TRADE
THE CHINA MAIL, THURSDAY, JULY 12, 1956.
and
COMMERCE
Eire Speeds Up Building Of A
WORLD COTTON
MARKETS
New York, July 11. Cotton futures today settled back gradually in continued slow dealings.
truin Apart
evening-up operations in the July delivery. before its expiration on Friday. trading lucked a special feature.
within a bale, net 3 to 1
Alter see-sawing range of 70 cents
closed list
a
The
point
lower. Opening prices were off
2 to up 1 point, New Orleans close of 1 to 5 ponits.
Merchant Fleet
REMARKABLE RECORD OF
POSTWAR ACHIEVEMENT
Dublin, July 11.
WORLD
RUBBER
MARKETS
New York, July 11. The No Rs rubber futures contract today closed 80 to 178 points higher with sales of 310 contracts.
The standard contract
to 100 points higher mics of 16 contracts,
Closing prices:
The Eire Government is to make a grant of £3,200,000 during the current financial year to speed up the development 25 of a national merchant fleet. The sum is not big, but for this very reason it spotlights the remarkable success which has been achieved in this connection since World War II.
In 1030, Irish
shipping totalled
but much of this
registered Thon, because of the delicate } 60,000 tons, International situation which
was foreign followed the Korean War, CHICAGO GRAIN
about Government decided to prese
owned. In that yeur
1,000,000 tons of shipping used forward with the acquisition of luish ports h the cargo trade,
New business continued to be restrained because of uncertain- tes in the Government export
or this, 65 per cent was Bri-requested quioloss In programme, plus
cent and time tih owned, 31 per
W08 the Dexile nurkuts
countries, and of the cropawned by other out for a mudy
Day 5 per cent was trish owned. supply picture in the light of the higher
goverTAL estimate.
AcrNige
Outright July liquidation was absorbed by the trade, brokera were against sales of the Oct. Dec.
deliveries. Liverpool brokers were small sellers of March and May contracts in the forenoon.
Hedge selling WAH coupled Bouth with the expansion Di
and
Texas gunning
activities
expectations for
Increased
marketings from that direction
The frish ships were small anch saútable only for trade with Britain ports.
Azad
more tonnage The company was order six more vessels--a collier, a small tank- er, and four ships of 9,500 tons.
the The tanker.
Irish Holly 3,350 tous, has been delivered Shell and is on charter to the Company fur five years.
Ave ship will be cle- vered this vent and next year.
Two Tankers
Europeanother
There were no Trish owned ! tankers and carga services be. tween Eire and the Balle and North Americats ports werd operated mainly by Brish,
and United Swedish lines
Scepticism
States
MARKET
Chicago, July 11.
A steady buying trend over: took an irregular grain market not trading on the Board of The Trade today, and moal com-
modities Anushed about firm.
Short covering oume into old crop soybeans, ruising Beness into lute deliveries. A reversal of weak vegetable of prices had
Wheat closed off soybeans up
Pictures:
to cent; to 5% cents.
Wheat, No. 2, red
Quite recently. the Govern-its influence also. ment decided that the company should have two large tankers, and orders have been placed for two vessels of 18,000 tons. When all bulding programmes have been completed, the company will have 20 ships totalling When war broke
The 154,000 tons. DA, Rakunt today Open July contracts
of shipping available Irish for the
tacles dwnsdied The grant which bales, the certi totalled 81,700
by the Government rapidly and the maintenance of made declined
essential importa
help A became
pay for matber of serious concern to the specul orders which were placed Government. As a result, it set i after the Ko ean War.
over the next week or two.
ficated stucks
868
bales to 0,457 bales,
Month
July
Volutno Open interums
5,000
01,700
Octuber
6.800
274,000
12,400
801,600
1,200
297,000
3,200
147,
1,700
120,000
1,200
30,000
200
Decembri
Mardi
MAY
July
October
December
Tulal
4,200 43.000 1,404,000 boles
NEW YORK
Pricas of futures closed today an follows:
Spot
July
Oct
Bec
Mar
May
July
Oct
Dec
NEW ORLEANS
1300-32R
24
47-41
282323386
yen
up a special
to acquire Shipping Lid. operate ocean-gieng vessels The capital company's authorised was £5,000,000, though it start
actual capital of
Frish company.
ed with ሲተ ▌ነ
£200,000.
There was considerable seep- ticism, both in Eire and abroad, as to whether the company could achieve much For me thing, its capital was small. And secondly, although Ireland had a big mer- ebant fleet in the days of sand, The country had all but lost is safaring tradition and how **
"ROW -
uty
is to
for the A spokesmUZA
rom emphasised that it Day has
not, of its own volition. wild
Umi have ordered these ships
could afford to pay for them out of accumulated earnings.
closed
with
No. 1 Bas
July
35.25
Heptember December
13.85-90 34.10-30
Standard Contract
34.75
September December
33.55
31.00
March
30.70
May
30.10
July
29.40
Speculative buying and dealer hedge lifting, plus the higher London market, necounted for the action 001
the market,
terminal
J
Intra-dealer exchanging st contracts provided another feature, Technicians noted contruction in the Sept.-Dec. spread to 172 points compared with 250 points yesterday.
In Ühe shipment market. moderate weights were moved. Including July three umbers at 25%; July four umbers 24 cents; July one sheets at 32 cents and one sheets aboat, due September, ot 324 rents pound. all evert und freight.
Factories were buyers in
moderate
inarket,
quoted
the spot where No. 1 Rss was nominally at 34% cents a pound.
BINGAPORE
The market
SECTION
VAUXHALLS TO LAY OFF
ABOUT 700
London, July 11. The slump in Britain's automobile industry spread to the nation's General Motors plant today.
Vauxhall
Motora,
the
GM subsidiary which makes Vauxha}} car and Bedford trucks at a plant in Luton, north of London, announced it may have to lay off between 600 to 700
cut in workers owing to production brought about by the Government's now import and credit restric-
ttons
The announcement came of the sa representatives riani Brithh Motor Cor- peration refooted a union warning that BMC work- ers will strike on July 23 fired 0,030 men unles lost month are reinstated.
The company said the
union's strike threat was "an attempt to force us to negotiate under_duress."
BMC laid off the 6,600 with only
werk's
notice when it cut back production
month
trans-
The Union's claim the mon should have heen ferred to other work riven adequate compensa ilon, and have called the strike following the som- pany's refusal to negotiato on the matter. Frena.
United
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Busines
Poge
WALL STREET INDUSTRIALS
1.
CONTINUE TO GAIN
New York, July 11,
Stocks kept their advance gains at a clip today with featured issues up a point to more than 8 points.
Tho gain was the sixth in a Dupont de Nemours
Betty Kodak row for industrial stocks, ling National Cas their averago to its best level Erie Railroad ......
Family Finance Corp. Ford Motor
stice May 7 and the 11th in a row for the utilities, currently General Electric
at a new peak since March 27, 1991. Rails were up fractionally for the most part,
Selected chemical shares, air- crufts.
General Poode General Motors
Gen, Pub, Uul. Getty Oll
Glidden Co.
Goodrich (B. r.) Co.
Denton is, heavy Goodyear Tyre
'Heyden Chemical
machinery stocks and a number Hemmako Mining Co.
of Individual features moved up
sharply while the list generally
fructionally. improved total 1,173 koues traded, were higher, 383 lower
day.
Big Blocks
Ingersoll-Rand
Inland Stool Co
Int'l Bunkycon Machines
Of
&
Int'l Harvester
562
International Nickol
on the
Trading picked up to 2,520,000
Д
International Paper Int'l Tol & 201
John-Manville Co.
Kansas C. Power & Light Kennecott Copper..... Liggutt Meyers Tob. Co. Lockheed Aircraft Loows Incorp.
Lone Star Cemant Co Louleville Nashville R. Lowenstein à Bona.
Minnesota Mining
Mission Development Monsanto Chemical Co. Montgomery Ward Motorola Ino.
shares for the day, the 70,000- | Mesabi Iron Corp. share increase was more than accounted for by activity in single issue-US Pipe & Foundry which ran up a 135,000-share total
blocks OD
ronging to 27,100 shares. It edged up to $284.
National Cash Reg.
National Dairy Prod. National Lead
Olin Mathieson
National Steel Corp.
New York Central
Chemicals offered a number of strong spota, including Allied and Union Carbide, mach
Olle Elevators
|
Owen-Illinois Glass
up
Pacific Gas & Elec. Pars Americas Airways
around 2 points.
General Dynamica bolstered
aircrafts with almost 3 points,
a
lato gain
Paramount Plottares
Porke Davis Co.
Penny J. C, Co.
of
Penn, Slot Co.
Procter & Gamble Co.
A gain of nearly 4 points in Panhandle Eastern Pipe Live a recent strong feature-bolster
ed utbies. Most others were Arm.
Philip Morris
Pitburgh Plato Glass
| Publicker Industries
Pure Oli
Radio Corporation Repubile Steal
Reynolds Metal
Shell Ou Co.
Sain Reg. Paper Stolar Of
Leading steels were steady but Bocong Mobileii
Lukens spurted more than Motors moved narrowly.
New
York Stock Exchange done on the Hong-bond volume was $3,330,000.
to
steadier kong Stock opened
Exchange this amounted on trade buying and after mild morning
ap- Aluctuations LFI the
$630,000. Noon morning, proximately
·Prices advanced sharply during quotations and the morning's Lho afternoon. However,
transactions:
Buyers Sekiers Balca towards the close, profit taking brought the price off nearly one
Exchange
South Puerto Rico Buzer Southern National Gam Southern Railway (Com.)
Standard Brands
Blandard Oll of Cal. Standard Oil of Ind. Standard Ou of NJ. Sterling Drug Co. Stokely-Van Camp Studebaker-Packard Corp. Sprift & Co. SVEITROS Texas Co.
Tide Water Aam. 01! Twenty Century Fox Film 509.conion Carbide
Spr
Nov
しょでいま
Alar
207 1. July 2009μel) 296L) 2005 Sept
2001-200 212-3 234-214
this
May
21212
the
Corn, No. 2, yellow
Spot
July
137 183-153%
Sept
1497-130
Nov
1373-14
Mar
141-141
Ilye
July
1284
Sep!
Osta
July Sept
13015-
71%
American Stock volume was 800,000 shares.
Soybeans, No. 2, yellow
Spot
734-31
277m
Dow-Jones closing
were;
July
274%-á
und
1700 1 21000
Sept
2541-204
30 industrials
Nov.
245-2451%
980
20 raila
Jan
249-2481
40
io utilitie
Mac Barley
231*-!
08-94),
SHIPPING
03 stocks
лик 0446-043
Wheelock
2,30
0.40 2000 35
40 bonde
Spot
130-140
Sept
unquoted
DOCKS, ETC.
Comm. future price index
150.80
No. 1 rubber per ib. July
19-02
K. Whert..
DU
190 vo PV
Comm, spot price index
133.40
200 11
$13.00
-linked Prem
No. J No. 1
0015-01
Dock
127
keo t 11
Moody's index
da-op
Pvident (0) 14,30 14
05-0314
LAND, ETC.
73-75
HK Hotel
pale crepe
110-LES
BK Lond
00%
14.40 14.00 2000 @ 1455
103 40 (532 1700 op 05
LONDON
Humphreys 17.10
Realty RUBBER
1.30
Alden Inc. Acy,
Allied Chemicala
Allied Mills loc.
Allis Chalmers
American Airline
American Cyanamide
Co.
The company has received no Government aid apart from the original grant of £200,000 the special help which it is now post- receiving to pay for fle Korean trullding programine The Government grant does not, detract from the therefore.
remarkable <イナリー company's mercial success.
It is estimated that, in time of serious emergency. Elre control about would need to the 250,000 tons of shipping. There
It was not thought likely that
with Fare could re-enter. success, one of the most highty Prices of futures closed Today competitive
world. as follows.
$501
July
Oct,
Dec
Mar
May
July
Oct
Der
LIVERPOOL
Futures closings
In
per 1b. were as follows:
Did contract
New contract
July/Aug.
July/Aug.
Oct/Nov. Dec/Jo Mar/Apr. May/June Egyptian Kamak July/Aug.
SAO PAULO
65
Industries
In
proved
This scepticism
-
34 51 founded. for almost from its 32ception, the company met with success. It built up considerable
Dasrts 38inancial
and laid the 77 foundation of il Ane modern
Beet.
D
When the company started in I041, it was found extremely difficult to buy or charter ships bence
because of Allied war time con~ 24.00 trois. 28.24 24.29 23.00
After a lot of negotiation, the company eventually succeeded 23.9 in buying a derelict Greek ship. 1405 tying in a Spanish port.
23,15
Futures closings, in cruzeiros per kilo were as follows.
Juty
Orl
Dec
Mar
May
In the
30.00
Sunk By Subs
and
OVET
the
She was given the name Irish 30.00 Poplar.
abwe, 28.05 company's ships have been given the names of lrish trees. There were also lying in Irish ports,
-
US the average price of 16/10 middling cotton at 14
a number of foreign ships which had taken rofugo there-Eathon-
designated spot markets was lans, Latvians, Finns, Danes and
30.18 cents. Sales totalled 7,333 | Italians. bales.
KARACHI
Some of these were acquired, either by purchase or charter, after lengthy diplomatic ne-
The market was steady. Prices gotiations. closed today in rupees për maund
as follows:
47 Punjab roller in
voor sind roller gin
Law gin
2005 Punjab rojler gin
saw gin
New York flour
mick
WINNIPEG PRICES
Winnipeg, July 11. Prices of grain futures closed in cents per bushel as
is thus a long way to go before today Eire can.
independent be foreign shluping.
Sharts
BANKS
HK Bank
Union
cent. There was good demand | INSURANCES
for lower grade today, Futures:
N 1 rubber per Ib July
Spot rubber unbaled Blanket crepe No.
The market
was steady with spat queled at 27-3/16 pence per ib. Prices:
Lombard
Amalg
1,43
1.471 1.50 3000 1,20 1.00 1024 750 1.00 13711,00
112 114
C. Light (N) 22.19 22.30
133 .22.10 500 23,20 20022.10 250 g 23.20 1000 22.10 45 31.75 1500 31.50
of
follows:
Trum
Oale
UTILITIES
July
Charters
Oct.
79%
No. Tune spot....... Settlement house term
2736-2734
Trom
24 24.20
Dec
77
Aug.
273-273
Star Ferry Youtrot
141
May
Sept.
I would not, in view of the relatively small irish trade, be economic to use even existing
exclusively
the tonnage
on Irish routes in peace time.
Rye
Det/Dec.
271-2714 2014-2096
C. Light (0) 2400 24.00
180 ) 112 800 24.00 2920 24.80
July
107
Jan/Mar
Oci
10511
Apr./June
251-2512
Dec.
100%
General markets, cit basis, ports:
May Barley
101
July
Aug.
July
311-31345
Sept
20%-2015
Elec. XD
July Estate crepe thin
3415
Oct
2032
Aug
Dec May Flaxseed
July thick
Telephonr
295
AMSTERDAM
July Oct
1236
123
Dec
1104
May
13136
Wheat, No. 3, 102 cents; "No,
15, 1 cents.-United Press.
рет follows:
Irish Shipping has therefore decided on & policy of chartering its "excess" tonnage and it has The tramping into also gone
the business. By these means ships ure being economically maintained and
In they are,
a handsome adition, showing profit-China Mail Special.
20945
World Bank Funds
For Persia
Teheran, July 11.
Fresh studies of Persia's investment problems
have been made in Teheran and Washington On the direct intervention of following a Persian request for a substantial loan
63/5 President Roosevelt, two Amerİ-
60/0
also acquired.
can ships were 07/0
18 Both these American ships were 98/8 later sunk by German sub- Unlied Preas.
marines.
New York Sugar Irish lines but confined
Market
New York, July 11. World No. 4 sugar futures to- day closed 1 point higher to 1,
03
from the International Bank made during the recent visit to Teheran of Mr Eugene Black, President of the Bank.
3155 31.75
25.30 2516
Rta. M.00 INDUSTRIALS The rubber market was idle. Cement
STORES, ETC. Prices closed today in guilders Dairy kilogram, cit. Aug. As
No. 1 rubber No. 2 rubber No. 3 rubber No, I crepe
Watson
2.00 deitera
2.03
2.00
United Press,
London Oil Stocks Gain
London, July 11. Stocks ruled firm in
quiet trading on the Lon- don Exchange today. Oil, were the big gaîners.
Lane, Crow.
XD
COTTONS Textile Dory. Nanyand
30
101 10.00
121 12.00
INVESTMENTS
Yonstata
10 31.75 1000 of 29.30 800 25.40
Closing Prices
American Cable & Radio Corp.
Am. Mach, & F dry. American Metal American Emelting Ain. Sugar Ref. American Tel & Toj American Tab, "B" Anaconda Copper
| Armeo Steel
Armour
Baldwin-Lima-llam.
Balumore & Ohio
107.61
09.34 180.38
Union Pacific Railway United Aircraft U.5. Gypsum
20.03.9. Lino Do.
US Rubber US. Smelling
V.B. Steel 412.40 Wamer Brok
199
Westinghouse Electzto West Va. Pulp & Paper Woolworth
102
79
Montreal
734 Amsterdam
6IX
Copenhagena
19% Frankfurt"
14
Milen
201
Oxio
Bendix Aviation Corp.
56
Paris
Benguet Cossa.
176
Stockholm
Bethlehem Steel
180
Zurich
Booing Airplane
94
Borden (The) Co
Burusha Add Machine Canadian Poelio R.
723 or 14.00 | Case (J. 1.) œ.
200, 18.70 Cat. Tractor
1000 & 10.00 | Celanese Corp.
60 a 12.00 I. 2. Financial Corp.
123 12.10 Chape Manhart, Barric
Chrysler Motor
500 @ 20
4.30 2000 @ 1.23
5.30
736
7.10
Allied XD. DAD
Singapore
Stock Market
Brokers
Singapore, July 12.
quoted today
following stock prices:
Batu Lintang Rubber Co.
Lid
Dorneo
· British
Byndicate
$3,00
Irish shipping' did not enter Mr Abolhassan. Ebiehaj the things in the first two or threO
President Elsenhower's assur- into competition with existing director of the Porslan Seven years of the plan, but instead
itself Year Plan Organisation, the broadened its activity in theance he'll run for a second term to those
routes, -plích · as the Government agency which latter part of the initial eaven alded sentiment and nearly all
sections of the market managed | Fraser & Neavo trans-Atlantic route, which had designing and co-ordinating the year development stagu,
Frusor & Neave 7% cum. previously been operated en-national economic development
some gains.
pret. tirely by foreign companies,
to Mr Black also promised programme, la. belleved to have
Royal Dutch jumped about
Hongkorut
Shanghai in discuss actively with his asso- 1 sterling and touched mentioned initially a gure
Banking Corp. in the region of 200,000,000 dollars Clates Washington Paralan high of 83% sterling to spark Hongkong Tin Ltd. (£60,000,000 sterling).
Investment problems and various the oils. Shell, too; was active Kempas kick. Feet
Lunas Bubber Ediator Ltd. 0.10 ways of helping the country gaining almost six shillings for a
Malayan Breweriesakana along at this crucial moment. now peak at 205 shillings six- New Borandah Rubber Co.
added one 10 pence. Others two shillings. .A low had.smail
Surplus
polat lower with sales of
Because of the high insurance contracts.
the London quoted on The domostie No. 8 contract rates closed unchanged with sales of market, the company decided
21 contracts.
contract. "Futurest
Contest No. 4 (world)
Re-scaling
reduced
Development
a new
`INDUSTRIALS QUIET
Colgate-Palmolive Co.
Commercial Credit Commonwealth Elec. Consolidates Edison Continental Ou of Del. Chone Co.
Crown Zellerbach Caban Amer. Bugar Diamond Alkali Dow Chemicals
[231
United Press,
London Foreign
New York
Exchange
London, July 11, 3.7054-2.7046
2.76-0/30-2.74-11/10 10.0431⁄2-10.043S 19.331-10.34}} 11.69-11,6815 174846-17409 10.9034-10.903
0305-08034
12.184-12.1834
Others wore unchanged.
-United Press.
New York Foreign
Exchange
New York, Jưdy 11.
Canada England officiat
Unofficial 30-day futures 99-day futures
$101-35/333
270-277
2.7 3.78 United Prem.
Let US handle
YOUR PRINTING
the
Opening
Consolidated Tin Smelter
Örd,
137-
29/- 01.04
1000
$1.03
Lia.
70
1.75
Petaling Tin Lia,
$327
Nattles flotel
Singapore Cold Biorage ''Bouží Britisės Insurancun Ca.ma
Lid. Kireit
$24.00
$30,00
$14.00
-China Mail Special.
Too many proofs mean time wasted. We grasp the point at the onset and
ONE PROOF generally suffices. After that, our up-to-date automatic prosses make short work of the job.
Lotus
for・・ your current' quote
requirements,
to carry its own insurance and Following talks with Mr Both contracte ruled quiet eventually it carriol also cargo Black the Porsian.request is
Two lawyers from the Inter- Insurance for Irish importers, thought to have been with switching from ear As a result, at the end of the to a figure more, resembling national Bank are duo here later montha botwoon trade in war, it dound itself with a pro- 00,000,000 dollars
· Industrinis were quiet for the United Engineers Oni.....100 (£20,000,000 shortly to study the Plan Or- teresta a fenture in the world at curplus of about £3,000,000, sterling) but the talks were inganisation'a constitution, and most part: Tobaccos were an Wearme Broe
which was used to buy new i secret, and a docision on the possibly other expert advisers exception, British-American and ships to replace the okdi.
actual amount will depend upon will be sent out to Ferela Ister Imperial Tobacco both pushed Between 1048 Ent 1030, the outcome of present studies on
shead more than a shilling.. seven now ships were acquired,
If Persia follows Mr Black's' British Governments bounced ranging in alte from 2,000 to 3,000 tons deadweight.
issued a statement in which helopment investment will follow
Wer Loga 'paced the group, with In 1950 and 1951, five more announced that He had urged in parallel the upward ourvo
extending to. around eight.
tuxinem was done in the local were ordered. The cost of all of upon Persian Government of oil Income; which, although'] shillings,
unofficial, KERGLIITOS market i tila them was borne by the company officials a major re-scaling
only Doma £30,000,000 to Japanese bonds featured a morning at the Kolosiss out of its earnings. It had also their ambitious development 260,000,000 Morling thians fical inixed foreign group by spurting madeller (per$$!). returned to the Government by programme.
Year
whi eventually rise to sa much as 21⁄21⁄2 sterling in the sterling-botes para İ
cente pec
"Lots Cube) Cortices No.
way.
On his departure Mr Black advice it will mean that deve ahead after yesterday's setback Exchange Rates
ext
of taxes - pald to. the He believed that the nation £100,000,000 merling. In two or non-sasented (10306. But Berlin Indonesian rupiah (GT isitional exchequer, far more would", eventually“ accomplish three "years","time-China Mall en vented, and German Potash Blam Lost (109) tan tia ortakiai grottes morg If It tried.
SOUTH CHINA MORNING POST PRINTING DEPT.
·For printing