TRADE
↑ THE CHINA" MAIL, THURSDAY, AUGUST 9, 1956. **!
and
COMMERCE
·
Lewis Attacks Hongkong-UK Rubber Footwear
US Federal
Maritime Board Reciprocal
Washington, Aug. 8, The United Mine Work- ers President. Mr John L. Lewin, hus warned the American shipping industry that Federal Maritime Board failure to the break-out
approve
of 30 "moth-
Government-owned balled Liberty ships to carry coal oversens "might warrant the re-vanping by Congress of the whole nuri- time policy" of the United States.
appeari
Lewis
before the Board on a diretor of the newly-formed American Coul Shipping Company, which seeking to charter the 30 Gov- crament clem.
ch
is
Mr Lewis said the vessels in the reserve feet were bullt with taxpayers mony,
should not be nell "for a rmatively small number of companies who Operate them fal weaker And put on back Di moli- balls when it an ogain."
Mr Ralph Cusy, President the American Merchant Marine Institute. JK
his <r.. Hunisation representing
a sub. stantial segment of the shipping industry wELS vigorously
ובאן
ор- to the TW concern's
application.
He tormed it a "hit-and-run proposition", with the under- lying purpose of subsidising the cool industry at the expense of the Government's reserve feel. China Mall Special.
Agreements
NOT WORKING AGAINST THE
PUBLIC INTEREST, MONOPOLY INQUIRY FINDS
London, Aug. 8.
A Government report recommended that members of a trade association who together manufacture more than half the rubber boots and canvas footwear sold in Britain, should cease a number of trade practices held to operate against the public interest.
aten
ita.1
Bud
WORLD RUBBER MARKETS
WORLD
COTTON MARKETS
१
New York, Aug. 8. Cotton prices rose sharply on speculative short covering near the close today after moving irregularly throughout the day on a higher than ex- pected government crop
estimate.
At the rice, the list ruled 13 to 30 points higher. The market three to eight higher 143
Orleans plesed 14 to 27 points higher
New
The market uprzed overnight
price Nxing bul all eyes were turned toward the crop eximate at 500GMT.
The report al, devoted colle
sau that The repræet
of the Provuable space to trade practices | Total Umired
1}} Kung sali Tulating to imports from Heng- | 1954 of Hongkong"rubber trot-
Kung
vutiinei Brud
reciprocal | wear, members at the importers between the A- Asciation recounted for 31 per
The markt eksed ui 1450- Hongkong Rubber rent by quantify and 57 per cent
GMT to allow for the estimate Protwear Importers here, theby value of rubber boots noul 06
with prices unchanged to seven Asociatio of Honghong Rubber
bell quantify per cent by
I reopened i Footweet
pouls higher. the value of cùnvos boolean Exporters
15150MT with priers nine Flegkong Ruides Manufactur-
The
lower to one blyber. report aided evidence or the Hongkong
The Departnunt of Agricul- Guvertinent as that the manu-
New York, Aug. 8.
ture reported the prospective cotton factisers and vaporless us UCÍA -
crop
for this your The No. 1 Ros
rubber: 13.522,000 bales tiona in ilongkong have been
This was well ning futures contract maintaining
Lulea million succeslut
..Other closed 140 to 175
lower with sales
contracts.
and
Autention.
רו
1/1
"The
The port
the next Bird Cha' | the Kisting arrangements
he facom the Association of Hong kong Rubber Footwear Importura
certain
explers, and heide which we have received As-oestion's restrictions on the shows that Hongling rubber adronssien
trends, footwear, thought on the whole Ce-prented or might be taxpected to!
not eqtini to the United Kingdom Coperate against the public
ist.
produet, a better than it was befor the wor and is generally
ope
"But," the report added, "it the regarded as good value at the
free." the repre units was Kreally extended, the pusolint should be re-examined
nitree-
US Domestic Picture
Buoyed
Investor Confidence
New York, Aug. 8.
Price Consultations
today above 12 D
#t
points anticipated by private concerns. of 136,
The report dropped prices lo net losses of as much as 50 regla. ja bule.
The standard enntract closel 115 to 175 punts
lower with sults of 19 contracts,
The ex condrnet closed 123 to 150 points lower with sales of 37 contracts
Closing prkets:
Trading was slow throughout the afternoon and prices firm, but the most distant deliveries rose sharply near the close on speculative short covering which met only limited offerings,
Certificated stocks: 5,437 bales, down 538 from yesterday. Month
Volume Opou interval
H,000 202.700
Detaber December
March
July-
No. 1 Res
The rupert, which ran to neus- ly one hundred puses, wow drawn Cup by a grup of members of the Monopolies and Restrictive Pres tous Commission
Nel
30-50
Dre
CHE 21
Standard contract
3420
May
May
July
Sept
Kex controci
Nov
34 15
Jan.
3375
as follows:
Spot
Mar
32.40
October
Mus
July
30 70
December
Sept
20.30
One of the main recommenika » Toons was that member Brms of
Rubbar Footwear Maaru- facturers Assocution should cease to suit one mother aixul prices and that they should be Free in magotiate special prices. wRb traders for lage orders
without notifying each other.
At present the Association's
be expected to operate.
report said.
price consiliens Sperate, and may
A favourite domestic economic picture buoyed investor confidence today and stocks surged ahead as much as $5 a share or more in moderate active the public interest," trading.
Glood earnings reports, a secure
of dividend inerves and a raft of bright repnomie forreasin overshadowed a touchy interna- tional situation brought on the Suez seizure
0
withi
There was a lack of dealer and factory interest in the market tortuy.
atid prices dropped sharply
profit-taking On
WWxi lower prices oversens, Spot No. Itay was quoted nominally at 36 cents a pound.
SINGAPORE
53,000
SECTION
GROWING
CONSUMER
RESISTANCE
New York, Aug. 8. A wider adoption of the recent stool wage settle- ement pattern may deeresa? profits of industries sefling consumer goods, believes the Jour.and of Commerce,
Consumer goods industries --because of growing con. sumer resistance to higher prices--will find is far more difficult to pam
on costa than those that sell their output to businean.
According to the Journal, it is taken for granted in the stool industry that re- cent wage increases will be abrarbed primarily by steel buyers and simuflarly situ- ated industries paying more,
The Journal double that higher fabour and material costa can be passed on fully If at all-by makers of care and consumer darable goods, textile and clothing and others welling to the ultimate consumer, Excess capuclly being built up by three industries is a major factor in diMoulty,~~China Mall Special.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
I
Volta River Project Could Be Undertaken
Montreal, Aug, 8.
Aluminium Limited of Canada have issued a statement here saying it believed that the Gold Coast Volta River project could be developed successfully, provided “it is possible to make arrangements for the financing and the division of responsibilities and risks which would be satisfac- tory under present conditions.”
The Company was commenting on the report of a commission which has been investigating the project.
Explaining is connretion with the
the Aluminiun project. Company sued this statement
"Cue of the ingresting porai - bilities that oftracted the coin- pany's attention after 1945 was in The Gold Coast, Here the under- developed power polential of the Volta River And the verby bauxite deptails, ail short distanor seaboard, offerv worthwhile development the sterling area
within a
of the Alantic premise of A
Rights Acquired
within
"In 1847 Aluminium Limited exten- acquired rights to mine Live bauxite SOLETHBRITA in the
CHICAGO GRAIN
MARKET
Chicago, Aug. 8.
futures
. Grain were steady
prices to easy on the Board of Trade today.
Favourable crop and weather news along with limited proces- nor buying
caused an early with losses up
market decline
to cents a bushel on some
grains. siarkened and
However,
short
selling covering
Gold Court and in 1949 secured bolstered prices generally. Jan interest Wert African
Selling in soybeans and lard was caused by high government crop estimates,
Almuinium Limited which was already investigating the Volta River development, the state- dded 1951 Aluminium hneri added
Limited and the Britich Alumini- France entered the export am Company Limited formed a mirket for 7,780,000 bushels of
m:ston Joint technical
which wheat and was reportedly reported
On the interested in buying an additional
2,570,000 bushels of the grain feasibility of the project.
"In 1981 and
Cem-later in the week. Stock morning amounted to approxi-pany toned in discussions with
the Governments af
Japan the United
also boistured the mately $1,320.000. Noon quota- Kingdom and the Gold Coast, wheat market when she bought tions and the morning's trans- and with the British Aluminium 1,500,000 bushels
the actions:
Company Limited, iv Company under which the
conrider Westem crop along with 1,250,-
000 conditions
bushels of Pacific
Business done on the Hong
kony
Exchange
this
favourably
the
FORD
الله
21,500
539,100
4,1
336,100
4,900
106.100
3200
125,000
October December Total
4,500
D.400
35,000
12.000 1,495,000 bales
NEW YORK
Stater
BANKS IK Bank
XD INSURANCES
Buyers Sellers
two
Const
BRies
Governments and the ecampantes harley. might jointly participate in
the
Wheat closed
1609 100%
up to 134
of % to 1%
Antony Foutard
DA
47
Bau 000
500
-
2000
3,15
Prices of futurgs closed today
March
MAY July October Duceniber
400-829HIPPING
When luck
NEW ORLEANS
Prices of futures closed today
us follows:
Spot
October
December
Murch
May
July
Octc ber
The trade didn't show mnich interest today and with pro laking in evidence prices sagged | Dcember until mid-afternoon when some
accoplanes from Lundon held
hין
Whart
Duck Provident
10
28
20 1680 "These discussions evolved
2000
3000
1000 "
plan
A cents; soybeɛna
cents. Futures:
under which private enter would be primarily cospcu- prive 9.75ible for establishing aluminium production with modern techni-
8.66 ques
8.50 ment, 8.05 would
woul
Wheat, No. 2, red
Spot
Nov of production end mrinage- while the Governments
undertake the
100 88 clectric power development and
Мог
32.60
32
33.00
22.12
Sept. 2152) 21394(L)
31.61
hydro-
MAY
DOCKS, ETC
July
|K
38
Corn, No. 2, yellow
B00
16
the public works and transporta-
Spei
159
34,350
14 14.20
31.12
31.92
401, 41% 1500
500
4213 14 100014
41
14 10
tion servlots involved. This plan was described in a White Paper esued by the United Kingdom
Sept.
147
Nov
13835-34
Mar
1432
May
145
3200
LAND, ETC
32.08
32.34
HK Hotel
14 HU 15 10
J
HK Land
07
100 03.30
| Government in November, 1952."
Forces At Work
July
14792
Ryc
Sept
13914
21 48
48
TOO
CO
Nov
13016-12
Onta
Sept.
2013 07
Humiliata
Really
20 20
The statement added: "Since
Nov.
143
1 470
2000 450
25.00
$000
24.20 RUBBER
23,80 An
1.636 1470 1.535
1,50
5000
7500 in 45 Beanst
1.45 | future of the Volta River project have been at work. The pas!
1052 several signi- forces bearing
Boybeans, No. 2. yellow
on
the
Spot
345-3405
Sept.
Nov
2384-249
241%
3000
23.60 Tru
25.00 LITIES
T
24 1000 23.00
four years have witnessed a con- tinuing inflation construction casts and more recer
recently interest cas rates have been rising.
Mar.
24419
May
2459%
Burley
Spot
130-140
200 de 100
200 lb. anck
$13.00
300 110
1000 * 23,73
Futures ekaings, in pence per
liber
Cum Co
13%
Cul
7425
Cebu Cump
CIT. Financial Corp Chrysler Motors
40
65% x
by
Colgate-Pulirudive Cu,
AZN
Commercial Credit
#2
Commonwealth Elec
Consolidated Edison
42
Middle mucket. $8
+7%
Continental Oil of Del
137
Crane C
3481
Crown Zellerbach
The members of the Associu- tion included the Dunlop Rubber Company, the biggest strgi manufacture: In
Britain, rubber fnodwear. Tie British Tyre
Hubber Company Linked, Greengate t
Irwelt Compay Limited, the North British Rubber Compzurv Limited, Pirelli Limited, Rubber Improve-
our Ratul sabine Lanitesi
LIVERPOOL
narkel untit Futures were;
The close.
W.
Cuban Amer. Sugar
10
No 1 Tubbes pár 15.
104-10 A. Sept 104%-100% Our unquod
11, were us follows: Uld contract
Orl /Nov
Dean
Slur./Ap
May/June
July/Aug
Dow Chemicals
77%
Dupont de Neinours
Sastre Kodax
U- DIS-00
1049-1046 #1-0
Dec./Jan
Mac/Apr
May/June
July/Au
123-123
and specialty
numeroUS
compani Enst operations led the Bigher. Gult jump and Shell rose $5.
Metal, aircraft issues also showed gains of $1 to $4,
Railroads improved but They Jacked the vigour of industrials,
The biggrat block wom 19,001-chore traded in Para- mount Pletures.
Total Sales
Total sales on the New York Stock Exchange came to 2,480,-
000 shares,
Exchange
On the American Louisiana Land & Exploration closed with a gain of $3.26, AL one time it was up almost 7.
Metal Rharon once again starred on the big board.
International Nickel rom up 3.25 and Homecott 2.15. Guins of 1 or more appear! Un Anaconda, Alcoa, Aluminium and American Smelting.
Automotive slocks Bo did steels, with Bethiohem and Youngstown up more than 1 each.
firmed
New York Stock Exchange bond volume was $3,000,000.
American Stock Exchange volume was 1,170,000 shares.
Dow Jones Were:
30 industrials
20 rolls
closing
average
El Paso National Gu Erie Railroad
Family Finance Corp. Ford Motor
Ge Electric
Puudu General Motors Gen. Più Cal Getly On
Ghidden Co
Goode 12
Goodyear Te
Horščake Mining Co. Ingersoll-Rand Ininn Steel Co
Intt Bus Machines
Interchtement Corp
Inft HaveATE
International Nickel
Jolms-Marville Cu.
Stewart and Company Limited.
The report criticised But the pubile Intarest" an understanding between the Arst-
21
Nu. 2 rubber por ib. Aug. 00-100
Na 3
14
IM
No 4
No 1 apid rubber
unabled
24 clafin's members net to change Chale prices during the currency
of a suba.
Blanket repe
No i pole erepe
LONDON
New Contrzet Del. Nov
Egypılan Karnak Nov Dec
SAO PAULO
כל מי
21.4
53.70 Yummati
155 15
2340
TOD 110 100 100
62.80 Light (0) 2070 23.80
"These clements have affected
the attractiveness of the scheme 4000 23.50 30 that on the 1952 framework 1400 or 2%,70 500 23.03
the prospective return on capital 23.90 in the proposed aluminium pros 21.80 ducing company now is sub- stantially lower than estimated
at the time.
100 # 30.15 developments Aluminium Limited
3150 23.50 continues to believe that the Volta
could project
be developed provided is pasal- successfully, 1000 24.20 ble to make urnongements
New York flour
***United PresS-
Winnipeg Grain Prices
Winnipeg, Aug. 8.
Prices of grain futures closed
y la cents per bushel
follows:
C. Lab N 21.20 2100
BOIL
04
TOOL
484
30
It also criticised the collective
W08
3314 selectims by the Avociation of 3711
1.
Feturca closings, in cruzeirus per kilo were as follows The market
casier with Aug Dof spot down 1 to 30% pence per Dec.
Prices
18,00
34.75
38.70
Mac.
vaquoted Electric
DA
Settlement house terni
307%-31
3072-801
Mary
ungunted
July
nquoted
users of their products, such as 781 certain firms, entitled to specia! No 1 ss got
terms, as well as the operationsept.
04
79
071
Jus/Mat
in the US the average price of 300 cotton midding one with at 14 Telephone.. enly-zofi 27-27 designated spot markets was 33.09 unquoted cents. 'Sales totaled 13,861
boles. ----United Press.
of a dasalied Let of traders Get ther antifled to wholisaje prlees and
Apr /June D034L berms.
July/Sept.
General markets, elf baris, purte:
301-30 2912-30 2016-201 Fesate crepe thin Aug. 97 Segil. 37
thick Sept. 35
112
The report recommended that 130 these praellers should be
4 Aug Sept continued. —China Mail Special.
International Paper
Int'l Tel & Tel
314
56
Karwan C. Power & Light
Kennecvil Copper
140
0712
gett Meyers Tob. Ca. Lockheed Aircrari Loews Incorp Lone Blar Content Co. Louderville & Nashville H. Lowenstein & Sure. Mewabi Iron Cap Minneola Mimos Minion Development Monsanto Cherrilcat Cn. Montgomery Word Motorola Inc. National Cash Reg. "A" National Dairy Prod. National Steel Corp. National Lond
New York Ceptent
Otis Elevatoru
| Owen-BKnola Ginan
Pacific Gas & Elec.
Pan American Airways
Paramount Pictures
Parke Devin_Co.
42
122
74%
London Stocks
Find Support
London, Aug. 8.
Stocks found support today aflor yesterday's sharp break on the London Exchange.
074 closed with net gains but interest
was insufficient to maintain the best levels,
Oils were marked higher at
opening.
but closed
with
small losses in the majority of Listars.
#2
10
314
33164
Penny J. C. Ca.
Philip MurTIS
应
Procter & Gamble Co.
Piturburgh Plate Glam
618.74
Publicker Industrien
Puro Oil
467
35 willen
DS stock
103.31
02
Belected industrials met de mand with American favourites moving higher.
40 bonds
Reynolda Metal
200
Comm. spot pilee index
Baint leg. Paper
Moody's Index
410.00
Sinclair 11
cn a Arm Arm
03h
Secony Mobiloll
Rubber 87 irregular.
note but
Closing Prices
South Buerto Rico Suger
Southern National Cas
Southern Railway (Com.)
42
Blandare Brands
Alden Inc. Acy.
1104
Blandard Oil of Cai
111
Standard Oll at ind,
Comm. future price index
Allied Chemicals
Alla Chalmara
Amerison, Airline Am. Mach, dry, Amarican Metal Ateerican melting Ani, Buxar ftet. American Tol 42%) Amerionn Tub," "3"
Al Anacónda, "Copper
Aimeo. Steel
by Aimeyr
Faldwin-Lima="{a}, Hallimore & Ohio" Bendix Aviation Corp. Boncust, Cons.
168-2 Radio (rporation
21.09 Hepublic Steel
Rhell Oil Co....
Standard Oil or N.3.
PAT Sterling ..
Both
Bitokely-Van-
suusekar-Packard Corp.
wit& CD...
Texas Co.
109 Tide Water
Twenty Century Fox Film
Tas Untory Carpide:
Union Prifle. Hallway
2015 United Aircraft 1-5T UD. Qyphun
Utd Tubber LABIL LUA. Smetting 107 Sarner Bros.
Woolwor
Oct
The
AMSTERDAM
markot WOJ steady. Prices closed today in guilders
August
per
kilogram, cli
follows:
No. 1 rubber No, 2 rubber No. 3 rubber No,
crepe
New
07
2.39 buyers
New York Foreign
Exchange
England offtriat
2.65 buyers Audiralla
2.78 buyon
3.60 buyer
United Pr
York Sugar Market
New York, Aug. 8.
New York, Aug. 8..
2.7.7. 4 2.74-2.70 wgficial 30-dav futuros 2.77% 10-day futures 2.763
New Zeland South Africa Argentina
222-13/10
2.77-7/10
2.78-13/10
.0335
United Press.
London Foreign Exchange
London, Aug, 8.
27816-2/18 2.31 2.3% 10542-10.6614 -139 2274-130.37 39.30-19.304 21,8042-11.87); 3749-1760 09116-00211 14.4096-14.30%
3300
1000
500 u 21.00
600 1140
30
314
300 e 31.28
100 or 31
foregoing
31
"Despite
the
24.00 24
2000 24.20 300 or 24,00
Oatm
Orl.
2300 a 24,70
for
Dec.
INDUSTRIALS Cement STORES, ETC Dairy
Watson
15
13.00
11.70
10
500
15.33
the financing and the risks which would be satisfactory present conditions.
May
under
Rye
Oot.
300
10,00
Dec
May
1000 $ 79.40
Barley
001.
Dec. May
1073%
103)
324
Lane Craw INVESTMENTS Yangirze
..
1000 or 0.75
Singapore
Fired
Oct.
Serious Interest
“Aluminium Limited has To- cently confined to the British and Gold Coast Governments its serious interest in the Volta Riverproject. The Bnancial prob lems involved ar: being studled and, with the
Co- possible
May World Bank, means may be found of carrying forward this project to a success-nounced ful completion, once the
Gold Brokers today quoted the fol-Coast has achieved independence wheat prices effective tomorrow.
within the Commonwealth,”— Opening China Mall Special,
$1.00
Stock Market operation of the
Singapore, Aug. 9.
lowing stock prices:
$2.87
|NEW YORK METAL FUTURES
New York, Aug. B. Prices of metal futures closed today in cents per lb. as follows;
Batu Lintang Rubber Cn.. Lid. British Bitco Priroleum
Syndicate
Consolidated
Smelters Пл
Ord,
France de Neave Ltd. Ord. ... Fraser &
62/0d.
20/~ $1.00
Nenve 75 cum
pret
25.00
Hongkong & Shorghini Bank-
ing Corp
Honkon, Tin Li
Brad
Kempen La,
$1.72
Blockholm
Other
Lunas, Rubber Estates Lid. ....... Malayan Brewerienjua
010
Lead
Aug.
were
unchanged-United | New Berendah Rubber
Co.
Bept.
Ltd.
$1.77
Tin
Petaling Tin Ltd.
23.10 Aug.
Ramon Hotel
Bept.
Sinapore Cold Storage
31.43
Zino
South Drikah Inguirustee Co..
AUR
Ltd.
4.50
Sept,
Buraits Tading
824,05 Copper
Burnite Beamship
813.10
Aut
United Engineers Ord.
0.70
Sept
Weemne Bros.
$2,24
cumdiv.
China Mall Special,
World No. 4 sugar futures
Now York today olored unchanged to one Montreal post higher with sales of 70 Amsterdam contracts.
Arusegis Eupenhagen Domestic No. sugar closed Frankfurt Gold shares
were quiet and unchanged to two points lower Milan
Parin easier. Copper issues started with sales of 18 contracts.
finished Trading in both contracts was Zurich
Last night's increase in and teal quiet.
domestic sugar quotas brought shares were quiet.
British Clovernment bonds small selling into the domestic active Small but steady contract, while Toetatly
sugar in the buying led to fractional gains sales of Cuban
helped firm throughout the group at the world market
world, futures.
were firmer.
close.
Dollar stocks closed" mostly lower-United Press...
MEXICAN COTTON
PRICE FIXED
Mexico City, Aug, 0,
1.
Futures;
Contract No. 4 (world),
#pot-letni pae ibi fob Cuba)
The "betale price of ginned set, cotton was fixed at 3B:8 cents. per kilogium (2.2 pounds) / fpe} tax purpostvorby The Shance. Ministry fadny,United Press
NEW › YORK - OIL AND SEED
New York, Aug. 8. Prices of cottonseed oil futures closed today in icenta per lb, as follows: Bept.
7-xd;
Exchange Rates
"Milginyers' was done in the 1473; sanomeini exoliange `market :44:00)) drafting at the following rates!:
Starting notes (per, #1) Indonesian rupiah; per 100); Siam tical (per), 100) (averi, „Singapore”.... (Stealta),you) DRE
Copra was quoted "at #158 Pikort i ton, dit. Pacifio, Court cocoanut off was 11% dents
perib.Unived" Press,
Doc.
Canadian Wheat Board ari
no change in export
|-----Unitéd-Press.
LONDON METAL PRICES
London, Aug. 8. Prices of metals closed today in sterling per long, ton as fọlụ lows:
Fin 16.15% Boot
15.15b
2-month
Copper
DALOOD
Spot
97.23b
· 3-month
Lend· Int Emil
13.02.
Aug.
13.021
Now,
Zino ist hale
39.841
Nov.
Voiled Press.
mut the finger an, Pahile Enony
LOVEJOY
774775