tractor
Celanone Corp,
C. I. T. Financial Corp. Chase Manhat. Kank Chrysler Motors Colgate-Palmolive Co. Commercial Credit Commonwealth Elee. Consolidated Edison
Continental Off of Del. Crane Co.
Crown Zellerbech Cuban Amer. Suger
Diamond Alkall...
Dow Chemicals Dupont de Nemours xd Eastman Kodak
El Paso National Gas | Erle Najir
Family Finance Chep, Ford Motor
General Electric
General Foods
General Motors
Gen. Pub. Util. Cildßen, Co.
Goodrich 10 F. Co. Goodyear Tire Heyden Chemical Homstake Mining Cu. Ingersoll-Rand
Inland Steel Co Interchemical Corp.
Int
Int
Business Machines
Harvester
International Nickel International Paper
Int Tel & Tel
John-Manville Co.
Kangas C. Power 4 "Light Kennecott Copper...
Liggett Meyers Tob. Co.
pressure
and trading
Lockheed Aircraft
|
There wor no real Many top blue-chips went ex-apparent, however,
for the day dip- dividend and wore marked downlightened as prices turned down, accordingly at the opening. But with volume
shares from bargains-hunter stayed on the ping to 2,140,000 sidelines and the section finished 2.200.000 yesterday.
Industrial shares lost 3.97 on with numerous doclines of two
0,40. Utilities Tails shillings or more. Hudsons Bay average, tumbled that
with alone held a small gain, rling amount,
Out of Unilever, Courtaulds and Im-0.07.
total 1,102 lavires 813 perial Chemical also were on the traded, were lower, 357 downside.
Dutch dro
Olis joined the retreat. Royal dropped about £%, Shell Transport eased nine pence. De Beers Diamond was 1.450,000 bales fenture in its section, tumbling
nearly five shillings.
Jan's Gormon
managed gains, although Potash 84 per cent lost about Japanese bonds firmed in 21.
active foreign moderately department-United Press.
NEW YORK Prices of futures closed today few factional
follows:
Spot July Oct.
Dec.
Mar
May
July Oct.
NEW ORLEANS
•
33.51-62
32.02-03
24.TB
13.00
30.00
In spite of hot-heads on his side of the House of Commons, the Conservative leader, Mr George Drew, is likely to con- Prices of futures closed today Hinue to adopt the policy of de-as follows: han
manding greater processing of Canadien materials at
home rather than direct opposition to American financial penetration, But the Socialist leader, M. J. Coldwell
is likely to press hard the issue of Ameri- con Anancial domination,
Вра
July
Oct.
Dec.
Mr
Mar.
May
July
Oct.
LIVERPOOL
- comron
35,00
34.21
37.47
33.01
22.73
32.60
31.80
30,85
higher.
Weighing average
on
the industrial were loused in issues fuch as Du Pont down nearly
3 points, ex-dividend; Interna Kional Nickel,_off more than 2. Standard Oll of California off around point,
Loews Incorp.
Lone Star Cement Co.
Louisville Nashville R.
Lowenstein & Sona. Mesabi Iron Corp. Minnesota Mining Mision Dévelopment Monsanto Chemiest Co. Montgomery Ward Motorola Ine. National Cash
Reg. National Dairy Prod. National Lead'. National Bivel Corp. New York Central Olin Mathieson Otis Elevators Ower-illing Glass
Pacifio Gas' Bloc. Pacing Western Oil Pan American Airways Paramount Pictures xd Parke Davis Co.
Rail Houses ronged around a Renny C. Co.. point in Santa Fe.
New York Stock Exchange trond volume was $4,070,000.
Americos Stockt
CHICAGO GRAIN volume was 980,000 shares,
Most
MARKET
Penn. Salt Co. Philip Morris
Procter & Gambie Co. Pittsburgh Plate Glass
Publicker Industries Pure Oil******* Radio Corporation Republlo Steal
Reynolds Metal
Exchange
|
Saint Rea, Paper
Smeloir l
Dow-Jones closing averages
30 Industrials
were:
20 ralja
18 utiles
06 stocks
40 bonda
Chicago, May 23.
futures prices grain steadied late In today's session, after this morning's general Commodity future price Index
Commodity spot price index. however re- decilne. Wheat
Quic off about
cent, Moody's dex mained while new crop soybeans
Rains in the southwest
advanced,
to-
+
gother
with the
expanding
harvest movement of wheat in Alden Inc. Ary. Allied Chemiedis for that area was responsible
Allied_Mills Ine. brought Americas Alrijne
while
May/June... 3ly/A May/June
20.30 soybeans
July/Aug. Oct/Nov. Dec/JR. Mar/Apr. Egyptian Komak May/Jine
·
400.16
19.07
Socony Mobilolí
South Puerto Riep Sugar Bouthern Naționai Gas Southern Railway Com.) 06.79 Standard Branda 171.01 Standard D of Cal 95.71 Standard Oil of Ind. 10320 standsed off of N
103.16
41030 Sterlina, Drum Co.
Stokely-Van Camp. Studebaker-Packard Corp. Swift & Co, Texas Co.
Tin Water A. Olt Twenty Century Fox Flim Union Carbide
Closing Prices
118
Union Pacine Radway
United Alreifi
U.S. Gypura
down to rear the
American Cable & Radio
Corp. American Cyananide Co.
0014
Am. Mach. & F dry. American Metal
29
Warner Bros.
US Steele
Di
Westinghouse Electric
Am. Sugar Ref
profit-taking
20.00 day's lows. 30.20 Wheat closed OIT to 134 up 34 to 2%
25.70 23.70 cents; soybeans 25.30 cents 24.00
80.25
American Tel & Tel
American Tob.
Conservatives and Socialists are uniting in opposition to
Future closings, in pence per early declines In this commodity All Chaliners present plans for the building
lb. wore as follow of the trans-Canada pipeline, though for different reasona. Old contract On this immediate and
tangible
New contract oppoai- On one point, however, Mr Issue, the two principal
tion
have parties himself in somo | Tidn disagreement with the American ground and are attacking the Ambassador, Mr Douglas Government for making this project dependent Stuart, whose farewell speech Canadian
upon American
ican capital and touched off the debate on do- mination of Canada by United upon the consent of the United Slates Federal Power Commda- States capital.
alon to export natunt) gas to the United States Middle West.
Alternative Plan
Mr Stuart had minimised the Fact that importance of the many American concerns do not offer stock in their Cunadian mbsidiaries by stressing that
"the principal United States
Criticism
exacerbated
Was stock of many of the when it became known that an
having Canadian alternative
-103
In the US the average price Canadian 'plan re- of 15/18 middling cotton at 14 parations operations are listed on a stock ceived no official consideration designated spot markets
from the Government. •· In 35.44 cents. Sales totalled 0,100 exchange and Canadiana can
these circumstances, American bales. freely purchase an equity, in
Canadian domination of the petroleum fold bids Mir to be such companies."
the liveliest issue at the next general election. here China with Mail Special.
Mr Howe, on the contrary, suggested that "in their own interest"
companies wholly-owned Canadian sub- well to pidiaries "would do
CLOSING PRICES Prices per bushel 'In cents:
UB. Line Co.
U.S. Rubber
Us. Snelling
West Va, Puki & Paper 180% Woolwort!
---United Press-
NEW COMPANY?
-
SAO PAULO
Wheat, No. 2. red
Pipot
2140
Futures, in cruzeiros per kilo were as follows:
July
2001
Feat.
2ry]
Nov.
July
32.30
Mor
Oct
34.00
Corn, No. 2, yellow
Dec.
36.00
Spot
20074 210-20071
18334
A'
MAT.
37.10
May
May
37.10
July
152
Gept
Nov.
130
Mar.
141
From the word "GO"
Kyo
wag
May
July
Qata
Møv
July
0745
KARACHII
Boybeans, No. 2, yellow
The market was erratle on speculative operations, and con-, dieting ·
the, report about American surplus disposals.
follws:
Spot May
July
310T
270
Dept. NOV.
252
Barley
Bpot
New York Hour
200 h. week
Exchange
47 Punjab roller man 289 Sind rollde
ad/u
l
92/8
kaw sin 280 Punjab roller Kin
28/0
London, May 23.
2.80-11/16-3.0091 -15/10
150/8
10071 159.00
invite Canadian participation London Foreign Price in rupees por maund 25
Deep drilling operations ack Although the 20,000 ft marit ↑ " has now several times been tremendously to the technical excorded In test drilling, the problems attached to drilling bore-holes proviously talten be-programmes as well as to their low this depth have disappoint- qttendant expense. ingly proved "dry
in Jorated record breaker, Plaquemines Parish, Louisiana, was taken to a total
had to ovolva Molallurgists depth of 22,670 CL ---- equal to a
that special steel drill-pipes height half a great again as the would withstand the ipad Im- In the upshot, this means Matterhorn-before production
them, while another that the mounting pressure for tests began and it cost over $2 pased on
of million, to complete. This would post art through the termerensing Canadianisation
a formidable sum to rife heat at the base of abnorm-American subsidiaries will have New York Been
Boro sympathy from the Montreal write off as a loss if, as might ally deep bore-holes.
Foderal Government, though AmsterdaIts not necessarily Its backding.
have
coolly have proved the case, the Druling bita are cooled by bore-hole had been
through stock ownership in the Canadian subsidiary,"
Beuwela Frankfurt
Buckholm
found a special
chemically-compounded Mr Leater Pedtson, Minister Parta "dry" as its other 20,000-fl-plus muda being pumped down the predecessors.
for hollow lengths which emerge immediately above unially
Technical Problems
of
drill-pipe
External Affairs, who is regarded as remote the cut-and-thrust ol
કંપન
the cutting edges of the bit. domestic politics, delivered a
But in somo especially deep scathing denunciation of
Cha
As recently as 1926 the deepest borings, to temperature at the critics in an Insportant speech New York Foreign
well was 0.221 (t. By 1938, this se congealed the mud im before the Canadian Club of hovel had been improved to just nediately it reached this lovel❘ Montreal.
over 15,000 yet few petroleum so chemists devleed how com- Aechnicians then would have!
have pounds that remained unaffected
predicted that within just oude by this intense heat..
ten years another 3,000 It would
have been added to the deep
Flashback: The initialdia-
Humillating
LONDON METAL
130-140
$13.700
WINNIPEG PRICES
Winnipeg, May 23.
Priebs of grain futures eloseď today in cents per bushel að follows:
place your printing order
whore you are assured of personal attention,
expert designing,
the finest materials and craftsmanship.
From Articles of Association, Share Certificates to Letter Headings and the many other essential items, consult the Printing Department of the. South China Morning Post, ltd.
Call in at any time
aud-examino, specimeng,
of quality, printing which
we shall be proud to show you.
A
Oa
May
July
ort.
PRICES
Deg.
Rye
May
July
Exchange
·Joniors, May 23, Prices of metră, clpoed, toďng.
starling per Iot on folienwas
pot.
Deo.
11744
an Barley
Bay
110
July
-100%.
Oct.
200
New York, May
that. Sana
30116-%
41214
Audiralia:
Morning Post Building
·Printing Dept.
Wyndham Street, Telephone: 20002.
nited · Press.
Caustically verdelcling Brilling record. Nevertheless, in covery well of the modem "hower of wood" are nowdanya
was international all Industry skilled workers (Märning 1949 20,000 ft lovel roochód or exceeded for the completed it Pennsylvania in 10 to 20 dollars a day be Dewt time but Without com 185-was only 60 It doep described the suggestions||that
Canadia gerolal production
London Express Service.
are doing