THE CHINA MAIL, WEDNESDAY, SEPTEMBER 5, – 1956,
TRADE
and
COMMERCE
Meeting The Growing Demand
For Oil
MILLIONS BEING
SPENT ON
NEW REFINERIES
Coal, oil, atomic energy-the past, the present, and the future. This is how an oilman puts Britain's trinity of energy sources into perspective. And if it is extravagant, it has, too, an element of truth which gives it more than just an air of validity.
#2
Oilman
accustomed thinking in leiths that, to lesser mortals,
extravagant. uppear
big
A ready market exists for these middle distilates, but
Dry
20-
farvet airu involved the tuetten of mere petrol, the de- Alenand for which is intrensleg af
newer rate than that for di titlates and fuel ott.
Everything about pil Whole couml;les. Live frin revenues. Shifts in the flow of oil and its derivatives con vitally affect the international accounts of half a threen
mujor trading notions.
Briain owes more then mens to the ollmen and their thanks big ideas. Since 1045 more than £200,000,000 has been sport ou the construction
consumption
U.
The
petroleum products is Britain ba doubled since the end of the war, and the demand has been more than met by the new Ins stallations. But oil has not been Involved solely Britain's
The oil companies are insving awaiḍs ụ xuduķion of these prob- tems In varying ways. They are (also considering the essential ex- the rising de- parujan tọ meel mand for all products
Already This your Brush Petroleum have animnunted that hey will expand the Kenl_10- finery on the Isle of Grain at a By wt of nearly £20,000.000.
In 1957-58, the is completion annuat throughout will be in meating creased from with
4,500,000 tons to corpanding needs of
BP. had pre- energy; a surplus has been avail-.000.000 tons.
to stall new venly decided plant at an estimated cort
£6,500,000 10 produce 130,000 lons of aviation gasoline a your at the Kent refinery.
able for export, and since 1903 15 has annually surpassed in value Britain's traditional
export of Kont
J
An Aspect
In the circumstances prevalling after the war the expansion of the home refinery Industry, which As only an aspect of the British Bel
whole. industry is
FREIGHT INCREASE
Colombo, Sop!. 4.
A freight agreement fo- day imposed an additional 10 per cent incregno, In charges on all
outward
shipments from Japa to Ceylon, effective Och the
The reason given for
surcharge was to give shippers an Incentive
to Accept cargo for Colombo. Most ships now by-pass of the Colombo because delay stilps.
In turn-around
The Increase
of
In added to the 20 per cent surcharge import on Aug. 10.
Trade circles expressed the opinion that the freight rate increase from Japan "Is Just going too far" gnd that the reason given does not Justify the boosk Uplied Press.
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
Umon Leinbaru Wheelock
Duck Provident
Esso will probably extend their capacity on the Fawley refinery. This year they have put on stream
£4,000,000 hydro-pockS, KTC former--the first to be built at K. What a British refinery which is
101 high-quality petrol Unit now The mahi pource of high-quality petrol h;1 been the cai-cracker (the fluid catalytic cracking unit), which | Humphreys procesies heavy gas oli,
had
new
evident alienatites. It provided
་་ on abundance of hydrocarbons for fuel and chemical purposes with a seving in foreign currency. and made mizable contribu tion to the general cffcet in the export fald,
a
An important subsidiary gnia came from the expansion of petroleum-chemical
The United Kingdom,
Industry
B
and the
source
Higher Quality
JI
Bales
Cotton Futures
Show
Strength
New York, Sept. 4.
Post-holiday trading in cotton futures fea- in far forward de-
tured independent strength liveries.
Realising pared extreme gains up to $1.98 a bale but the list CHICAGO GRAIN closed net 1. to 14 points were higher. Opening prices off 8 to up 13 pointe, All deliveries
forward from July roached now seasonable highs. New Orleans closed up 1 to 38 points.
MARKET
Chicago, Sept. 4. A sharp bicok in soybean prices led to welling in other
| the grains and the entire grain list Vlosed lower on the Board of Trade Loday.
Mc lavourable weather news from soybean producing arcus nate indo confident that the bon
this year will be e стор curd one as predicted. Septem- than + bor prices dipped more cents. A Lower vegetable oil market also had an effect.
Wheat elcyed off 4 to % cent: soybeans oft 23% to 4 cents. Wheat, No. 2, red
Mar
tואנה
SECTION
Australiă. Not
Depreciating
The Pound
Canberra, Sept. 4. Treasurer and gofing
Prime Minister Bli Arts
Fadden unid today Australia. had no plans for depreciate ing the
pound sterling
axainst thrallan pound and the dollar.
The
question of de- preolation deserves no cun. sideration whatever," Bir Arthur said in a denial of reports that depreciation was being considered.
Sir Arthur also denied reports that he would visit the Unlied States soon fa negotiate a new dollar less from the International Bank—United Press.
WORLD RUBBER MARKETS
Prospect for a sharp cut in Government's September crop report due next week- plus the expected impact of the soil búnk on next year's crop, and the possibilities for a higher loun rate, brought a resumption
New York, Sept. 4. of investment buying and cover- ing in the late matthe,
The No. 1 Rsa rubber futures contract today closed 10 to 140 Nearby deliverica lagged, ❘ points lower with sales of 88 1bouring under the weight of contracts, Closing prices were: October liquidation and น
13.03 further small Increase in tho First notice cerilnosted stock.
wll be Supt day for October 24, The отрасля position in October today totalled 212,700 bales.
The certificated stock increased 94 to 3,074 bales.
A trade publication estimated the Sept. 1 crop prospect al 12,585,000 bales compared with a previous figure of 12,723,000 and the Government's bales
18,552,000 August estimate of hales.
The sharp cul was associated with the unbroken drought in west along with exceSSÍVE
the
high temperatures ned dryness
in central sections.
General ruins In the future would check deterioration and improve prospects In some ocas, but the survey said some cotton has been Irreparably damaged and rains now would be of no help.
Sept. Dec.
32.00
Rex contruct closed 40 to 125 points. over contracts.
with sales of 16
Sept. Nov.
Jon.
Mar.
May
July
Sept.
32 23
31.00
30,70
30.10
20.10
28.40
Standard contract closed 60 to 125 points lower with sales of 9 contracts.
Sept.
Dec
Mar
Mor
July
Supt.
31.50
31.00
30.50
1.80
28.63
Page
Wall Street Stocks Make Comeback
New York, Sept. 4. Stocks rallied smartly again "today with in-. dividual gains running to almost four points,
The post-holiday session daw more than 1 bil- lion restored to market valuations which had been whittled down by a series of losses last week,
Counting Friday's gain the only one recorded last week - the market has jumped more than 3 bulion in the past two sessions.
General Electric
General Fooda General Motor den, Pub. Vill Getty Oil
Glidden Ca.
Goodrich (B. P.) ̈EK Goodyear Tyrę, Steele, metals, aterafts, chemliteyden Chemical cals and oils paced the market | tomelake Mining Ca higher. But tho star per- Ingersoll-Rand
Inland Steel Co former was the railroad
Interchemical Corp. tion, which had been the Int'l Busings Atokines
Int'l Harvester market laggard,
900-
International Nickel
They moved higher most af Intentional Paper
Cenarcott Copper Liggett Meyers Tob, Co, Loews Incorp.
Lockheed Aircraft
Inți Tel & Tel the day but the rise really got | John-Manville Co. Into higher gear when the rails turned higher late in the day. Trading plcked up on the lobe rally and total vitume for the day of 1,700,000 shares was 170,- 000 above Friday.
Santa Fe
Santa Fe featured
the rails
Lone Star Cement Co. Louisville & Nashville . Lowenstein & Sons. Mesahi Iron Curp. Manesota Afiniry Miszian Development Monsanto Chemical Co. Micalgamery Ward Matorala ne. National Casti Reg. National Dairy Prod. Nations
National Bicel comp. New York Central Olin Mathic ca
is Elevators Pacific Gas & Ziệc. inois Glass Pan American Airways Paramount Pictures
with a gala of 14, Kana. City Southern ran up 19%.
Alcoa
9% in the jumped motals and Bethlehim the rame amours in the sleets, US Steel climbed 2% to $87%, à now high for the year.
Du Pont was strong in the Parke Davis Co. chemicals, running up 3 points to 8208.26.
Oils were an upside feature,
100. Gulf and Philips irked on more than a point cach, Auto stock firmed on hopes of a big sales year.
traded
or the 1,120 issues today, 402 advanced, 302 de- clined and 210 held unchanged.
highs were set by 23 New Terminal market traders reissues and now lows by 40.
Stock Exchange
Stock Exchange
mained in a holiday moot. Small
New York dealings were devoted mostly to bond volume was $3,820,000. September contract adjustments American
Ponny C. Co Penn Bait Co. Php Morris ..... Proober & Gamble Co. Psburgh Piste Glass Publicker Industrien
Pure Oll ...... Radio Corporation Republic Steel Reynolds Metal Shell Ou Co. 1. Saint Reg. Paper Sinclair Oi Socony Meblisil South Puerto Rico Sugar Southern National Gas
Southern Railway (Cam)
Standard Brands Bandard Oil of Cal. Standard Oil of Ind. Btandard Oil of NJ. Sterling Drug Co. Stokely-Van Camp. Studebaker-Packard Corp.
wift & Co.
Texar Co
Twenty Century Fox Film
Closing Prices
19
Tide Water Ann.
10044
Union Carbide
234
Union Pacific Railway
United Aircraft
8%
B. Gypsum
and intra-dialer switching opera volume was 670,000 shoreN, tions, with speculative accounts necr
also on both sides of the markai, Lower London cables and less immediate ision in the
Ionision Suez situation, plus the con- | Alden tae. Asy, of domestic Alled Chemicals tinued reluctance
Jona ABI Chalmers to go beyond American Airline buyers factory immediate in noods, weighed American Cable & Radic on market sentiment.
Shipment offerings from the Far East wera relatively light, but prices generally ill were above buyers fdeas here, Spot No. 1 Ras was quoted at cents a pound.
Corp.
American Cyansmide Co.
Amer, & Fer. Power Am. Mach," 82")
mory.
2(0)
Rept. 211
2201 22016-
De
May
July
220. Mi 2211 228-2241
Cern, No, 2, yellow
the Hong- Business done on
Exchange kong Stock morning amounted proximately quotations Wansactions:
Spot
this
Sept.
Dec.
to
op-
$100.000. Noon morning's and the
Mar.
15/1 145-143 13774-4 1423
May
1431
July
Bye
of
Huyers Neilers
Sept
Dec
1451. $40
BANKS HIK BANK East Asia
1033 ZJU
Oals
Sept
Dec
723% 70%-a
INSURANCES
000
Soybeans, No. 3, yellow
BUD
Sput
150
bepl
Nov
2:78n 2321-333 23216-232!
Jan.
D
Mar.
401
May
2402
13.80 14
Irity.
Manth
Volume Open interest
IK Land
LAND. ETC HK tes
130-140
Oct.
14,000 212,700
ปริ
15:40 15.60 ม
3000
18, New York flour
200 112 wack
14.000
508,400
$13,201
Mar
6,800
302,500
20
United Prem,
May
0,000
201,200
Really LUBBER Amuig
1.475
Juv
1,300
118,300
WINNIPEG GRAIN
PRICES
Oot.
1,300
60,700
1.45
1 40 1000
140
Deg
200
5000147
Toini
30,100 38,000 1,502,800 bales
UTILITIES Tam Xu
NEW YORK
20 00
bushet us
134
100
14
300
Prices of futures closed today
1500 g 24 30
as follows:
23
Dals
1003125
Oct.
Spot
34.4in
Dee.
701%
Oot.
(N)
24.90 28.20
23,00 24 10
200 24.00
May
784
Deu.
44.85
MAT
33.81
280423.90
Mhy
33.00
Ryo
No. 1
89-00
Cat. Totor
0722
London
Det.
132
Juty
3340
No. 4
811-82
Coloncas Corp.
14
New York
Oc
INDUSTRIALS Cenical
STORES, ETC Dairy Watson
Lake Cras
CUTTONS
Dec.
132
Dec.
Spot rubber unhaled
02-9210
C.LT. Finawedal Corp.
..
301
37 100 i 31
May
130'-%
Blanket crops
73-75
Chose Manhat. Bank
44%
60414
Montreal
Amelordam
No. 1 palo crepe....
134-330
Chryder Motors
Brunosla
Burley
Climax Molybdenum
73%
Frankfurt
Oct
1001
13.90 18.10 12 30 12.09
29,00
Colgate-Palmolive
Co
Paris
295 12.30
Dec.
1023
Btockholm
200 13.30
May
102.
as follows:
4196 Zurich
Flaxteed
Others Treas.
Out.
330
Spot
28011
Oct.
740
288-284
Dec.
United Press.
Mar
INVESTMENTS
May
Yangtze Allied
Q a 60
July
4.08
5.00
Oct.
Dec.
The new und will produce an Star Ferry.. even higher quality of petrol by Younati
C. Light (01 24.30 processing the raw petnud obe Light (N) 21.00 design and building experiencetained in the primary distilla Eletrie
Teleptica acquired during recent years has tion of crude oil. Bllowed British manufacturers lo compole with
foreign concerns The hydrofouner is an example i Telephone on more equal terms in the con-of the off industry's struction and equipment of the maintain
world's onning
An industry
Important
an
efforis tu balance In refinery production. It will increase the equally
subsidiary available amount of the highest effect has been to kap the quality petrol without requiring over-all Inerrare in the shipyards working a high pres- Bure to meet the imperative de-quantity of petrol produced; and of i will enable the throughput mands for now tanker fleets.
Out of an old industry, which the ent-cracker to be adjusted, so before
the
was mainly releasing some diesel-type fuels Nanyang WB.I engaged
refined marketing
to meet a growing market de- mand. petroleum products obtained from oversees, has emerged this vast
There have, too, been skyni- industry whos present slature is a tribute to British Inficant advances this year in the gully cod skill, with a large petro-chemical slice of American "know-how,dustry.
new
The Industry has now reached
side of the oll Ezno
spending are £9,000,000 in the next two yearu to increase petio-chemical out- More than
a point where the major post- war expansion plans have been put fcm Fawley, compried; it is pausing, as it half of this will go to the In- stallation of a new plant to pro- were for a stock-taking ond contemplating
great advance.
mother
Compromise
Oll refining la never more than a compromise with nature. The snow crude material, which being brought to these UKs in tankers from many fields, variou widely in physica!
properties and never
new
c an
Singapore
Stock Market
use butadiene, a petroleum gas, which will be fvd into a
Singapore, Sopt. 5. ko built
Brokers factory sccn to
today quoted Edjacent site by the International flowing stock prices: Syntheti Rubber Company
Those wifi Balu Lintong
Co. formed by Dunlop. be Britain's first major rubber-
Britan
Petroleum plants and
Syndicate they are from-olla
Consolidated Tin Smellers expected to save about $30,000,-
Ord. 000 a year.
Frater & Neave Lid Ord. Fraser & Neava 71% entri
But the Eno plant will pro- contains ingredients duce, besides butidiene, other
materials such in proper proportion to
to satisfy chemical
ethylene, propylene, and buty-
these 1023. From
gases 11 *$
of products is called, is a constant problem. amazing diversity
*** | can bo manufactured, made con- Efforts STU
an ever-cherging market.
Thus "refinery
balance."
الدابة
Rubber
Borneo
Winnipeg, Sept,~4. Price of grain futures closed today in cents per follows:
Dec. May
1600
New York Foreign
Exchange
New York, Sept. 4. Closing rates were; Canadia England-official
SINGAPORE
towards
Futures were:
The market was weak steadied
the
33%
American Metal
American Sinelting American rel & American Tob. "B" Anaconda Copper Armeo Bten) Armour
Baldwin-Lima-Ham.
Ballinare & Chlo
but Bendix Aviation Corp.
close, Benguel Cans,
Butchers Steal
Boeing Arges
No. 1 rubber per lb, Sept. 824-8215 | Borden (The) Co.
Oct. 835-92); Bumougha Add Machine Nov. unquated Caridian Paolile R.
No. 1 rubber per lb. Sept. 90-boļš Cano (31) Co.
31
6312
V. B. Lino Co,
U.S. Rubber
U.S. Smeiting
UB. Steel
Warner Bros.
Westinghouse
Elcotric
West Va. Pulp & Paper Woolworth
United
#
London Foreign
Exchange
Were
NEW ORLEANS
Prices of futures closed today
LONDON
The market was Casy with Commercial Credit spot quoted at 27% pence per Consoldated Edison
lb. Prices:
Commonwealth Ilso.
Continental Old of Del. 274-2716 Crone Co
Crown Zellerbach 276-2413 | Cubes Ainer. Buster 276-2014 Diamond Alkali
--Dow Chemicals 1234 Dupont de Nemours 20-2011
Eastman Kodak
2546-254 21 Pare National Gas borts: Erte Railroad ......
Family Finance Corp., Ford Malar |
NAMESAKES
Answers: 1 Crusade, 2 Israel, Caliph, 4 'Warfare, 6 Richard. Scimiter 7 Campaign., Saladin.L
LIVERPOOL
35.73
No. IR spot....
33.34
33.00
Settlemen! house term October
13.08
November
Oct./Dec.
Jatzfar.
Apr/June
July/Bept.
General markets, cit
September
October
2016-281
25.05
Estate *Twp thin Estate crono thjok Bapt." unquoted
Press.
Future closings, in pence per November
b. were as follows:
| Oki contract Oct/Nov.
Doc./Jan.
Mar/Apr/
unofficial 30-day futuron Do-day
1.02 3.70-5/16 2.00-2.02 2.9734 2.70-20/30
May/June
July/Aug.
New contract Dol/Nov.
Dec/Jan.
Mar/Apr.
717-8/10
May/June
July/Aug.
2.7016
.02001, .1455
0020
"Zealand South Africa
Poiglum
Denmark
2387
Egyptian Karnak Nov/Dec.
SAO PAULO
Future closings, in cruzeiros
per kilo were as follows:
the
R
Opening New
$1.00
#7/.
France
287-
Germany
$2.03
Halland
.2613
Italy-official
.00101
$5.00
Norway
.1404
December
Hongkong k
Shanghai
Portugal
0300
March
Banking Corp.
£600
Spain
32333
Mey
13
Hejuana kân 146,"
b/20
Sweden
.1034
July
Kempes Ltd.
$1.85
.Switzerland
2334
ал
Lunk Rubber Estates Ltd... Malayan Breweries
.00
Egypt
2.00
$2.00
from
Now. Biriadah Rubber
Iran Iraq
015
$1.70*
Turkey
Rames Hold
Argentina
40
Singapore Cała Storage
$1.45
South British Insurance Co.
Lid!
Olivia
Chile
.0315 .0560 d00107 00204
133.60
Siralle Treding Straits Bicamilly “ Wearne Broo
$5.00
Colombia
4010
$14.76
Cuba
Mexico
,0002
$3.00
Peru
0820
• exdly. China Mali Specią),
Uraguay
24125
Venezuela
3003
Indi
3:068
Pakistan
to develop equipomt washing powders in altonenware. Petro Ti Lid.
timally that will to some exiant re- adjunt the proponticus of refined
obtained from products
crude oil..
the
Dutch-Shell
Pairoohémicals, Lid. one of United Engineers ord."
Distillation is the first and the Royal Dutch Shall group of most important step in refining, compsele, are ako expanding for it separates the oil into its production of ethylene and pro-
darivatives
their component parts, or fractions pylone.
ませ
but A cannot change the beelo Partington" plant, nos Man-
proportions fine to
OF
the products. This
Scotland Grange
This chester, and in Scotland
Lid have started
Exchange Rates
to be done by "cracking"s\/mnos of detergant alkýlala. | unómotel" "exchango · ́market
Brazil
Formors Hongkong Indonesia
Singapore Japan
10.70 12.09
Business was done in the local £1,000,000 Grange-morning at the following rates
17,8. dollar (per #13) ALABA sterling noteser £1), "..... Australian notes-(per 1 Indonesian rupiah (par 1001
am deal (per 100) Singapore (Etraitei pref-forma
breaking down the large malocules of heavy petroleum at their dructional *und • by building up mouth factory. Previously there (reforening) the smaller mole, has been only; apa, UK, source Into, heavier frollens of of this raw material; now: In- culer Hydrocarbon alle. In this way party will no longer be necessary, the supply of aviations pleitor and is expected that an ex use turbine furl can be augments portable surplus will be gyall.
but it involv
the crifice ello, of other naturally occurring
110 (e not surprising, in view of products and there is clearly a zimi ta the amount of liggling" the vest -alus ogni ba-derasi
'cun; be, met
expansion, that the oil inkhand.
nos the fulitre with coinole condence)
Chuted to
equiv
CHICAGO LARD FUTURES
llowaj
37,30
34.40
81.50
The average spet price was unavailable. Sales totalled 35,070 3375ales United Press.
.0028 United Press,
LONDON METAL
FUTURES
London Geptank... Pelow of "metals, closiect, today: int per long lớn h
London Stocks Quiet But Steady
London, Sept. 4, Stocks managed a steady. appearance in very quiet trading on the London Ex-
New York Sugar change today.
Market
Now York, Sept. 4.
Announcement of a drop in.
and dollar Britain's 'sold reserves just before the close had little egect on the market, Oils and base metal shares World No sugar future generally improved Royal today clorod unchanged to 1 Dutch added about. 1⁄4 sterling point higher with sales of six fa" highlight (its - group, whis dontracts,"
gins of a shilling at jeg came in Burmah...and – Briigh Fetroleum
Domestle No. 8 sugar futures closed unchanged to a points lower with po sales, reported.
fres:
Codileset No.:'4 (world).
Selective buying brossfit ad- VANDER in gold - shares, and Tonnera, tended highe
SMALL DECLINES Industrials closed with smal decline in a majority,
dle managed
nds held
TYPHOON MA
with revised
$5 MOUNTED
from
00
South China Morning, Part Let