TRADE
THE CHINA MAIL,
and
TUESDAY, JULY 17, 1956.
COMMERCE
SECTION
OEEC MEETING STARTS TODAY New York Cotton LONDON
Wide Range Of Subjects To Be Discussed
A
From Ronald Boxall
full
London, July 16. agenda awaits
the
very ministers of the 17 member countries of the Organisation for European Economic Co-operation who meet in Paris tomorrow.
of For th
So wirke 14 thin subjects which now come within
purviews of the organizua tion that the ministers will b discusstog
dectoring sterling convertible is going un They are already looking ahend time when West Europe diverse lopies may ream to be 111
" Kroup
units as nuclear nergy and eurteney separate economie vonvertibility
But the clef 165718
į
ofcome a single reonomie,
of and
with a single external briff bui Can fodermal toriff anal in which atcapital and Inbour will be free
connected with
1. #1
ngenda will he
freeing of track
this fold that the organisation to tanye without restriction hos line is grentest success atel
the aim of meeting will b
consolidate
trist
pave the was
nevatest towards
1
the lake vennersta
for fortas the goal
cof
unerstricted trade between West European countries.
Last Decision
European traje (the repustil volumus by a half between 1950 and 1955 and 15 will growing What is more, must
Revolutionary
-יין
Brutalu's attitude to this volur kotiary proposal was out;
rerently by Sir Edward Secretary to Boyir, Economy le The Treasury. He told the He Commons that the Govern- the
COTTON SUBSIDY
URGED
Washington, July 16. United Ntaten textile manufacturers urged pass-
J30
bill of a
to
an Indirect US
Today
provide
mahnidy
ما
for four years,
texilih mitts
But Agriculture Depart- ment representatives posed the
they
bit and
would have
a-- nald their
own cotton produels export programme
within
ready
a few days,
Both siden testifted In bearings before the Senate Agriculture Committee on bill, Introduced by Republican Senator Mar-
Chase Karri
Smith, Lo authorise the sale of up to
bales 750,000 surplus
of cotton
held by
the Government to lextile mill
Dow
WALL STREET ADVANCE
CONTINUES ON
INCREASED VOLUME
New York, July 16.
Futures
Rally
New York, July 16.
MARKET.
QUIET
London, July 16.
Stocks
were generally firm in quiet trading on the London Exchange to-
Abated liquidation and a moderate trade de- mand brought rallying tendencies in cotton futures today.
prices, the day. buying on
After three sessions of sagging market also responded to scattered technical reasons.
rally the
tu
Closing on H
17 Brushed net
Opening prices unchanged to up 7 points, New Orleans closed 11 points higher, pence per lb. were as follows:
Old controm
list, the US shure of the world mar- 17 points let has diminished because of
were government selling polleles.
Today's closing prices
Stocks surged toward their bull market highs higher. on increased volume today.
four
Clains
and three, Olla Elevators
Owen-illinois Gla points were numerous throug Price Gas & Elec..... out the ust us the market Pan American Airways chalked up its eighth gaff in the Just nine sessions,
Since July 3, when present advance got underway, almost 6 billion has been added to market valuutious.
| Paramount Pictures
| Pattaburgh Plate Ginan
Olis were Industrial issues, Utilities hit aneynolds Metal new bull market Panhandle
at a price low enough to enable the industry to com- pute with
up 4. Rails Arned, foreign texlize prices. United Press.
WORLD
RUBBER MARKETS
inment realised completely"
sadvantages which the countries
New York, July 10 maide
the area should gain-
The No 1 His rubber futures E great single that is to sy market withlin which Industry confriet today closed 78 to 100 with sales of 78 erauld be developed to its best, pouts higher OEEC pedicy the propeiale use possessed a great contracts.
Trace bargaining power in its negotia-
1955 N
outskie against
entirely
If afettered by gove7771 -
is
ment restrictionis.
The last
elsion an intra European
January
outsid
was taken when it was agreed that mtp-ompetition * bers should remove
trations
on at least 30 per cent of their
imports from other
members
The Government had not yet; renebel a decialna on this pro-
which pos
Sir Edward nost important polley mantters We have ever had before us" at t
met
sn:!
any
The deadline for this target who described as "one of the Orlober 1. 1983.
Now the time lines voine
10 the mlasters
mylew
The standard contract closed 76 40 103 points with sales of 14 pati masela
Chesing prices:
The Government's deelston to cense selling wheat for export at 4012 | cul-rate prices, and allow pri- vale handlera la All foreign in- quiries from the open market, had a sentimental influence.
Cotton merchants have been urging a change in the Govern- ment's policy of selling suus cotton 041 $3 competitive bid busty
July/Au
Oct/Nov
20 NG
Princ Minister Eden's cou- tious weekenal statement about Britain's economic position restrained trading but did not noticeably dampen centiment,
Dils highlighted, with Royal Dutch up 10s to a new high at £85. Shell Transport лопе Burmah actešrei more then two latter hitting A 24 shinga-the 23.25
at ils # British peak Potreieun was active but failed to follow the lentes,
22.70
23 30
SAO PAULO Futures clasirages, in cruzern per kilo were as follows: October Ostrmber Μαν
Jutv
PS (1 38.55 30.09 unatuled In the US the average price of 15/16 middling cotton of 14 designated $1 markets eris
--Opfted Press 34.84 cents.
431
794
6071
Strength
wheat plus an improved mijl demand
futures,
July/Aug
New contact
20
1244
Parke Davis Co.
02
Ponty J. Co
2014
for spot, and the higher trend of most other commodity
to brace the markets helped
Dec/Jan
Mar/Apr.
the
Penn, Salt Co
60%
price structure in cotton.
May/June July/Aug
Philip Morr\n> +5,
401
Procter & Gamble Co
001
073%
Publicker Industries
Pure Dil
Пadio Corporation
4542
strong
amem
epubble Stee
401
0744
high, Eastern Pipe Line
with
Shell ou Cu
Saint Reg. Paper
BO
Spielair Oil
Bocony Mostekleri
B01
South Puerto Nitro Auger Southern National
201
Go
30%
Southern Railway (Com) Standard Brands
BAIR
300
Stardard Oil of Cal
1512
Standard Oil of Inet
Standard Oil of NJ
Stokely- Vngs Comp
Studebaker-Packard C
Swift & O's
410
Texas L'es
0011
The Water Awso
43
Twenty Century Fox Pum
Unton Carbide
Blanton Paeiße Railway
United Aircrnil
173
746
14
Gypsum
11 N
Lines Do
US
Rubber
Bats
# N
Stichting
201
UH
The biggest gains were rung up by storks that are not used to enteamie the averages,
Gulf
Oil featured its groKP, rising $3.25 to $134,50 e shazy. Royal Dutch welded more than 2 and Standard Ou (New Jersey) and Texas Co. more than 1 euch.
Good Earnings
The upswing was strengthen- ed by good earnings reports for the first half of the year and continued slims of Ceonomic strength within the economy,
Dow Jones The
stimat average
industrial 512.98, up
and from Friday only 8.07 points below the all- the high of 521.05
1.88 points
Volume
bel
to 2,260,000 shures from 2,020,000 shares on Friday.
No. 1 Ray
for
the
July Sept Dre
34.23
32 US
April 6.
33 15
WIN
2
Standaril contract
predbilities for the future.”
mbe laegent olastaele to Bri- Trick Is Loan's palleissation 123 free from restrictions. More European market would
July Sept
30 05-31 14
32 70
De
JA
1
MAZ
2000
May
28.30
poverni
have Countries
July
28.20
the
progress of this tradķ liberalisa- The record $5 tiani programine,
heartening Nearly 80 per cent If all intro
European
outside the area.
* Existing obligations to Wheir liberalisation 1114* Connorywealth, 13
Sume meriton of Sir Edward's Matement bers have made more progress, suggests that
Govern- In the This lo
trs- not West Europe as a than others.
inez's view
Lancion Express whole has now freed over half superable,
dollar | Servlet. of its imports from the
area.
It is unlikely tha ministers will immediately at any rate set a new targel for liberalisation Rather they will concentrates on consolidating the guits already
and prexiding
Who
fallen Britain
short
IN anong
they efforts have the average
the latter.
having freed only 84 8 per cent
of her imports from other West European countries.
Opposition
But this clogs not mean that
mumentum
liberalisation
l
programme
time
Upande
will
now
be lost. For some certain members have full that the removal of physical restric- tions on trade should have be come increasingly dificult rexist.
who
Members
oppost this view.generally speaking those with relatively high tariff argued that this was a mutter for GATT and not OEEC. Last year, however, they agreed tackle the European tariff prob- Jem with the framework of GATT negotiations which were then imminent.
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
String Drug Co
Steel
Warner Bros.
Werlinghanise Electric
West Vn Pulp & Paper Woolworth
Old erop July euntruets, which
of Changes in the main body Industriale were small. Shipping shares were Arm. Amerienn buy- ing helped bring scattered gains cisewhere. Borax deferred [en- tured
on the upside, adding nearly 12s, Bowater managed a small advance.
bonds
British Govermanent showed an caster tendency quiet trading. Maini shares also were quiet, Gold shares tended
414 expired on Friday, marked the New York Foreign lower. Unted Press.
01.
20
*'ד .
end of the middling 13/10 inch contret. Futures
trading now
is based on mitdling one inch ention.
The New York Cotton Ex- Na chango amuninced, 1404|| August 1, the daily spot quota-
Lions at New York will ԵՐ Buthe one-inch basis.
Exchange
Exchange Rates
Business was done
New York. July 10.
commencing England afcin
Carinda
$1 0 13/10
21D 23/32
on
30-day wo-day
futures futures
270 0732
unoficial exchange
2.70 3/10
Australia
3.2P%
in the tocol njarket morning at the following roler- US dollar per $11
this
B.DT
2.701
Sterling notes (pei £11
10.00
South AfSION
Australian notes (per £u
12.46
2.80
0200%
-United Press
Indonesian iiptah" (per 100) Stom teal (per 100) Singapore
18.10
27.40
Birotar
1.81
Memphis accounts mentioned New Zealand a definite Increase in mild inter- Belgtatn est in spot culton last week. 2631 | Sules were made in volume for 5454 shipment August through March. The certicated stock rose 21 481%
bales to 6,573 bales.
United Press.
New York Sugar Market
Month
Volume
Open interest
July
35,700
500,000
Oct
23, 700
TIB, 200
Dee
31,200
110,100
Mar
12,700
310,400
May
0,700
133,200
July
2,000
120,100
Dol
1,000
31,000
New York, July 16. World No. 4 sugar futures to- day closed unchanged to I point lower with Fales of 25 tracts.
Dec
200
4,400
Total
con-
Domestic No. 6 sugar futures
10 2
points closed unchanged higher with sales of 169
LOT
114,000 1,418,200 baten
NEW YORK
*
*
30.16
32.40 33.58-60
32.50
22.41
31.03
Prices of futures closed today as follows: Spot
October December March. steady May July October most of the day, reflecting re- ports of an Improved demand for { December
14. Галуз
the year's high price of 3.38 cents a pound fob.
Mary stocks set new highs for Best the year during the day.
included performers
Kaiser Aluminium, up 3.13 to $82.75 a Market
action was coupled, share; St Regis Paper up 2,25 to with the advance
$58.25; National Supply 2 to $78, tracts, at London.
Of the 1,188 issues traded fo- plus buying by commission houses and brokers with foreign day, 561 advanced, 363 declined connectiona. what? offerings and 242 held unchanged. slackened. Best part of the day's
Yurk Stock netko took place in the last bond volume was $3,200,000.
American Stock Exchange quarter hour before the elose,
New
Exchange
In the sui market, dealers | volume was 1,420,000 shares. detected a slight Improvement
Consumer Interest, with fac-
Dow Jones
closing
torleg nåbblog Sput No.
$
were:
I was quoted Routally 34 so industrials
i cents a pound.
SINGAPORE
The market opened stendy tend
advanced on
LUAT LU1
uncond
at the prusselive strike by Goodrich workers at
Akron was off.
Lake Futures
There was [Įtte
40 tanda
World
A
were futures
Cars an
30.00
30.00
NEW ORLEANS
Prices of futures closed today As follows:
Spot
Ocluber
ac-
re-
December March May July Delober
A British refiner reportedly bought a cargo of Cubone of 8.39
ཐ parcel of 3.47 echts, averages Dominican raws
fab,
#1:30 Syria
was the creditext
buyer of Dominican, 512.90 or Can
rows at about the
Unconfirmed some bests,
100.00 67.91
181.47 ports indicated China bought, December
Interested in buying, Cuban refined sugar, Futurės:
was
LIVERPOOL
34.00
*
32,51
8268785
888-88
The cotton Association here today launched trading
+
*
POBIE.A
COMPANIES
PENINSULAR & ORIENTAL S.N, CO.
PASSENGER/FREIGHT SERVICE
Outwards "CANTON"
Lesres Londva Duo Hongkong 10th July
18th AuguĖ
20th August
"CORFU"
"CARTILAGE”
"ÜBUSAN"
17th
September
12th September
18th October
29th September 27th October
Via Southampton, Port Said, Aden, Bombay, Colombo, Penang & Singapore.
Homewards
"CANTON" "CORFU" "CARTHAGE" "CHUSAN”
Vla Singapore,
"SURAT"
20
rusin
(3)
15 ties
Nincs
le
Comun future price index Carson, sunt price inde » Money's
94.02 108.24 Or 18480 412.20
Contract No. 4 (world)
Closing Prices
Sept
3,38
in ធ
θεί,
3.37
Mor.
3.27
factory off-
May
3.27
Alden ke Any
* 20
July
3.27
0215-9234 Sept 012-819
Allied Chemicals Allied Mills Inc.
1172
Sept
3.27
347
Spot - (conts
рег lb tob
Alis Chalmers
new cotton futures contract,
Up to ΠΟΥ, the principal Liverpool contact has permit- ted only delivery of US grown cotton.
Cuba)
3.39
Det ungiited
Amertoen Airline
2011.
Au
110-87
Contract No. 0
From
Sept.
Noy, Mar. Spot-frents per lb. cif NY
ex-duty)
0.60 4.01 8,82
On the now contract growths Mexico, Syria, Nigeria, United East Africa and the
Blates will be deliverable.
5.00 United Press.
Growths other than American have been attaining greater im- portance in recent season's as
*
"SUNDA"
No 1 Ho per b Aug.
No. 3
Business on the Stock Ex- change this morning amounted › 10 $1,070,000
Noon quotations: No 2 rubber and the morning's dealings:- - No
Spot rubber untaled Buyers Keifers
Blanket erepe No
DOCKS, EİY
K Wiart
Dick Prov
Bites
23 Ind 240
"}}
421% 2,000 421 14.00 14.70 2014.00
1 pale erepe
LONDON
8733-08% | Americm Câble & Radio Corn
Aunerican Cynnaanite Co.
0336-0415 Ani. Mach. & Fdry
92-922 American Metal.... 73-79 Ainerteat Smelting 110-113 Am. Sugar Rel.
American Tel. & Tei
American Tob
Anaconda Qopper
The market was quietly steady with spot quoted at 20% pence
per 1b. Prices:
2011-21
Airco Beef
Armour
Baldwin-14ma-llan.
Baltimore & Oth
&ept,
Oct/Dec
Celanese Corp.
Sharry
to
BANKS
JK Ank Pan Asia.. INSURANCES
10
Union
tan
13
47
to
SHIPIANG
No. 1 Ras apot
Waterboat
23 00
Settlement house temi!
Bendix Aviation Corn. Benguet Cons.
...(New) 22.49
Aug.
2036-271% | Bethlehem Steel
16094
Wheelbek
0 201
030 2,000 2 9:35
2015-2731
Boeing Airplane
2014-2031
Borden (The) Co
Jan/Mar
2014-201
Burroughs Add Machine
423%
411
Apr./June
2434-2415
Canadian Pacifle R.
Genemi marketa, elf basin, purla:
Caso (J. 1) Lo.
3700 14:00
July
28-27
Cat. Tractor...
104
Aug. Sept
2041-2011 2014-201
1000 14.930
2000 52 14,80
CH
07 100+ 07
1.4712
10,40 1.50
1473
150 20,000 4 1,30 0700 @ 1.47B
1.60
1.09 10,004
1,00
"
...
24.60 24.70 1000 24.70
142 143 110 15
23 20.10
No.
3 rubber
190 141
110 200 A 200 210 20
No.
i crepa
5000 m 28.10
The results have left low tariff countries far from satisfled and the matter is due to come up ngain for discussion this week.
The Paris meeling
will also consider 1 number of other important subjects. But little is likely to be said
LAND. EN 10 Hotel
HK Land
tunnahreys Realty..
NUTRA
about con- vertibility, the subject which Amalg
has dominated recent
of the group,
tho
14.00-14.00)
132
meetings Trus!
UTELITIES Paris Jave already been made *Train for setting up
machinery Star Ferry which will come into operation Yaumati when the major European cur C. Light (0) fully rencies are made vertible. In the meantime these Light (N 22.30 22.40 1200 12240
Flectric... plans are in abeyance and the
Telephone.. 20 20,10 1000 20 has European Payments Union
1,200 2056 been renewed for another year from the beginning of this
month.
British Policy
con
The Brush Treasury took the opportunity last week of reitera ting their polley
con- vertibility. This it recalled was lald down by Mr R. A. Butler
last
on
September when ho
INDUSTRIALS Coment
... 391 D0% STORES, ETC.
...... $0.00 10.70 Craw 12 18.00
Dalry
Watson Lane
INVESTMENTS Yatte Allied XD.
400 8 10.00
Entate crepe thin July unquoted, Aug. 39. thick unqualed.
AMSTERDAM
The intriget was quiet, Prices closed today in guilders per kilogram, cit Aug. as follows:
No. 1, rubber No. 2 rubber
2. nom.
2.80 nom.
2.33 nom.
.10 nom.
United Press.
Singapore
Stock Market
C. I. T. Financial Corp Chane, Manhat. Bank Chrysler Motors
Colgate-Palmolive Co. Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oil of Dei,
Crane Co................... Crown Zellerbach Cuban Amer. Sugar Diamond Alkall
Dow Chemicals
Dupont de Nemours Enstman Kodak
El Paso National dan Erie Ralread
Family Finance Corp.
Ford Motor
General Electrie
Cieneral Fonds
General Motor Gen. Pub, Utli, Gatty Off
Gliddon Co.
Goodrich (B. F.) Co. Goodyear Tire
Hayden Chemient
the Homelake Mining Co.
Ingersoll-Rand
Singapore, July 17. Brokers today quoted 000 @ 10.00 following stock prices:
Satu Lintang Rubber Co
Lid
Inland Steel Co.
Interchemical Corp,
Int'l Business Machines Int'l Harvester
International Nickel
International Paper
John-Manville. Co.
Karana C. Power & Light
Opening
$1.30.
130
0.34
5,45 1000 @ 540
British Borneo Petroleum
Byndicate
01/31
Consolidated Tin
Ord
207-
Fraser & Nouve Lid Ord .. Fraser & Neavs 74 cuti
31.67
Int'l Tel Tot_
pri
Hongkong
Shanglial
Banking Corp ............
$420
2015 Ed
Hongkong TIN LAA KOK
0/0
Kempas Liber
fame Rubber. Estates Liù 075
$1.70
Malayate Breweries Fan*
$2.70
Now Sorandah Hukber Co.
Lid
Petaling Tin Lia
$1.75
轎村
mised to maintain te sterling London Foreign
exchange parity at 2.00 dollars
"either in existing circumstances
or when sterling is convertible.
Mr Butler then said--and the
Treasury has now rotiffimer
tint Britain does not contem
Exchange
plate any early move on any New York
"and i repeat uny"—uspecte the excharige, front,
of
Montreal... Amsterdam
furt But Britain's polley mnkera (MiZDY dré bol standing #il while "the Face
Kupesh arduous procesa of štrengthenin Others our internal and competitivo (Prom.
London, July 10, ... 270-2.70 11/16 2014 11/16-2,74%
· 10.004-10.041 1740-3747-
12.1012-13.181
Raffles Hotel
Bingapore Colt Elbrakte
Bouth British Insurance Co
Ltd.
United Engineers. Onl Wearne Broe
Kannecott Copbar
Liggett Meyers Tob, Co. Lockheed Afcetult Loews Incorp... Lono 'Biar Coment. Co, Loulaville à Nantivills" R. Lowenstein & Bon Mesall Iron & Corp. Minnesota Mining ....... Mution Developinent
1130 od | Monsunto Chetrikat Co.
Montgomery Ward- National Cash Reg. "A" Word Dairy Prod, National-Ja80, ETA National Btesi' Corp., 21 New York, Central" Olin Mathieson ...
$24.00
35.00
Dear Merrill Lynch:
Without obligation, please give me whatever information is available about these securities which □ I now own (please give number of shares), or which I am think- ing of buying.
*
Leaves Hongkong Dae Landon
24th Augurt
21st September 19th October
24th September 22nd October
10th November
#7th November
Bombay,
31st October
Colombo, Penang, Fort Bald
London. & FREIGHT SERVICE Joads 19th July
"SHILLONG"die 24th July 8th Aug.
"ADEN"
200
"SHILLONG#kada 16th Aug.
due 18th Aug.
"SALSETTE" due 23rd Aug.
Aden,
for Singapore, P. Swet- tenham, Penang. Aden. P. Said, Landon. Ham- burg.
Rotterdam Antwerp
from UK. from UK.
*
&
*
for Singapore. P. Swel- tenham. Penang, Aden, P. Said, Havre, London, Hamburg, Rotterdam & Antwerp
from UK.
from U.K.
BRITISH INDIA S.N. CO., LTD.
1250 A HUNDRED YEARS OF SERVICE – 1950 "FULTALA" dus 18th July
Balls 10th July
"SANGOLA" dus 20th July sails 21st July "SANGOLA" due 7th Aug
"ORMIARA"
fth Ave.
due 12th Aug. Balls 15th Au
*
*
+
*
from Japanı
for Singapore, Penang,
Rangoon. Calcutta
&
Chittagong
from Calcutta
for Jepan
from Japan
for Singapore, Penang. Rangoon & Calcutta from Japan & Shanghai for Singapore, Penang, Rangoon Calcutta Chittagong
P. & O./B. 1. JOINT SERVICE
"ORDIA”
Ene 24th July #all 25th July
duo 20th July saila 20th July
dus
4th. Aug. alls Sih Aug. duo 8th Aug. sails 7th Aug,
"TTOLA"
"ITRIA"
“UMARIA”
+
"IKAUNA"
dus 11th Aug.
salis j3ih AUS
*
I should like your recommendations for the investment of My objective is- Safety of capital, or Dividends of 4%-5%, or [] Increase in value,
*
Name
Address..
City & State.
Just fill in and mail to~
JOHN F. SULLIVAN, Manager-Overseas Dept. HK-1
Merrill Lynch, Pierce, Fenner & Beane
70 Pine Street, New York 3, N.Y., U.S.A. Cable: "MERLEAP NEW YORK”
One th 207 Calles
Be
from Japan - Shanghai for Singapore, Colombo, Cochin. Karachi. Basrah KhorramahATT & Kuwalt frosti Japan
for Singapore, Colombe, Bombay, Bhaunegar & Karachi
from_Karachi de Bombay
for Japan
from Karachi for, Japan
from Japan
for Singapore, Bombi
Barth. Karachi, Ichorramshahr de Kuwait
EASTERN & AUSTRALIAN 5.S. CO., LTD. "KASTEEN” die ist Aug from Austri "NANKIN"
Bih Aug. Salle Bth Aug.
from Japan
for Barcicari, Betabane, Bydr Auckland, Adelaide & Melbourne
All vestals have liberty to call at any poria on or off the routs à thè ronta & salling are subject
'to chango'ûr amendment with or without notice.
For full particaines apply to: MACKINNON, MACKENZIE & CO.
OF HONG KONG LTD. Telephone Nos: 97721 4
4