THE CHINA MAIL, WEDNESDAY, OCTOBER 3, 1956.
TRADE and COMMERCE
SECTION
London Much Calmer Over Wall Street Makes
Suez Crisis!
US UNCERTAINTIES
CAUSED BY
INTERNAL POLITICS
By SYDNEY S. GAMPELL
London, Oct. 2.
In the past week London has become much calmer over the Suez crisis.
US DUMPING
WHEAT
Melbourne, Oct, 2. Australian Wheat Board Chairman Bir John Teas- dalo weld today but the American-Indian wheat- to agreement amounted "dumping.
Sir John said the thres- your agreement was' cap- able of greatly harming Australian trade, for which a natural market. ludia in
million India took 23 bushels of Australian wheat in each of the last wo
HCANOEVA
Hr
sisi the United States
I using public law 480 to dump primary products in countries. in A other "desperate desire to
for laking and storing of them. -United Press.
responsibility" or by
Those security, commodity and freight markets which were previously moved by fears of closure of the Canal military action over it have tended to reverse their previous movements as those contingencies have become so remote.
Oil Resources
US COULD SUPPLY EUROPE
Tulan, Oct. 2.
the Suez create
Closing of Canal would
Wall Street was supertog to be more affected by the Suez crisis earlier in the week Wall Steels 19a) unex Balutar word mubably more internal
the much greater anticularly sarez fats ty ver the parent'
lection sled 113sta⌘1t % [r+ * } Mane kelion reside
lended
tu
Mother
W. Inesday,
121
L
Far
The 15 per cent phe Eastern liner freight $1.1 bet enerelted!
whift care-
HONGKONG STOCK EXCHANGE
From Our Correspondent) Business done on the Hong- Exchange this
Stock
F
+
York Cotton Futures Continue Upward
New York
New York, Oct. 2. Cotton futures today faltered after a steady start, then resumed the upward movement, carry- ing most deliveries to new seasonal highs.
Prices spurted
Its much $1.88 bale
post- from the opening lows to close net 3 to market
23 points higher. The
t off 2 points. ; opened up 8 New Orleans closed up 6 to 20 points.
Moderately nctive trading featured further October covering at the 23-cent line! plong with cominission house buying and a New Investment Oricans demanel
for the deilveries
Price-stimulating
fate
factory - luded the continued absence of delivery nollees, along with A jess favourable view of the Government weekly crop sum- the unexpectedly sary suali volume of hedge selling in face of the fact that the harvest season by just about nearing a peak
and
WORLD
RUBBER MARKETS
New York, Oct. 2 The N... i Has rubber future contract trday cloved 5 points higher with sales of 10 contruct.
23.44-40 rex contract closed 5 to 21, heher with males of 68 con
Comeback After Decline
a8
more
New York, Oct. 2. Stocks ran up today with as much vigour they doclined yesterday, and, on nothing specific in the way of market influence,
Today's gain, ithough
volume. alightly lighter
more
New York Central Olin Matreon Otis Elevatzin
win-line Class
than wiped OLIL yesterday's losses which wers the worst since Juno 0, leaving Industrials Pramunt Pictures
at their lows since February 14. and rails at their worst since last November 2
susc! 1:2
Parke Davis Co
Page
The General Electric Company Limited of England
RECORD SALES:
The
general
soth DAUDŽ meeting of The General:Eléctric Company, Limitag, was hold on September 27 in London,
Sir Harry Ralilog, the chair- In the course of i Ma speech
The sales of the company have again exceeded all post re- cords. Our total sales have in- croused by 13 per cent, although sales in consumer goods have declinect, In spite of the in- creased turnover and increased emelency, the rise in cost could not be fully recovered, Our trading profit has subglandinity remained the same ut £9,782,774 compared with £8,880,324 1960 and £8,264,047 for 1954. our consolidated net profit for the year stands at £2,750,000 compared
with 2
£3,452,000 in 1855 and £2,304,000 in 1954.
That the
not company did Mi; achieve higher total trading po. 68 during the past pear slen
from a number of causes, It la,
Porite Gan & Blee. Pan American Altway.
12
m
30%
67
421
a
Penn. Balt Co.
Philip Mort da Pittsburgh Pale Glom
Publicker Industries
shures, | Pure Ol
motors, tobnerus, tyres, pirerafts, Radin Coralk
Statile ilerl n hot of mis-Reynolds Metal
galos (Shell Of Du
In part due to the met that 44 custantly
rising
productive wages and distribution costs, ne- companied try ever-increasing competition from countries based on lower wages, like Germany, or on lower
ilke taxation Switzerland, have narrowed the
40
Metni
J
olls, rists k
00
rellaneous issus had
ranging to 2 or 3 points
tid, in
Salt Reg. Paper
10
Sinclair On
Meny Mutius!
South Puerto Rico Bogar
Southern National G
Southern Railway
C
a few easer, to ord
0.71 Insluztrials
averaged higher, rails 3.59 higher, utilities 0.71 higher-the best gains since May 39 for all three. Out of a 817 tradieci. total 1,441 issues were higher, while only 153 de- efined,
Ticker run late briefly after the opening on the rash of buy orders which carried over treni the last-minute ruily yesterday. 507 Hiter prices fem their
Turnover
De
The
Nov
Jan
31,00
Mac
31.40
542
30 un
July
20.00
Renewed
buying foterest in
Sept
29.
the textile market the heavy rate poundings,
along wit
Now
વાં માફ fin- ani antteipated
Stamatuid contract closest 5 1 15 pointy bigher with no spies
Der
33.50
Mar
31 40
Turnover thares.
tolall
2:040,000
Alay
Noor $507,000.
**
quotations Frumusetions
asi
the
Buyers Sellers
HANKX
cotton needed to complete com- under the Govern- ming's 'mitments
programme ment export impetus to the rallies.
July
289
Sept
22.1X1
Now
lent
Terminal
20 IN
stendiness |
OK Hook Fast Asi
HEA 14
2411
INSURANCEN
Conion
H
3413
Lombard
42
SHIPPING
Wheelock
290 KN JA
Jt we alwave, pourely.
precautionary
The Bala Sare
far по
crisis for the United States
oil industry, ac- cording to the Oil and Gas Journal in a review of the situation.
which
Jnort degemist on Canal wall along refranel frum any such surchargeAS
Exaggerated
the thing amounted 143 p-covering by shippers agains
proximately
hase
The Far Eastern Furrturge was un exuggente! {{1}}
DOCKS, ETC and many observers still further K "Whirt exaggerated!
significative, Dork by supposing that Provident
IN
The Journal rake the United States had enough oil and the capacity to move it for her own usen and at a pinch could supply i particularly
ered any such burdens any Europany shortage by a Suez Canal shutdown
LAND, ETC or impedik Holed iments to maritime trade would
HK Land.
fleakt RUBBER Anais
more competitive
But, says the publication, if, make Japan's and India's exports the Middle Fust pipelines were also closed, emergency measures
I'
in the BANKRATY
alt
might United
Stat demark
Conservation officials estimate that the United States could produce two million barrels of! bil more than is now produced each day. ways the Journal.
Ar analysis of the available of uut pipeline
vapally Toxus Loutrina,
and New Mexico hithentes that within 90 days th
Tu (net. India is peculiarly Trust vulnerable to any Suez imperli-, UTILITIES ment which would ussuredly not Tram
Bio Ferry make her costs more competitive
Japan is perhaps more debat - alle but any obstruction which Electric moved
from Japan further Europe would not necessarily be any better for Japān than for Europe,
וז,
15.40 1915 41 041, torx M',
Market
The Wall Street concensu was that today's malket betion. recently. As in other seaT'ONS was largely technical in nature, reflected the London action and i reflecting de mund steroming indication of further Europe from an over-soid condition.
arbilange
Wied and rain from hurricane Flossy enused some damage by cution und deinved picking in estern belt sections. The chief, les af London. vidently will maricane Joyses
Elsewhere,
buyurg
dare again<l!
AMSTERDAM
In tecis. Youngstown joined nearly 3.
Standard Brans Standars Oil of Est Sundant Out of lad Saint Oil of NJ Sleep Rock
Btering Drag Co. Bludebaker-Packard Com Swift & Ca Texas Co
Tide Water Assn. Oli Twenty Century Fox Film Union Carbide
Union Paste Halbway
United Alcerati
UB Foul ""
113
Qyte
B. Line i'n US Hubber
U.B. Sminst
Steel
US
Warner Bros
Westinghouse Electric Wet Vn. Pin & Paper Woolworth
ไม
net profit margle.
Wo considera li muenflal 10 continue our expansion in tha
201 capital gomis field, and we have HI been sticcessful in doing so, Wo equally essential for
of prosperity
the future
33%
M
consider
+7
33
20
0244
company that we take our full share the many developments which will lend to the opening up of
443 CCT
new fields
for atomic
power, traction, com- munication and electronics.
Au
2416
11
Further, during
20
ሳባ
ment action both at home and
47
15
03
130
!!!! company the past
year, been affected more than some of our British competitors by Govern- because cur business
rally
It is fully
agalist
23 gb
sitated
the
20
4
United ProNM,
London Stocks
Drift Quietly
more widespread.
understood
that the
212-9-
of
Indation tightening-ap
credit conditions for certain con-
artkeks especially sumer
luxury goods.
ever
Lovr
1t inust, how-
be realised
mony
that electrical appliances, in Fabour-saving represent
domestic
devic
which are kilspensable Adequate to national efficiency, turnover for such appliance in the home market is the basis for export business. It is clear that the normal development of this market can only be kept London, Oct. 2. back for a limited period. There Stocks tended to drift have lately been signs of some Morrts up almost 3 and Amer quietly, except for a solid provement.
principa! Overseas, Gov- markets such as Austraila andi
be a lowering of the grade, the Government weekly report
The market was stendy, Prives sty sunny
day in guilders weather was mostly favourable lead
renewed cancer seace, madę o; or, kilegiam, eli Det, ni follows. maturity
with und rything of
comeback
Chrysler
pared
motory
around a point.
pe
Tobacces, hit
hard
by
2.01 parl 7 58 paid 133 buyers 3.37 buyers
SINGAPORE
In Texas, harvest was No. 1 rubber ative and nearing completionNe subber No 3ubber
twe
$13
*
100. 43
fer
$390 14:30
1320 th
J43
1 M)
17!!
160
380 m G4
૩ માં | 64
1:50 2000 24 1 NO
1000 11
י:
In northeastern setions, Treig Na I repe ated cotton 011 high plain showed an abundance of bolls maturing in open weather. The certifenic stock remained 2,508
! bales
20,100
Prices of futures closed today
The market was quiet during most of the day with only little
Futures: Trade interest.
October
Ib
rubber Jes ib.
November
December
W94-083< 9116-01 unqunted 20-8116 80
B1-01.
74-10 118-120
Oct. No. rubber per lb. Oct. No. 4 rubber per tb, Oct Spoi rubber tintalid Blanket crepe
No. 2 rubber per
The
market was steady with
can 2 higher.
the
Philip
In
our
πάνε
Tyres were among the best advance by British performers, Goodrich and Fire-ernment bonds on the New Zealand, much the canie stone rose round 3, the later ex, London Exchange today. dividend, and Goodyear climbed over 2.
New York Stock Exchange bond volume was $4,040,000,
clrcumstanĻUS with
trading, out
and
of
while
interfered
the in
Pakiston governments
deing the official rate of
1
Advance among the "gilts" ran War Len Continental featured oils with to 5/16 sterling
and sterling in Old Consuls.
Nave Automatically Gulf and 3-point gain and Cities Services rose around 2.
But Wall Streel's easiness and called for the writing down of our assets in those countries and the cloudy Suez Canal outlook
against mu 44 charge kept traders elsewhere largely entailed
of soine quarter of on the sidelines, Industrials rated pronts
million pounds, American Stock Exchange little interest and posted several
of t shilling or more. Your directors have recom~ Rolls-Royce and Unilever were mended a final dividend of B
per cent on the Ordinary stock, averages among the targets, but
elated Electric wer; ahead about making 14 per cent in all-the one shilling.
same as last year.
volume was 750,000 shares.
closing
Dew-Jonca
were:
30 industriais
2 AL
18 utilities
mucka
235 23 20
40
Viti START T01 24.00
Month
Volume Open laterent
11
11
24 BI
240 Out.
10,600
41,000
No
C Light (N) 2190 24.20
Macau M
Dev
10.100
21,700
1000 40 24
MN:
321,700
302
31
17
J
20
1 May
21.200
259,300
| Telephone
July
11,000
153,600
2400
ZA
52 40 24 LM
Dot
1,700
$224.80
100
3,000
41, fon
2001
24 Sat Mar
1,500
1,900
режно
74 Total
92,700
1.124.000 bales
Nu. pale crepe
INI INDUSTRIALS
2300
24 1000 24
1
NEW YORK
LONDON
37
1500
13 JA
as follows:
Spout
30.5521
October
3400
12. Prices:
March
34 13
No. 1
31 32
May
Sottlement homose
Win:
July
14.93
November
I
SUGO) 10 ( 1242
October December March
December
2031+2'?
33 31
Jan/Mar.
254-26 Me - dy's
2394
Aur June
July/Bept.
20-201 2011-20
October
November
20%-2014 20-2032 204-2054
33.40
Estate crepe thin Oct. Extate crepe thick Oct.
38
United Prest.
14 1
Coming Interest
shilis Tow industry could increase towards the effort to bring Cement its crude all movement to the Japan nearer to Europe, ntunely
Rope STORES, ETC United States Gulf to a point¦ the Anglo-Japanese trade T Duis which would L more than payments talks chie to start 191 Watson
any 1980s Loudon early this month make up
in the suffer woddl
Canal shutdown ---- event of t China Mall Special.
enough Europe
Swedish Foreign Trade Deficit For August
Stockholm, Oct. 2.
1
Ample Time
One can trendy discern the shape of portaka changes in the existing agreements that may eventually result from these talks. They seem likely to
tech- changes of considerable
be
nical interest and soine bustier
signtheance, though not head- tine news.
Swedish foreign trade resulted, time to riseuss them since the
in a defeit of 70 million crowns during August, compared with
i
Superm
COTTONS
Texule
Nanyang
INVESTMENTS
10 10 20 H
$1
1420 3024 14 30
72121
50 4.00 1500 430 130
07 423 000004
CHICAGO GRAIN
Grain
MARKET
Chicago, Oct. 2. futures prices were:
However, there will be ample | Irregular on the Board of Truck |
today. clearest prospect Is
Wheat that the talks are likely to last a long
a surplus of 42 million crowns i time. in July.
August Imports ictalled 918 million
BRO agains! crowns
exports million in July. and totalled 830 million against 923 milion prewna.
The increase in import was due mostly a bigger deliveries of itxulics, base metals and metal goods, including armaments. Im. poris of coal and coke decreased however. The smaller export were due mainly to a decrease in shipments of machines, ships and paper and pulp.
They have to start with most compliented balance of payments exercise, which may well require reference back to Tokyo, not for policy directive but simply for additional data.
Reserves Drop
HRS
of
Japan's sterling, reserve dropped, but not because of the deterioration in her balance sterling payments—which has washed out her previous
stige
In the first eight months of plus but not brought any such утаг Sweden had a trade defelt as would explain the sleep deflett of million crowns, drop in the reserve. compared with a deficit of 995
same period
1190
lost услг. Imports during the eight months totalled 7,279 million
crowns
As Japan wants the oppor- more favourable lunities for a balance
of sterling payments, the first task is to elucidale that ngainst 6,845 million last year did cause that drop-which may and exporta 0,289 mililon against not be impid
or casy.-China 5,050 million Mall Special,
crowns.--China Mall Special.
US Employment
Will Rise
Now York, Oct, 2. The Labour Department, fore- of tho casts that for the rest year. employment will rise. The Department says substantial in- crcises in labour force will toko place in manufacturing indus frier, notably auto and aircraft production.
Interest-Free Credit For Yugoslavia
Was about steady during most of the session du mainly to substantial exports.
•pot quoted at 27% perce per
15 27-2112
40 bunch
27-2734 Comm. future pelee index
Guneral markets, elf hosis, porte:
NEW ORLEANS
Prices of futures elised today December
Las follows:
Spot Outuber December
Airs
May
July. October December
March
LIVERPOOL
33.20
New York Sugar
Market
New York, Oct. 2. World No. 4 sugar futures to- day closed unchanged with sales 24.75 of live controls,
24.77
24.75
Future closings, in penez per Soybeans turned strong short-lb. were as follows
after the opening today on old contract Oct/Nov word of an overdght annouree
CCC that 1054 by the Crop soybeans taken in on the Government loan, would not be New contract sold for less than the domestic market price plus accumulated charges.
Export dealer buying pre- sented covering against sales of an estimated 1,110,000 bushels of US wheat to Israel. A small amount of US com was sold to Ireland for November shipment, Wheat closed off i to up cents; soybeans up centa.
Wheat, No. 2, red
Boot Dec. 220(i) 2
Dio./J
Mar/Apr
May/June
July/Aug.
Del/Nov.
Dec./Jan
Mar./Apt.
May/June July/Aug. Ecrption Karnak Nov/Dec
NAO PAULO
24.73
24.00
זול
*** price Index
index
Closing Prices
Alden ine. Acy. Allied Chemicals Allied Mills lne. Allis Chalmers Atmerican Airline American Cable
Corp.
American Cyai amide. Co,
470.14 104.14
13.04
lusses
Asso-
Oils posted Sinail declines, 107.09 mostly in the order of six or Royal Dutch came ba.13 nine pence, 180.01
under Are and yielded about 423.30 £44.
Gold and copper shares showed irregularly lower tendencies quiet dealings-United Press.
NAMESAKES
Answers--1
Annihilate,
In
The report was adopted. The General Electric Co, Ltd. of England known throughout Ls world as the G.E.C. the represented in Hong Kong by The British General Electric Co. Lid
The consolidated accounts of The General Electric Co. Ltd. show that the capital employed 31st March, 1958 amounted to
ately £64,750,000 approximat for the year to that the
at
and
2 that dute after taxation amount
Donne, 3 Garden, 4 Parliament, ed to
119
33
321.
222
Itadio
B
079
14
34
Action, Green,
American Metal
22
American Smelting
table. 11 Odes,
10 Vege- 12 Simile.
511
American Tel & Tei
109
Royal,
American Tob, "E"
71
Andrew Marveli ̧
Anaconda Copper Amico Steel
70-1
Amer, & Foren. Power Am. Mach. & Fary,
| Attour
Atlas Cons Minim Baldwin-Limg-Ham.
24.75 The domestic No. 6 contract Baltimore & Ohio
Bendix Aviation Corp. 24.04 led unchanged to tour points Henguet Cons 24.10 24.00 higher with sales of 200 con-Bethlehem Steel Boring Airplane 2484 trnets,
Bordea (The) Co. Burroughs Add Machie Activity in the domestic con- Canadian Pacife R. 50.00 tract reflected firmness in rawa. Casa (J.) Co.
Popsi Cola Company reportedly Cat. Tractor
Celanese Corp. |bought 32,000 bagi of Puerto, T. Financial Corp. Futures closings, In cruzeiros | Rican raws, early October load-Chrysler Motors
ing, at 0.17 cents a pound defl- Climax Molybdenum per kilo were as follows:
vered basis.
This was two points higher and a new top for the year. The 39.50 price rise, however, raised the question in trade circles about
Oct
Dee
Mar
to off Th
My
July
in the US
222 327
price was
letniltel
2312-12
Press.
33:21 ocnts.
36.00 37.54
30.40
39.03
the average spot the possibility of an increase in
Sales the US Import quota. Futures. 74,737 bales.-United
New York Foreign
Exchange
lb.
Open interest: 1,405 contracts.
Contract No. 6
Colgate-Palmolive Co. Commercial Credit Commonwealth Elec. Conseildated Edison
Continental Oil of Dol.
Crane Co.
Crown Zeilerbach
Cuban Amer, Sugar Diamond Alkali
Dow Chemicals Dupont de Nemours
Eastman Kodak-
El Paso National Cos Irie, Railroad
Family Tmance Comp,
General Electric
General Motors
Contract No. 4. (world)
Mar,
3.31
May
2.39
July
3.4%
Fund Motor
Sept.
137
Spot (cents per
Zob
General Foods
Cuba
3.23
Gen. Pub. UMA,
artly on
Glidden Co,
Goodrich (1) Co.
6,00
Goodyear Tire
Hayden Chemical
11.49
838
5.67
Mar
May
July
Corn, No. 2, yellow
152
Spot
Вес.
ja24% -3% 142
Mar.
1443-14
May
140
July
Rye
Dec
Mar.
2012 1343
Onta
peo.
Mar.
Soybeans, No. 2, yellow.
New York, Oct. 2. Closing rates ware: England official p
30-day futures .. 90-day futures ..
Nov.
Mar.
2.7919
MAY
Spot Nov. Jan. Mar.
Canada
Others
2.771% 2,103 unchanged-United
July
1.03 31/32
Bept.
Press
May
Spot 23. ib. rack
Bonn, Oct. 2 The West German Bundestag Barley (Lower House) has approved treaty giving a 240 million mark New York flour interest free credit to Yugoslavia. The Bundesrat, (Upper House) has raised no objections to the nily bullish on fourth quarter treaty, so ratification is expected business prospects, a survey by to be completed shortly. toir national association shows. The credito
Purchasing agents are gener-
Day for German
130-1400
unlied Press.
#13.200
Exchange Rates
Dalam was done in the local toifilal. Oxotiningen väkekąt the
Alerting kkvoten
* Thele · optimism stoms from goods and services--is part of a | morning, at "ime-Calcaring, Talen:— riting production, upward price compromiso agreement co Yugo VE, dollar (pe; 1)) movement, large booking of inlay, war claims against, West now artiers, very high employ-Germany: which Yurdslavin ment and stabill-ing Inventories. originally set at 700 million
China Men Spodial.
marka-China Mail Special,
Auttrellan pole HKDec23) P Indonesian rupiahit (per":"100)" 1245]
London Foreign
Exchange
London, Oct. 2.
·Closing ralon were: New York * (Montreal) J erdam
2.70 7/30-8,78 0/LE is 10.81
unchanseo/4imited-
Nov.
Bpot (cents per tb. cif NY
(ex-duty} ****
Open interest: 1,175 contracts,
United Prem..
CHICAGO LARD
FUTURES
Hamsake Mining Co,
Fogarmold-Rand
Inland *Bleel Co.
International Corp., ****.
Ine Husloom
Msaltres
Int'l HarvestATTER
Intemations. Moje! International Paper
John-Manville Co,
| Kennécoll. Copper Lockheed Aircr#ti
Loews corp...
Lone Star Cement Co.
Louisville 4 Nashville R.. Laušenstein De Bona.
Miancroin Mining
Chicago, Dol. 2 Merabt Iron Cora...... Prices of lard futures closed | Mirsion Brea today. In cenia per lb. as follows: Mengiato Chomsies!
12201141
•Nov.
Natična) Dair
Nation
The dividendly £2,750,000.
on the Ordinary
5 Lines, 6 Cromwell, 7 Berm capital is 14 per cent for the
13 year
jess
company employees.
income tax. The
over has
70,000
TYPHOON MAP
with revised codes in force as from
1st April, 1956,
$5.00 MOUNTED
from..
00
$40 INMOUNTED
South China Morning Post Ltd.
HONG KONG & KOWL