THE CHINA MAIL, TUESDAY, JULY 10, 1956.
TRADE and COMMERCE
SECTION
Fage
Coal Board Pegs Prices HONGKONG| Wall Street Trading NEW P & O
WORLD RUBBER MARKETS
New York, July
The No. Has rubber futures contract today closed 25 to 48 points lower with sales of 102 contracte,
The standard contract closed
10 to 60 points lower with sales of 105 contracts. Closing prices
July
Spi Deu.
July
Bepl
Dec
Mar
May
July
No. 1 Bas
Handard contract
33 94
32 50-100
2070
23 56
그냥 40
20 40
27.70
03/2
London Shares Close Mixed
London, Vuly 9.
Stocks closed mixed on the London Exchange today.
|BUT UNION LEADER
DEMANDS
WAGE INCREASE
From Ronald Boxall
London, July 9.
STOCK EXCHANGE
(From Our Correspondent)
on the Hong-
Business done kong Stock Exchange this morn- | Ing_amounted to approximately $327,000 Noon quotations and the morning'e trunsactions:
SPRIN Buyers Sellarm
BANKS HK Bank..
The Americans have a most descriptive INSURANCES Industrials posted early gains expression for someone who is unaware running do shilling in one of what is going on around him. “The
Then
the
leaders foll
Isuca from electriends were neilve
exceeded us Kain barely
bui nel
their highs. Steels and poor sap,” they say, “he doesn't know which po prc.
rew way is up.'
Ous cased!
ultately
In
What brought thus to mind food subsidies the Chancellor's WITH a passage In Mr Mac-courage fulled him. For he then active dealings. Shell was millon's speech during the re-ot about encouraging nation- exception, up about a shilling, leent economie
debate in the altsed industries to peg their about House of CommonA. Royal Dutch skilded
"I know," prices on the Gnsumption that £ while British Petroleum he said, "that in some quarters if the cost of basic services was and Canadian Eagle were other today not to pay subsidy is stabilized for a definite
period regarded as equal to imposing a Burgoster.
private industry would respond tax; and I think that only shows with similar rosirain
their British GoveEntests advanced with what economic the
confusion own price policima. the opening under jender» (und contradiction terminal market pofisted up thus
we have en- ourselves Lonxion ship of the long-daleds. Then an tangled of lower
All that happens, however, if }[1 recent trend
prices of basle services arc continued | easier trvaní developed and the yee." as the
[k 10 l
pegged when they are the part
nlready group ched with
Mir Macmilan is far too steep uneconomic is that the demand alxant 4.
ied in paellamentary eliquette for them is increased. To peg bonda mel ever to
ū employ rude ex-the price of a nationalised ser- about tumbled as pression
his opponents. vice at time of inflation profit-taking
and and averaged about
remark beat much as £3 but Japanese licns But his
quite when the chanceS means to rest over the
Speedalive ullir
Singapore
th
indifferenc domestic coCTS.
Shipment modernte
market
Offerings
WITH
WAR quot Spot No. 1 1 ominally 334 cents a ported.
Potash Cerman
and
service
are the In-
1700
900
Bales
Union
Lambari
SHIPPING Wheelock
60047
9.30 1.40 2500 a 9.35
K. Wharf
DI
Dock
4014
100 $1
PTOV
101 14:30 14
LAND, ETC.
Jik Land Realty
UK Hotel.. 3416 14.00
RUBBER
risale. Traist
1.478 1093
1000
1.43
1,50
1 570
J Consol
BAL
UTILITIES
+
Moderate
But Gains Made
LINER
SAILS
London, July 9.
The P. and O. Company's Dajest Cargo liner. Balgette
(8,202
sailed toha)
Ok her London voyage from today for the North China ports, the, campiųpy Announced.
malden New York, July 9. Stocks moved further ahead in moderately active trading today in virtually all groups but the rails showing gains ranging past a point.
On Mathieson Outs Elevatori
Owen-Zinois Glass
Pacaño Gas & Elec
A lack of demand reflected in some softness in the ralls but e single issue, Union Poifle, off for nearly 3 points, accounted Pan American Airways much of the average loss of 0.86.motint Pictures
Parke Davis Co. Penny J. C. Steels continued to feature In Porn. Balt Co. Industrials and
with Philip Morris chemical, motor
aircraft Procter & Gamble Co. Pittsburgh Plate Ghane Issues lifted their average 2.38 Fublicker Industrien to a new high since May D.
along
and
Utilities climbed 0.23 in their average to a further new high
16 since March 27, 1931, as Pan- handle Eastern Pipe Line rose more than 2 points, outweighing a point decline in Peoples Gos.
Out of a total 1.132 Issues traded, 586 were higher, 351 lower
2390 m
430
Tram...... 23.80 24.10 2000 23,90 Star Forry
139 Youniau
100 110
G. Light (0) 24.70 24,00 2000 † 24.60
2 C. Lighi (N)
Electro.. 3185 313% 1000 g 314% Telephone. 24.00 20.10 2300 ♬ 20 INDUSTRIALS Dement
Rope STORES, ETC, Dairy
10,40
.
20
30 13.00
320 3035
100 10.80
500 16.40
Lane, Craw
in
Watson...
XD
CYPTONS Textica Nanyang
700 4 1035 1233 1230 1000 vị dành
Yangtzo
flamed in a mixed foreign see simply "a lot of people in Bri-dustry concerned is running at n loss is equal to subsidising tion. Czech loan dropped £2.tain clay do not know which
that Railway featured way is vp"
out of Antofagasta
pubile money. According to the South Americans, with common
Chancellor that is inflationary. shaves
L4 Up
arid the pro-
What he should have done [reare up £3. Coppers drifted
strict theory was to instruel the The market sagged during the and gold shares turned irregular
{ nationalised Industries to put morning on certain
their prices up.
SINGAPORE
amount of July liquidation bul 121 the afternoon there was moderule trade
market and support gradually regained what it lost since opening. Futures.
No
rubber July
Auk
Bepl
No, a rubber July
Na, 3
No. 4
Spot rubber wied
Blanket crepe
No
I pale cre
LONDON
90-009
01-2015 unquoted
B-07
09.004%
72-74 300-111
The market was steady with spol quoted at 25% pence per 1b. Prices:
No. 1 Ra spot
2522-26
Settlement huuke terh
AUR.
207-21
Sept
239-201
Oct./Dec.
Jan Mar
Aur/June
Juty
AVE.
Sept.
Estate crepe Thin July
after a generally string opening. Dollar stocks advanced in line with Wall Slivet. - United Press.
950.34 Million Dollars In Circulation
Undue Share
services
дос up
Witness the exchange between the Chancellor of the Exchequer
RHS, Crossman, # The objection to this of course and Mr lending Hght of the Socialist is that if the price of nation- Porty The subject under dis-sed
The eussion was the dismissal of private industries that use these
bave | 8,000 workers.
to raise would British services by the
their own prices to meet
the Motor Corporation.
this
would extra cost to a further Mr Macmillan had said
but short the motor industry was absorb- rise in the cost of living and
undue shore
another round of wage demands of the nation's manpower. "Al a time to meet it. And that would not of beute labour
shortage else - | only be inflationary-it would where." he went on, the labourbe downright disastrous. force in the motor industry hus by one mesus or another grown
ing
an
that
But what happens now? The by 40,000 men in the last two or nattoralised Coal Board has an- three years. I am not saying thatnounced it will not raise its in itself is wrong but in the pre- prices for 12 months. So far so
Singapore, July 1. Malaya hud 050.34 milion dollars circulating at the end of 1955, the annual report of the | Commissioners of Currency,sent conditions such a situation good (though it will do nothing
Malaya and British Borneo, re-
is not in the general interesi." leased today said.
2514-2011
There were 805.54 2441-2434
million 243-249 | dollars in virculation at the end General markets of basis, ports. of 1954
20-2014 2011-20
said distributed The report 25-20
profit on operations at the end 3234
jof the year was 15.71 million unquoted į dollars Most of the profit came from the yield from stock which the Commissioners held to back issue. This Lołajket 98.7 million dollars at the end of the year, the report
Atty... tex
AMSTERDAM
3234
The market was steady. Prices closed in guilders per kilogram. elf July as follows:
No rubber
No 2 rubber
Nu 3 rubber
No
repe
2.35 buyers
2.32 buye
3.30 buyers
the
sard.
currency
to alleviate
of
Britain's most persistent shortages). But, do the trade unions applaud this public spirit?
INVESTMENTS
6.34
7.00
6.50
7 7.15 Allied XD 6.45
K. & F.E
Turnover At 2,180,000 shares wan moderate and just matched the Friday volume.
Widest Gains
Pure Ou
Radio Corporation Republie Steel she on Co. Reynokia Motal
Saint Reg. Paper Sinclair Ou Secony Mobileti South Puerto Rico Sugar
Southern National Cas Southern Railway (Com.) Standard Brande Standard Oil of Cat Standard all of Ind Standard Out of aterie rug Co. Studebaker-Packard Corp. Stokely-Van "Comp.
Switt & Co. Tests Co
The Water Amen. Oil Twenty Century Fox Fill Union Carbide
Undon Pacific Railway
United Aircraft
UA Gypsurn
Selceled Issues hac the US, the Co.
such
widest gains, stocks
as US Bubber
US. Bmetting Lehigh Portland and Lone Star UB Bond
points, Wazema Eyor.
With this voyage the Salsette takes her place in the cam- 67% pany's extended Far East sur-
vice.
70
50
199
She will call at Rotterdam, end then go via Genoe to Poet 89% Swettenham, Singapore the
Philippines
Hongkong and
87
48** | North China - ports, returning from Tientsin direct to Bings- 9pore and Penang. On her re- turn to London the will call at Aden Port Bald, North Con- 10tinental ports.
7316
2014
817%
Her commander is Captain C.W. Mayne, 52, who has been with the P. and 0. for years. Reuter.
81
CHICAGO LARD
FUTURES
Chiengo, July P. Prices of lard futures closed today in conla per ib. as fol- lows:
July
10.53
Gopt.
10.95
07
Out,
11.13
Nov,
11.20
4714
Dec.
12.29
United Press.
United
Comments, up around 3 Georgia Pacific Corp., 4 points Westinghouse Electric
Wost Ya Pulp & Paper Class. Thatcher 3000 g 8.30 higher,
Up Woolworth 1000 7.50
nearly 3. Firestone Tyre. 3 higher. Ingersoll Rand, up more then 8.
Singapore Stock Market|
Singapore, July 10, Brokers today quoted the fol- lowing stock prices!
Batu Lintang Rubber Co.
Lid
British Borneo Petroleum
Syndicata Consolidated Tin Smetters Fineer & Neave Lid, Ord. Fraser & Neave 1% cum.
Ord
Paper shares Were demand.
Aluminium
fri
*
rose 22, Cerro de Pasco 34. American Metals
the 2 points In
non-ferrous metals.
1 Steel gains
ranged to points in Bethlehem, major frac- tions in Inland and US Steel.
Olls were Arm for the most part with gains ranging around
In Cities Service a point Southern Production.
Opening
In
$1.00
BAN
Chrysler climbed-13⁄4; Ford %
the
while motors point
General Motors improved frac- tionally.
pret Hongkong
29 3:00
sa 30
and
Shanghai Bank-
Kempas Ltd.
Ing Corp. Hongkong The Lad
1000
$1.00*
Coal means de-
Lanas Rubber Estates Lu. 6.72
Malayan Breweries
$2.70
New Berandah Rubber
New York Stock Exchange bond volume was $3,630,000.
American Stock Exchange volume was 800,000 shares,
Petaling Tin Ltd.
$1.73 13.20
Dow
Jones closing averages
then the union
Raffles Hotel
12.30 were:
Singapore Cold Storage
$1501
Smith British Insurance Co.
30 industrials
600.03
Lid.
$30.00
20 pils
106.30
*
Strails Trading
24.00
LB is
61.94
Straits Steamship
$14.00
65 stocka
179.18
United Engneeri Ord
$8.35
40 bonds
14.12
Wearne Brox.
822310
Corum future price index
154.43
exdly ↑ ed. --China" Mail' Special.
Moudy's index
410.30
If industries which have lost their markets are to retam their labour
force by short time working or by other devices to
On the contrary Mr Arthur conceal underemployment while Horner, the miners trade union other industries
4hat are ready leader, says that if the
their Board's price freeze to and able to increase
are kept short of laying the mineru demands for production manpwoer, he explained it higher wages and better work. would reduce production in one ing conditions feld without giving
will oppose it. compensating advantage in au- other
us
All of which is eminent good
But what sense.
was
y
the
The Malayan dollar is pegged | Socialist reaction og expressed 248 thayern at Two shilling fourpence by Mr Crossman? -United Press. sterling-iteter.
US Cotton Estimate
Proves Large
New York, July 9.
1 into
He interrupled Mr Muc- millan's
speech
ask: 40,000 men were allowed the industry is it really plan- ning to blow it up with 40,000 men and then when they have streamed into Coventry to say that wo must plan to get them ell out again.”
Only Pretends
Of course Mr Crossman does which way is up. He Jonly pretends not to,
Cotton futures today back-tracked after a steady start when the Government's acreage esti- | know mate proved unexpectedly large,
00,200
Nation's Job
It was not the miners busi- news to find the money, said Mr Horner. That was the Board's worry and the Board's job.
In other words the nation's worry and the nation's job-the miners presumably included,
Ltd.
London Foreign
New York
Exchange
"Confusion and contradiction," Montres Brussola the Chancellor called it. I pre-
Copenhagen ter w sy a lot of poor saps Frockfurt don't know which way is up. Milan London Express Service.
Oalo Perle Stockholm Zurich
New York Sugar Market
World
New York, July 0. No. 4 sugar futures
closed today 1 point lower to
London, July 9.
12,79 0/16-2175 11/18
3/7416-3.7416
130.0216-130.09
18.333-19.3032
11.679%-11.0771
1744-1745 19.0913-19.997 9801-08031 14.42}|-14.4236 12.18 6-12.10元 -United Press.
New York Foreign
point higher with sales of Canada eight contracts.
7 to 10 points net. Opening Dec. prices were up 5 to of 4 points. Mar. New Orleans closed off 3 to 30 May points.
Closing around the day's Month lowest lovela the list ruled off July
Oci
$1.700 10,000
480,500 200,700
He didn't
need really Volume Open interest | Macmillan to tell him that one
7,800
cannot plan the exporis uf 10,000 270,000
country or domand that other
what shall buy
onto people
Mr
1
0,700
July
1,000
145.000 123,500
maloes.
Ogl
700 20,000
Deo.
The first official crop report
Total
of
the season put the ател
-
3,000
But is the Government itself
Exchange
New York, July 9,
$1.02
2.70-277
England unofcial
J
3-day future 20-deo tunes
2.231. 200 *United Press,
The domestic No. 6 autor Australia 00.300 1404,500 bales (quite free of the confusion and futures closed unchanged to 2 South Africa
contradiction Mr Macmillan de points higher with sales of 80 NEW YORK
tects in other people's thinking? contracts.
Take the
under cultivation on July 1 at Prices of futures closed today 14,082,000
Agurd as follows: acres. The
came fully 800,000 more than generally ex protec and in-
dicated farmers planted 97.8 of the allowanco Ilmig of 17,400,000 acres,
per cent
Statisticians figured the area,
Spot
July
Oct.
Dec.
Mar.
May
July
Oct. Dec.
19,670,000 bales last season, on
with a yield per acre lbe, would suggest a crop of
of 400
NEW ORLEANS
tho стор totalled 14,721,000
a yield par ner of 411 pounds, as follows:
Spot
July
poles.
Oct.
}
Dec.
Depending on weather canill- tions between now and harves!
Mar.
May
July
· time, some traders contemplated the possibility of a net addition to stock this your despite the expedited export programme.
Prices started with minor gaina and loquen, edged up to gaing of 70 cents · a“bale, then levelled off and remained on
36.661
of sub- question
Buying orders from trade sidies. As Mr Macmillan
interests predominated in the 34.40-48 marked there are many people Sept. domestic delivery in an
who regard the withdrawal of n
featureless otherwise im- subsidy as equal to the position of a tax. If they know Futures:
which way was up" they would know that it is wrong to keep commoditics artificially cheap September when the problem is how 10 October
32.44
37.48
33.00
a1.71
20.04
30.00
Prices of futures closed today reduce demand.
Del. Doc.
LIVERPOOL, Futures closings, in per lb. werp as follows: old.contract July/A New contract Jiny/Aug
Oct/Nov. Doc./Jan.
Mar/Apr.
May/June
the defensive after the sport. Egyptian Kamax July/Au
July
contracts met того
BAQ PAULO
34.75 34.41
Closing Prices'
Alsten Inc. Acy, Allied Chemicals Alled Mills Inc.
Atis Chalmer
American Airline
American Cable & Radio Corp. American Gymnamite Co.
Am. Mach. & F dry.
American Melat
American Smelting Amerkan Tel & Del American Tub, "a" Anaconda Copper. Armco "Steel Armour
Bakevin-ko-kham Baltimore & Ohio Bendix Aviation Corp. Denguet Conn.
Belieber Btect
Gaing AirPUR Horden
Co
Burroughs Add Machine Canadian Pacte E.
Cum (3. 1.) Co.
Cat. Tractor
Celanese Corp.
3.19 3/320. L. 1. Financial Corp.
Chase Manhat. Bank Chrysler Motors Colgate-Palmolive Co. Commerctat Credit. Commonwealth Elec. Consolidated Edison
NEW YORK METAL Cental Oil of Dei,
FUTURES
New York, July 8.
Prices of metal futures closed today in conte por lb. as follows:
trado.
Contract No. 4 (world)
Lead July
3.30 5.20 328 zine
Prin July
Aug.
July தபர். Copper July
3.28
Aug.
March DAY
July
Firmly refusing to be told September "which
way wpo up" theSpot-pende per lb. 19h Cube) 330 Chancellor's opponenta 32,40
12.40
$2.00
31.76
30.04
30.03
pence
liquidation derpfle, the issuance The market was closed for
of only on hilvery notice and holiday.
thought
Contract No. $
Crane Co,
Crown Zellerbach
Cuban Amer. Sugar
Diamond Alkali
Dow Chemicar
| Dupont de Nemours
Kaitman Kodak
El Paso National Gas
Erie Railroad...
14.700 Family Fance Corp. 14.78b
94.700 Ford Motor
General Destrie $4.75 General Foods General Motor
12.500
11.340 Gen. Pub Ul.
35.300
39.30b
United Pres
6. Exchange Rates
they detected in the policy of reducing dood subsidies evidence spot prices (conte per lb. clf of the same affliction. “Does the NY -duty)
"They Chancellor
demanded, Opers Interest: 2449 contrapta.
|--United" "Press. believe that he can "really bring down the cost of living by putting it up?"
The answer in a word is "yes" If prices are rising be cause homo doyland is too high in relation to exports and other calla upon production 14 is sure-
Tarinem was done in the local unómictal exchange | 131erkt 17%. the } morning at the folowing rates:- (pur #1)
15.03
મજ મા.
didden Co... Goodrich (J.) Co. Goodyear Tyre Hayden Chemical Homatake_Mining Co. Ingunroll-Rand Inland Bioel Co. Inti Bukruesa Mi Int Harvester International” Nickel International Exper Ints Tel & T John-Manville Co. Kanga C. Power & Eli 17.89 Kaunecott Copper 20.49/ratz Meyers Tob. Co..
100
Lockheed Aircraft London, July 9,
Loews Inborganin Prices of metals closed today
Washington, July 0. Long Etar Cement Co. sterling per long ton, aa,
The Senate Finance Com-uivale a Nushylib ạ.
Edwinstein, & Bona, miltag, approved today a comm・ steambi Iron Corp. Buyers Sellers Aromise customs simplification Minnesota Mining
Mission Development
LONDON METAL Stories (per 1)
wrong to incrpose that de-in mal use by laceping follows: certain prices artificially
with the aid of subsidies. So Tin pet you remove or reduce the sub-month Jonin
n' further redlistson' in the corti» In the US the average spot idles even though the intilul Copper pot Bosted look to 7,029 belos, 10 prico of 16/17 middling cotton (Allect is to make the price of "Tuky":"pondon "jaday totallej 90 - at 14. designated,, apot márkela
200 balon misalig in the spói (was_35.18" centar" Salos totalled month will and on Ixidir.
7,833 halos ----United Press..
But having puthie Cory Zine at half.
The Commodities
Into
with regard to
PRICES
750
Australly notes; (per £1). Endonedan rupish (per 100) Biam tiem (par) 100)
| Singapoew, (ištralia)
› Mortgomery Watch
Nethralatine
National Cash, her goa National Dal
50-impact price of 90 per cent of ingrated Home Turin bow tro 1ny levied on the Impört or for Nationa
net price whichever
United Prom
higher com| National Biavl Corp,
New York Central")
103%
P.OBIE.A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwards "CANTON"
"COBFU"
"CARTHAGE"
"CHUBAN"
Homewards "CANTON"
Leaver London 18th July
15th August
12th September
28th September
Due Hongkong 20th Augu 17th September
15th October
ith October
Via dentemptob, Port Said, Aden, Bombay, Colomeo, Penang Bingapore.
Leaves Hongkong Due London 24th August
24th September 216) September 22nd October 19th October 19th November 27th November 31st October
Bombay,
"CORFU" "CARTRAGE" "CHUSAN"
Via Singapore,
"SURAT
PGRADE, Port BASE
Colombo,
& London,
FREIGHT SERVICE
joada 14th July
"SHILLONG"due 20th July
"ADEN"
du
8th Aug.
"SHILLONG”luzdə 14th Aug.
"SUNDA” due 18th Aug. "SALSETTE"que 21st Aug.
Aden,
for Sugapore. P. ägget. tenham, Penang. Aden, P. Bald, London, Ham burg. Rotterdam Antwerp
from UK
from U.K.
for Singapore. P. Swet- tenham, Penang, Aden,
P. Bald. Havre, London, Hamburg. Rotterdum i Antwerp from UK.
from UK.
BRITISH INDIA S.N. CO., LTD.
1883 - A HUNDRED YEARS OF SERVICE - 1958
“FULTALA” due 16th July
sails 10th July
"BANGOLA".das 21st July salis z2nd July 7th Aug. "BANGOLA" des
Kalls 9th Aug.
"ORMARA” due 13th Aug. walls 14th Aug.
frota Japan
for Singapore FREDD Rangoon, Calcutta Chittagong
from Calcutta for Je
from Japan
for Singapore, Penang. Rangoon & Calcutta from Japan & Shanghal for "Bingapore, Penang, Hangoon. Chittagong
Calcutta
P. & O./B. I. JOINT SERVICE
Que 24th July from Japan' & Shanghai salis 15th July
"ORDIA"
"TTOLA"
“UMARIA"
"ITRIA" #IKAUNA"
due 24th July andle 20th July
dus 4th Aug. wall, fth AÚR. que 6th Aug. salis 601 AVE. due 11th Aug.
satis lath Aug.
Colombo,
for Singaporechi. Cochin. Basyah,
& Kuwait
| Khorramshahr
'from Japan
For 'Binapore, Colasbo,
Bombay, Dhanegar
& Karadi
from Karachi for JADMA
from Karachi & Bombay for Japan
frops: Japan
mar, Bingapore, Bombay, Karschij Khorramshahr da Kuwait
EASTERN & AUSTRALIAN 5.9. CO., LTD.
"EASTERN" đạo - 4th Aug. due '8th Aut. “NANBIN"
from Australia
from Japan
fog Sandalone, · Bebaul Brisbane, Sydney," "MA" bourne. de fiduiniõe All Tasiela hava Jhorty to call, alʼany porty an or.of the route" & the route d'untling are spikjort to change or anirudmans with or without notión
For full pudicaturs upply to MACKINNON MACKENZI & CO.
OF HONG KONG LTD. Telephone No. 977214.