Page
TRADE
THE CHINA MAIL, TUESDAY, JUNE 19, 1956.
and
COMMERCE
TRINIDAD OIL MONEY SHOULD
CHAIRMAN TO
GET £50,000
to
Landon, June 19. Trinidad on Company shareholders will be asked Approve a payinent of £50,000 to Mr Almon J. Von, the man frefund negotiations to sell the
America, company to
statement mid today.
The statement, Issued to stockholders, said the American organisation, the Техая
had Company. "agreed to raise no objec- "lon" to this Num being paid on Mr Vos's mirronder of
directorship and his
employment.
contract
of
Mr Vos is chairman of the
company,
The
transaction-under
which the Texia Company
will pay
shareholdera 80% five shilling
3d for every
unit they hold is to DS debated in the House of Commona on Wednesday——— Router.
BE INVESTED IN COMMONWEALTH
From Ronald Boxall
London, June 18.
2
The Government has decided after all to allow the $180 million Texaco's bid for the Trinidad Oil Company to go through, subject to certain conditions. If these conditions are accepted, as it is assumed they will be, one of the few important oil sources under direct British control will pass into And the price?--Just one year's instalment on foreign hands. the wartime North American loans.
The question is: Was it worth the ground floor of a potential- when
its
projected
new
1 In terms of actual oli pro-ly big producer able to rival refinery in Southampton Water
oll world comes into production. duation the American bidders the giants or the have go!
no bargain. Trinidad Figures show otherwise,
Toxaco's capital will also en Xyk&te only 3,600,000 metric
Before the war Trinidad pro-able the Trinidad company bo fens of petroleum u year-and
its about a 1001ti part of expand
saics in duced
South the Trinidad Oll Company's
the world's petroleum supplies, America and branch out share of that is only about one-
was one the West African market. Last year is share 220th parl.
New York Foreign Trinidad production with
Now
compare
the
Exchange
New York, June 18,
fagland officiat
uno Bola)
Mark
future ny D-Y
South AfrION
2.00-0/30 2.30-1/32
279
2.80%
01-21/31 2 801%
United Press.
LONDON SILVER
PRICES
London, June 18
The price of silver was qunted today at 78% pence for spot and 77% pence for forward (against
70% und 78% pince previously).
--- United Press.
entire that of the world's main producers.
the Lant your
United States Rushed 382,700,000 metric tons of petroleum; 143,200.000 tons, Kuwait, 5-1,100,000: and Saudi Arabla $7,500,000,
of
WORLD
RUBBER MARKETS
New York, June 18. The No. 1′ Ris rubber today futures contract
100 points closed 80 to higher with sales of 150 contracts.
The standard coritract closed 30 to 150 points higher with al of 200 contracts.
Prices sold off after a higher
tum strong'i opening, only to again and close around the day's best levels.
Apart from the strength of the London-Singapore market, traders were at a loss to explain
acilon.
the price
In
the local market, factories continued extrd-cautious buying.
A small tonnage moved, includ- into ng some Oct-Dec, one sheets at
281⁄2 cente
a pound, delivered. 1 Rss was quoted Spot No. nominally 31% cents a pound.
Closing prices were:
No. 1 RS
ai
the
July September December
28.39
Standard contract
July
31,00
September December
20.33
29.13
March
27.01
May July
20.90
20,50
The foundation for this the ready exists. As Mr Macmillan A further scrutiny
when Bgures shows just how serious-explained to Paritament
fallen behind he revealed the terms of ly Trinidad has
of the Government's approval in the petrolcum race. Between deal, the Trinidad company has in the Venezuela 1938 and 1155 the colony's marketing subsidiaries
duction ruse from 2,500,000 to Caribbean, in Jamaica, in Puerto metric tonn - Rico and the Dominicars Repub- 3,000,000 crease of between one-third and fic. Elsewhere in the Caribbean
trail.
its markets are 50-50 basis with But the United States' much! Shell. It also hold one-third of
the Shares
the Trinidad larger production more than Northern Areas Ltda con- doubled; Venezuela's increased mono han fourfold;
The market advanced further and Saudi Pany engaging
ution, including marine drilling with sellers reserved today on Arabia's roge 470 times. But The other stres
are held by Increase Shell and British Petroleum. the most spectacular and
Kuwait of all was in
where production rose from nothing before the
war I 64,800,000 tons--the world's fourth largest next to Russia-in 1966,
Small Fry
The Trinidad Oil Company's small 1,200,000 tons in pretty
fry alongside these Ogures
practically lost in the total world production of 785,300,000
it
tons.
Nor does it seem that Texaco have bought themselves y m
New York Market
Easier And Dull
BY DOROTHEA BROOKS
.New York, June 18.
Steel shares and special issues lost a point or more in an easier and dull stock market today.
on
The
While stocks lost around Deci Airplane
dollars half billion value of all listed shares there pressure to
WBS virtually no the selling.
Turnover intalled only 1,400,- 000 shares, 110.000 below Fri- day and along with the June 1 session, the alowest market
ince lasi Murch ́22.
Steel shares backed down
24
the labour-
our-management nego
dru
in oil explora-
Nearer Offer
SINGAPORE
closed hort
covering, but hesitant at just below best, Factory buying was very small. Prices:
No. rubber per 1b. Juny 8935-65, Au 844-8412 Sept, unquoted
BILAZ TO-TO 07-8715 POS-CB11 103-105
No. z rubber per 1h. July 82-83
No: No. 4
Spot rubber unhaled Blanket crepe No, pale crepe
In view of all this the Texaco bid does not appear 50 So that in terms of oil pro-generous. True it was twice the duction either actual or price put on the Trinidad com- oil investors potential Texaco have got no pany by British bargain for their $180 million. but their price was based O Nor will they gain a very size-the company's potential profit- arble Investment ia Canadian ability with its existing and
Inadequate capitul. The market was easy after oil industry through the Trini-hopelessly
valuation would inTheir
have firm with spot quoted at 24% dad company's controlling
Texaco pence per 15 Prices: berest in Regent Refnior been much nearer the
loffer 11 the company had the No. 1 is spot (Canada) Ltdl
Seillement hote tem benefits of the Texaco's finan-July cial resources.
Very Little
LONDON
2474-25
SECTION
US CRUDE OIL CONSUMPTION
›Washiarion, June-18,
The dependent Petro Teun Aasdefation of America predicted today that the market for "döntéstle crude oil' will drolije: during the next tiree months,
ГРАЛ predicted the decline would be brought about
bout by scheduled int cresses in oll' limports and n? : réasonal dróg in: petro- leum demand.
Crade of inports are scheduled to ult rebord high of 1,035,000 barrels a day
in June, July and August, IPAA) 1310) in its merthly Supply. and D5- mand Dulinok, Talé would tre 12 per cent filtercass over the same months last YCAT.
the
From
June through August, IPAA Ald outlook indicates that petioleam demand: for both domestlo and export needs will decline seasonally to 6.6 million barrels daily,
Total netroleum demand in the last three months, Mardh
through
averaged 9,005,000
barrels
Page
New York Cotton
Firm After Shaky Start
New York, June 18, Cotton prices today regained their equilibrium after a shaky start.
Closing on a rally, the list finished around the day's highs and up 12 to 7 points net.⠀⠀⠀ Opening prices were off 3 to 15 points. New Orleans closed up 14 to 18 points.
News
of the Government:{"good to execilent,”! In Arizona: enle of 1,567,370 bales out off and the Imperial Valley, plant the surplus stock, for export growth continued good : under only, with a minimum price of high temperatures. The certi- 25 cents a pound; had a short-fiented stock room 17 hales to lived depressing effect at the 10243 bales. opening.
NEW YORK Piles of futures closed today
The amount was larger, and is follows: the price lower thon expected, Spat but when o
July Nurry of hedge
Cclober selling and Liquidation- folled-, to December broaden, local sellers retraced March and covered,
May
NEW ORLEANS
Prices of futures closed today as followe Spot
Tho minimum price on the [October
of sales was December previous rounds 271⁄2 cents a pound, beste mid
inch
at cotton dling 15/10 May,
rverage locations: On a com- parable basta, cotton has been July selling in the United States at October about 35.25 cents a pound. Thus December
buying int
at Marcis exporters are
May about 10 cents a pound cheaper | 30ly than domestic spinners and October
December
day; 8.2 per cent bigher than in the mamo perfoći În 1955-United Press.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- kon Stock Exchange morting amounted to approxi- mately $600,000. Noom quota- tions and the morning's trans- actloos:
Shares
Buyers Sellers
K Bank 1030 1700
BANKS
East Asia INSURANCES
Union Lombard
mills.
Private
the
Custern
BEBCACCES
POR682848
LIVERPOOL from Crop accounts
Futures closings, in penco per bolt raid early lb. were as follows planted flelds are putting of os contract. July/Aug. équies and Beginning to bloom New contract July/Aug. In some sections. Central belt reports noted fields well culi ivated and inscot under control! Growth and progress in the Rio Grande Valley was described ab
Baler
*
CO # 1000
Oct/Nov. Dec./Jan.. Mar/Apr. May/June
Eayptian Karnak July/Aug.
São Paulo cotton prices were un- 'avallauto.---United Prom,
POBIE.A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
240
96734
45
August
Beptember
SHIPPING Waterbost
July/Sept.
Oct./Dec.
Jan/Mar. AprJJune
General maricats, dit breis por Juro
Wheelock
9.30 600 1.30
DOCKS, ETC.
Whart
Outwards
03
Dock Provident
So the bid goes through, per- According to Mr Harold Mac-haps ine itably. But it is not
happy opicode in British millan, the Chancellor
of the economic history.
Even thos total British Exchequer, the
who support the Government in July investment in Canadian off beits decision are not without re- August tween 1050 and now was "af the order of $110 million" And Exts. Thus the Financial Times
This sale was says:
symbol July. the Trinidad company's share of a real and serious economic of this "is a very small p-fatture In the last decade Bri centage of the whole.” Its crude tain has been unable 19oll production In Alberta is adequate investment
Borden The Co.
Burroughs Add Machine
0015 4011
Canadian Pacific. If
32
Cine J 1 Co
12
Cat. Tractor
Orleans Corp.
C. 1. 7. Financial" diep."
10 negligible."
therefore,
the
very little detual all resources in either Canada of Trinidad. But the Canadian interests cannot be dismissed as unimportant. Any stake-m matter how small important in an industry, which has iR- creased its production
44
Chase Manhal, Bank Colgate-Palmolive Co
20%
Commercial Credit
4031
Immediately, Texaco gain
Commonwealth Elec.
4132
Consolidated_Edtron
451P
Continental 03 of Del
Črne Co.
aca
Crown Zeilerbach
Cuban Amer. Sugar
1515
a
50
Dow Chemicals
7045
Dupont de Nemours
2:07
Fatman Kodak
Paso National Gas
89%
51%
Family Finance Corp.
209
64
48
tlations clouded with bargaining lo be undertaken How on
by com company - company basis. Reports of last week's steel out- put at the lowest level of the year odtled pressure. Bethlehem, US Steel, Youngstown Sheet & Tube, Republic, Jones & Laugh- lin lost 1 to 1 points,
Chryslers Fell
In motors, Chrysler fell more
Diamond Alkali
Erie Radtrooi
Ford Motor
General Electric General Foods Girteret Motoma Gen. Pub, 12). Getty Oil
Glidden Co. Goodrich (F.) Co.
Goodyear Tire
than a point, a strike threatened Herden Chemical
the company's operations while Homatske Mining. Co. Ford and General Motore im--and
proved fractionally.
There
Jasses in
ΚΟΣΤΟΥ Some sharp oils, ranging to more
than 2 polhta.
Industrials or a group wie | down 2.00 on average
own
while Radis lost 0.57 ord Talities 0.02.
A
were oft
Non-ferrous metals substantially, with Alumihium, Arfaconda and Kennecoit down!
point to 2 points.
There were a number of fair gainers, including Du Pont which
ded nearly a point in
added
Irfand Steel Co.
interphemical Corp.
Indi Business Machines
att Harvester International Nickel International Paper Mill Tel. & Tal. | John-Manville Co.
Kansas C. Power & Light Kennecott Copper .. Liggott Meyers Tob. Co. Lockheed Alforaft Low Incorp.
Lone Star Cement Ca Leulaville *. Nashville R." Lowenstein & Sons, Mesabt Iron Corp.
Minnowota Mining
on Development
the Monnanto Chegnical Co.
Motorola, Inc. Montgomery Ward
General Telophone
chpoint and Philip Morris National Cash Reg. "A",
up, a
up one in the tobaccos.
Out of a total 1,109- -issues traded: 80D. were' Tower, higher on the
day.
National Lead Nailoral-Steel Corp,
New York Central'
Olin Mathless
366
· Owen-Illinois Glass
New York Stock Exchange bond volume was $2,440,000.
American Stock volume was 390,000 Shares,
closing Dow-Jones
30 intumrialn
were:
20
15' UtilitiON
0 sock
40 bonds".
**
Cornen. future price index
Preiße Gas du' Elso.
Pan American Airways Paramount Pictures Exchange Parke Daviy Co.
Pony C. Co. Penn, Balt Co. averages Filip Morria
Closing. Prices
Alden Ine. Aoy.
Allied Chemicals: Allied Mule Inc. Alle · ChaÏTETA. Americas Airfino American Cable
Corp. Alorican', Cyanamido Am. Mach. & Fớry American Metal- American Emelting - AMY, Bugni Bef, American: THE #2
| American: Tub," "B"
Anaconda Copper Arthod Bleel:. Armour
BAKIwin-time=itam,
Dendix Aviation) Col Beriguar Cons Bethlehem Steel
Radio
Pillsburgh Plate Glass Pubilekar Industries
403.00 Pure Dil
16323 Radio Corporation
66.30 Repubo Steel
17350 Reynoldą. Metal: 12
20 Bus Cil co.
183.30 | Kam11. Reg. Paper
Finclair O
Bocony Mobiloll
|Housh Puerto Rico Sugat
Bouthern Railway (Com.)
# 1816 Standard Brands
12% mandand 01% ©£•.
33
Bandard Oil et “Ind.
217| |Standard. Of of NJ 248toly-Van Camp
Bruchtboker-Chwalone! Corp. 4th Avidt & Co.
201
Texas Co
29) Twenty: Czertuny" Fox rim
206 | Untied. Alteract
|Warrine-Bros.
from
Estate copy táck 4, June and
AMSTERDAM
0.20
..43 43% 2000 à 49%
(0) 14.30 14,70 200 14.00 1300 143% LAND, ETC. 14.20 14.30 HK Hotel. 045%
2000 DA Humphreys Remity
KUEDER
The market was steady. Prices to make today in guilders per kilogram, Arraiz.
No: 1 rubbe
No. 2 rubber
by
No 3 rubber
in theef July as follows Commonwealth. That has creat ed a vacuum which has inevit
Afled to be ably tended foreign capital,"
Obvious Lesson
The lesson la obvious. The Government must earmark the $180 million that the reserved
900,000 tone before the war to will gain from the Trixidad süle
17,000,000 tons in 1935.
But these considerations
h
hardly important
for investment elsewhere in the Commonwealth--and where bet arber that in the Canadian oil in
to dustry? If it fails to do this and as mere
43ccount for tho size of the treats the sale price 她须
20%
30%
74%
/ 101/
31
02
BA
American company's bid for the window dressing for the Trinidad On Company-which serves the decline
of Britain's
was twice the valuation put on economic position in the world 41 by the London Stock Ex- 14 * assured-London Expres change,
Part of the answer lies the
Ffact
that the Trinidad Cóm-
Service.
54pany has a halt interest in the New York Sugar
24 Regant petroleum
03
business in Brûtain,
distributin
The other
1.3015 half belongs to Caltex, the Solut
32 marketing company of the 1972 Standard Oil of California, and 4014 124% the Texts Company.
63
2414
404
in
Market
No. 1 erepe"
2.42 poin
2.30 buyers
TyList UTILITIES
231 buyers Tram
1.00 banger
unted Press.
Singapore
17.10 1.50 1.50
130 1.8% 20,000 @ 11⁄2
C. Light {N} 21 21:20 Electric
*
PASSENGER/FREIGHT SERVICE
Leaves London Due Hongkong
"CARTHAGE”
"CANTON"
"CORFU"
Sulled
18th July
1 August
"CARTHAGE 12th September
28th June
20th August
17th September
.38th October
Via Southampton. Fort Sald; Alled, Bothbay, Colombe, Penang & Bingapore:
Homewarde “CARTHAGE"
"CANTON" "CORFU"
"CARTHAGE"
140
* 23.80
24
200-$24
Star Farry 130
Youmati
110
500 23,00 140 00 or 130 114
Light (0723.00
2110024
5000 23.90 200 24
*
*
VIA Singapore.
5000 23.90
200 mi 3214
*
32 2434
"SOMALI”
500 25
N
RU, 13.60 13.70
INDUSTRIALS
11 13.50
2430 4 13.60
Cement.
100 3344
"SURÄT" "SURAT"
+ Bonus 303.
Stock Market Teleph24.40 24
Singapore, June 19: Brokers today quoted the fol- lowing stock prices: Batu Lintang
Lid; Brists Borneo
Byndicíte Consolidated Tin
Ond.
3324
Rope 12.40 STORES, ETC, Dairy
Opening
Rubber Co:
Petroleum
Wntmart
50
$1.75
Braser & Neave Lid. Ord Fraser" Netvé Ni Club,
pre
Hongkong & Shanghai. Bank
ing Corp.
$385
i
Hongkong
New York, June 18.. So that
futurs World No. 4 sugar when the deal goes through closed 1 poin! higher to 1 poln Texico will empcago with the lower with sales of six com controlling interest
Regent tracts. Oll which distributes about sie per cent of all petroleum pro- ducts in Great Britain. This will be an important addition to the Texaco's marketing outlets.
Crude Oil
And there is another con- sideration—the more telling osa of all. The Trinidad Oll Còm- gany, with all its zimmifications' cannot by Hoekt umpire, to grtot~! acas in de highly competitive oil Industry · But the „Trinidadiį. BOS | Oil. Company" with the Texas
023
Domestic No. 6 sugar futurs closed 1 point higher with salts of 268 contracts. World futures showed
festum; definite Domestic contracts featured trade buying with the firmer row market
F
Futures.
Tin Ltd.
Kempas LAG
Lumas Rubber Estates Lid, Malayan Breweries
New Serandah Rubber
Lid.
Petaling Tira Ltd,
ames Hotel
Bingapore Cold Storage South British InsuTRTICO State Trading Straits Sternship United Engineers Ord. Westne BroE,
oxdiyen China - Móbil Special.
$30.00)
$11.80 $7,70 $2.90
NEW YORK OIL AND SEED
New York, June 18.
of' cottonseed
oil
Prices
closed today in cents futures per lb. as follows:
15,00..
July
October
18.63
December; sintoni
18.22
January
March
May
July
·Contract No: 4' (world)
July
Sept Oct.
Mar
May
July
42%
at
BOL
dr
oll empire behind it enn. short, Toxico cats bring to Trinidad, what do needed to make it a very worthwhile $180. million Investment. And that in: capital in gout quantities,
In
Elapt
spot cents por Cuba)
Controt No 6)
July Sept,
To compctri
Spot-(renta per (15, cj-duty)!
す
Soybean oil
Pres
the giants! 403% | In tho ̈markóptfrig of petroleum) 55% products Trinidad oil mint have 3 access to choder cradio" oll: Técncio!
100% can supply this, (frbis: 6: Middle
Nov.
Sales 254 contract
10.15
10.00
10.00
QC
16.70 10.80 200 $20.00 101220 200 & 12.20
COTTONS Textiles INVESTMENTS Yangtze ... Anied
12 12.20
6.20 0.30
5.20 6.40 400, 0,00
B000 5,40
London Stocks
Irregular
London, June 18, Stocks showed an ir regular pattern" in quiet trading on the London Exchange, today,
Interest, ebbed with the end of the current trading perlód coming tomorrow.
Industrials! finished with cattered amali gains: Imperial
British Ameriep Chemicals Tobacco ond Woolworths, casett about sixpenco.
Olle armed, Royal Dutch
added about
Britiati
Petrolong Burninh and Shell bright pots. SVÖRU othor "Trinidad Oll rated Uttle atter-
Prices, cocoa in cents per tion and closest a few pence lb.. were:
July
25.70 71
RBRA
20.20
was quoted.
(lower at 749 40,
MAJOR GAINS Continental demand sparked German Podush bergis atmadorphins: The woven
4th East Court, which include London Foreign centra poundUnited per cent spurted 25 and the
half" interest" in Bahreink!,, 6:30)
Fett per cent intencat în „Arumdo' and!
a seven per cent), share în Irani
4335
17545 - List · Oif cohišòntfun
00
Exchange
- With champ (dažicmó” East eftidbi| Kawi-Yórie. 21. (01) "coring, troire 20 to 40° cents|| ¿corp
047% (doing hands man brudd it comer rto!
spotáld be des MIMOODIE KOsition Stookholm
Che: Einian-petroleum, market
61⁄2 per conta about £5. Young "Esoxina", tuka") aromating",
120
Gomat group,NE
Exchange Rates Governmicals wavered!
adobo in the land cloood with Josses running tarofilein) 2 Lakótarzu malket
unchal
Leaves Hongkong Due London 25th
June 24th August
21st September 19th October
Parang, Colombo, Port Bald
1st July 24th September zend October 19th November
London
FREIGHT SERVICE
Kalle 20th Juno
du 30th June
Lands 12th July
Bombay,
Ader,
for Singapore. P. Awet tenham, Penang, Aden, P. Sild, Genoa, Mar sellles, Havre. London. Hamburg. Rotterdam Antwerp
from UK.
for Singapore; P. Swet- tenham, Penang.. Aden, P. Bald, London, HOT- burg. Rotterdam Antwerp
"SHILLONG"due 21st July, from UK
from UK. ĐẾN TA Aur
"ADEN"
BRITISH INDIA S.N. CO., LTD.
1860 A HUNDRED YEARS OF SERVICE
from Japan "SANTHIA" dus 3rd July sails 401 July
"FULTALA" do 19th July walls 20th July
2934
for Singapones Penang. Inngoca & Calcutta from Japan
for Singapone, Penang. Rangoon & Calcutta
P. & 0./B. I. JOINT SERVICE
"ORDIA"
“IKAUNA"
"TTOEA":
“UMARIA"
"ORDIA"
In Port
, salle 2011 June due 6th July maite 17th July
dge 16th July walls 17th July
duo 18th July salus 20th July đứa "th Jul saila 27th July
frans Bombay for Japan
from Bombay for Japan
from Japan for Singapore, Goldenho. Bombay, Bhaunagar
de Karachi from Nombay (or Japan from Jap
for Singapore, Calamb
Karachi,
Cochiri,
DASTRAL
& Kuwalt
EASTERN & AUSTRALIAN 5.5. CO., LTD.
"NANKIN". duet Jity front Autawala “NELIØRE” mails 6th Jidly, for "Elaridadoan," nabaut," Brisband, Bydney, MN- Bourne & Jadelaide,
All vessels have liberty, to; calt ab any; porta - DIR `of off the route at the route de mailing are ribject tờ chings" or,” amendathi” with or without', nollësi.
for full particulars apply to: MACKINNON, MACKENZIT & CO.
OF HONG KONG LIB. Telephone Ros: 27721-4