A
TRADE
THE : CHINA MAIL. TUESDAY, MAY :: 29, 1956.
and
COMMERCE
SECTION
Imperial Preference Due For WORLD
Shake Up
AUSTRALIA · NOT
GETTING
A FAIR DEAL
From Ronald Boxall
London, May 28.
The two whole question of imperial preference
the system under
which
RECORD GOLD WALL STREET COMEBACK
BUSINESS
New York. May 27,
South Ameriban "Gold and Platinum Co, report. od today record income and alem for 1955 and Tic
gold' and platinum mining activitiem “virtually depression
SLEV
proof"
to
Lewis. Harder, president," suld the net tacomo, rope $1,910,620, equals to $1.5 a common share from 51,388,81 or 85 cearta a share in 1954 -- United Press
Commonwealth countries give each other HONGKONG
imports preferential tariff treatment-is due for its biggest shake up since the concept was made effective in the Ottawa Agreement nearly a quarter of a century ago.
The Australian Government is with talkx planning to open Britain on a new "new compre- bensive agreement" to replace the Ottawa Agreement which they consider to be outdated
new agreement, however, would preserve the principle of between the two preference countries.
This
Australian officials in London are "Cureful to point out that some of the causes of the delict that has happened in Australia's
payments
Ottawa when the
Agreement was signed in 1932 has been whittled
uway
almost to 10 nothing This is because pre- ferentia duties were axed in axerine Jerms which have not vorled with price changes.
Д
over
An example is 1 case of an export which was granted pre- ferential duty of 4s 6d per unit in 1982 At the time this gave Australian exporters 00 per cent
ndyanlage
their foreign competitors. But though with prices have risen sharply over £300 the past 24 Britain to the tune of
ential years preferential years duty million over the past four years
bad remained have no connection with the changed and the Australian
preferential
advantage has been arringe exporters"
reduced to 10 per centa negligible amount.
balance
Dresent ments menta
a
of
The unbalance la due to variety of reasons and Aus- tralians feel that thro whole question must now be discussed
frankly between the two countries -- who incidentally ure each other's best customers with a
view to restoring the balance of trade,
Not Simple
►
Nevertheless, it cannot be dented that the operation of imperial preference gives British exporters a bigger ad Vilage 1n the Australian market than the Australian ex- porters have
Brilish in the
market,
This
La not a problem that
can be solved by the simple
expedient of tearing
Disadvantageous
the
STOCK EXCHANGE
(From Our Correspondent)
Stock
kong morning amounted
COTTON MARKETS
New York, May 28. : Cotton futures today moved bregularly lower in quist dealings.
Fago
London Market Was Mixed
London, May 27. Cautious, buying brought gains in d few sec- tions, but stocks mixed in fairly quiet dealings on
the London Exchange today. STAGED TOO LATE
New York, May 27.10 The stock market crammed a hectic sell-off and a vigorous comeback into the final half hour of dealings today.
The net result was another atash of 2.5 billion in market value of all stocks, bringing to some 14 billion, 1029 since the industria) average
al- pet, on tume high on April 6,
A
Reporting tickers fell behind twico in the final minutes of dealings. From 2.59 to 3.09 they were behind about minute with the market drop. ping beavily. They fell behind again at 3.17 and ran as much as átree minutes late on the upside
This
A
gave the market 700,000-share faal half hour and Ilfed the volume for the session to 2,700,000 shares, 210,000 ahead of Friday and heaviest total since May 10.
the While
recovery move
Business done on the Hong- brought prices of some leaders Exchange this up 2 or 3 points from the lows appro- it came too late to wipe out (ximately $112,000. Noon quota-all of the losses, which at the
to a points Lions and the oxming's trans worst ranged
Santa Fo. actions:
shares BANKS RK Bank Ezot Anta
Buyers Sellers Boles
1000
234
INSURANCES Union
970
DOCKS, ETC. K. What. Dock Prov. (0)
Wheelock.
LAND, ETC. JUK Hotel JIK Land Humphreys. Realty
00
01
200 @ 80%
4134 13.50 13.70 B.GO 8.70
13.00
17.40
1.4245
1.10 1.25 1.30 · 8.40
1.00
2231 22.00
mati Terry
RUBBER A. Rubber
Tunt silagala
UTILITIES Tram
So it is almost certain that Australia will seek the revision of these particular preferential duties to bring them more into line with the intention of
Olawa no doubt contrast her own ex- perience with the treatment of British exports in the Austri- lian market. Here Britain has a distinet advantage because the preferential duties fixed Ottawa were mostly
expressed
Star Ferry Agreement. She will
at
in ad valorem terms. The value therefore of the preference is not affected
prices
O. Light (0) 22.30
C. Light (N) 14,00 180 Electric.... Bonus
Telephone
*I
30
2220 222,40
2. 11.70
ENDUSTRIALS I Derriest Rope ....
by changes In STORES, ETC.
in His present form imperial up the preference doubly
EY
disad-
Dairy Wation
COTTONS Textilca...
34% 3431
10 10.10 10,00
30201 2,70
The market opened firm but when ink of Federal Reserve move to case money failed to crystallise, prices eroded steadily climaxing in the late drive.
Few Gainers
4
Industrial stocks at the close
joss showed
of 3.08 OTI average; rails an even sharper percentage drop of 3.90 and
utilition loss of 0.70. OL total 1,200 issues traded, 421 were lower while only 159. managed to make higher ground.
B
Qutstanding among the fow gainers were aircrafts where Boeing rose more than 2 points, Glean Martin and North 100 America around a point each
Steel General Foods, Inland and Allied Chemical each added around a point.
LOGO 48 WM UNIG @ 19:20,
000 @ 11.70
Despite substantial comeback in some stacks, ranging to more than a points in Santa Fe, rails were down sharply. Santa Fe closed down mare than 4: Chesapeake & Ohio, Delaware & Hudson new, Louisville & 400 10.49. Nashville Nickel Plate, Kansas
City Southern,
1.23 8.33 6000 @ 6,30 Western
5.30 5.40
Ottawa Agreement and replac vantageous from the point of Nanyang ing it with an entirely new frate view of Australia's-
balance of MISCELLANEOUS
Allied... pact. Australia believes in the
the payments. In the first place it principle of Commonwealth pre-mulkes British
manufactured ference and wants to
goods cheaper thon rival pro-
it. But there are humental ducts in Australia, thus swelling i
demand the
tot them and which aggravating the Australian im-
of the
differences in the nature of
country's exports
two
have given rise to anomalies in port problem. Secondly, Aus- the operation of imperial pre-tralia cannot reduce the duty on ference and the Australian view foreign manufactured goods and
is that the proposed new trade pact should make allowance for these.
The essential difference is that Britala is primarily an exporter
thereby secure Д Valuable
| bargaining point in negotiations
#
Pacifc
|
International Naiset International Paper Insi-Tel & T John-Mauville Co.. Kennel Copper Lockheed Atrerait Loews incORD, ...... Lone Star Coners Co. Lawersteini & Sona Membi Iron Corp.
Minnesota Mining
Mon Development Moto Chemical Co. National Dairy Ind National Lead
National Steel Cargi New York Centrval Olin Mathiesora
Ott lovators
Pacifio Gas & Elec. Pacino Western Oil Pan American Airways
Paramount Pictures
Parke Davis Co. Penny J. C. Co.
91%
At the close the list ruled off
1 to 15 points, The marice: opened a gher to off 7 points. Now Oricate closed off 2 to up
16 points,
•
Support appeared in blue-chip industriais, but gains were anal,
Beitian American Tobacco and New York Sugar Associated Electric featured on
Market the upside adding to a shilling.
Imperial Chemical and Unilever fell back.
Oils firmed under the leader-
Anticipating the bollday on Wednesday, and awaiting White: 1234 House action on the farm but ship of Royal Dutch, which spurted nearly £1. Shell, the rank and flo of traders Burmah and British Petroleum engaged mostly in routine even were other gaiters. 4442 | log-up operations.
40:1
120
felt
British Governments newa plus moderate selling. Lowen ran up Fvourable crop the discouragingly slim texilla to seven shillings in some issues, An agreement to resume pay. market, dullness in the spol market and the lower trend of ments on Berlin bords pustredk that issue of six per cents up securities, continued to handicap nearly £2 at one point. The new market interest,
issues closed about £.1% higher, dipped. German Potash Japanese were mixed, although Tokyo five per cent non-assented were a bright spot, up £2.
Gold and
copper stocks generally held steady. stocks
were Press.
the
July
recent contracts,
spot in the Individual strong market, developed reactionary swing under realising by some 15% of last week's buying, based on
technical reasone,
42%
40-34
31
E3
Penn, Salt Co,
62
Procter & Gambla Ca.
Pittsburgh Plato Glass
6391
Publicker Industries Pure Of
Radio Corporation Repubile Steel
Shell On Co.
Saint Beg. Paper Bocony Mobilall
South Puerto Rico Sugar Southern National Gay Southern Railway (Cum, Standard Oil of NJ Stokely-Van Camp, Bludebaker-Packard Corp. Swut & Co.
Texas Co.
Tide Water Aam, Oil Twenty Century Fox Film tinten Carbide
United Airerats
U.S. Line Co.
U.8. Rubber
Open July contracts, today totaled 222,100 bales, the cor tificated stock declined 435 bales to 11,973 bales.
Atlanta trade
said report business in spot cotton during the past week was at a stand- still. Memphis accounts said mil's awaited White House action on the farm bill.
Now York, May 28. World No. 4 Bugar futures closed unchanged today to 2 points tower with, sales of seven
contracts.
Domestic No, & nigar futures closed unchanged to one point lower with sales of 31 contracts, Trading' wos quiet and with- out particular feature In either market, dealers said,
Futurce:
Contract No. 4 (world)
Sept.
Oct.
Mer,
May
July
Bept.
Doint
Spot-canta per lb.
quiet. -United
Cuba)
5.34
Contract No. 4
July
5.63
Bept.
8.36
Nov.
5.00
Spot (cents per lb. ct Ny ex-duty) •
3.05
United Press.
STEEL MILL IN
SINGAPORE
Singapore, May 20.
Malaya's first heavy industry, MARKET HOLIDAY ·
a million dollar steel mill, wili start rolling in Singapore next month
New York, May 28,
United All the principal States markets will be closed on
It will use scrap steel from Wednesday, May 30 (Memorial.
Federation
A private crop survey Indi-Singapore and the 445xa cated generally favourable con-of Malaya which is now mainly
119ditions, although note was made exported to Hongkong 391
that
a general rain over the entire southeasterna portion of the belt would be welcome.
491 Month
Volume Open-tríterest
Japan. Router.
2015
U.A. Smiting U.S. Bloel Warner Bros. Westinghouse Electric Woolworth
61 July
60,500 52100
6316 Out.
25.700
290,000
Dec.
17.300 484.200
13,700
223,800
Ursiled Pow
May
5,500
111,600
July
2,000
131.000
Oct.
1.600
19000
Total
127,000 1,408,700 bales
*
WORLD RUBBER MARKETS
New York, May 28. The No. 1 Ras rubber futures closed today 15 to 20 points lower with sales of 12 contracts. -
The standard contract closed nd sales 55 points lower with reported
Several sources In the Fur East offered orc sheets at -28% cents, cost and freight, without
takers
The lower treat reflected the Norfolk &action at London, plus the zlow Union and.
market action here locally. ayund 2 to 3 points.
Oils had losses, ranging to 4
around 3 points in Gulf, Standard Oll of California and Continental.
point to 2 m Texas Co, Socony Mobil, Cities Service.
in Losses
tho non-ferrous ran to more than 2 points and Aluminium, moto that 3 Irs Konnecott Bethlehem was the biggest de- Brokers today quoted the fol-cliner in the steel with a drop
of nearly 2 points.
Singapore
metals
Stock Market in Reynolds
Singapore, May 29.
for increasing Australian exports lowing stock prices:
-without repudiating the Ottawa
Batu Lintang Rubber Co. Agreement.
150
Opening
$1,40
49/- edeb
of manufactured goods running
What sort of
is Eritish Bornco reception
Syndi Australia's into thousands of items, all of
proposal to scrap
Consolidated with calfors which enjoy preferential trade the Ottawa Agreement and re- treatment in Australia. Aus-place it with an entirely newer & Neave Ltd. Ord. 91.09 tralia on the
Ord
Fraser & Neave Lta M5% other hand depends trade pact likely to gết in Lon- cum, pret, ............. for her export trade on a don? Certainly not a very en-Hongkong & Shanghai
of thusiastic one, number small products mostly agr
romtively primhich enjoy
no trade
tarlit
V
in
In the case of basic
Banking Corp,
NEW YORK
Prices of futures closed today.
as follows:
Spoń
July
October Downber March
NEW ORLEANS
1-45
Prices of futures closed today as follow
Quot
July
December Merch
Moy Justy
October
LIVERPOOL
88522588
32,00
-Futures closings, in penco per lb. were as follows:
No, 1 Rss was offered at 27% Old contract
July/Aug..
Oct/Nov.
Doc/Jan,
cents a pound.
Futures:
May/Ju
New contract
No. 1. Ess
July/Aug.
May
July
28.001 27.00
*Diar/Apr.
Egyptian Kernak
22340
Sepi
May/June
DIC.
Ford slumped more than a point, Chrysler nearly a point
Standard contract
May
Points in
Ir
July
Sept.
Dec.
Max.
May
General Motors around and
the automoblies.
Tyre shares in the werp down around Goodrich and Goodyear, a
on
in Firestone 14 in US. Rubber. Volume-9 the American Exchange was 1,000,000 shares.. Bond volume on the, New York Exchange was $4,200,000. Don-Jones clastog averages
Weto:
$5.70
$375
Hongkong Tin Lid.
0/dd
Principle Lost
Keropas Lod
$1.00
J
Lunas Ribbon Fistales, LA, 0.75 Malayan Breweries
$3.50 codob
New Serandah Rubber Co.
Loc ......
Petaling Tin Ltd. Stoffen - Hotel
[30 ·Industrials.
raits
15 utile
clocks
40 bonds
$11.00 $7.80.
One reason for this is that such as wool and wheat, which are admitted into Britain has based her overseas
$1.05 $3.50 x $2.27 xxx Singapore. Cold Siarage ve $1.40
Umurance Oo, Ltd.
trade polley firmly on her Britain, duty free
free irrespective of membership of GATT. At the South British their source, they compete on
equal terms with similar present critical stage of GATT's gris Theding
career, when it in the pro-steaits Blomship. frund all other countries.
cess of expanding Into
United Engineers Cod, comprehensive inter-Weame mor could bo
tional trade organisation, Bri- given tarif advantage would be tain would be reluctant to do. to impose import duty on the anything which might be con
only way in which the
Australian commodities
foreign commoditics But
ITTOTO
thestrued us the weltening of
would create .. now preference
and would therefore. break one code of trade conduct.
resolve to abide by the agreed
of the rules of the
Agreement
General
Comm. future price, index. Comm, pot price Index
Closing Prices
NEW YORK METAL All Chalmer
FUTURES
New York, May 28, Prices of metal futures closed
co Terii's and Secondly most of the other Trade of which Britain and Commonwealth, countries....... are. Austrália are both members.
fake of imperial preference. This today in. cents per l as fol-
Other Aspects
at most indifferent, about. - the
*BILAN
SINGAPORE
822223
BAO PAULO
26.33
20.04
27.70
20.5€
25.10
21.70
61.24
Prices were not received to." day.----United Press.
London Foreign Exchange
The market was slightly better today on some fairly heavy short covering and buying of lower grodica. Factories were not inter- | New York, 408.72ested. Futures
101.00
6455 No. 1 rubber per 16. Jime 20%-70% 168,49
Jub 751-75E11 Aug. unquoted 90.43
No. 2 rubber per tb, June 76-7018 109.10 No. 3
M
No.
ዋነ
Bpot rubber umbaled
Blanket repe ...
No 1 pale. CRVENO
€ 1052
112
621
2215
LONDON
Montreal
Day).
The Canadian markets will and be open as usual-China Moll
Special.
P.O BI EA
COMPANIES
HE
LA
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE-
Outwarda
· LASTM, London "CARTHAGE*- Kalled cak "ADEN" N...
"CANTON" "CORFU
15th Augush.
"CARTHAGE"" 12th September
Due Hongkos& seth Juna
17th - Elegtogalnie
Via Benthampton, Poch Balá. Kdon, Member, CARINDAL
та веб Penang & BingABATS,
Homewarda
“CANTON"
Leaven, Hongkong, Uns Landon
BACK THEN,
“CARTHAGE"-stil-Tuom
*"8URAT
"WANTONT
"CORFU”
11th July
· 21h, Bugat
21st September 22nd Octalsa-
VIA Singapore, renang, Colombo,,- Banksg
Port: Baida. London.
★ Also calls Hamburg, Ratterdam. 4 äZIWAN FREIGHT-SERVICE
“@INGAPORE”* 254 Juna Deom. ULIS: "SINGAPORE”oads 10th Itine for Bingapore, "P. Bwaki
tenbam, MOBORA, ADUL andoos HamK- Rotterdam
"BQMALI”
“SURAT"
Landon, May 28,
2.800
2.71%
Amsterdam Benasia
10.07
Fakture Labor
CopenhoweTI
10.40
pekm Zurich
1.2.20
Others
United
The market won quiet with New York Foreign
spot quoted at 23% ponce,
Prices:
No. 1 Bas spột mùaming 23,2314
July/Beptember
Alden Inc. Any. Allied Chemicals
American Airline American Cable
Corp. American Cyanamido American Metal)
29
American Smelideg
Settlement house termi
American Tob,."I"
77
Jone
Armes › Bleel ...
8254
·Bakiwin-Lims-Hah
Lead
U stu
May Juno May Jua
Ballmore. Oliko, y =
4812
14.20b:
Bendix Aviation Corp. 1.
2013
-90,25b
Hangust... Cona, J.
93,90bx
Ballshem. Steel
11⁄2 §.July"
Zine
May
11,000
Boeing Airplano
11.78t
Borden (The) · Co.
June
Copper May t-traded; i-nominal; b-bid.
40.200
Bumbugha Ads Mastino
made abundantly. -clean lowas when the subject was last dis- cussed st the Commonwealth In my case Australia is not Prime Ministers' conference asking for preferential tariff London four years ago. In these to treatment for her wool and circumstances any attempt wheat exports.
rewrite the Ottawa: Agreement What shoáрw pears to want to some sort of necessary though this may be
on strict test of' daleness understanding with
to
the preference.
Britain, Australia-might result
** complete · breakdown in
system of imperial
which, while not reviving the principle
guaranteed would bind Britain to. And if this happened a cherished give some sort of preference to: Commonwealth principle would Australian commodities. Tals
be lost-London Express Ber- wquid especially affect British
vict purchases of surplus farm com- macities from North America.
There
si are follën pspects of Imperial preference, however, that the Australian Government are anxious to thrash out in the forthcoming radon talk
LONDON SILVER PRICES
LONDON METAL
PRICES
Landon, Tby 28. Prices of metal closed today in stering per long ton as Zol Ioway
London, May, 20 The fico of silver was quoted moth Cine of the problems is that today at 791% pence for spot pist - Lim, the value of preferential, duties 178% panco for forward (agaldırı
Eine Ind ited: 10 Decisio 1 Assirullón 78% and 770% pened previously)
Armour.
Canadian Paolo D
| Colanens.. Comp
CITY FORDS Coryning Bluloaw,
Clasp
· Corieneralak: Chedit Commonwealth, Mac,
Crows ZeRocks Diemonă - ABOU Dow Chemion
Dupont de Nerooss
October/November
Xastingy/Marsh
April/June
· Generas, markata,, ell
00% Estate crepe thin
50% thick
AMSTERDAM,
Exchange
konda 18th. Træse for amicspace! 27. Brale
dus- 27th June 'from UK
1966
BRITISH INDIA S.N. CO., LTD. 1850 — A HUNDRED, YEARS OF SERVICE "SANGOLA". die zu Zune from Javas
Rails and dune Eat Smetnora, Panens “BANTHIA” fue 13th Juno: 'from Calostia
1 salia Liik, June for Japan/ “WAROKA" "dus 13th June · mom Lepan
BALLE 1812. JUDE. for Blackpore,
&0./B. 1. JOINT SERVICE -
"ITAURA"
New York, May 23,
2/10
UITOLAM
POZARDA”
official
Now
unquoted,
The market was quiet, Prices In suides DOT
1 clowed bodber
(rubber-
No. 3 rubber
Prees
COPPERS DROP
Salisbury, May
·kilogram, cif June, as followww.
The ; baslo - girien - of copper No.
12,10:buyers,
Rhodesian by tho 358 buyers supplied BAB Burn Selection/rust: "bberspanies") to 12,00. inuyers. Pacífiat consumers hot been. Ecdfuck? Prmon
redwood by, @30/6/2320 a ton
No. 3 Tubber
„No. E crepe
Exchange
Rates
dom for electrolylle;
orien.
düs List May
Calopata, 3d Karachi Que ethi Jikim Króm, Bombay
Sue 101ta June Des Singapore, sklis 12th Juna, BAY, Karachi
EASTERN & AUSTRALIAN 5.5. CO. LTD. "ARAFURA” [onda, tih Jude for Sendakery Nabeul, Brubake, Bydowy: Met
"NELLORE” dae; 7th Juna Erors Austestin
All-wenala, hàve' liberty‹ to, cáli·at ARY "portE":"ON 'or éff the roste “á the, route a miling are publiek - foʻchange or amendment with or without melion.
For full pufficulary amply to :
MACKINNON, MACKENZIE & GD. OF HONG KONG LIÐ. Telephone No
PV794 1.