TRADE
THE CHINA MAIL, TUESDAY, AUGUST 21, 1956.
and
COMMERCE SECTION
JAPAN DRAWING HEAVILY US FOREIGN
WORLD British Govt ON STERLING
RUBBER
MARKETS
New York, Aug. 20. The No. 1 Ro■ rubbor futures closed unchanged to 20 points higher sales of 47 contracta.
with
The standard antinct clewd unchanged to 20 post higher with sales reported.
**I
Bonds Show May Have To Use
Strength
London, Aug. 20. Strength in British Gov- ernment bonds featured a of generally firm session the
London Stock
Ex-
reasonable
In
10 The Suez Canal
buying sparked Sections. Advances
Dollars To
Purchase More
British Government Suez
10
thom
11
more shillings in War Loan and about
change today.
Hopes
for
No. 1 Rss!
Sept
Jo BA
solution
Dec
34
problem
Standard contract:
several
Hept
2450
$300
Artiy
11 25
tanged
May
3023
July
29 70
Seit
24 73
in Old Consols.
Rex contract:
Sept
354N)
Nov
31 A0
were group.
Jahi
Mar Bas July Sept
2010 20 10 Pre jented to rotten after u
from taking a cute at 1, Landon 4110 bending Further Sucz developem klas
the 172 situation.
Emily Buyere also were dis- Appointed by the continued in- villerener
farty buyer till operated on hand-to-mouth basis, making Sput mostly Dilin purchases, No K held unchanged at 35! #
43
SINGAPORE
21
was quiet and Ftu༣TH ༢. Chane was mamy fur Sowet
There par heular tretsk
St
Future clenogs were
No 1 subtus ber Ib
Septent
October
Navendar
No 2 rubber per il Bepi.
No 3 ruben er iv. Bepi
Was
11)
Oils and industrials generally Royal Dutch were neglected. maunged a fractional gain while
British Pedroleum and Burmeh
small losers in the
o
ง
ROLLS-ROYCE OFF Leading industriala dawdled most of the day, although a few gained small fractions near the
Rolls-Royce was clure. ensuraliy. Off about two shillings, and Borax deferred came under the.
Suez Canal shares were active and lower, yielding about to close at £80,
Groek bonds
help from gat speculators and the seven per cents added more than £1 on at improved outlook in Cypru Other foreign bonds were quiet small axcept for
declines German liene.--United Press.
Day London Foreign
974-08
unquoted 1994-05241
9414-04
No 4 rubines per tb Sept, 91-93
Sul rubber tabuled.
aslanket crepe
Nu 1 pale crepe
LONDON
The market
was
174-05 70-7714 117-119
VIJ
quiet will spot quoted at 293%
Prices:
Settlement he termi
New York
Montreal
Amsterdam
Brussels
Exchange
London, Aug. 20.
Copertingen
Frankfurt
Labor
Milan 201-2916 Paris
Stockholm 29-293 Zurich
Öthers were unchanged, 2011-20 2732-20 2746-2714
pence per th
No. Has apol
Sept.
Oct/Dec.
Jan/Mar
Apr/June
Aud
Sept.
bri
Estale
crepe
Asig sellers Sept. sellers thick Sept.
2014-201 28-28
3316 37**
General markets, el basis, porta:
AMSTERDAM
The market was steady, Prices closed today in guilders per kilo- Eram, elf September as follows:
No
1 Tubber
Nu 2
rubber
No
3
rubber
Nu
I crepe
2.78 DAIL
2 73 pald
2 67 buyers
345 burers
-United Presa
2 782-2.701 2.12-2.3281 10.04% 10.011 139.10-130.10
10.34%-59.38? 11.6875-11.00 20.10-80.20 17421-17431 2011-08142
24 4035-14.40R 12 17-13 (7
United Press.
New York Foreign Exchange
From RONALD BOXALL
London, Aug. 20.
A good deal has been heard since the crisis broke about declining confidence in
is worth sterling. It remembering, however, that this question of confidence would never arise if the pound had not regained a large measure of its former character as an international
currency.
The prevent pound difTers
further Japan will baye held a from the prewar pound in Che rand of talks in the series of important detati: à not fully conferences called for under the convertible into d liars. But it ut the Anglo-Japane 12
ik
pot generally realised how small this difference has become in preetiee
Picelenily every country In the world that is not a member of the sterling area or the dollar arce is entitled to use sterling lo finance their trade with other non-sterling
COUNTRIES. countries are known as tran trably
countries and then sterling readily convertible into any other cur- ency ncluding dollars on caly slightly Jos lavourable
for
Ja
than the prevailing rate,
payments agreement.
One of the main toples of dis- (ussion
at these
will Laiks no dubt be the sudden reversal brem a surfeit to a near-shortage in Japan's
position sterling
INVESTMENT
Washington, -Aug.-20.- United States
foreign invertiments rose by nearly $2,500 million last year anË there (was) në gain, of $200 million in foreign fanforžej mainly in Britain, France and' Germany, 11-367
Announcing – „khla, the United States' Clovermñend mid that added, U§ money put tuto the petroleum Intiptry in Europe nearly 100 mfillan.
The Comerço Depart4 estimated that the vahem of privaté foreign investments at the end of 1886 amounted to $29,000 million, the largest part
of
which-$19,000
**
million being direct investment
foreign branečen and subeldiaries
of United Sister companies, --Chins Mall Special
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange this morn- ing umounted to approximately $303,000.
Noon quotations and
And already there are reports that Japan wit Bak for 11 sunilen to be dealt with by the the morning's transactions: These
same moms by which is pres
Bbares Mayers Bellery VIÐUN sterling hacen langge
BANKS was
1030 1040 IK Bank solved.
East Asla INSURANCES
ACEAS
Heavy Drawings
finance
#f transfer-
'Swap Deals'
Katri
3000,
喝
244
Union
Embard
+1
SHIPPING
Wheelock
0,55 a.
DOCKS, ETC.
RUBBER
K. Whart Dook
(0) 13.90 14.20 Prov the
LAND, ETC. IK Hotel.. 13.20 18.30 800 1520 1000 18,30 HK Land..
68 00 1000 « 6 Realty
1.45147
# 4)
Amat
1,4235
1.50
INTELITTERS
These involved what
were known as "swap deals" under which Japan deposited dollars in London and borrowed equivalent amount of sterling on the understanding that dollars could be redermed for sterling later.
the
Th's 201t of measure served a
Wall Street Stocks
י י י :
Take Late Setback
New York, Aug. 20.
Stocks took a sharp setback in a flurry of late selling which climaxed a day of progressive but slow decline,
Listed
Radio Corporation Bepublic Stool Reynolds Motal Shell Oil Co.
value of all shares. Pittsburgh Plate Class
Publickar Industries was cut some 1.5 billion on steel Pure Oll slocks, chemicals, oils, metals, aireruits, motors, raits and utilities all suffered losses of a point to more than 2 points.
The selling turnover for the day was 1,770,000 shares.
The
91%
Singapore
Stock Market
**- !Singapore, Aug. 31. Brokers today quoted the
| following `stacie prices, r
Nabber
Co.
Opening
$1.02
Batu Lintang
Co. Lid, Britishy Встре Petroican
Consolidated' T
Ord
Hme
Shanghai
Frate Neave Ltd. Ord
user & Neave 15% cum. pres
Rongkong &
Banking Corp,
431% Hongkong Tin Ltd.
524 Kerman Ltd.
70% Luna Rubber Estates Ltd.
Malayan Breweries
osy
Baint Reg. Paper
54
New Berandah
Rubber Ca.
Sinclair I
0013
Lid.
Bocony_ Mobliol
60
Petaling Thi Lid,
Bouth Puerto Rico Sugar
274
Rames Rotel
Southern National
37
Singapore Cold Storage
on
Southern Railway (Com.) Btandard Brands
44
Boull British
30%
Lud.
Stealty Tending
London conference the Suez Canal and the opening standard Oil of Col. of the Republican convention in standard Oil of Ind. San
for rome Standard Qt of NJ. Francisco made
F'era Rosk (Toronto Ex) hesilution and some of the buy-Styling Drug Co. ing W14 ascribed to fears of Stoke-Van Camp. further
movea toward credit | Studebaker Packard Corp.
Swatt & Co. tightening.
Toxos Co....
Tide Water Asm. Oil
| United Adrownft
A further Incrumb in the Twents Corsary Fux Film discount rate is rumoured in Union Carbide some quarters. Commercial Union Pacific Railway Credit. a major sales Anance US, Cypern сопрану. today announced a US. Line Co. boost of 4 percentage point in Rubber
U.S. Smetting its rate on commercial barroW-UB. B ing.
Warner Bros.
$9.00
Insurance Co.
Straita Steamship
Unlied Engineers Ord.
Weirne Bros,
sexdly,China" Mall Special.
LONDON METAL PRICES
London, Aug. 20.
Prices el incials closed today Bats fin sterling per long ton 094 follows:
7015 0142
703
AS
2744
Buyers Sellers
6712
Tin spet
601%
3-inonth
Copper pol
-United Press.
5-100th
head and half AM
Nov.
29153 116 113
Industrial stocks wore cut 4.55 Westinghouse Electric
West Va. Pulp & Paper on average to 511.24.
Woolworth
Of a total 1,131 issues ap- pearing on the tape, 703 were lower, only 216 higher.
were
Steels Hit
Among the industrials, sleeja
hard particularly
hit although the industry today re parted operations back ground 95 per cent of capacity for the fret time since
early Youngstown Sheet & Tube lost US points and Bethlehem, Stect and Alleggeny Ludlum close to that amount,
June,
Oll losses ranged more than 2 polmis in Gulf and Getty Oll, nearly 2 in Honolulu and more
600 0 41% than a point in Royal Dutch end
Texas Gulf Producing,
Chreyler last nearly 2 points, General Motors as UŠ Gypsum, Timken Roller Bearing, International Salt, Goodrich, American
Products, 2
Home
Tram 04.20 24.30 1000 g 24.30 points, Pitusbugh Consolidation Star Ferry
Coal, Corning Glass lost Youmati
One country that has recently been u large wer able sterling is Japan. In fact, it has been draw.ng so heavily sterling tu reserves of
wade outside the its dollar areas that its problem has useful purpose when the danger that Japan's shortage of trensformed
low was
C. Light (0) 24.10 2930 em- sterling would crippte its trade
400 24.10 month hom one of an
with
isen. the sterling
But Light INI 211 2100
Flocerie barcossment of sterling to one of
"231 1560@ ̈ ̈ ̈ financial circles
London in
Telephone a potential shortage.
would opptee any repetition of the present "swap elreuinstances. Bre
been
£100 million.
in
E
deals" in
Up to April this year Japan's holding of sterling were around
Now they down to about £57 million.
It is pointed out that Japen This happened inspite of the
hay karyo
of dollars draldinegs balance fact that Japan's
of
sho and if she wants pounds In the fret rave should
obtain them in the #02-10/042yments
this of 1-otis
showed year
normal way by buying them. that receipts and payments of Other countries have to do it;
in balance sterling
why not Japan? about £200 million each
New York. Aug 20
2.78
Canada Kreland ufficial
44
unfficial 30-day futures D0-day futures New Zealand
South Africa Chile Uruguay
Hongkonst
3.65-2.67
1.78/10
2.77-3/32
277-110
2.70
.002)
So
Su
2370
.1340
run
- United Prog
twven
US Cotton Futures
Resumed Last
Week's
Rally
New York, Aug, 20.
Nearby cotton futures today resumed last week's rallying tendencies, but activity dwindled on the upswing.
textile Moderate other trade buying, in face of light hedge selling and realising. Oct. shape the trend.
mill and Mar.
July
8,200
May
B700
$200
347.000 180.100 131,100
1,400
10,700
1,200
21,000
00,300 1,330,100 bafes
NEW YORK
Less favourable crop accounts from various sections of the belt, stressing hot dry weather de- with shedding and other terioration, also proved induen – tial.
Dec.
Toisi
were
the obviously
But Japan has
Watwork
137
100
1000 822
point.
*
New York Stock Exchange bond volume “Wax: $4,050,000.
Amorlean Stock Exchange valume was 750,000 shares
Dow-Jones closing averages
were:
15:02 Industrinis
Exchange Rates
Zlue 2d half AVA.
Nov.
United Press,
NAMESAKES
Ehastries WILE done in the local unofficial exchange market thum Morning at the following rates
4.04 Ua döllər (per $1)
10.03 Answers-1 Romance, 2 Itly, 12.303 Memoirs, 4 Alfalra, 5 Adven 27.30 ture. d Jacepa, 7 Lover, 8 Ladles.
Casanova.
Sterling notes (per £1)**** Australian notes (por £1) Indonesian Tuplati (per 100) Blain lead Aper 1001 Singapore (Rjxwith)
20 20.20 1000 (N) 200 Conten
95.70 30 STORES, ETC. Dany
10 10.10
14
500 # 10 200
10,10
511.24
4.10 4.36 1.00
20
rails
154.01
INVESTMENTS Allied
16 utilities
70.11
05 stocks
180.00
4,90
5 500 4.30
40 bonds
$1,20
Comm. future price index
100.33
Mordy a "Tider
Comm. spot price Index
104.35
*
43.70
*
COTTONS Taxtiles Nangang
shown itself CHICAGO GRAIN
way: country's stering reserves have I be very reluctant in the past to use trade be-dollars to down becaLISE
There buy pounds. the sterlinal Japan and
was indignation as well as dis- rea
running heavily in favour appointment in London when to of the Latter. ka Eucl the deal with a previous shortage of Japanese authorities are satisfied sterling Japan borrowed sterling that this trade
is expanding from the International Monetary
Fund quite satisfactorily,
instead of using dollars One reason pul forward for
to buy them. the fall in Japan's sterling 10- sirves is that Japanese
sirves
nessm.cn
busi-
are now increasingly paying cash for sterling imports
Buy Them
MARKET
Chiengo, Aug, 20. futures prices were at the close of the
Grain irregular Board of Trado today.
Corn, soybeans, and cats were fractionally at either side of the close, Wheat showed previous modernte gains.
Rye continued its upward
Closing Prices
Alden Ine. Acy.
Allied Chemicals
Alllest. Alle Inc.
Allis Chalmers
American Airline
19.00
1,03
PO B·IEA
COMPANIES
རྞ་
· PENINSULAR & ORIENTAL S.N, CO.
PASSENGER/FREIGHT SERVICE
“CANTON" "CORFU" “CARTHAGE** *CHUBAN"
Legyes London
Sadded
12th September
18th September
Due Hongkong
En Port
17th September
29th October
17th October
Via Southampton, Port Bald, Aden, Bombay, Colombo,
Penang & BIRRADOTA,
Homewards
"CANTON"
Amer, & Foren. Power
"CORFU*
*
American Cabin & Radio
Corp.
American Cyanamide Co. Am. Msch. & F"dry. American Metal
American Smelting
instead of 19 previously by There was every reason when trend making gains of around American Toh. B
of
Baldwin Lima-lam. Baltimore & Ohle
Today's Annes Steel
Anaconda Copper means
short
short 2 to 3 cents per bushci. lem credits Japan
desperately was
ckso set season records for all Armour ex: This is of sterling to introduce from British banka.
vo deliveries. measures to help it ye natural development in view of ceptional
Tho the rise in British interest rates overcome the difficulty. But now
balance which coincided with the foll in that Japan's
of Japanese rates.
ments had improved and
reserves
the
British View
between Japan and the
s
were based increases in ry Bendix Aviatios, Corp.
усто
last
Benguet Con
Bethlehem Steel Boeing Airplane
Borden (The) Co. Canadian Pacifa H. Broughs Add Machine
on the extremely low crop report recently issued by a private firm. The notice But it cannot wholly explain
Japan's sterling orca is back on a sound footing actor would be only 7,300,000
said that Canadian rye pro the fali
authorities rad
Japanese the British
Care (31) 06. authorities claim to be at a loss probably tall Japan that it can bushels compared with
Coleness Corp. not be treated any differently your's arop of 13,000,000 bushes, Cat. Tewater to account for the decline.
from other countries, If has The spring drought and sovare 15: Financial Corp.
binned for the Chan Marshal. Berik pounds and it has the means to
Winter
Chaveler Motors .......... pay for them it must buy them. decrease.
| Climax - Molybdenum The export market was active, Colgate-Palmolive Co. London Express Service,
1,805,000 Commercial Credit Bypt
purchased bushels of US hard wheat for Commonwealth Eleo,
Continental Of. of Del. from Gulf ports.
Crane Co. Wheat closed up 1 to 12 Crown Zollerbach ents: suybeans unchanged to Cuban Amer. Suger up. Futures:
Wheat, No. 2. red
beck
holding a New York Sugar Art and September shipment Core Edison
obsorvers, British
however, see a ready explanation for it. Japan's dollar
there has Prices of future, closed today been Increasing
10 need
for it to
Use as follows:
34.35 sterling to finance its trade with @pat October
33.00 dallar countries. The only December
33.50
therefore, possible explanation, 3323 or the missing portion" of the March
33.87 for May July
3121 fail in Japan's sterling reverve 31.44
is that she is using pounds to December
31.49
pay for her imports from other non-sterling countries.
Covering operations in October coincided with a further decline of 887 bales in the certificated October
of 8,593 Mock to a new low bales.
NEW ORLEANS At the cose the list ruled 4
Prior of future» closed today to 14 points higher. Opening prices were up 2 to 13 points. follow
Spot New Orleans closed up 2 to 19 deliber
December points,
March Key
SCATTERED
Advances of around 70 ccrts July
A bale, however, attracted October sektered selling later in tho
day and acted to whittle down
the gains. Technicians rocalled the rise in
December to the
December
32.75
33.29
Market
New York, Aug, 20. World No. 4 sugar futures closed today unchanged to 1 point lower with sales of 37 contracts.
The domestic No. 6 sugar This is all the more probable futures contract clowed unchang. anço Japan has recently beened to one point lower with sales making za effort to break away of 40 contracts. The lower trend from the system whereby her
reflected easier tone of the raw trado with many countries was
market, strict bilateral regulated on a
Most of the activity in the And this basis:
move towards "multilateralism" has entailed a domestic contract centred in, the much bigger ure of sterling in nearby September delivery
In world rawa, Holland Its role of an international cur
reportedly was offered world far, however, Japan has Cubas at 3.34 cents a pound, or one point under the official spot trade with other 34.50 financed this
countries price today.
refiner" Indomatic raws,
LIVERPOOL Futures closings, in pence per rency.
So 26.80 the Old control Dot./Nov. 334-cent carried the as follows: maricel back to the area of
transferable Recount resistance met carly last week.
Crop accounts featured Mem-
Dec./Jah.
Mar/Apr.
·May/Jaisa
JURY/AR.
phis, reparts indicating crop New contes De Nov.
A progress has stopped and pro
mature opening has begun. Eastern belt
sald, hot, Decounts norvalisa
weather
week in
Geords and some ab astrainde The plant
ds they
Mar/Apr.
2 July/Aug...
24.30
24.03 by drawing upon her sterling
reserves and this accounts not remained on the sidelines for, 34.50 only for the rapid run down of the moment. Future 24.40 those reporvet
but also for the 30 fact that the additional use of
Contract Ne
248 Lunsferable sterling has not yet | Supt. affected the price of it by the world's foreign exchange markets, some
Oct
Mar.
May
64.18 Fast Egyptian Karnaz Nov Dec.
SAO PAULO
dropped
Futures closings, in cruzeiros and young bolle da mat per kilo were as follows:
were put on, killing
all chances of a
Log Angelo, reported tho Top continued to make ex chlient-sprogress except in i Arizona:/: 3500th a
Replenish Holdings
27.00.
But
Diamond Alkali
Dow Chemicals
Dupont de Nettburs
Essenari Kodak 2004-201 || 21 Paso National Gas
Family Finanes Corp.
Ford Motor
Feneral Electric
General Thode
Sport
217140
Bept. 221 (H) 21816(L) Nov. MAT.
228 Frie Railroad
July
210%
Corn, No. 2, yellow
Molot
Spot Nov.
1011:
Dar.
May.
14212-14 14515
Lelty Oil
Glidden Co
July
Kyo
Sept.
Oate
Nov
Sept.
74
:Nov
Soybeans, No. 2, yellow
Spot Bept. Nov.
MAT. May Barley
Spat
130-140
New York flour
1401,
Goodrich (B. F. Co.
Goodyear "TYIS
Heyden Chomical
149-14834 tamsiake Mining Co.
16236-12
Ingersoll Rand
Jaland Best Co
Int'l Business Machines
Int'l Harvester
International Niegat
International, Papar
John-Manvile Co. Kanas C., Power & Light Kamecoft Copper
Louisviüs 20
NEW YORK METAL
FUTURES
New York Aur
26th Augus
Leaves Hongkong Die London
24h Bentéenber Kiai Geploraber 2nd October
"CARTHAGE" 19th October
"CHUSAN” Biri October
Via
Kingapore, Penang,
Part Bald
"SUNDA"
10th November 17th November
Aden.
Colombo, Bombay,
Lazdon
FREIGHT SERVICE
In Port
"SALSETTE” dna 27th Aug,
Sonder 13th Sept, *SUNDATM
"BOUDAN"
das 14th Sept.
from UK.
from UK
for Singapore, P. Swet- tenham, Aden, Hayre, London, Hamburg, Hote terdam, Antwerp d
Grangemouth
from UK.
"SINGAPORE" due 29th Sept. from UK.
BRITISH INDIA S.N. CO., LTD.
183 A HUNDRED YEARS OF SERVICE - 3000
"BANTHIA” dus 25th Aug.
from Calcutta
12 2012 Aug., for Jepara,
P. G-Q./B. I. JOINT SERVICE-
"URLANA”
"ITAURA”
*UMARIA'
fue Bird Auz, Kalle 24th Aug. Ene: 3rd Sept. salla 4th Boot
· due (Sih ́Sept: skils 10m Bapt.
suits Aith: Bept.
from Karschl & Hombay for Japan
from Harscht for Japan
from JapanH ter Singapor
“Madres, Colombo, Karachi Barrah, Khorramishabır de Kuwakk
Erbon Japani de Shanghai tor Bingapore, Penang. Tuticorin & Hombay,
AUSTRALIAN 5.5. CO., LTD.
8th Sept.
isidə
From Austrálsh
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