THE CHINA MAIL,
WEDNESDAY, JULY
1956.
Page
TRADE and COMMERCE SECTION
US MARKETS U.S. STOCKPILING NEARLY Mexican Cotton Wall Street Stocks
HOLIDAY
New York, July 3. Securities and commodity Exchnugea throughout tho US will be closed tomorrow in observance of Indepen- dence Day-United Press
Big British Engineering Projects
London, July 3.
British consulting en-
FINISHED
Bank For International
Settlements
Annual Report
By Sydney Campell
London, July 3.
In the commodity section of its
gineers are participating in 100,000-word annual report the Bank for
major development works running into several hun- dred millions of pounds. The projects, in dozens of
different Commonwealth and
from huge new
electric schemes to compara- ·
tively small sewerage under
International interesting
Settlements makes many detailed comments.
For
example, it holds that "the main targets of foreign torritories, range the US strategic stockpiling programme hydro- have now been virtually achieved, so that stockpiling activity is for all practical purposes almost at an end." Also that, for years to come, the atomic-energy industry is likely to be a nett consumer of electric energy.
takings.
At the beginning of this year. British consulting engineers were engaged in projects costing
2430 million They were also investigating or reporting whose estimated (0) projects cost is what £289 millon
Bome
£70 MILLION
Works completed in volved contracts for ilons' WORL works.
1955 in £70 mil-
4
engineering
sane
*་
Oil Production
Tulsa, July 3.
Crude oil producilon in non-Commaning arcis of the world outside The United States in April averaged 7,716,200 barrola daily, according to the Ull and Gas Journal,
وائده
This showed a gain of 1,400 barrels
Over the previous month.
The United States out. put averaged >7,140,000 barrels dally, which WW 132,000 barrels daily lower than in March, China Mail Special.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- Stuck Exchange This morning #moubled to ap-
$253,000. proximately
Noon morning's and the quaralaktioti Transactions;
re-
Khares
BANKS
0021
CHICAGO GRAIN
MARKET
Chicago, July 3. Grain futures prices were irregular at the close of the Board of Trade today.
and Whoat was most active showed practically the only gains, of the day in market that Was generally erratic and quiet.
The wheat gains came us a result of overnight flour sales
which domestic bakery purchased an estimated 15.- 000,000 bundredweight,
Dealers covered against these purchases, which are said to represent four months needs of bakers,
Tax Reduced
Mexico City, July 3. Mexiona colton growers bayo wot a long-sought reduction in fixen.
The Government not a now export price formula with a lower official prics of slightly, more than 18 genta per pound on ginned cotton for tax purposes, affective on July 1.
The lowered price will also sffect national taxes on the fibro............United. Fress.
WORLD RUBBER MARKETS
New York, July 3. The No. i R rubber futures contract today closed 70 to 105 poluts higher with sales of 158 contracia.
Secretary of Agriculture Mr Benson act 1857 wheat price supports at $2 a bushel, the sume as 1958 and 14 cents over the minimum established under the flexible price support
The standard contract closed 185 points higher with Farmers will vote on 30 to system. the rate
July 20 re-sales of 11 contracts. ferendum.
Closing prices: The involved
only
!
Was rubber moderato to good
quaniltles from all points with
Take Sharp
Upward Turn
By DOROTHEA BROOKS
New York, July 3.
Apparently ignoring the tradition of dull holi- day markets, stocks took a sharp upward turn to- day on increased turnover.
by
Steel shares, sold yesterday General Foods
some, timid holders måde General Motors Con, Pub. Us nervous by the industry-wido | Gatty Oil
Glidden Co.
strike, monc than recovered their losses, leading the market higher with gains ranging past 3 points in Bethlehem.
Selected chemical stocks, olla, building issues, metals featured along with stocka, Lifting the Industrial average 3.82 points to 405.74, 11s best level since May 18.
Gaine of 2 points hondle Eastern Pipe Lineon
Goodrich (B. F.) Co. Goodyear Tire Heyden Chemical Homatsko Mining Co. Ingersoll-Ind
Inland Steel Co. Interchemical Corp. Int'l Business Machines Int'l Harvester International Nickel International Paper Int'l Tel & Thi
| John-Maryville Co. In Pan-Kansas C. Power & Light
Kennecott Copper
in
news it will be allowed to ex- port more natural gus to Canada and 3 points
People's Ons bolstered utilities and their average added 0.58 ito 06.50. amother new top since March 27. 1981.
Volume Up
Liggett Meyers Tob. Co. Lockheed Aircraft Loews Incorp.
Lone Star Cement Co. Louisville & Nashville R. Mbt Iron Comp. Minnesota Mięking Mission Development Monsanto Chemical Co. Montgomery Ward Motorola
Lowenstein & Sons
Balis alone were unable to National Dairy Prod.
National Cash Reg. "A"
generate any demand and slip- |National Lead
pod 0.71 on average to 109.19, National Steel Corp.
Losses amounted to almost
2
New York Contral Olla Mothieson polats in Kansas City Southeru. ou Mevators
Volumac
up Picked
the Owen-Klimods Gloss Pacific Gas & Elec. Pan American Airways Parmenouns Pictures Parke Davi Co. Penny J. C. Со
totalling 1,840.000 shares. The gain in Bethlehem
and
to nearly 2
rises of a point at or near, a workable but
points in National Steel and US were buyers
Steel helped Industrials. Good to operate in face the indifferent demood
performance in chemicals Union Carbide helped, almost 3.
factory
export business
300,000 wheat to Finland.
bushelu
of
No. 1 How:
F
Wheat closet up 1% to 1% cents: soybeans off 4 to 234
July gepl
33.89 31.50
Dec.
20.00
Standard contract
cente.
CLOSING PRICES
July
33.43
Price per bushel in cents: Wheat. No. 2, rest
Spal
Sept.
31.30
Dec.
20.40
MAT.
20.55
2031
May
27.80
Soltera Nairs
July 208 (1) 2014
20415-
July
27.00
Sept.
2007-
Nuv
212-11
Shipment
1700
MAT.
213-**
ported
May
211-
170
SHIPING
torn, No. 2, yellow
prices
Wheelock
ย...
140
100033
Spot
104
DURA ETC
July
142-140
Ercils,
* Wil Dogh
DUL
Sept
#3715-4
luctant
Wyldem (01
424 14
Nov.
1413%
nc
of from
Mar
LAND, ETV
tutel
May
[41
Some buyer's.
tyre
UK Land Realty
14:40 118
1435 051
Kyo
50003
July
1229%
In other direction
Yept.
3237.
of caution
Qata
Amalk Trust UTILITIES Fram Star Ferry.
1475 150 170
July
Sept.
6571-68 601
23
Hoybeans, No. 2, yellow
130
Spot
Int
100
100
108
July
500 # 197
Sept
2740 2749-2 250-2343%
Light th
245, 24.70
300 ve 24.70
Nov,
120 24.00
Jan.
500 24.00
2303% 23314
Cemezit STORES.
Light (N) Bectric XD 31, 31
24.190 24 15 Telephone INDUSTRIALS
3342
70% 10 20
11 40
22.20
Barley,
104231 100 23
Spot
Fre
SALTAVO individual Diremeshing On mare general matters, the DIS
the fears of conuolaty sectors, the B18 plays down
that marks that vulput of aluminium price inflation, observing overall stability of world-market has daivased more than fivefold prices has now lasted for well since 1934, as that it is now not INSURANCES
It observes that far behi copia in tonnage and over four years.
than copper in all actually bigger of productiun
practically
A: He other extrenie, tin been bulk bos commodities
to record is the only major industrial raw Fyigenously vypanted
whose rejkumption is level, as producers become more maternal
She
*\'`], prewor condent about future demand.
Be very much Hising prices have not in all retrobrang hyitro-electric, cases been the slimulus for rising les cortal and at wartime sub-
Aluminium scheme, the Shire Valley Pre-output.
and crude stitutes have proved worthy of RUBBER in Nyasaland and them, for stance, have had two permanent ad ipizon. Jet
Worki pletion of steel, at hydro-electric and Irrigation of the biggest increases in out; scheme in Swaziland.
put despite remarkably stable 207 maltem tans in 1955, was tw prices. "What producers want is and a half times as farge as in Members of the Arsuelathorylaut si much rising prices as the 1938. Lange expans planned Yaumati
I possibility of
all steel
British consulting engineers of the are working biggoal development projects in the world. These include the Volta
Niver
looking
|
forward by really
lo a continued my calculated to raise it to
have h
كيلية
of Consulting Engineers have also recently been appointed to with confidence the Kariba Gorge Hydro-electric expansion of demand, and their 350 million tons by 1900. In the scheme on the Zambrest River faith me the future strength of present beam at shortage of steel
Dams on the Aswan
the the Basket and
might have seriously interivred seems to
with Nile-London Express Service. read
rrent years
production 11 several !Agricultural products, the treatomits, had it not been for has been risen the persibility of mereasing steel put of which
trom least, have hui the poorest price imparts,
| United States
Untally alkon.
New Corporate Issues In America
More Attention
for
between
vlustrat
"
the
While coal has benefitted from the
demand for fuels, it is
160 longer thr world's main
coal
Isairy
Walaun
Vibro
1300215
MISCELLANEOUS
INVESTMENTS Yangiazo.
500 g 10,80 100 1000}
NEW YORK OIL
Mar.
New York flour
200 lb. ck
24714-247
130-140
plants are now on vacation and
the altitude has been increased
in face of the steel strike.
was quoted Spet No. 1 Rss nominally 34 cents a pound,
SINGAPORE
The market opened steady and with minor fluctuations retained advance, There was fair amount of short covering but sellers
Futures: were reserved,
rubber
$13.000
No. 1 July Aug
United Press WINNIPEG PRICES
Winnipeg, July 3. Prices of grain futures closed today In conts per bushel as
perb.
673%-80% 17-477 No. 2 rubber per ib. July 042-135 14 No rubber per 10 Puts”-8342-04 fa No. 4 rubber pm 1 July 0115-6211⁄2 Spot rubber unbaled
Blanket grepe
+
No. 1 pole crepe
LONDON
Boeing Airplane
Penn. Salt Co. Philip Morris
also Procter & Gamble Ca.
rose Pittsburgh Plate Chaps
Publicker indlustades Pure O******* climbed 2 Radio Corporation
points to a new high on a two- for-one stock split but lost all
Republic Steel Eleynolds Metal Shell On Co. but a fraction on profit-taking, Saint Reg. Paper
Motors
with Sinclair On Arm were General Motors, Chrysler
Ford up fractionally.
und
Of a total 1,180 issues traded 629 were higher, 328 lower.
Stock New York
30 industrialn
Socony Mobileil
South Pugria Rico Sugar Southern National Gas
Southern Raliway (Com.) Blandard Brands Standard Oll of Cal
Standard Oll of Ind. Btandard Ol of NJ, Berling Drug Co. Stokery-Van Carop,
Studebaker-Fickari Corp. Bwifi & Co.
Техав Со
Tide Water As
Dil
450.74 Twenty Century Fox Film 109.19 Union Carbide.....
60.00 Union Pacifle Railway 176,60
Valted Aircraft
06.14 U.S. Gypsum
Exchange
bond volume was $3,050,000.
American Stock volume was 910,000
Exchange
shares.
Dow Joney were as follows:
closing
averages
20 rails
13 utilities
0772-404%
65 stocks
024 1
follows:
00-71 104-100
40 bands
Comm. future price index
154.73
7 ? 10
500 7
Osta
July
Closing Prices
Det
701%
Dec
73
May
74
AND SEED
Byo
The market was firm with spot quoted at 25-7/18 pence per lb. Prices:
Allied Chemicals
6112
Allied Mülls Inc.
34
Ata Chalmer
July
1104
No, R apot
2536-2535 | American Akrilno
Prices
New York, July 3. «f collon seed futures closed today In cents per
as follows:
130
Settlement house term
Der
113
Aug.
207-2335
oil
Barley
Sept.
2014-2
July
1014
Det./Dec.
25-251
Det.
1021)
Jan./Mar
2496-247
July
10.30
Det.
Apr./June
2434-2435
Sit
10.23
Stay
19
Del
14.04
Flaxseed
July
Iམཐཱ:
14.70
July
340
Aug
Jan
14.65
Del
301
Stept
Man
14.71
Dec.
201
Extate crepe thin July
thick
1.
14.09
is
Sept
1450
Wheat, No. 3, 102%
No.
Sales et contincta. --Untled PreDS.
138 cents-United Press.
AMSTERDAM
༣༣༩
As the BIS sees 1, for the two source of energy. I the United years up to this spring there was States, which accounts for abou!
divergence
isand one half of the western world's now raandustrial production, Pries New York, July 3
than 29 per materials and weakening prices|javvides To re The light calendar of new for agricultural products
Be
oulput of the total the Increased issues of publlely offered corpor- cause" of
energy compared with two-
1028-30- ate securites this week will give pertance of industrial matoruls, had in The period Investment bankers a breathing and because the price-estrelous witly
while of furnishes 42 per cent b spell to prepare for the contra-public paid more attention
nd natural gas 25 per cent, only corporale | the rises than to the falls,
414 per cent being derived from mpressi
that prevated
tha | water-power. In the greater part boom was causing new and in-or Western Europe, too. oil is Tele-creasingly dangerous Inflationary gaining importance. For-
tendencies.
seasonal Ricrense to Anoneing that lies ahead.
Next week American phone and Telegraph Company $250 million of debentures will be up for public bidding. Must sbservers fool this issue, because of its size. is likely to evoke cautious bidding from two com- peling syndicales
เป
However,
1
is
Mutely
world production
Price Supports
the inilutionary | increasing. anger aroused such lively run- that measures have in fact cern been taken both in the field of
-ད
Colton has had to compete with public policy and in the private arineal fibres, and in the case of sector to guard against foodstuffs the demand hus risen
Thus, In the largest of toward developments. by far
in proportion to the growth in the adoption of firmer populatim, which amounted, for may important new corporate addition
for the normally Į monetary and Oscal nglicies, the the world as a whole, to some 20 alated issues full months of July and August, process of liberalisation has been per cest in the period from 1937
production believe the Tele- continued and
Observeas
practically
phone offering is likely to give | practically
bas
busic commodities to 1855.
seem to have
In foodstuffs. the US (art
New York Cotton
Futures Turned Dull
New York, July 3.
an ideation on the price trend has been vigorously expanded price supports presumably raised of a corporate bond market that Producers now
they became ben showing Brmer price overcome their fears of an im- prices initially, but by stimula-
pending slackening of demanding output tendencies in recent sessions.
to a natural adjustment. obstacle to Lime which for quite a Icora Cice this financing is out of
*The parity Fallo (the ratio of made them hesitate to crease
Cotton futures today backtracked sharply prices received by US agriculture the way, underwriters will prob
to the prices ably have a more clear cut basis inductive capacity.
pald by it) realised 11 is now
has after a mixed start then levelled off and turned that the to
fallen as
as stocks have risen, and for
in respect of old unfortunate experiences of, the decision bond merchandise now unsold on MANGA
it hos not yet been found possi- dull. shelves.China Mal depression of the 1980's are by their
no means a guide to the monetary ble to arrest the growth of alocks, Special.
coffee and cocoa have had and other polletos to be pursued in the very different conditions of today.
All-Time Bond
Index Low
London, July 3.
Tin Down
mogucred career since the wur.
Prices are
At the close the list ruled up 2 to off 10 The market opened up 3 to off 4 points. Orleans closed off 2 to 11 points.
The New York
July Oct. Dec Mor.
General markets, cit basis, ports:
2515-20-46
American Cable & Radio Corp. American Cyanamido Co. Am. Mach. & F'dry
Americans Metal
American melting American Tol. & Tel.
American Tob, "B"
Anaconda Copper Artico Steel
Armour
Baldwin Lan-Harr
unquoted Baltimore & Ohlo
Bendix Aviation Corp. Benguet Cons.
Beth Bol
Borden (The) Co.
The market was steady. Prices Boeing Airplano closed today in gullders per kilogram. cif July as follows:
No. 1 rubber No. 2 rubber
No. 3 rubber
No
1 стере
Burroughs Add Machine
Canadian Pacino Rt.
2.69 pald
2.45
3.10
Case (J. 1.) Co.
Cat, Tractor
United Prom,
New York Sugar
Market
New York, July 3. World No. 4 sugar futures closed today 1 point lower to i point higher with sales of 63
contracta.
The domestic No. sugar futures closed unchanged to 1 points.point higher with sales of three
New contracts.
Contract No. 4 (world)
Sept.
Oct.
Gov-
Маг.
May
Volume Open interest
July
4,900 110,000
Sept.
3,29
3,400 10,200
270,400
Spot.fcents
per lb. fob
403 000
Cuba)
3.10
0100
$70,100
Contract No. ◊
4,700
110,000
Bept.
2,000
128,100
Nov.
6.59
0,400 20,300
12000
$5,900
BAS
4,000 1.400,000 bales
now, broadly speak- ing back where they were in 1953, and in finding their new
and New, control, according to the equilibrium level they
will Orleans cotton exchanges will ernment weekly crop summary,
closed political henceforth be conditioned more remain
tomorrow for Month In the past year,
past by the inter- ubbervance of IndependencD factors have had little influence, than in the
Eisenhower's Ulness, play of supply and demand in a Day, a national holiday. President Continued selling of British for instance, affected the com-number of competitive areas.
Bates of around 15,000 bales May Juty Government bonds was reflected molly markets much less than
by commission houses brokers, Och today in the index which fellt did the stock exchanges, and
between tho
Doc. 0.22 to 34.02, the lowest it has the
divided equally
de- Total October-December-March
amothered early million ($266 million in the first liveries, year and Sto million in the attempts to keep Munday's second half), but about two- rally going. thirds of this consisted of trans-
the political tension in
Extra
Production
Additions to the minimum US
ever been since it was establish- Middle East seems to have jett stockpile in 1955 wers worth $368 ed in 1926-United Press.
London
these markets quite unmoved.
Market
Closed Mixed
London, July 3.
fers
of commodities
Observers credited tho authorised by the US Govern offering to either liquidation of
long line, ment which did not directly a speculative
affect the raw-material markets. quidation of long hedges
In
NEW YORK
Prices of futures closed today as follows:
Spot Judy October December March
May by
a number of cases the Carolina mill intereste against newly stockpiled materials acquisition of spot cotton
produce the Southern markets. represented
extra tian gbtained, with direct government support, from domes mes
July contract hold relatively steady, reflecting the continued
Stocks displayed irregular patterns and closed the sources, which may be ex absence of delivery notices and mixed on the London Exchange today.
Government figures on the ['£% at £77. British Peiro UK's Juno gold and dollar rolou added about four shillings servo balances put British Gov-and Burmah and Shell Transport ernment bondly in disfavour, and taskod on smaller advances. they lost up to £4. Sterling's
weakness in relation to the US Gold, sharon improvod, with Exchange Rates
dollar was another factor.
Boar covering helped indus- triala' manage 6 gomblance of
strength, but gains rarely ex- cended three or sixpence, A few gained a shilling
Olle brightened under leader ship of Royal Dulch, up about
Free State Gould, a. feature.
• Coppen tended lower. Japanese bonds posted gains running to £24 but German lens were Idio in a generally quiet forcigna hond groug.
Dollar stocks allowed irregular trend United Press.
on
pected to continue to swell sup- the recent steady reduction in
tho. carlier piles even after
the amount of cotton available stockpile objectives have been for contract delivery.
Chine
Mall fully achieved,
Trading in July, contracts will Special.
end on July 18. The open position at the start of trading today totalled 110,800. bales. The conllfloated stock remained (at 7,124-bales. Business was done in the local Non-Irrigated cotton in Texas exchange market this suffored,, form heat and drought unometal moming at the following rules:
During the wock but olsewhere, Uk dollar (per 1)
15.70 prospects continued good as storing hole (por él
12.30 hot dry weather with mostly, Audralan notes (per # Indonesian rupiah_(per-100)--27-17,20 amplo moksturoj favoured
20 BI Blam tical (per 100)
1.00 growth, cultivation and weavil Singapore (štraits)
July
October
December
Epot-(cents per lb, elf NY
ex-duty)
*United Press.
London Foreign
Exchange
30.90%
34.02
31.25
New York
31.00
Montresl
AmsterdamS
1
Brussels
Copenhagen
Frankfurt
NEW ORLEANS Prices of futures closed today bon {ne_follows:
Spot
October Dad, beve March
July
October December
LIVERPOOL
Stockholm Zurich
39.30 34.53-00
MILMIL Oslo
Paris
33,63
31.70
32.715
3/230-00
31.03 1.10
Futurn closings, În pence peT 16. were as follows: Old contrapt July/Aug. New construct
July/Aug. Oct/Nov
Dec Jan. MaryApt.. May/June maynilang Hamrials **July/Aug,
São Paulo.eviton prices unavailable,--United Press,
24.20
London, July 3.
2792794
138.936-139,00 10.3333-19.34 21.0736-12.67L | 30.20-60.30
1746-1740)|
19.0912-1999-16/10 0801-960
· 14.4435-34, 44JU
· 12,18%-1238)|
United Froes,
New York Foreign Exchange
Canade ATS England official
24.20
Australia New Zealand South-Africh Belgium
New York,
10/18
Celanese Corp.
C. 1. T. Financial Corp.
Chuan Manhat. Bank
Chrysler Motor
Colgate-Palmolive Co. Commercial Credit Commonwealth Boo. Consolidated Edison Continental Oil of Del Cromo Co. A
Crown Zollerbach Cuban Amer, Bugar Diamond Alkali
Dow Chemicals ..
Eastman Kodai
U.S. Line Co.
UB. Rubber
US Smelling
US. Steal
Warner Bros.
Westinghouse Electric
West Va. Pulp & Paper ..... Woolworth
United Press.
Singapore Stock Market
Singapore, July 4, Brokers today quoted the fol-.
wią, ❘lowing stock pricest
DO
Opening Batu Lintang Bubber Co, Ltd, $1.50 day | Bettiah Börupo
Petroleum
Syndicate
1
Consolidated Thi Beltern
D4%
Fraser & Neave Ltd, Ord,
41.78
10%
Froner & Noove 14.
exam. pret
$5,50
49% || Họngkong de Shanghai Basic-
ing Cop
4315 | Hongkong Tin LAA,
50% Kempes Ltd.
41
Lames Hubber Bulates Lid.
47% Malayan Braverten
124
30
New Berandala Hubbe
0316 | Petaling Tin Ltd.
Rames Hotel
654 Singapore Cold Storage
799 South Eritish Zararance
Dupont de Nemours
212
23
Straits Trading
El Paso National Ga
54
Buraits Beaman
21%
United Engineers, Ord.
General Electric
Eri Rallroad
Ford Motor
TAX
FREE
THAT'S RIGHT...
Waarne Bros.
xcapit od/Chips Malt Spec
our World-Wide Trust yield (8% or bet ter) is completely ... TAX-FREE!
· Drops us a curdy we'll mail information.
The Moroccan Bank
also known as the ta
The American and Foreign Bank
13 BOULEVARD PASTEUR, TAMOIER, MOROCCO „TANGIE'S AMERICAN BANK
$88