TRADE
THE CHINA MAIL, WEDNESDAY, AUGUST 22, 1956,
anne
COMMERCE
Cuba Seen As Major Supplier
New York Sugar Market
New York, Aug. 21 World
No. 4 uger
futures clored v.dav unchanged to pokil lower with sales of 15 contracts.
Tho dimistle No.
O supar futures clo-ed unchanged to 3 points lower with rules of 37 Cutra is.
World Futures showed millor ebingas and tacked In definite feature. Domestic futures were ⚫aster in computy with the raw .fituation.
the
in world rawa, Holland wĐA accredited buyer of a partial cargo of Cubas l 3.20 cents a Fund. fob. However, dealers Ince probably would gure out a higher busi sce a currency switch was volved. Futuris
thought
לון
Contract No. 4 (world)
15.
US Cotton Consumption For July
Washington, Aug. 21,
The Census Bureau said. ta- day that 549,520 running bales of cotton were consumed in the Unlled States In July, Com)- pared to 505,834 in July, 1955.
were
the
Of Nickel For US
CANADA PROBABLY UNABLE
TO MEET DEMANDS
Washington, Aug. 21.
In its monthly report on cot- lon and Inters statistion,
Cuba is likely to be the United States' best future supply Bureau said 9,147,303 balco
source of nickel now in short supply, according to a report on consumed during the 12 months through July 1950,
Juny
nickel submitted to the Office of Defence Mobilisation (ODM). compared with 8,841,458 in the aunes period a year earlier.
of Cuba serves are being found at pre- | Oregon, "will rise to 17 milion One big advantage. CcHon
in public bund
n supply
sent than are being ullised. The lbs of contained nickel per year," storage and consuming establish
totulled menle
proximity to the US, the report Company's large Meak Lake de- he said, but that deposit re- 13,748,824 bales
states, Canada is also close, posit is now being explored and presented, a "small reserve." on the last working day of July,
a substantial in- 10,005,356
doubt whether ) may result in with
but there is cumpared
Canadian nickel can meet US crease in its reserves. the earresponding day of 1988.
The Bureau sild there were demand, while nickel from the
cotton-con- | Philippines,
and the Celebes 10.022,000 active
on
011
Source
her
suming spindles in the US New Caledonia has a long way
to ecmo. July 28.-United Press.
324 Exchange Rates
Seal
330
3,37
Oct
Mar
301
MAY
ៗ ៧
July
3,31
Begi
33%
Spot-reenis
{
Eub
KIDNE
Contract No. 6
A 48
041
01
if NY
- United Prena,
Baril
Nov
12
July
Sput-frente De
ex-duty
09 5
Smaller
1
The Cuban Nicaro Works was producing 30 million Ibs ot nickel in nickel oxide per year and with the expansion
under way "will have an output of 50 million ibs per year
SECTION
New
CHEAPER
COPPER
EXPECTED
The
today.
London, Aug. 21.
'Financial ·Times
10
-god
elimed that present part from the factor of the Bues Carol crisis there by the sibility of cheaper, copper and zino and 'comparutiye firmners for lead and tin,
"The
Brat renelion of motals to the Bucs orists three weeks ago, was quite onturally an apsurge in pricts,"
this authoritative daily emphasised,
More recently however metal prices have gradually [drifted downward asuin
and they are now not ko above their levels much three works ago,
that
"It in fairly clear international polltios apart
is likely to be in excess supply in the period Immulately ahead.
**The usual provision that this will, also depend on the by carly
absence of strikes must also be made,
It is **But
denilcant that the market has reacted very hile to the takeri strike" on the Rhodesian copper bell-which at pre- sant involve workers at Nehanga and Chibuluma.
DTO-
The reserves of Falconbridge | 1057," Mr Townsend noted,
Minca Nickel
and Sherritt "Where United Slates The report was prepared by Gordon Mines **are relatively duction is of minor character Mr John R. Townsend. Materials smaller and would sumce fera and Canadian production inade- and Standards Engineering shorter
quate for all needs, it would period of time,” Sandia Corporation, and Chair-
Sulphur Com- appear that in the long view The Freeport man of the Materials Advisory
pory pany's
and produc- the United States would have to in Cuba will be look more and more to Cuba as 0.04 Board of the National Academy ten processing
who was selected solved in the
but a source for nickel," Mr Town- near future," 19.40 last year to make such a study "full scale production could not send said.
until 27.40 and advise ODM on nickel. The commence
thie
Buziners WOR dune in the local unuilicia! exchiige 12urket Turning at the follow 4.8. dollar per
Sterling noten (per 1). Australian notes (per £11 Indonesian rupiah (per 100) Siam tieni (per 1001 Singapore (Strati)
18.90 of Selentes, 12.03
1 82
2 Billion Slashed
Off Wall Street Stocks
New York, Aug. 21.
took 1 New moves toward tighter money heavy toll on the stock market today, slashing more than 2 billion from the value of all listed shares in spite of a substantial rally which nearly halved early losses.
In
Wall
to
Recent rumblings Street of government plans further tighten the credit reins, goined credence
anong major
Baillmore & Ohio
Bendix Aviation Corp. Denguel Coom. Benchen Steel Dochia Airplane
Burden (The Cu.
Burroughs Add Machine Canadian Pacte R... Care (J. 1. Co.
Tractor
banks today boosted rates per cent to per ent--highest level since the 1930s.
Commercial paper, the shuri-Cat
term unsecured notes of major
The crcase corporations,
Celmese Corp.
1. T. Financial Corp. (max Molybdenum
in
Chase Manhet. Bank
Chrysler Motora
打
bank lending rutes to grade "A" borrowers signalled to any the financial conumunity dunet possibility
Thot the
Fderal Reserve may boost the {{{cen_rabo
it charges banks, thus making funds for lending
more expensive,
Hitting a
made nervous
Co.cafe-Palmolive Co. Commercial Credit Commonwealth Eire. Ccanolidated Edison Continental Oil of Dei. Crane Cu Crown Zellerbach Cuban Arnpr. Stjar Dlanwad Alkali Dow Chemicals Fiston Kodak by the powder de Neynours
Brie Railroad
market
already
Key Suez Canal situation, today's news Kurbed off heavy selling right from
the opening
Ford Motor gog, General Electrie
with all groups hard hit and handful of stocks Only
ກ
naging even small gains.
General Foods.
General Motors
Gen. Pub.
:::
report was submitled in Febru-Townsend said. ary
1059,
Mr
has
and a summary "within Production of 10 million lbs security limitation"
of nickel oxide in 1958 and now been released by ODM.
20
Free World
1
Tec
million The in 1859 may be fea- sible" from Bethlehem Steel's Mayar works, he added.
The National Lead Company
"dimeult" problem faced
03-
und According to the summary.tempting to recover nickel
that cobalt from a complex sulphide Mr Townsend told ODM
at Fredericktown, Missouri, the US would recive in 1950 oro
"relatively small pro- about 300 million be of nickel and the
forth- may be from an estimated "free world" duction which production of 440 million lbs, coming may not be an important in the nickes situation," factor and that when both defener
lec continued, and industrial requirements for
the Outpul at
M.A. Hanna nickel WETE considered that
Company subsidiary at Riddle, amount "may be 30 million lis short of demand,"
He exid there would be in- demand for nickel- creasing containing products in the future because of the hoovy expansion of industrial needs over the next 25 years as predicted by 51 the Paley report, an increasing US population, a broader use of 1014
various producis in
and Bickel sea potential increase in military
40
2 usage. "Current estimates of re-
quirements," he said,
"do not
London Stocks
Rally But
Still Quiet
|
Support
"The adequacy of the ore de- posits. the
surface case of mining and the logisticol ad- vantage over production in the Philippines. Celebes, and New Caledonia, would support this view and once plants are estab- lished they would be readily capable of expansion.
"Since most nickel is used in
association with cobalt, chrom- lum, and iron, Cuban oroa
are panicularly significant in con- totoing all there elements," he concluded.--China Mail Special.
WORLD RUBBER MARKETS
"Only day workers are affected bust any trouble
00
the
Copper
bult has normally elicited a sheep market response."--China Mail Special.
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- keng Stock Exchange this morn- ing amounted to approximately $423,000: Noed quotations and the morning's transactions:
SHAIFA Bayers Kellers
BANKS
الحميدة
Page
ew York Cotton
www Futures
Trading Slow
New York, Aug, 21,
Cotton futures today registered, minor changes in a slow trading session.
Locking decisive developments, trade Interests, commission
house brokers and local opera tors moved in-and-out of the market on routine transaction).
An unfavourable view of the Government weekly crop sum-
A
CHICAGO CRAIN.
MARKET
Chicago, Aug. 21.
mary, stressing drought condi- tions and deterioration over wide area of the growing terri- cay heavy on the Board of
Grain futures closed generally
Trade Today.
flye showed decreased prices ·
as prat-taking
by
tory, curbed seiling pressure.
A higher domestic consump- diken 8pm. total for July, and u
туля attracted to scale-down position
сгор
In early mimates, in view of the great yesterday's highs.
wading losses
up to 1 going into cents per bushet at Chicago, but the erop they rallied by the close to
were nich
Just under yesterday's'
amount of açıcage
the soil bank, plus
deterioration reports,
her bolstering factors. Conversely, new buying
prices.
were
Wheat was the day's excep-'
interest was chilled in face of ton making gains based on pros the
Fock market degline, į pects harp
for expansion in export coming in the wake of Ughten- stles, Greece is expected to buy reflecting the approximately 3,000,000 bushels ing credits and
of US hard wheat in the near unsolved Suez situation.
six-point future. Holding within
the list. range,
eloocd un- Soybeans showed the largest oli changed to off 3 points. Open- losses due to a low cdiple ing price: were unchanged to market and a decilning foreign
points New Orleans demand. up closed unchanged to om 2 points.
+
to 5%
Wheat closed off 36 10 %
off 2 cent; soybeans of Agricul-cents. The Department ture announced colton purchase
CLOSING PRICES
authorisations to Formosa for Prieta per bushel in centa: $5,196,000: United Kingdom wheat, No. 2, red
NEW ORLEANS
130-140
$13,40
United Press.
WINNIPEG. PRICESTM
Winnipeg, Aug. 21.
Prices of grain Futures closed
$2,625,000: Japan $9,000,000 Spot
sround 134,000 boles of raw
and Germany $2,625,000. Sept 221 Traders hgured the total suin would cover the purchase of
217n
220
2203-
Det.
228-1
Mar.
22943-16
MAY
22744-14
July
(Lilon Monit
Corn, No. 2, yellow
Volume Open Interest
Spat
1600
Qri
7,000
143,800
Sepl.
180
Der,
17.500
$53,800
Dec.
14192-
Mar.
7,000
330, 190
Mar
1403%
Mey
200
179,900
May
14814
July
4.200
127,300
July
100%
el.
3,400
$1,400
Rye
Dec.
1,300 22,500
Rept.
1484-1
Tolal
45,500 1,678,000 bales
Dcc.
NEW YORK
Osta
Prices of futures closed to-
Sept.
Dec
day as follows:
Soybeans, No. 2, yellow
Spat
34.3911
Spol
Orl.
33.55
Scpl.
Dec.
53.40
Nov.
Mar.
33,24
Jan.
May
33.00
Mar.
July
32.20
May
Oct,
31.41
Dec.
31.39
Barley.
Spot
Rales
New York,
Prices of futures closed today
200 lb. suck
HK Bank
Burt Asia..
1033 230
1840
67 1831
CA follows:
Spot
32.75
Oct.
33.07
003 1000
Dec.
33.00
40
Mer.
13.27
today in
bushel as
May
32.87
follows:
July
32.24
A.00
*
400 0.00
OCL
31.40
Dec.
31.40
Oct.
3015
Dec.
LIVERPOOL
May
Jul 70%
200 - 41. GOD 14
Byt
Futures closings, in pence per
lb. were as follows:
Dec
Old contract Oct/Nov.
24.70
May
Dec/Jan.
Tlaxseed
Gains were small but enough
14
30-7
Sept.
57%
011%
No. 1 Has
Standard contract
The rex contract closed 5 la with sules of 25 points higher 10 contracts,
Closing prices:
Mar/Apr. May/June July/Aug.
Oct,
24.20
Dec.
Now contract Oct/Nov.
24.70
May
29412
RUBBERL
Deo./Jan
Barley
Analg... 1.47'5
1.50
Oct.
Mar/Apr,
105tt
37.15
Trust.
1000
$12
Mog//link
Dee.
45%
34.79-80
34.15
UTILITIES
July/Aug
MAY
50144 101
Tram
YOUNGE
24 24.30 JOP 121
1000
24.20
Egyption (Karnak" Nov./Dec.
Wheat, No. 3, 180% cents;
13 # 24.20
Sept
32.70
ed while proliferation
uses would more
thon
of new offset
was
0
Industrials brightened after a dull opening and selected issuca gained a few pence. But Borax and Rolls-Royce Joser gave up about a shilling.
Dec.
Mor
21.00
150 or 24.10 1400
21.00
May
30.75
Electric
October
30,40
July
20.70
18031
December
37,20
28.79
Sept
Delephano
March
Rex contract
(0)
23 23.20
800 1000
2010
Mary
38.03
Rept
July
38,10
(N)
24 24.20
Nov.
Jan.
INDUSTRIALS Cement
In the US the average spot
20 308%
800 3514
May
ote
July
Beut
as
12
80% reflect developments in prospect 15% for weapons using larger quanti-
721
ties of nickel."
contracts.
New York, Aug. 21. The No. 1 Rss rubber INSURANCES
Union futures contract today Lombard closed 30 to 35 points SHIPPING
40 Wheelock higher with sales of
NOCKS, ETC. The standard contract, closed K. Whart..
Dock
41 413 points vitet 10) 13.00 14.10 to 10 Ex-35 points lower
higher with sales of three con-
LAND, ETC tracts.
HK Hotel 13.20 10.30 1000 11 20 TX Lanu
06 00 100 or 0819
400 00 Humphreys 19,00 30 firalty
LAS 1.47%
London, Aug. 21. Rallying tendencies Mr Townsend's company, helped stocks to close Sandia,
the subsidiary of A
fairly steady in quiet deal. Di Western Electric Company. 414
the London weapons ings on 44 engaged
change today.
in
atomic
120 development.
18
59
"Nicicel
is a critical material 10 for which domestic supply 57%
IN
291% wholly inadequate," Mr Town- zip send declared.
"Conservation
to wipe out yesterday's declines British
many
sections. Governments continued
in
of itself can- | with
medium-cated
strong
33405
Dec. demand populor. Advances in the group
re-ranged to £.
not bring Fupply and Logether and in any cas duction in specific use is limit-
cente per
115 Higher
Out of 1,198 Laues appearing Inland Steel Co.
on the tope only 115
to close higher
managed Intercheindeal Corp.
Cotty Ou
Glidden Co.
Goodrich (DF.) Co.
Goodyear Tiro
Heyden Chemical
Horretako Mining Co. Ingersoll-Rand
5816
3741
100
128
3131
64
1381 €7
and 206 were inta Business Machines lower with 88 of these at new Int'l Harvester
fotelied 2,440.000 tonal Paper
lows for the year or longer.
Turnover
shares, heaviest since August 9, compared with 1,770,000 yester- day.
Closing losses generally held under 3 points in contrast with numarais loges of 4.0 and even more at the lows,
2
Stoels had losses ranging over and Bethlehem points In Island,
the Chemicals Blz. losers in Included Du Pont, Allied, Union
Carbide, Eastman Kodak, off 2
or more.
Continental Oll lost more than,
3, Gulf nearly 3 points, Philips Petroleum, Shell, Sony MobZ, Cities Service, a point or more
the hard hit oils.
International Nickel
InAY Tel. & Tek. John-Manville Co. Kansas C. Power & Light Kennecott Copper Liggett Meyer Tob, Co. Lockheed Aircraft
Loews Incorp Lone Star Cergent Co Louisville & Nashville R. Lowenstein & Soni, Mesabi Iron Corp. Munieroth Mining Musion Development Monardo Chemical Co. hipstgomery Ward
ptorola me. National Cam Reg.· National Dairy Prod. National Lond National Steel, Corp, New York Central. oun Malhkica Oll Elevators Oven Uiinol. Gần
such saviniza
Easy To Mine
"There are, however, entiroly
which sufficient RESCINES reasonably accessible and capable of development.
"Since it is questionable
IE
the demand can be supplied from Canadian deposits, deve 473:
lopment of Cuban ores is RO Hented,
"Thes
orts are easy
In-
to
contain four strategic
OILS SHAKY
Oils
shaky. continued influenced by lower Wall Street prices, Loszos in the group ran Shell to 22 in Royal Dutch, Transport, Burmat and British Petroleum all fell three shillings
or more.
Coppera closed casy, bul DOT mine.
rally in gold shares late in the Carly 50% metals often 19ed together acssion partly overcame
4116xd (nickt), cobalt, chromium, and
437年
iron) art promising processes 625 for recovering nickel from these
weakness.
Greek
bonds showed inter- ores have been demonstrated mittent strength in the foreign 709 and should be fully developed, department,
117
Pacific Gas & Elec.
01
Pan American Airways Paramount Pictures,
10
33
Parka Davis Co.
Aircraft legees ran around s point to 2 points in Boeing, Penny JC. Co.
Penn, Salt Co.
Douglas, General Dynamics, Philip Morris North American.
Procter & Gamble Ca. New York Stock Exchange Pittsburgh, Plate Glas bond volume was $4,420,000.
Publicker Industrias Pure Of Al Republio Steel
American, Stock Exchange Radio Comoration
volume was 860,000 shares.
Dpw-Jones closing averages Reynolds Melal
*50 indivirials
18 unities
do stock
40 borda
shell on Co. ... 585.43 Beint. Beg, Exper 151.68 Sinclair Ol
5241
277.24
96.
Comm. £uture price index. 4 100,00
ComaTi spot prlos CadeK ...
Moody's index alle
Closing Prices
Aled. Chemicals
Socopy Mobilojik South Puerto Blep Sugar Bouthern National ons
Southern Railway (Com.) Standard Brands:
Tin Bandar Di of 'Cal.
Btandard- D
Ind. Afandard bit of NJ. Bleep Rock
Stering Drug Co. Stokely-Van Camp. Studebaker-Packard Corp.
| Bukit - de Cou
*Tide Water Azan. Oil Talenty Century Fox Film Union Carbide
VALVON VIITORM Aircraft:
U. Rubber
"Considerations, of strategie
30.15 23.23 Dealers reported a
"poogi volumė of business in both futures and the spot market. The ucz situation kept traders on the noxious seat, but reluctant to make a definite move either way. Dealers are in a quandary and factory Interests are just not buying is the way, coe source phrased the situation.
offerings
C. Light 10) 24.10 24.30
SAO PAULO
No. 5, 145% cónts. — United
Futures closings. In cruzeiros Press.
C. Light (N) 21 311⁄2 1500 or 300 per kilo were as follows:
NAMESAKES
Answer:-1 Pompey. 2 Senate,
13 Rome, 4 Cacsar 5 Honour, é
Jullus, 7 Rebel 8 March,
10 Tber, 11 Funeral,
Marcus Brutus.
price was 33.01 cents. Sates nt Cassius, 1000 or 16.10 14 designated merkels totalled 12 Conspire. 16 1320 12.30 12.50 100 12.60 16,899 bales Uned Press.
3000 0.420
STORES, ETC. Dairy Wairon. Textile Corp INVESTMENTA Kaned
4.30
Singapore
Stock Market
the
Eastern shipment were reported moderate to heavy on the remill grades but at prices over buyers ideas. Spot No. 1 ranging from to 1⁄2 cent a lb. Ras was quoted at 35 cents.
SINGAPORE In spite of fair trade buying early, lower. There was a slight rally consolidated towards noon after which the market fluctuated narrowly for Frarer & Nerve Lid Ord. the rest of the day. Good de mand for low grades was re-
Singapore, Aug, 22.
quotes Brokers today following stock prices:
Babu Lintang Rubber
Ltd.
Petrole
economy indicato the need for down in line with yesterday's liquidation brought prices British Borneo
were Dollar stocks
marked
Co
this Wall Street setback,
United,
yndicate
OpenAg
$1.00 04/da
Press
Tin me
Ord.
27/04
$1.03
Fur de Neave 715 cum
$5.00
Hongkong &
Shanghai
**Berking" Cop Hongkong. Tin" Ltd, Kempas Ltd.
Lid.
stockpile; however, a Etresses the need to broaden the base of supply in order to 872% lespon dependence on a static increased stockpile, and
by.. encourage Improved 63%ion of
62
449
this material und London Foreign
Pikportant both for weapons
401
ot
Exchange
war and for the growth of 51% dustry. At the same time, the
long range outlook for increas Ing nickel consumption should
New York any potential Montreal cushion against
Amsterdamn. surplus supply resulting from Government or industrial efforts
Copenhagen base, the production to expan
Milan z-nickel-bearing ores Discussing
Pacin Stockholm in the US, Cuba and Canada, Mr Zurion Townsend, said - these ares" "go- prosent perhaps 20 million tone contained albica which may
be more than half of the free
London, Aug. 21. 236-1/19-2.75-9/16
corded and there was su
quiry by factories. Futures: No. 1 rubber per, lb, :*
September
October
November
No, z. rubber :per lb. Sept. No, a rubber per iu, Sept. No. 4 rubber per lb. Sépt. 2172-11/19-3.72-13/10;| Eper, rubber unjaled 39.04-10.64
Blanket grepe
130,021-139.0754
19.3431-19.35 11.00-11.694
-UnitodPress.
world reservieren New York Foreign
estižnatock
Commentings and individual
Mr.
The-
Exchange
No. 1 pala crepor
LONDON
007-0716
Lunas Rubber Eatatas. Malayan Breweries... DELL 004 | New Zarandall** Rubber unquoted
.Ltd..
9434 Petaling, Tin, Lid,
Rimés Hotel Bagagers Cold Storage, 0631.00%|| Birth ranting Insurance
steady.
The market": was Frices.clared in punce per 15.
ne, follows, CNTA
2012 kpot.....
* Metilppient, Houve term
| Stralis Trading
Btraits Hte
United * Engineeři: Ord.
Wearne
exdiv
LONDON
PRICES
AL
TYPHOON MAR
with
$5.00
South Chin
UNTED
"