TRADE
THE CHINA MAIL,
WEDNESDAY, OCTOBER
SECTION
·Page
Pipeline Wrangle Threatens US RUBBER Special Stocks Only
Jobs Of 2,500
GREAT LEBANON OIL PORT
COULD BECOME
POOR FISHING VILLAGE
Beirut, Oct. 23.
A wrangle over a 20-mile stretch of pipeline, which has been going on for the best part of a year, is now threatening the livelihood of 2,500 Lebanese oil workers and may reduce the prosperous Lebanese oil port of Tripoli to little more than a poverty-stricken fishing village.
of
HONGKONG STOCK EXCHANGE
(From Our Correspondent).
Busincs done on the Hong- kong
this Block
exchange morning amountod to op- proximately $500,000. Noon morning's quotations and the transactions:
Shares
BANKS
Bank on
WORLD RUBBER MARKETS
New York, Oct 23, The No. 1 Ras rubber future contract, closed 25 points lower with males of six contracts,
Doc.
22.75 Tho rex contract closed, un- changed to 18 points lower with kulcs of 40 contracts.
Standard contract closed un- changed to 25 points lower with no rūlts reported.
Nov,
Jan,
Mar.
May
July
Sept.
Buyers Helleru
Futes
Nov.
1020 1010 35 1030
INSURANCES
1000
43 431
30 43
DOCKS, ETC.
K. What
Duck
Syria
Provxtent
043b
13.10
100 91
10
LAND, ETC. HK Hotel..
3500 14.10
1 Land
134
14
300 m.
10 10
RUBBER Antsla Trunt
1.029
3.00
UTILITIES Tram Star Ferry.. Yumati
23.40
341
544
107
100
C. Light (0) 24,80
Li
20
213 @ 28
N
24 24,40
Electrie Macao E...
Telephone
23 23.10
2 20.20
Mr Salaam reiterated his pre- of having Bohind the prospect of massment personalities"
to makevious
that statements ofmado and continuing for unemployment
sme
**threats Lebanon's best
measures would support the Lebanon of extreme paid industrin]
with At the her
tho dispute
Irag workers, lies a struggle which against the Company."
if could affect the whole course of same time, it declared that Petroleum Company. Many ob- executed it would servers and newspapers here, future relationships between the they were
"guarantee Humphreys states
the mean "a suspension of the Com-however, view this oll-producing Middle East and the oil com-parry's operations in the Lebanon of support" with suspicion argu- mid the mis discharge of its ing that Syrie has only GT- bines of the Western world.
nounced that
would ROL not 2.800 employers."
permit the Iroq Petroleum Com- pany
to remove its present Installations from the Lebanon to Syria. They also recall that under its concession from Syria. lay the Company has a right
in as many
pipelines new Syrian territory as wishes to.
10
The struggle, a clear-rut dts- pute between the Iraq Petmicum Company
the Lebanese Governnien, revolves round how the profits from the opera- tion of two pipelines carrying 7,500,000 tone of uit a year from the Kirkuk oilfields in northern Iroq should be split.
the
Began Earlier
It began earlier this year aller Iraq Petroletam Company had concluded a new agreement with the Syrian Government for
the posaugo at tragi crude oil
territory.
through
Syrian Lebanon, with only 20 miles of pipeline, demanded a share of profits equal to that of Syrie, which has 263 miles of line."
The
Company
refused
to
Four days later, the first dia- missals were announced by the Company, which said that about 120 of its Tripoli employees, “the have drst group of those who requirements." been surplus to the Company's
had been dis- charged
it hinled At the same time, strongly that the reason for the dismissala was the switching of the new pipeline to Syrin. The surplus employees, it sinted, had been retained "in the hope that they could be absorbed in active
the employment when Com
in operations
Tripoli pany's
now mono extended” but that
"to abandon the Company had these expecalon plans."
she
(01 INI
STORES. ETC.
One newspaper quoted the Syrian Prime Minister, Mr Sabri | INDUSTRIALS Assall, as declaring that "Syria Cement would take no step which would Rove cause harm to the Lebanon" and "would not agree to any sug- gestion that oll pipelines be transferred from the Lebanon to Syria."
A delegation of oll workers from Tripoli has already called at the Government offlees here Intensive Survey seeking assurances that they will not be thrown out of work by the dispute. Acceding to usually well in- negoliale on this basis, offerint || formed oil quarters høre, the Many people here fear that
continues # formula which It claimed. Company his now begun the present_deadlock
hơn
Government and the would give Lebanon
cati-intensive survey an
of a possible and the matoct 568,500 a year in coya new route for pipelines through Iraq Petroleum Company refuse from their declared ties. It also announced plane to southern Turkey to the port of to shift iny a new 24-inch line from Iskenderon bypassing the positions, widespread unemploy- Homs, in Syria, to Tripoli, on Lebanon sitogether. It has atro ment followed by rioting
to occur in Tripoli. announced that its deglajon divert the new oll pipeline to
Economic Distress of Tripoli is Bandae instead
the Mediterranean coast, bring- ing a further 8,000,000 ton
of
oil a year through Lebanon and
giving this country ап extra | "definite and final" £800,000 sterling a year.
The first
may
Mr Soeb Salaam. at a press
The Company itself is under major blow was conference here, on the eve of
no illusions as to what
may struck by the Government here the Company's announcement of
breakdown the first last June after the
dismissal of Tripol happen. Iraq workers, of negotiations with the
The declared that
The Company has stated that of the Petroleum Company. The Minis- Lebanese Government was sill if the present policy
towards Lebanese Government ter of State, Mr Soeb Saloom, prepared "to accept any reason- who heads
continues, it is the Ministerial Oilable settlement" of the dispute. the Company Committee, succeeded in getting But he added a
to see any other result warning that difficut! Parliament to pass a low
the Government was not ready than a serious reduction in the posing taxation retrozcilve to
"abandon our permanent scale of the Company's existing
in this country- January 1, 1952, on the
rights in face of threats from the operations Petroleum Company and other Company."
which in turn will cause wide- and unemployment He also made it clear that the spread Government would stand by 215 economic distress in Tripoll."
China Mall Special
-
Iraq
under the
companies which, agreements, have been exempted trom
Income. Ascal and municipal taxes.
עם
Law Approved
This low was finally approved
by President Camille Chamoun Inter and the Iraq
a month
of
Petroleum Company was, called upon to submit a statement
of proflis
Lobanon.
Although
the
*
to
the Company' de- clared that the tax law was
violation" of exemption which it claimed it was entitled under a 25-year-old convention
with
the Lebanon, it rubrated
its statement of profits.
tax law.
New York
Cotton
Futures Turn Irregular
New York, Oct. 23.
Cotton futures today became irregular after
a higher opening, with nearby deliveries turning relatively easy.
At the close the list ruled off
Opening
Dalry Watson Emporium
COTTONS Tuxtile
INVESTMENTS Allind
10 15.20 0000 15, 20
2000 + 35
1.60 15,000 1.03 1,70 11.200 e 1 123
30
30 38 13.40 13.00
13.10 1820
13.40
4.40
200 N 231
100 108
300 31.75
500 23.10
32,00
31.70
31.10
30.00
30.09
30.15
A stendier London close act- ed to brace the local terminal market, but overall activity was slow and uneventful. Dealer switching of rex Mar- January contracts provided a iono Mature.
Reporetd refupad of the Gov- ernment agency to extend be yond 60 days as the allowable time for replacement of rubber obtained out of the stock-pile en rotation chame la Los com- ment.
ACQUIRES UK COMPANY
New YorkD61. 23% United Slates
Rubber
Oh, andeglaced: today<l): has
Northr British Habkowy Co, Ltd na mambo sidiary through purchase of a controlling_glock"in- Hêng in the Edinburgh
Rubber,, in. a,PROTNÍ financial, traumetioti,, sub- scribed to its share of one. million » säditional akarus io by North British and took the unsubscribed portion of the other 500,-
now.
090
alards. The sherds were offered to
stockholders for-strare sterling.
on share- basis
21
Pre-
Boos, Vico kidend sad. Ġeneral Mana- for of the now subsidiary. mit that the additional capital will go toward inancing
modernimatom progresant,
The involves a DX- petollfres of 83 miftion Over a five-year period, be added.United Press.
London Stocks Generally Steady
London, Oct. 23.
In the shipment market, re- ported small sales included Oct. shipment and sheet out of In- donésia at 311⁄4 conte a pound, curt and melight. Factory buy- ing in the delivered markel re- mained on the slow side. Spot No. 1 Res was quoted nominal-erally steady ly 32 cents a pound. 450 8.00
23010.20
Singapore
Stock Markët
Singapore, Oct. 24.
quoted the Brokers today following stock prices:
Opening Botu Lintang Rubber Co.
Ltd.
BLAS British
54/04.
Borneo
SINGAPORE
Who
Responded
On Wall Street
New York, Oct. 23.
Special stocka ~~~ many of them responding to individual news announcements provided the only features in a dull pre-election stock market today.
Interest in sibelds generally was marked by its absence as traders held to the policy of
has watchful waiting which been tho rule of late,
The major groups lost a few cunts on
in in- Average 0.32 dustrials, 0.62 in rails and 0.10 in utlilties and trading fell to 1,300,000 shares, compared with 1,430,000, yesterday,
cd
Chrysler Motors Camax Molybdenum
Colgate-Palmolive Co. Commercial Credit Commonwealth Elez. Consolidated Edison Continental Oil of Del. Crane Co.
Crown Zellerbach Cuban Amer, Bugar Diamond Alkali Dow Chemienia Tipent de Nemours
Batman Kodak
Pan National Gos Erie Raxiroad
The chief enthusiasm generat- was for issues such
is Family Finance Corp. Socony Mobil which went up a Ford Motor ..... point
extra dividend, General Electric
General Foods Pilzer up one on a new onti- General Motors biotic, and Norfolk & Western Gen. Pub. Uül, which held 1 point of an initially ou
Glidden Co. rise of 11⁄2 op its dividend in-Goodrich (BF) Cs crease and extra declaration.
A Few Rose
others
Goodyear Tirq
Heyden Chemieni Hoistake Mining Co. Ingerwoll-Rand Talon
Steel Co. Interchemical Corp.
resent Business Machines
ITE) Harvester Intexistensi Nickel International Paper Int'l Tel. & Tel.
John-Manville Co.
A handful of around a point to 2 points, in- cluding
General American Transportation, Lockheed, Werner
Lambert, US Rubber and Nerwich Phamareal. Out of a total 1,104 issues traded. however, Nigher.
191 were lower 344
There were some wide swings TEL stocis among the looding
groups, with Bethlehem off nearly a point, Lukene down 2 and inloed up 1%.
In chemicals, Du Pont rose nearly a point while Allied fell
ani
A selective mood help. ed stocks manage a gen-
appearance onc
Oils had gains of a point in on the London Exchange
Shell and Socopy Mobil, a loss today.
of nearly one in Cities Service, bonds Curtain
and Motors were favourite industrial shares were mixed по
Beneficiaries of new the chief buying interest. But British Government bonda and oil stocks were neglected and eased Inactive, fractionally
Thero
practically movement in the market today with business mainly confined to lower grating.
Factotics FacuDUST
No. I rubber
per Jb.
November
December
January
2014-9276 8244 935, unquabit No. 2 rubber per in. Nov. 809% 50- No. 3 rubber per lb. Nov: 87-88 No. 4 rubber per lb. Nov. 80-47 Spot, rubber unbeled Blanket crepe n No. 1 pale črepo *******
LONDON
from
Textlo shares helped the in- dustrial fist with gain running plast two shillings British Ahmindam added about three, and clectrical issues were strong In the forenoon
Speculative Interest in Iron 123-19.
Issues booster Pollst 79-10% Curtain
bonds 11 110
ád much as 2, while gains af about 1⁄2 came in Russian, Czech, Dantzig and Riga Hens Olls were quiet, with a few declines running
The market was inactive with spot quoted at 20% penco per $204 lb. Prices:
to
about
ΠΑΣΤΟΥ
New York Stock Exchango bond volume was $3,570,000.
Stock Exchange
American volume was 680,000 shares,
Dow Jones closing were:
30 industriala 20 raila
is utilities
to stocks 40 honda
Como future price index.
Comm, spot price index Moody's Andex
ny wages
Closing Prices
П
Alden Ine, Acy;
Suez Canal advanced to Adited Chesnicals
Allied Mil Ind. £61.
German and Japanese Mills Chalmers bonds managed scattered small American Airline 20
zains in an inactive foreign American Cable & Radio Corp. 201234|| section-United Press. 2012-2012
Syndicate
Consolidated Tim
Fraser & Neave Ltd. Ord Frases de Neave 75% cur
prať. Gammons (Malaya) Limited $2.15 Hongkong & Shanghai Banking
Corp, Hongkong Tin Ltd. Kempas Ltd.
$4.00
No. 1 R YOọt
2016-2016
Bettinent house terms: December
$560
Jurk/Mar.
0/-
Apr./June
$1.92
July/Bapt.
|
Lanas
Hubber Estates
0.00
Ook/Dec,
Malayan Breweries
$2.97-
General markets, ell basis, porter
New Serandala Rubber Co.
hid
November
$1.30
December
Petaling Tin Ltd.
13.45
Jastity
Raffles Hotel
$2.60
Estato crepe thin Nov.
Singapore Cold Storage
$1.00
South British
Insurance Co.
$18.50
$18.20 unavailable--Unitat Prest.
23.13 23.23
Ltd.
Sitmits Trading
Steamship United Engineers Ord. Wesno Bros.
• ex all.
Extate crepe thick Nov, ..
Amsterdam rubber pricts were
China Mail Special New York Sugar
CHICAGO GRAIN
MARKET
Chicago, Oct. 23. Grin futures were irregular on the Board of Trade today in feily active dealings,
Market
New York, Oct. 23: World No. 4 sugar futures closed today unchanged with salés of 38 contracts,
Domestic No. 0 sugar Autores. closed unchanged to 1 point higher, with no sales reported,
Activity was Ikulted: generálly pending further developments in the raw market, Futures –,
Contract No. 4. (world).
At the opening, most grains went fractionally higher politicol developments in Poland and continued dry Pricca of futures closed today weather in the southeast. Com
mercial houses were buyers of wheat and corn, and this in March 34,400
turn helped the oat position..
NEW YORK
6.
is ruled up New Orleans
to up 7 points.
2 to 8 points. as follows: closed, unchi bod
Spo
Dec.
Mar
May
of
Juk
Oud
Dee
Mar.
to off 2 points.
The Government immediately claimed that its statement was "false" and asrewed it for tax purposes at 48,000,000 Lebanese pounda (about 25,197,401 sterl- ing) profits. It then put in an Income tax claim for 21,000,000 Labanese pounds (£2,872,108) retronetive to January. a your
Spot house selling in Decem- im 1952 and called for the. position of a fine of 12,000,000 ber, estimated at upwards
and scattered (about 10,000 boles,
liquidation,
applied a brake on
to keep Mon- Asked to submit comments on early attempts
day's demands the Company
*Elly under
Jo way, Observers assumed a good countered at the end of Sep-1. tember by requesting arbitration part of the December, offerings as follows:
liquidation of long Against the purcham of cotton
Lebanese.
pounds
£1,388,932 sterling).
these
of the dispute which, it claimed, represented
It was entitled to da under la
Convention
1931
hedges the spot with
ment
Intended to ship- Lebanon
to, textile milim or ex- According to unofficial press porters. Moderate hedge-selling Mr Saeb Salaam was noted in the March delivery reports here, declared that there could be no above the 34 cent level. question of arbitration and that If the company failed to pay is Laxes by the end of November, It would be treated as "an on dinary tax defaulter and properties, seized.”
Hit Back
NEW ORLEANS
31.98
34.03
Prices of futures closed today
Boot
Dec
Mar.
May
July
Oct
Deg.
Mor.
LIVERPOOL
Resistance 14 nové. стор months continued to, be as- sociated with expanding exports ib. were as follows: plus the expected effect of the soil bank programme on next year's production,
Fabarés ; cleings, in perice per
DOL NOV.
The Government weekly crop New contract ELANIKATY, SAła, dolayod.picking of, remnant - cotton, in Atlantic, coastal plane. Elsewhere, har vasting of the remainder of the crop mado, rapid progress,
certificated, stock re. 'rdinéd až 2,630. balda,
Early in October the Iraq Petroleum Company hit bock and announced its decision to switch construction of its new 24-inch pipeline from the [
bonen to 6yola, carrying the all from Horse, to the Byrian port of Banda: Instead of to stan
The Company, declared, that it (had)ressback: kada - decisioni: 2
out..DE certain setiona
· Volume Open Interest
Taypline: Kamal (Nov/Dec.
SÃO, PAL.
35880 DER
May
July Beot
ola per low fob Cuba)
Contract No. 6
Shprily after the opening: spot-(col ball, profit-taking appeared ant prices declined. The dip, kowever, was small, and most arch contmotá remained new yes-May terday's close.
July
Boybetter futures, were. helped Nov. to.om cont; soybeans of Boat-fcents per ib. ̧elt Nyer to up 1⁄4 cents-United, Press.
CHICAGO. LARD. FUTURES
Chicago, Od. 23." Prices of larò futures closed today, in cents per la ns follows:
́ex-duty)
CODE
US Rubber
Consumption
American Cyanamide Co
Aaner. & Forgn. Power Am. Mach. & dry American Metat American Smelting American Tel. & Tel American Tod, "B" Anaconda Copper Armco Steel Armour ** Allas Cons. Mining Baldwin-Limno-žiarn. Baltimore & Ohio
Aylation Corp.
Washington, Oet. 23 Lovers consumed 117,550 Benguet Coat of now natural and Bethlehen Steel Boeing Airplane synthetle rubber in August ----
Borden (The) Co. more than in July but less than Burroughs Add Machine August 1955. The Cem- Canadian Pacifle F
Case (J. I.) Co. mence Department reported con Cat. Tractor
first eight Celanese Corp. the sumption in months of this year was 958,109 C. I. T. Financial Corp. tone, or 4.7 per cent less than Chase Manhat? Bank ********
month of last in the same your United Press.
Solar Aircraft Agreement
New York, Oct. 23. Solar Aircraft. Company has agreement with dersigned sales
of 3.56 Nissho Company Limited 3.24 Tokyo, under which the latter will.bell several categories of Solar products in Japan, Harasa, the Philippines, Hongkong, Thal-. - Indonesia, and South Horea Reuter. **
Prose
New York Foreign Exchange
New York, Oct. 23,
Cideftig rates were:
England
others
19/15..
United
Exchange Rates
LONDON SILVER PRICES
NEW YORK METAL
FUTURES A
York, Oct. 23,
futures
New Yo
closed today in cents per 1b. as: follows: LABE
Tin
15.100 15.100
LONDON METAL
PRICES.
when head Worldon: Oct. 28.
Ftoday
400,06
161.44
171.78
55,68
02.07 102.10
Kan C. Power & Light Kennecott Copper.. Liggott Mayors Tob. Co. Lockheed Alreratt Loews Incorp. Lone Star Cernerd Co. Loulaville & Nashville R. Lowenstein & Bone Membi Iron Corp.
Minnesota Mining ....... Minion Development Monsanto Chemical Co. Montgomery Ward Motorola Inc. National Cash tton. National Dairy Prod. National Lead National Steel Corp. New York Central Otis Elevators
Owen-lines Glam Bacilla Gas & Elec. Pan Amertones Airways Paramount Pictures Parke Davis Co. Penny J. C. Co. Philip Morris Procter & Gamble Co. Firsburgh Plate Glam Publicker Industries Pure Di...... Radio Corporation Republic Steel Reynolds Metal
OIL CO.... Saint Rog. Paper
Sinclair "O
Sony Mobilot!
Puerto Rico Bogar Southern National Gas Southern Railway (Com.) 16342 Standard Brands
Standard Oil of Cal. Standard Oil of Ind. Standard Out of NJ, Sterling Drug Co. Studebaker-Packard Cury, Swift Be Co.
10% Texas Co.
931
Tide Water Aam, Oli
515 Twenty Century Fox PIM
33% Union Carbide
23
Union Pacilo Railway
United Aircraft
| U.S. Foul "11"
U.S. Gypsum
34a Line Co. 20UB Bubber
UB Smelting
1801 UE. Steel....
Warner Bros.
T3 | Westinghouse Electric
73
03
251
West Va, Pulp & Paper
10% Woolworth...
United Pres.
NAMESAKES
Answers: 1 Antarctica, 2 Evans, 3 Pole, 4 'Trek, 6 Diary, 7 Amundsen B 6. Huskies, Sledge, 9 Discovery, 10 Explore. 11 Expedition, 12 Oates.
Captain Scott..
TYPHOON MAP
with revised codes in force as fron
1st April, 1956;
$500 MOUNTED
$400 MOUNTED
South China Morning Post