THE CHIN MAIL,
TRADE and
THURSDAY NOVEMBER 15, 1956
CONLMIERCE SECTION
Page
Mexico Losing Opportunity HONGKONG New York Cotton
Bonds And Oils In
Drop In
London
London, Nov. 14.
British Government is- Butes and oil shares
were
off sharply in generally
lower dealings London
today.
on
the
Stock Exchange
Oil Business
EXCLUSION OF FOREIGN
CAPITAL LEAVES
INDUSTRY SHORT OF FUNDS
Mexico City, Nov. 14.
Observers in Mexico, reviewing the nation's petroleum policy in the light of present world conditions, find a growing Medium and long-term Brush feeling here that this country is missing a golden opportunity
Government fell
Trvels for the year.
to
now low
to get on the boom band waggon.
Mexico.
once
the
1
The major points for the 1957 expansion which will cost about 50,000,000 dollars are:
world's barrels a day announced for the Traders in uils took advantage 이 the new trading account second producer of oil, nation-liye-year plan which begnu
to unload holdings for used the industry in 1938 and 1049, period raising funds in seder to pity adoptre a petroleum code which thel
contnál, exclades foreigners. different <1%
Inst
Today, production is less than mamah inenta
chiting the
in the early half what it wax Berount.
high und 1920's
Imports of
pru- petroleum Royal Kide, refined This pressure foreved Dutets tlown 15. fish ducts represent a big expendi- Petroleum nearly is and Burmahture of dollurs.
North }}} inore Chun 14. American
werk Oil shares strong, however, with Canadian, Eagle up 24.
Sorne of the leading industries enjoyed tile recovery in the lart half-hour with most closing fractionally lower. Rolls-Royce was an exception dropping 3
PAVE
Petroles Mexicanos, knowe as Pemex, under the direction of Senator Antonio Bermudez. bus annnanced severul big expan son programines in recent years. But as project after project falls short of is announced goal, becomes Increasingly obvious
Mexica tans E24 that necessary capital
Modest Target
WORLD RUBBER MARKETS
New York, Nov. 14 The No. 1 'Reg rubber futurės closed 80 polita higher with sales of 218 contracts, December
STOCK EXCHANGE
(From Our Correspondent)
Hongkong Stuck
Exchange
noon quotations and the mom- ing's transactions;
Sharto
Buyers Sellers
Antes
BANKS 35.41K Bank
1600
210
0.00
Inte
The rex contract closed 23 to East Asia 69 points higher with sales of SILIPPING
Wheelock 256 contracts,
November
Janusty Matth
May July
september
November
The standard contract
25 to 55 points higher,
Decuber
Marchi Max July
Heptember
November
Rumours that Russia requested volunteers, and
25.25
3500
31.83
34.49 DOCKS, ETC. 34.90 K. Whert 33.70 Ruck
33.10 LAND, ETC. closed! Hotel 1 Lol
33,50 Realty 34.60 RUBIEN 34.2) Kimzala
#f
Futures Resume
Rise
New York, Nov. 14.
Cotton futures today vigorously resumed Tuesday's rise, making gains up to $1.45 a bale, carrying spot December and new crop deliveries to seasonal highs.
Day trader realising and spot house selling in March shaved the extreme" gains at the close. but the list all finished net 7 to
10 243
0,00 1000 @ 6,00 100 a 125 3701 22 points hig
higher, The market 350025 opened up to 20 points. New
23:
250 **
Dec.
33.63
Mari
33.01
NEW ORLEANS Prices of futures closed today
follows: Spot
33.60
Dee.
34.34
Mar
34.20
May
July
Oct.
Dec.
MBT
Orleans closed up 3 to 19 points, Continuing Middle East un- certainties, pointed up rumours of in Egyptian request to Mos- cow for volunteers in the Suez along with expending sales, and operation of the soll bank programine, gen-lu. eraled most of the price-lifting
14.00 1000 14,00
mod's conflict.
export
01
300 42
1.40
0000 15
500 20 2500 or 30
power, buyers maid,
Exporters and texille interests bought nearby deliveries, Wall Street wire houses were leading buyers of new crop deliveries. Offerings in the March delivery at the 34.25 cent level, emanni- ing from leading spot interests, acted to slow the rise in inter dealings,
1170) UTILITIES
3340 Trom
70
330 41 22.60
31.00
600 22%
Egypt
has Star Ferry
to and in anti strength of
141
10
100
C. Light (01 23.10 23.40
1000 or 23.40
100 100
21.74 304
1000 210 dar 2015
D10
24
35.
200 IN
87
100
301
13
14.10
1415
500
1000
MISCELLANEOUS Ch. Enl
13' 1000
050
17% 725,000
13.00
5000 or
0.03
rather than a business. Payrolla are padded with people who
no work or service perform only draw a salary. Drilling rigs in the field are manned by crews of eight and ten men
a list of other commodity Ele where
markets plus renewed, threats three or four are required.
Tel. (0) 1. Catalytic cracking plants
Senator Bermudez, whose job of a dockworkers strike tomorrow Macan E
unwieldy night boosted prices to higher INDUSTRIALS for the refineries at Aizen-f is to keep this
level.
Cement ptzco (Mexico City, Cluded machinery in operation, has been Madern. Salamanca and Minalit-saying for years that on in- Wall Street commission house Rope
price
structure is buying, along with short cover- STORES, ETC. crease in necesary. But since Pemex caning.
through Dairy WIS supplied become on explosive political hedging against seceptances of watson issue, the price line is maintain shipment rubber. ed.
Brokers reported a fair-sized | Vibro business done in one sheets for INVESTMENTS
Varustaze December arrival at 34% cents Allied a pound, tundech, Four sheets, Dee. arrival on named steamers, moved at 324 cents, landed.
lun
2. Enlargement
refinery.
und
mo-
dernisation of the Poza Rica
3. Completion of lubrication plant at Minalitian,
the
4. Construction of wizvorption plant at Pemex, Tabasco,
از
Gold and copper shares im- proved, foreign bonds
Latest Pemex pinns call lar a ground with Chinese and Ger- 1pinaluetion of 300,000 barrels a Inited day in the near future", a more
กา30
Press
SUC
lower
1712 dem forget than the 400,000
Fails
Wall Street
To Hold Late Rally
New York, Nov. 14. Word that the United Nations Middle East police force has been ordered into Egypt brought a short-lived rally into a lower stock market inte today.
Pelves wey** boosted sharply fourth hour with early in the oli share leading the move, but
there was II todioow-thre ugh and closing lowes privoded to 3 points or Norv
Chrows Mid, lidening Calkate-Page Co
Tenith Fies Consolid stack. Pettson
me resale
Continental Cid et Del Crane Co
Crown Zellerbach
4.33
Industries were down paints in their average while rails lost 1.11 und utilizes 0.05. Out of a lots 1,154 issues trad- ed, 054 were lower on the day,
268 higher.
compared with 2,140,000 terday.
Cuban Anet. Dugar
Diamond Alkali
Dow Chemica}4
Dupont de Nemours
Kastman Kudak
El Paso National Gas Erie RailroaŬ
Family Finaner Corps
t
..
Trading picked up with turn- ! Ford Muier over touilling. 2,280,000 shares General Electric
yes- General Foods
General Motors Gen. Pub. Gety Oil Glidden Com Goodrich 19. Pl co Goodyear Tyre ileyden Chemical Huntake Mining Co
apoll-Rond
The international oils despite, thetr
brief whirl on the news from the Mideast, closet with losses of 20% to $109% in Gulf, 1% to $89 in Royal Dutch.
Steels Lose
Steels had not losses ranging
Inland Steel Co.
Int'l Harvester
5. Extension
ان
Take 260 Years
1 AUN
The financial status of Pemex Ciudad is a well-guarded
secret. No balance sheet has ever txen
Flat Government! The The Kas published. pheline from Reynosa neid budget sheet shows hundreds of and llons of peses expended un- Monterrey. Saltfo
der Ure Hem of "investments" believe and some people here that some of the is earmarked for Pemex,
Torreon
In addition, Pemex expects to spend about 18,600,000 dollars on exploration and geological work
MARY
Governmen! officials In 1967, company spokesman
privately admit that the situa sald.
tion in the oil Industry is un- Nevertheless, qualified oil inen 112 consider that even the 300.000 satisfactory, But since this in-
surrounded by 13 dustry is slightly barrels a day target
emotion the patriotic optimistic. President Advifo much
date
is still "economic Inde-
Riz
Cortines. In state of the nation
30
33.00
33.60
33.01
LIVERPOOL Future closings, in pence per
were as follows: Old conitact Dec/Jan. 20,00-03
New
contract
Mar/Apr/ 20.10 May/Juno 23.43
July/Aug. 25.45
Oct/Nov. 25.10
Det/Jan. 27,00 Mar/Apr. 23, 45 May/June 25.10 July/Aug.
Oct/Nov. 28.03
SKYpuan Karnak Nov/Dec
40.00
SAO PAULO
in cruzeiro: Futine closingpa.
Dkt.
Mar.
per kilo were as follows;
May
37.00 unginted 39.00
Oct.
Tomorrow
The New York Colton Ex-
Bureau today 48.30 change Service 14.20 estimated domestle consumption 13.20 of all raw cotton in October at July
bales
unquolen
is a holiday, ne
In the US the average spol price was 33.25 cents, Sales Totalled 93,044 bales.
-United PAY,
with compared 797,000 bales used last year.
of use Daily rate
was 36,300 prices. bales
with compared
32,000 baler in the previous month and 36,000 bales in October last year. The Government weekly crop
Nov./Dec. ship CHICAGO GRAIN summary said harvesting of the
bark, ment, moved of 22 cents, cost nul freight. No. 1 Rss spot was quoted at 35% centa,
SINGAPORE
The market was
quiet with dealers owaiting the United Stales stockpile rotation policy
zlatement.
++
remainder
15,100
was
across
1,300,000 bales
Prices of futurea closed today
of
PRICES
Chicago, Nov. 14. Prices per bushel in cents: Wheat, No. 2, red
Spol
the crop facilitated by a freeze practically all of the main beli from November 8 to 10.
The
certificated mained at 3,305 bales. Month Volume Open
stock
TC-
interest
Dec
49,100
282,100
Mor.
44,000
387.000
230
MAY
22.700
232,400
Dec 230
237
238
July
13,800
118,000
Biar
Oct.
19,400
128,200
May
2445
Dec
10,100
78,300
July
229-220
Nar
2,200
Sept.
230
Telal
161 300
Corn, No. 2, yellow
Spol
Dec.
137-1371 1001-74
NEW YORK
Mai
as follows:
May
July
1461
Spot
Dec
Sept.
Mar
Rre
May
Dec.
1544%
July
Oot
Data
Dec.
703
Mor
90
Soybeans, No. 2, yellow
Spot
253
301-31
Nov.
Jan.
230
Mar
Nov.
Dec.
Jary/Bar
20-304 Apr/June
£3-29 July/Sept. Out/Dec Osneral marketa, cif basia, porta
30-30% 299,-36 2944-30
May
203-
July
201
unquoted Barley
Spot
New York Bour
zon 1b. sack
Future closings were: No. 1 rubber per ib. Dec. 101-101,
Jen. 101-101 of expropriation his annual celebrated 28
Feb, unquoted No. 2 rubber per lb. Dec. 10093-101% addresses-pendence day"-no one wants to No. 3
0934-09% I said that production in 1954 was
No. 4
20-901 253,000 barrels a day. In 1985, introduce measures which might
unbalca 101-102 ***Spot rapber
8334-8415 hurricanes In
Blanket crepe petroleum not prove popular. the
One qualified Mexican obser-
123-129 No. 1 pale crepe areas caused stoppages of work
LONDON which cut producion to 250,400 ver stated recently that he be-
as General: barrels a day. In 1956, it neves that as long
former Lazaro Cardenas (the creased to 204,000 barrels a day, Laz
The merket was quiet but administration | steady with spot President whose
unchanged at Great Fanfare
carried out The expropriation). 30% pence.
D
lives, there will be no funda- mental changes in Pemex,
Questioning The wisdom
No. Re spot
of Settlement houses tern In 1949, Pemex had announced
470,000,000-dollar expansion the present oil policy, an
oll! Dec. Steno Manuel A. programme for a five-year period engineer, which was intended to raise Hernandez, quoted in the dally declared production to 132,000,000 barrels newspaper La Prenza.
For from that Mexico's reserves pre equal of crude oil a year.
production 10 those of Venezuela but at the achieving this goal, 4414
* ឆ
447.
47'.
40%
120
33*
20
70.
12
501
205
50%
70%
1436
A few months ago.
Drtate crepe unquoted for thin
in 1954 barely reached 85,000,000 present rate of increase in pro- Jan
duction, it will take Mexico 200 ; and thick. barrels.
years to equal Venezuela's pre- with a
of 2,400,000 production great fantare, Pemex put on the sent market for the first time a 90-barrels a day. octane petrol called "gasolmez" Distribution of it, however, es well as of "super-Mexolinu"
miled tu a few of the major urbon centres, while elsewhere ! motorists have to depend on low octane "mexolina"
"is
of
Mexican ofetals state proudly that domestic consumption oll has increased from 21,862,000 1937 to 64,200,000 barrels in
Oil Is Politics
AMSTERDAM
The market Wis quietly Bleady. Prices closed today in guilders per kilogram, December as follows:
News that Venezuela recently No. sold 330,000,000 dollars'
oil of
rubber
worth No rubber concessions al Lake No. 3 rubber Maracaibo to nine United States No. 1 crepe companies caused some comment here.
"That is almost equal to the barrels in 1955, But, even in value of our cotton exports
80
Int'l Bisitions Machines
the
489
International Nickel
1041
1001
315%
International Paper
int' Tel & Tel
to 14 points in Youngstown John-Manville Co.
Sheet & Tube ut $10.
Chrylser lost to $71% and General Motors and Ford lesser
ints in their group. amounts
Sugar stocks reflected heavy demand for ruw futures, with Fajardo and West Indies up over a point cach.
New York Stock Exchange bond volume was $4,070,000.
Stock American volume was 820,000 shares.
Dow-Jones closing"" averages
were:
30 industriais
20
ale....
Moody's index
Exchange
10 utilitiew
63 stock#
40 bonds
Comm. falco pere index
Camin, spot price index ...
Closing Prices
Allen Inc. Key.
Allied Chemicala
ANSO, MAIL Inc.
4.Kennecott Copper
Liggeli Meyers Tob. On Lockheed Aftersal
Loews Incvfp Lone Star Cement Co. Louisvile & Nashville R. Lowenstem & Sons. Menabl Iron Corp. Minnesota Mining Mision Development Morato Chemical Co. Marigonery Ward Motorola Inc. National Cash Reg. "A" National Dairy Prod National Lend
National Steel Corp.
New York Ceniml
On Mathieson,...
4
and
21 this field, refinery facilities
(Mexico's number one export Salamanco modern Minatitlan plants are unable to item) for two years," one com
mentator observed. "And not a production drill has been sunk yet.
What keep pace with the of high grade lubricants de good will our oil do us 23 or 30 atomic manded by the nation's booming Industry, Imports of these liems ears from now when
energy will be the chief source represent considerable
A
ex-of power." penditure of dollars.
431
133
021
19
no
2109%
Slower Rate
here
130-140
$13.400 -United Press.
34.0311
34,34
34.01
34,20
33.61
NAMESAKES
Answers--1 Hispaniola, Schooner, 3 Bones, 4 Gunn, 5 Jollyboat, 4 Cook, 7 Hands, Flint, 9 Treasure, 10 Hawkins, 11 Skeleton, 12 Adventure, Battle, 14 Crutches.
Long John Silver.
Fly PAN AMERICAN world's most
New York Sugar experienced
Market
New York, Nov. 14. World No. 4 sugar futures 10- day closed 13 to 18 points higher with sales of 1,203 contracts. Volume was the highest for
WINNIPEG GRAIN session since Der 4, 1953,
PRICES
Winnipeg. Nov. 14,
when sales totalled 1,200 con-
tracts.
with sales of 35 contracts. cif
Prices of grain futures clored
in Canadian cents per
today
bushel as follows:
2.90 paid
Qata
2.80 buyers
187 buyers
Dec
3,56 buyers United Prek,
May
July
Ryc
Dec.
Mpy
July
Barley
Dec.
May
July
Singapore
Stock Market
i
Flaxsted
Dec
the
The domestic No. 6 sugar futures closed 1
to 9 points
Rapid and wide ductuations in world contract reflected Middle Fast uncertainties, pointed up by rumours of an Egyptian request to Moscow for volunteers in the Suez 6ghting. After scoring maximum gains up to 38 points, the market lost more than half of the gain under realising
and hedge selling. Futures:
толь
70*
17:5
140
1409,
14436
1037&
104
101%
Contract No. 4 (world)
March
308
May
3,64-63 3.03
MAY
July
3094-1 300
July Sept.
Wheat, No. 3, 100% cents;
No. 5.
144%
cents--United
Spot-cents per th. fab
Cuba)
Contract No. 6
3.07-08 3.57-63
3.55
March
May
July
Nev.
Spot-cents peří
NY ex-duty)
prof.
Limited $1.00 Guernions (Malaya) Hongkong Shanghal Becking
1050 Hoa kong Tin Kempas Ltd, Lumas Rubber Estates LAG.-6.80 Malayan Breweries
$3.00 New Berandah Rubber
Ltd,
$4.00
Nov.
New York, Nov. 14. Prices of metal futures closed today in cents per lb. as follows: [Lead"
1541b
Dec.
141b
Nov.
106.50b
Dec.
Zine
Nov.
Dec.
13.21b
Petaling Tin Lid.
Copper Nov,
Dee,
34b 34.15b
"---United Press.
NEW YORK METAL FUTURES
Singapore, Nov. 15, Brokers to-day quoted the Press, "One suggestion, put by An
following stock prices: old-time private oil man
Opening fa a Mexican official, is that the Balu Lintang Rubber Co. Ltd. "$1.72"
Petroleum to | British Borneo petroleum code be modified
Byndicate admit foreign capital to develop
Consolidated Tin Smelter Pemex officials base their hope
Ord or getting 300,000 barrels of oil offshore concessions while a day on the new wells at thining all land concessions for Fraser & Neave Ltd. Ord... 12.05 Macuspana, Tabasco, which, they Pemex. Such a move, he assert-Frer & Neave. 72%
would provide Pemex with od,
for say, have a daily capacity
ox- 20,000 barrels of light crude oil, much-heeded capital
while Immeasurably Other all men say, however, pansion
up the overall deve- that the flow must be controlled speeding
of
at a much slower rate, or thelopment of the Industry, wells will "blow themselves out prematurely."
re-
His suggestion was met with the reply: "In Mexico, oil is that polilles, One source commented
not business."-China "Pemex has been announcing a Mail Special. 300,000 barrel per day goal since 1940 and while they are de.
approaching
01 Anitely
45 figures
look like an optimistic estimate for 1957"
Orie Elevatory..............
BOY
102.30
Owen-Liina Glass
187.00
Paciile Gas & Elec.
47.13
Pan American Airwayà
120.57
Paramount Pictures
2046
91-73
Penny J. C. co.
164 0P
Philip Morris
150.78
Procier & Gamble, Ca
4396
Pittsburgh Plate Ofs
Publicker Industries
Pure Dil
2614
$ 7734
Shall Oil Co.
B5
021
Allis Chalmers
Binicial On
Baini Reg. Paper
17
of is
is fundamentally" that faced.
by all Mexican industry a few
American Airline
Bocony Mobil Oil
22397
American Cable & Radio Corp.
Fouth Puerto-Neo: Bugat
Sauthern National Cas
541 capital.
Amerioah Cyanamide Co.
Amer, & Torgn. Power
Southern Railway (Com.)
Am. Mach. de dry.
Steep Rock (Torontoés)
capital in almost
American Metal
American Emelting Am Supar Het. American Zyl & American Tob. "B" Anaconda-Copper
Asian Bone.. Ithing BakiwinLime Inn, Baltimore &c. Ditjo Bande, Aviation Corp. Dentitei Cons
'Alepland
Hurresite "Add Machine.
על
Radio Corporation
Republic Bleet
Reynolds Metal
Blandard Brackts.
84andard Oil of Cal. Standard Oil of Ind Standard Od •of 17, Stark Drug Co. situdebaker-Packard Cort SPIELES & CO
Tion Water Anm. Ou
Torenly Cantury Fox Füm 1319 Union Carbide
Unio's Prolig
167,VA U ENGyphan
Fu", kubber
30%
2011
The problem facing Mexican
22/0d
Raffles Hotel Bingapore Cold Storage 20 - $1.537 South British Insuranca, Co.
New York Cottonseed Straits Trading
Prices
· Oil
New York, Nev. 14.
of cottonečed - oll
| years ago lack of investment tulares, closed today in cents,
the nation's plan- per lb. as follows:
ners have accepted foreign Deo.
every other
fold, strey remain adamant on the oll rue Production
under
forelyn 1920' at 190,000,000 barrels a year compares with 95,725,000 Įkarkels today. "Exports of Foll Bavo... roisained almbat matic since expropriation. The country exported. *N976,000 barrels in 1687) compared with 25,000,000 barrel-lart/years and; 28,000,000 barrels the your botare:
Institution
Doublemin, the Gátly.
Jan.
May
“Bapt.
CHICAGO, LARD- FUTURES
$34.50
Steamship United Engineers Ord. Wearno Brов,
31825 $8.00
.exdiv.
Special.
DEVET
VANDONE METAL
PRICES
London, Nov. 14, 'Prices of metals closed today in sterling per longton as buyer mellers
New York Foreign follows
Exchange
Tinapos J-month Copper spot
Lood lat halt Nor. United Zine iki hale.
New York, Nov. 14, Closing rates, were;
Candia,
Olhoty · · Were
Press
unchang
London Foreign
Exchange
285 200 120 121 ∙110 11014-
sted Prese
'end of "today's 'service."
Exchange Rates
5.77
United Prom.
airline
to
EUROPE
and the
USA
- For reservations, call your travel agent or Alexandra House, Phone 37031,
Ay! Hong Kong
Peninsula Hotel,
Phone 64005, Kowloon
Pa diversen Field Abrissen, Ian, Innerpair of hud. an Mode of Apa York, U. Malay with titane Laundry
PAN AMERICAN
Let US handle
YOUR PRINTING
Too many proofs mean time wasted.
Wo grasp the point at the onset and
sufficói. ONE PROOF generally
After that, our upstordats automatic
prossos, make short work of the job.
your Let us quote for
requirementa,
SOUTH CHINA MORNING POST: PRINTING DEPT