THE CHINA MAIL,
THURSDAY, JULY 19, 1956.
TRADE
and
COMMERCE
SECTION
SEARCH FOR OIL IN NORTHEAST HONGKONG Cocoa Marketing
PERSIA Experts Make New Bid To Locate Reputed Reserves
Teheran, July 18.
Persian oil technicians have begun a the large scale geophysical survey in northeast of Persia, not far from the Soviet border, in another bid to locate a rich oilfield reputed to exist in that region.
A team of 60, ineluding some į experts in the Persian Govern- American experts. will speed
several months
before moving on
on the survey
1 Baturhis
stan, in southeast Persin, which
is the next site selected for al exploration
National iranian
winch
The
Company.
merst
471
if To deny infields to British.
other or
prospective Ameri- similar
interests:
2
To exploit them them- iv, ancl
Was Cratyl
11+
D To use the
following of nationalisukumi
1951,
a
concession
uver
[
is the parent body
as political basis for ex- sponsible for the present survey,
Lending Soviet almed
developing at
"way the Perst national exploratists programme The only part of Persia which
However, since the overthrow this
will conipally
at The Mohammad Morsadea in present prospect
I the south-
Soviet August 1953.
influence This arra is being inside Persia has suffered one of western area worketi by the International
its greatest melbacks. Much, consorium which is extraeling
foot all, its former influence has reining and marketing the vast
Persia's ¡gone.
adhesion last of Persian odd by agree. October to the Baghdad Pact. bulk ment with the Government"
pro- Western alliance tranded by Moscow as "aggressive”
and Peolonialst", marks the lowest Lebb of Soviet diplomatic for- tunes in Persia since the 1917 Bolshevik revoli
This.
Much Closer
Headquarters of the survey now under
northeast way Persia is Babul, in Mazandarne Provime This small town some
100 inties Gortheast [ Tuheran, lying 20 miles frshere
from the Caspian const The Soviet border les 100 miles east of Babul, but marvey work will curry the teams much closes than that.
For
1
.
R
UK BEHIND
GERMANY IN
CAR OUTPUT
London, July 18. West Germany has taken Britain's place an the world' second largest automobile producer after
the
United Statem, it was revealed today.
During the firm half of 1950, Went Germany produced 431,000 private monthly average
Cars,
of approximately 72,000.
During the first five months of this year, Britain produced 330,000 vetdelen of the same type, with Branthly average of 60,000 canu-France-Presse,
WORLD
COTTON
MARKETS
New York, July 18. Cotton futures today softened in another session of slow dealings.
Small guise registered in the two preceding ressions attracted realising by local traders, New Orleans brokers and commission houses
Day traders covering stendied prices at the close with the list finished net 8 points lower to 1 point Higher Opening prices were off 5 to up ↑ point, New Orleans closed off i to 10 points. Brokers, spol interests and
It may be argued, why the Persian Government other trade accounts showed
little nowadays feels sumciently con- dent to risk Soviet displeasure
by embarking on an oil survey in an area which has proved so internationally sensitive in the
past
will start
or
the north, assuming that the Pre- sent survey returns promising information
Celals of the National Iran- 50 years, British,
Jan Oil Company state that it is Russian. French. Dutch and soon yet to say when. American
interests hase
it, drillin sought an oil concession in this
futhern Persia. purt of
AL- though it has never been proved. many vilmen believe that a vast underground oil inke exista Somewhere beneath the Caspian coastal stwif it is probably un extension of the Baku miñekis which belong to The Soviet Union.
учи соро
Baku Soviet
outthelds
Costly Business
more tho a curious routine market infere
10
Lu
Profit-Taking
Eased Wall
Street Advance
New York, July 18. Industrial stocks ran into profit-taking and eased today, putting a temporary crimp in the assault on the bull market highs,
Industrials had risen for the past 10 sessions before today's decline, which only shaved off a traction of the more than 5 billion added to market valua. tions since July 3.
The
- Outles, which set a 25-year high yesterday, and rullros stocks also last ground under the pressure of realising.
drop in the Industrial
exceeded
a point and with along
profil recent favourite Issues, such un aluminium, road buliding and chemical stocks.
average
occurred
laking
American Tulephone lost $1.36
Penn, Salt Cu. Procter & Gamble co Philip Morris
Ittainarah Pişte Glam Publicker Industeles Pure Oil
Radia Corporalian Republic Bieel sains Reg Paper Reynolds Metal
Sinclair Oil
Sucony Mobiloli
Bouth Puerto Rico Sugar Southern National Clas Standard Brande
Texna Co
Tide Water Amer
Union Phielle Ballway
a stare un news the company was planning to raise 575 mil tion through the biggest direct
stock offering financial history. At one times Rubber
CONUTSOTI
in
this blue chip was down $2.50, but it rallied from its low.
Near High
10
the
The market's recent upsurge had carried Industrial shares withun striking distance of all-time high in the Dow-Jones iniustrial average, set on April 0.
Industriale
down 1.04 points of 513.39. Railroads declined
to 168.70 and utilities casod 0.27 to 09.77. The Dow Jones
COMIDORİLE average of 65 stocks was off 0.30 at 181.80.
0.11
Anished
The Government's decision hot to extend its new
Panhandle Eastern Pipe Line, wheat export programme
cotton the spark-plug behind the re- proved disappointing somecent rise in the utility average, recent buyers. Colton trade retreuted more than 2. teaders intely have been press- lng for some change in the pro- sent government system of selling the cotton surplus for export
competitive bid basis.
has
Traders said the system practically
their monopolised business und reduced open market operations to the slowest
Even if sound evidence of oil | pace in years.
coming
ફ produced 111 the
Pending
de- more declsive velopments in the crop picture, months, drilling is such a costly Affair that much planning
the und
textile of
markets, #01 thought will have to 200
into other leaders continued to mark
rank among the most productive nancing the project.
In the world. L11
the Just HO
years, 700,000,148 tons of
bave been brought
to the sur- face in the Baku arra
Although output is now deckomg, it still
Ume.
The certifiented slock dc- clined 65 bules to 0,508 bales. Month Volane Open Mierest
777
Conguel was primarily respon- dble for pushing today's total volume to 2,530,000 shares, gain of 10,000 shares over yes terday.
✡
STOCK Board Policy EXCHANGE
(From Our Correspondent)
Bustness done on the Hong-
kong Stock Exchange this Morning amounted to при proximately $800,000. Noon quotations and the morning's transactions;
Sharon
Hk Bank
UnderwTllers
SHIPPING
Wheelock
Buyers Sellers
Sales
1700 90 1 1000
1000 of 2.20
212 / 92
BANKS
Union
INSURANCES
985
Lombard
47 089
D.10 920
1000 1
ᎠᏎ
401%
DOCKS, ETC
801
9
K. Whart Dock
91
#76
Provident
15
42*2
145 14:00
HK Land
001
$4.70 14 07
100
19
500
اعم
STEL
LAND. ETC.
HK Hotel
Humphrey
Reduced Output
New York, July 18.
The price policy of the Cocoa Marketing Board had reduced incentive to expand production in the Gold Coast and Nigeria and had apparently led to a reduced level of production in recent years, the United Nations said in a report issued here.
The report, covering economie development in Adrien in 1954- 55, said that hitherto African production of cocoa had been from smallhold- predominantly crs. It added "During 1953, however, the Agricultural Deve- lopment Corporation of the Gold Coast announced plans the establishment of a
661% cocoa estate.
for
GENERAL
ADVANCE
are IN LONDON
Between 250 and
£350,000 ia the
600 19 300 farmers have offered their 12.40 land to the Corporation which 3140) 10.80 2000 10.80s to Invest 147 1.324 10,000 B150 project.
2500 1.50
"Experts from
outside the Gold Coast are to run the farm 475 1,325 .873 1.50 15,433 of 1.00 and the profits are to be shared
000 1.00
equally between 24.19 ton
and
24:00 24.70 000
141 144
114
135
100
20
434 (C, Light (0) 2430 2. Light IN 22.20 22.40
Electric
32 2214 Telephime 13 00
20
110 220 24.00
the
the Corpora- farmers.
The
Cocoa Marketing Board Inlends to finance two similar societies, 61 m 22.10 | under the management of the 500 32.25 Corporation when land be- 200+ 20
comes available.
203
Really
Standard Ol of Cal Standard Oll of Ing. Standard Oil of N3
5716
RUBBER
604
Amalg. Trust
Sterling Drug Co Stokely Van Com Studebaker-Packard Comp Swin & Co.
UTILITIES
་ ་
Trom
I
Star Ferry Your Lot!
Oil
Twenty Century Fox Führ Union Chebkle
13
170
137*
***
1000 20.00
34
100 20
no
1500
01
200 20
217
1000 * 28.00
54
Cement
301
37
Cas
4BSTONES. ETC
2000 100
101 10,70 12.50 12 70
230 và ít. Độ
29
100 1044
50 0 20
€ 70
1.00
United Aircraft
VS. Gyp
US. Seukļting
U.S. Steed
Warner Bros
Westingliquae Electric West V* Pulp & Paper Woolworth
-United Prem
WORLD
RUBBER
MARKETS
New York, July 18. The No. 1 Rss Rubber futures contract today closed 15 to 50 points higher with rates of 125 contracts.
The standard contuel closed 50 points higher to 25 points lower with sales of nine con- tracts.
Closing prices:
July
Of the 1,180 issues traded 512 declined 419 advanced and 235 held unchanged New highs Sept were nel by 89 issues and new Det, lows by 28.
No. 1 REN
INDUSTRIALS
Dairy
Walsc
Lane, Craw
COTTONS
Textile Cop!
X All Nanyank
INVESTMENTS Yangtze Allied
800 4 25.80
25.00
Double Yield
"Through the use of improved
26.73 planting material and butter 33
7.30 8000 gr 7.00
7.10
0.40 3,20
London, July 18. Stocks
ad- generally vanced today on the Lon- don Exchange,
After a firm forenoon, buying quickened and brought numerous goina of a shilling and more in the main list. Borax high- lighted the industrials today.
Royal Dutch postect # new igh and featured a strong aft groups Advances of
two shillings or more
were scored
in British Petroleum, Burmah
Anglo-Egyptian “B".
and
South
Manchurian lleng led cultivation methods, it is hoped | Japanese bonds forward; Gar- that production on the cstates mans were quiet in a less notiva will be in the region of 1,009 | murket. lbs per acre-about double the
British Governments suffered present yield from smallhold- some neglect and finished with
small losses.---United Press.
Other references to the West African territories of the Gold
Coast and Nigeria in the report US Industrial Index
included:
CHICAGO GRAIN 1954 was eight per cent higher
MARKET
Chicago, July 18. Prices of grain futures were steady to firm on the Board of Trade today.
dropped Although prices during early triding, purchases of wheat and corn by cash and
dealers
pustied elevator 34.70 market to higher levels,
An upsurge of rye buying was 30.40 attributed to private reports from Winnipeg telling of extensive 34.20 damage to winter rye in Alberta 32.20 and Saskatchewan. 30.40
34.00
20.43
the
The moming sales in wheat 28.70 and corn futures were touched 28.10 off by reports from Washington that the Department of Agricul- followed the London ure was not considering an ex-
Now York Stock Exchange July bond volume was $3,940,000. Sept
American
Den. Stock Exchange volume was 1,000,000 shares.
Dow-Jones closing averages
Standard contract
Mar.
May
July
Sept.
were:
Prices
30 industrials
20 ralls
July <1
10.100
274,000
JA utilities
03
stocks
Dec
0,100
517,200
40 bondin
60.77 10110 $5.79
at
Mue
7,200
314,000
the
May
5,000
100,100
2,400
125,000
Com spot price Index Moody's index
Comum. future prico index
168.1
Del
Doo
31,700
Des
1,000
4,000
Foll
30,600
1.120,300 balco
Closing Prices
NEW YORK
* 20 115
To this respect, Persia, by her natuulisation act, has reduced the interest
of wealthy olside concerns who would have been ranks al or star. the top of glad of an opportunity to pro- Soviet of producers
|spect for oll and shoulder
provided that July
the ts.
would
If only a small fraction of inanclat burden, this output would be assumed to there would be reasonable 'pro- exist northeast Persia, efforts now being made be justified many times over.
Most Recent
the
profit-
Prices of futures closed today Alden Inc. Acy.
as follows: Spot October December Match May
But the law states that ex- ploration in free areas 19 now the euntry's own responsi- lality. This being s
sharing conditions do nol at From fear of offending wither tract the major o companies, the Soviet Union or Britain, or especially since large and proveni buth.
Persian authorities oil deposits in the
Judy southwest over the last half century have are being profitably worked by shrunk from granting concessions American, British, in northern Persta. At one time
French ol groups. documents were signed by Per- slan rulers and officials granting certain prospecting rights in the end
ed.
The
but Company Big Power rivalry moment
The most recent attempt
by
Dutch
National Iranian
and
October December
NEW ORLEANS
32.88-59erican Cable & Radio Corp.
Prices of futures closed today Anaconda Copper
Oil as follows:
is suffering #L the from a heavy manual
led to these rights being quash- detent of some £5,000,000. This
Just results
from chielly
the internal distribution company's programme. Oll distribution in- concession was made In 1946. side Persia is
the Soviet Union to gain
is the responsibility
Spot
Detuber December
Muret
Armour
28.10
holldays
513.30 trend. although netivity sise-
tension of its new export wheat 160.70 kened, reflecting the
policy to other grains. Singapore and Indonesia,
Quiet export conditions and a Factory buying in the physical full in the domestic flour market slackened
a practical halt.
quota 411.90 No. 1 Rsa was quoted nominally also affected
33% cents a pound,
to
AMSTERDAM
tions.
the carly Wheat closed up to 1 cent; soybeans off 1% to up 11⁄2 cents. CLOSING PRICES Prices per bushel in cents; Whens, No. 2, red 2.00 nom. Spot
The market was quiet. Prices closed today in guliders per kilogram, cif Aug. as follows: 20% No. 1 nubber
9431 100% quiet with spot quoted at 26% 30
Gold Coast output of gold in
than in 1953, despite the casa- tion of sales of non-monetary the fixed gold at prices above
but output in the first price. half of 1955 fell short of that in the same period of 1984.
Exports of bauxite from the Gold Coast in the first half of 1955 were below the level reached in the
corresponding period of 1954 but output Kassa Island was expected
between 450,000 and expand 600,000 metric tons In 1935.- China Mall Special.
American Tel & Tel Share Offer
at to
and
New York, July 18. American Telephone Telegraph Co. today announce it will expand its capitalisation by nearly 6 million shares which will be offered to stockholders on the basis of one new shere for each 10 held,
The
utility giant-largest business enterprise in privata the nation has called a special moeting of stockholders for September 7 to vote on on ZID-218% increase in authorised
common shares from 00,000,000 to 100,000,000 shares.
Allied Chemicals
Allis Chalmera
35.60n
2230
American Airline
No. rubber
2.53
July zidi
zi)
21075 2:4
No. 3 rubber
2.00
Sept
American Cyanamide Co.
1314
12.67
No. crepe
3.23
Nov.
god
32.44
An Minh, Út dry.
201
Mar.
310-14 22014 22194-36
American Metal
31.02
LONDON
May
Anterican Belting
30.87
30.60
Am. Sugar Red. Anectown Tel & T American Tob. "B"
The market
was steady
but
Corn, No. 2, yellow
Apot
100m
18415
123% pence per lb. Prices:
Sept.
1814-
77
Armco Steel
6144
10
No. 1 Rst spot
.... 20%-20% Settlement hours term:
Nov
12946-45
.
MAT
Aug.
2034-7
May
14811
33.40
Baltimore & Ohio
401%
12.12
Sept
2634-27
Rre
Benguet Cone.
Oct./Dec.
201-20% July
32.48
Buttchen Steel
250
Jan/Mar.
25-26-2011
Sept.
17014 150
Borden (The) (
Apr/Juha
241-23
onte
31.01
Surroughe Add Machine
30.92
July/Sept.
2412-24%
July
Canadian Pacife R.
General markets, cit basis, porta;
Seps
7016-10 7445
30.02
Cat. Tractor
July
30.03
Celanese Corp.
Aug.
C. I. T. Financial Corp.
LETL
Sept.
50!! parte crepe
Apot
Sept.
2034-27 Soybeans, No. 2, yellow 20-4-2013 2011-201 July
20456
250-1
| Colónbo-Palmolive Ca
thin Aug
ສາ
thick
Nov. Jan,
243-2431
2409%
26214-15
27 55
127
23,80
Barley Spo!
130-140
Mo./Apr.
23.00
Crown Zellerbachs
New York flour
May/June
23.60
July/Aug.
23.29
Cuban Amer, Sugat
200 tb, sack
$13.00
Diamond Alkali
United Press.
New contract
Dow Chemica
Oct/Nov.
24.00-15
Dupont de Nemours
23.00
23.35
El Paso National Gas
23.23
Family Finance Corp.
Мау July Octuber December
LIVERPOOL
Futures closings, In pence per Chase Manhat. Bonk
lb. were as follows:
Moscow made deal with of this company and while areas Teheran which it thought would near the southwestern oilfields guarantee the Soviet Union the can be supplied easily enough. Did contract coveted northern oil rights. In reaching
return
occupation
July/Aug Oct/Nov over a heavy
the remote northern for the evacuation of regions with oil tankera Soviet Army troops from Per-
bad roads constitutes stan
its soil, after
financial burden. during World War II, and also for relinquishing support of the Azerbaijan Separatiste, Soviet loader's obtained from the then Persian Prime Minister, Gayam- es-Sullaneh, a promise of
A oil concession to northern provinces.
cover
Small Field
But oll
in
found were an northern Persia and if it could Ave be refined on the spot into fuel oll, the saving to the nation- However, the Persian Majlis, alised company would be stiffened by United States back- enormous. It would turn П ing, refused to ratify the Prime major loss into a proft and n Minister's
on agreement
the the same time givo a useful grounds that it was made under stimulant to locul industry.
duresa,
On this occasion,
the Soviet
Dec/Jom
Dec./Jan. Ματ. ΑΓ.
May/June
Commercial Credit
Commonwealth Elec. Consolidated Edison
24.70-80 Continental Of of Del.
July/Aug Egyptan Karenk
"July/Aug.qqin 54,05
Official values in spot cottons Include:
American, 24 decline, including:
middle 1-irrels.....
30,00
inding 18/19th
20.40
Strat Jow middling
2 N
Mexicon middling, ke
20.00
SAO PAULO
Futures closings, in cruzolroe Union failed not only to get the company's only other explora" | per kilo were as follows:
Oct.
Dec
MAT.
May
July
Crane Co........
Rostians Kodink
Erie allroad
Ford Motor
General Electríó
- General Foods
General Motors.
Gen, Pub, Util Getty Oll
Glidden Co.
Goodyear Туто Heyden Chemical Ingersoll-Rand.
Inland Steel Co.
Interchemical Com
Int'l Business Machines
Singapore rubber prices were |Mar) unavailable-United Press.
New York Sugar Market
World
New York, July 18.
No 4 sugar futures
WINNIPEG PRICES
Winnipeg, July 18. Prices of grafti futures closed
ADV today closed 1 point lower to today in cents
1 point higher with sales of 131
Tho domestic No 6. sugar Out
per bushel as
follows:
Bait contracts.
Dais
July
2012
contracts closed unchanged
Dac to
1 point higher with sales 824 21 contract.
of
MAY
RJC
$10
07 Trurio houses were on both
July
Oct.
36.00
Int Harvester ...
zides of the market with the
Dex.
50.40
International Nickel
30.30
Int'l Tel_&_To!
30.00
Kona C. Power & Light
continued strength
1001 general undertone shaped by Barley 331 the
May
in
July
10816
30.40
130rawn -
Oct.
1051
6741
Dec.
101
MAY Flaxseed
10175
July
3101
- KONJ
May
2905%
Meanwhile
drilling at the 70 miles concession, but also lost Azer- south of Teheran, is to continue.
tion site, near Qum. baljan and failed to promote a Popular Front type of govern Oll has been found there but In very smail. non-commercial quantilles. More wells are to be This defeat was a resounding sunk in the hope of striking
In the US the average spot it Mayers Tab. Cu.
Lockheed Aircraft then one because first Czarist
price was 34.48. conte, Soviel statermen have tradition-richer bearing stratum. tolalled 13,220 bales.
|Press.
ment in Teheran..
oil
conceived the five north China Moll Special..
ally
Persian provinces of Azerbaijan,
Gilan, Mazandaran, Gorgan and
Kliorrassan, to be their sphere
of influence. These were the London Foreign
provinces covered by the abor
tive concession negotiations,
Britain's sphere of influence
In Porsin was traditionally con-
Exchange
belved as lying acrose southern New York Porain, between Iraq and India. Montreal
Main Motives
London, July 18.
*2,7415-2,744
Д
Kennecos Copper *\....
Sales Loews Incorp
United Lone Star Cement Co.
Louisville de Nashville R. Lowenstein & Bon
Mesabi · Iron," Corp, Minnesota
NEW YORK SILK Development
PRICES
New York, July 18,
Silk: futures today closed un-
Monsanto Charmslost Co Montgomery Ward Motorola "Ineur National Citati. Reg. National Delry Prod. National Land Natiőrsal Bleed. Corp.
changed with no sales reported. New York Central
Closing prices were
Frankfurt
1.
་་
Lisbon
101 80,20-80.30 Zürich
12478 36-12.1815 JÖV Others were unchanged
New York foreign exchange "Fates |320) were unavailable.
---United. Press,
Past Sovios manoeuvrée to obtain a concession have had three main motives according to
Deo.
Mar
•
[04,361 | 0156 Xiwowtoen, aign 23 - Pacífe Guan, BE KIND,
2630 | Pan: Amarjoan: Alewilys
4.Paramouni, Picjures
140236 | Parka Davis.
Penny 31 0,00
World raws move up other point to 3.41 cents a D3 pound, for Cuba, new high 103% for the year, Domestic raws
2216
firm and unchanged./
Conírsot. No. 4 (world)
were
Futures:
$150
July
11 Dept.
3.40
3.39
3.17 3.30
Spot:(centa per lb. fob Cuba) · 9.61
Contract No.
pot-tracite per lb. cif
ex-duty)
Wheat, No. 3, 1014 cents; No. 5, 141 certa-United Press.
Exchange Rates
Bushes was done in the local unoticisa eXORATING Inaricet; this 6.61 morning as the following malware, Biņa | UAB,, dəllar (pur DIDELIORE .5.31 | Bfartling "rotes (per (21) 2010.06
1.01 -Australian notes (per KANE
Indonesian rupiah (per 1003 18.20 75.00 | 'Mars: tids) (per,100) K (E90
Singapore - (Hiraita) Sandija
E the increase is approved, the
said it plans to company mail to shareowners on Octo- bor 1 rights to purchase the stock at $100 per share on the basis of one now share for each 10 hold.
About 5,750,000 shares will be involved. That would make | $575,000,000 available to meet
now
capital
requirement. ---- United Press.
Washington, July 18.
The Federal Reserve Bourd's Index of Industrial production for June s 141.-United Press.
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