THE CHINA MAIL, TUESDAY, NOVEMBER 20, 1956.
TRADE
aunch
SECTION
Page
ECONOMIC UNCERTAINTIES New York Cotton
IN BRITAIN
Little Attention
Attention Paid To Suez
Canal
Consequences
Until Political Tensions Eased
From RONALD BOXALL
London, Nov. 19.
Economic consequences of the Suez Canal closure have been given surprisingly little attention by the British public and press generally.
Until a few days ago near certainty likelihood of a further upward of petrol rationing and even jerk in the cost of living seemed unimportant alongside the overriding question of war or peace.
London Oil
Shares
Weak
London, Nov. 19.
on
A
to
oil forgoing
exports As the political tensions have ; and
activity un however,
Europe will amount to between C'used, the
11- €45 and 250 million a quarter front hus κακιστης
Thus has inevitably given rise Outward signs in this creased.
Gov- torpeculation about the were a sharp fall industrial
for buuressing shuure prices
the In
Londonerument's plans
At the moment Stock Exchange and a fruitless the reserves.
seems that the Government have sortie by the Opposition against the Government's economie no such plans. The fact is," said:
Mr Maudling, "that day the u policy,
of reserves it is essential to deal with temporary difficultion. Fac- ac- ing as we are with temporary difficulties, its not unreasonable
Budget Surplus
Worries over effects British production of
as one of the great parliament shortage of oil kept the ary occasions. stock market subdued, Mr Harold Wilson claimed that he Government's policies today with acattered buy-In the Middle East have aggra
altuntion vated the economie ing and selling.
which was already desperate. Mr Reginald Maudling, Minister that the of Supply, retorted
had general cenomic situation improved considerably before the Suez crisis and that it was
Oll shares were weak, toyni Dutch fall £% while Britten Petroleum and Burmiah were off up 104 shillings.
!
Bourse Reacts Sharply
Park, Nov. 10. The Paris Bourse reactød sharply today to the all shortage and now
Bovlet offensive thresta
Foreign, and especially French shares droppest sharply headed by chemi- cais and petrols. Етоп rubber processingE abares were hit; Kleber-Colombes were hit last 25 per cent. Gold and foreign CHF-
roney
market firased. Refined gold gained 1,000 fremon to Tino to 489.000 francs per kilogram (1.811 dollars.)—United Press,
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
MIDDLE EAST AFFECTS
WALL STREET
New York, Nov. 19.
The Middle East crisis held sway in the stock market again today, sending the list down in its sharpest loss of the month-a decline of nearly 2 billion in total valuations.
While stocks generally were lower, a few groups featured i with sharp gains the steely,! shipbuilders and coals primarily, all standing to benefit from a European oll shortage resulting Canal. from blockage of the Sucz
On the other hand, the inter- national olls were hard Chemical shares aluminiums, rubber slocks and motors also lost sharply. Industrials as a group averaged 8.11 lower, ralfs 2.30 lower and utilities 0.03
Of a Jower.
total 1,184 issues traded 682 were lower, only 280 higher.
Rails Down
Ralls were pulled down by i losses of 34 points to $48% H Ballinore & Ohio (reflecting dividend disappointment).
In steels,
2412 Lukens, a point gainer last week, soared to today ancther 18% points $100%2 Našes
100 ?? 244
Business done on the Hong- kong Stock Exchange this mont Ing amounted to approximately $300,000. Noon quotations and the morning's transactions:
Shares Buyers Neilers BANKS East Asia INSURANCES Union Lombard BEING
Wheeluck
242
D70
ta
.
653 G.00 1,10
0000 N 1.20 3220 or 1.1715
Dis v
1.20
1
14.
500 Fr 441
The latter will not go down to take a cortain strain on mir reserves knowing that we shall For the Oppose afterwards be able to rebound because fundamentally our trade and economie position is sound."
Measures
might which necessary to deal with a certain
of payments, DOCKS, ETC. long-term balance problem would not be app K. Whart prate in the present circum- Dock
(0) 13.10 13,40 Masters Rumments that the Gov- Prov
LAND ETX" ernment may
rnise the bank RK Hotel even devalue sterling RK Land are therefore given no credence Humphreya in London.
ira
the
Middle
Fort
On other had shipping shares į "unreal" to calculate the cost of continuert strong on the favour-events
on the other sble outlook for renewed ship without setting
lasting Building activity. Penisular and niche lite very real and
and damage which would have been Orlent were up shilling some of the maller compiles inflicted on the economy of our tuce 2 to 3 shillings.
Mr
netext
rate and
Limit To Strain
RUBBER
0.53
14 14.00 01,
10.30
300 0 42
XP 131⁄2 1 4215 25000 m 140
1,00
Amalg Trusi UTILITIES
I rates
Yamali
C. Light (0)
But there is clearly a limit to country if we had siot
the stain that the reserves ean decisively and in me."
The Chancellor of the Exche-withstand and although definite C. Light ladustrials were marked down.
Harold Macmilian, plans cannot be made at least with the exception of Roils. | quer, Royee which met stubbom boy. saw no reason why the budget until it is known how long it Just Aprit will take to reopen the Canal surplus predicted ing and gained a shilliq
Brilish Government Gre Suez Canal stock lost £12. should not be "largely walised." the British Governmenat Issues He put the additional experi-banking ahead to the time when
around £ Foreignture on "mildary arrangensente" "e
and danger level. bonds held quinly unchanged at between £35 million
£50 million. United Press.
eased
U.S. EXPORT
TO RUSSIA
Washington, Nov. 10.
US exports to Russia and her European satelites increased 13 per cent in the second quarter of this year, while imports from those countries rose three times as much.
in
PESUTVES
inight
sirik
Lo
shares. stupbuilding Among Nowport News added 3 to $84, Bath Iron Works 1% to $50.
Ford fell to $544. Chrylser | declined to $89%, General Mo- tors to $47% in the motors.
*4 New York Stock Exchange bond volume was $8,910,000.
American Stock Exchange
volume was 900,000 shares.
Closing Prices
Alden Inc. Acs, Allied Chemicals Allis Chalmers
American Airline
American Metal American Smelting
600 23.00 American Tel & Tel American Tob. "B"
Anaconda Copper
22.30
100 102
23 23.70
100 @ 2015 100% 3.10 23,80
INI
Flocfrie
3814 30.70 2000 23 30.10
100 30.78 3400 un 2016
Armettr
| Baljimore & Ohio
Macao .
9.10
Bethlehem Steel
Telephone
Canadian Pacific
(0) 23.80 24 (N) 21.00 23.20 INDUSTRIALS
100 @ 24
Chrysler Molors
Commonwealth Elec.
Cement
37
330
30
27%
| Consolidated Edison
13
Cuban Amer. Sugar
170 115
3000
1.70
Dupont de Nemours
Eastman Kodak
14.40
500 (24)
Ford Motor
13.JD 1
507
Gonetal Foods
30
42
i Rupo
| Metal 1.
STORES, ETC.
Watson
A hint of this was given by "But whatever happens," he
Mr Macmillan when h sald went on, is quite clear that
fiat the purpose of reserves wus there inust be
Wing On a serious
lu carry uver just such ten- jik temporary effect on our economy
porary difficulties
as we were } COTTONS and upon our reserves."
he continued:
Textilem facing now and Altogether it was not a very
Nanyang "Moreover our reserves have debate, but that no rotisfactory
very to the behind them
substantial doubt was largely chie
reinforcement which can, I be-, Government's inability to give n precise indicatum ut what theseteve. be brought into play. effects might be. Everything de
ends how quickly the Surz DAM Canal can be cleared of obstacles length-and strewn akong
until that wilt nut be known
the experts are able to assess size of the salvage problem.
Estimates
The rale of exporta to the Soviot bloe this your is less than four per cent of the volume of exports to those countries 1947. Imports,
As far as is known some 30 however, have climbed to half their 1947 level. ships are sunk in the Canal be sidcy 4) bridge. Estimates of how the second quarter (April, May long it will take to clear these and June), compared with al range from eight weeks to
Exports were 3.6 million
In
Arst
12
of these
The "reinforcements" that Mr Macmillan has in mind could be obtained by purchasing dollars from the International Monetary Fund; selling government-held securities; or invoking the waver on the payment of $104 million and interest on United States
which Canadian postwar loans fall due at the end of the year, however, L This last course, considered extremely unlikely.
Sum Up
Chase Manhat. Bank asked)
General Electric
Lieneral Motors Getty Oil
4.20 1000 4 4.00 Goodyear TE
7.90
Australia
To Produce
Cotton
Darwin, Nov. 19. Australia plans to be- come self-sufficient in raw cotton. And the money
Int'l Business Machines Int Harvester
International Nickel
Int Tel & Tel
Kennecott Cupper
Lockheed Aircraft
Loewn IngOTD
Lone Star Cemani Co. Montgomery Ward National Ch Itep. A National Lead ..... New York Central Otia Elevatora
Pacific don & Elec. Pan American Airways Paramount Pictures Pittsburgh Plate Glass Radio Corporation.. Republic Steel Siriclair Oil x-r Bocony Mobiloli Standard Brands
Standard Oil of Cal Standard Oll of Blanderd Oll of
for this new development Stokely-Van Comp. come from
To sum up, en the present project will
ad- America. Egyptian assumptions-as based on
mittedly inadequate knowledge
The lowest months.
(from an the estimates
source) is probably as optimistic
effects ore
even
Slutobakar-Packard Corp.
Swift & Co.
Текая Со Union Carbide
United Aircraft
in The moal 3,2 million quarter and 2.1 million in second quarter of 1955.
as the highest is pessimistle, -the immediate economic con- United States Ananeler Allen Union Pacific Railway Imports of 19.3 million in the
The damage caused by the sequences of Suez will be serious T. Chase, whose company. U.S. Foll second quanter of this year corn- saboteurs to the Iraq Petroleum but by no means disastrous. The Territory Rico Limited, has al-UE. Rubans pared with 13.0 million in the Company's
pipeline through
longer term
ready begun developing half a Smelting
US Sicel irst quarter, and 11 million in Syria Will also
take many more difficult to foresee, but million acres of rico-growing Warner Bros. The second quarter of last year. months to repair. But the prob- this much is certain; whereas land near Darwin, sald the plan Westinghouse Electric
The biggest expert Hems this jem hero is of a different náturs before the crisis we might rea- was for Australia to supply her- Woolworth year have been inedible tallow. Some oil will be able to pass sonably have looked forward to self with 15 million worth of seed corn, wool rags, and form through as soon as the pipeline the early prospects of some re- colton a year, replacing machines and parts.
self is mended-which will not taxation of the stringent men- entire Imports. The leading Imports have been take very long--but full flow sures taken to combat inflation
FREE GRANT meats, furs, precious metals and will not retam to normal until at home now these hopes wil
and jewellery, benzene glasa
the three damaged pumping have to be postponed until some photographie goods. Unitedplations are repaired and this as yet unknown future date.-
might tale up to nine months.
London Express Service. In the meantime Western
will not Europe
present
Press
on
her
Chase's companies have been of three- given a tree grant
30 quarters of's million acres miles from Darwin Water comes Adelaido
Chase Manhattan reckoning yo desperately short New York Foreign, food sects
Bank On Suez
New York, Nov. 19.
The Chase Manhattan Bank Bald today "acts of sabotage designed to halt Suez Canal and
the
not
only
of odl. Some Middle East
oil
will stili reaching It from the Persian Gulf and large part of its remaining needs can
be imported from America and the Caribbean,
Dollar Expenditure、
Exchange
New York, Nov. 19. Closing rates were: Canada.
$1.03 15/16 England unofficial
2.50-3.31 30-day futuros., 3.77% 00-day futures.. 2.7849
*United Press.
-Beiglum
which intersects the land. Cotton has already been pro duced here experimentally, and £26,000 is being spent on fur- ther research next year.
"After that we will be able to take care of Australia's needs," Chase
said London Express Service.
London Foreign Exchange Rates
Exchange
pipeline operations are similar What is contain, however, is to shots from a blunderbuse that arrangements for Importing oll into Britain to Choy
the ou clart harm intended victim but also the make up for lost Middle East a heavy bystanders."
supplies will involve "And they backfire too," said dollar cost. This will come about second largest in two ways. First, there wil country's bank. "For, when the trans be the actual dollar expenditure pariation of cil is slowed, pro- on oll, from the United States. dhesion must be curtated. A able to maintain her all exports Amsterdam.
Secondly, Britain will mobo New York reversio is reduced.
Production and revenue. lost to Western Europeelthor direct fre
ly from the Middle East, or rankfurs, from refineries in Britain
London Nov. 19. Closing rates were:
Montreal
Cho
Cho tthen we想い bengedestinited
now is not merely deferred to later period it is lost forever
The Chase denoted more than this oil was in effect paid for a half, at its October review of the tangoly in gold through petroleum altizations to: the machinery of the European Pay= | | Prem sigillonpe of the Buox crisis. monte Union,, this will mean a Murino Boes. Canal is a major ften substantial logs to the alfe-blood-oil, bos tine Matka pole is authoritatively petimated East" the - Chase Bank -soll="that the doline cost of importing dil from the Western bơmiépévero:
NO SUGAR PRICES
"New York"
10
1077
701
WORLD
RUBBER MARKETS
Futures Quiet And Irregular
New York, Nov; 19.
Cotton futures trading today held to the quiet and irregular pattern in evidence at the end of last week.
While nearby steady, succeeding
months held May
deliveries
Have ground gradually under technical realising. plus hedge recent com- mission house demand abated
selling while the
At the close prices rutéd olle
point higher to 10 points lower
The market opened up 3 to off 4 points. New Orleans closed up 2 to off 23 points,
Observers saw Ittle in the news to account for the action. Opinon concensus was that the market "looked tired" after last week's rise to new seasonal highs,
Bnns
Total
2,000
3,200 10,700 1,203,000 holes. NEW YORK
Prices of futures elosed today
NEW ORLEANS
34. Ján
74.41-43
34.24
34.25
34,00
24.00
לוג כד
as follows
Spot
Dee.
Mer
May
July
Or:
Des
1
Mar
May
Prlees of futures closed torny
24.00
34,81
34.30
114.17
31.08
33.40
33.33
as follows:
Spot
Doc.
Mar
iny
July
Out.
LIVERPOOL
Future closings, in pence per
b. were as follows: | Old contraet Dec/Jun
Spot December delivery seasonal In now edged up to
Mar show i high and managed to amali gain most of the day March contracts 1મા stowed relative stendiness. Exporters, New York, Nov. 19.
mili interests anel olher trade The No. 1 Rss rubber futures
were buyerя of the closed today 15 points higher accounts
with spo! spot month, with sales of 34 contracts.
supplying the contracts.
covering December contract closed un- to 37 points higher panted a decline of 253 bales i
3,102 the certifiented stock to with sales of 174 contracts.
December Totalled 140,400 bales. First notier ciny will h Nov 28.
35.40
icconi
Mar/Apr. May/June July/Aug. Oct/Nov
#7.00
20140
-20 03
23,33
New contract Dec/Jan.
Mar/Apr
May/June
20,30
con-
July/Aug.
Ogl/Nov
23.70
Egyptian Kninak Nov./Dec
SÃO PAULO, Future closings, In
ስ
Cruzeiros
Dec.
The rex changed
Nov.
35.03
bales. Openi
Jan
35.00
trnets today
Mar.
34.80
May
14.42
July
34.00
Sept.
33.60
Nov.
33.10
Mantli
Volume Operi interst
Standard contract closed 15 to
Dec.
18,000 146,400
40 points higher with
sales of
Mar
10,400
373.300
Meas
13,300
303,00
eight contracts,
Jul
4,000
153.100
Dec.
32,50
Oct
4,600 132.000
Mar
34.00
Dec
3,900 70.20X
May
34.20
Mar
3300
15,000
July
33.00
Sept.
33.40
Nov.
32.00
re-
Higher terminal market trend was considered primarily u fection of the London market action and continued uncertain- ties in the foreign political situa. tion, with stress placed the realignment of Soviet troops in satellite countries
The deck-workers strike und the Suez blockage, had Uule in- Aluence in face of the 1.2 million stockpile, although Middle East political developments. continued to receive close attention,
Shipment offerings from Far East wero reparted available In fair quantities, but at prices too high for buyer interest here. Factory and otho: consumer
the
Interest in the delivered market 4011
was termed neglible. Spot No. 1 4432 20% Rss was offered at 35 cents a 180 pound
40
The
SINGAPORE
market Wha
quiet
46% throughout the day with some dealers unwilling to take views without news on stockpiling.
Chinese Importers were rather nervous on Indonesian situation.
Future closings were; No. 1 rubber per ib. Des
1094
103-103
Jan. 10294-103 Feb.
No. 2 rubber pur ib. Dec. No. 3
No,
41
Spot rubber unbaled Blanket creDE
1314 No. 1 pale crepe
LONDON
unquoted 102-1021 100%-100%
*
91-075 100-104 841-00
125-120
The market was very steady
with spot quoted at 32% pence por b. Prices:
Settlement has term:
32-3231
311-31
283-2
2013 General markets, cif basis, ports:
No. 1. Ba
Des
Jos./Mot.
Apt./June
July/Sept.
107
Oct./Dec.
874
Nov.
401 Dec.
4030
Kon
307-31 3041-2041 301-301
Extate cepe thin Dec.
DIS
thick
anquoted
$211
AMSTERDAM
403
United Press.
The market wan steady. Prices closed today in guilders
lows:
No. 1 rubber
No. 2 rubber
No. 1 crepe,
15.45b
Dec.
Tin
Nov.
13.456 108.40b
Dec.
104 AS
Zine
Nov.
13.201
Dec.
13.206
Copper Nov.
ad1156
Dec.
33.85b
United Press.
NEW YORK METAL program, clf Dec. as fol.
FUTURES
New York, Nov. 19. Prices of metal futures closed today in cents per lb, an follows:
Lend Nov.
LONDON METAL
PRICES
No. 3 rubber
2.54 buyers
20 but 2.08 buyers 3.37 paldi United Press.
Singapore
Stock Market
Singapore, Nov. 20,
the Brokers today · quoted. following stock prices:. : London, Nov. 19,
Opening Prices of metals closed today Belu Lintang Rubber Co.
$1.73 in sterling per longton as fol
Dritish Borneo Patroleum
Syndicate s lows:
Buyerg Ballers Consolidated, Persary 845,847
Ord. WOMEN 1473). Fraser & Neave Lid Ord
(22791% 10, 20059" || Priser & Neave 75%" crum
rat Semonin
pret: Lead 2nd half Nov. 1136 11945 | Camions (Malaya) · Limites
Fab. F
117%|Hongkong & Spanghat: Bank»
Business Awas done in the local | Tin spots this
thin market unofficial, exchange morning at the, tollowding, water
- 3-month
U.S. doder. (per #13 again Sterling notes (per: £1). Autzallan notes.(per 21). Indonesian rupiah (per 100) · Blar ios (per 100) Singapore (itrašta)
040 10.00
Copper "pot
MESAKES
Zind 2nd half Nov. 100 - 101 ....
-United Presï.
CHICAGO LARD FUTURES
Chicago, Nov. 19... Of lata futaires (dlosed
Hongkong in Ltd. Rumpan LiL. PUNTA Lunas Rubber Briales. Lidi Malayan Breweries un New Barandah Rubber, Co, Pelling Tin. Ltd. -
(Sirinspare: Cold-Stor@# Bouth Britany
*
per kilo were as follows:
Dey
3740 Mat, May and Judy were unquoted
In the US the average spot Salea price was 33.24 cents. totalicd 207,123 bales,--Unlied Prose.
P&O BI
A
E&A
COMPANIES
All the pl
PENINSULAR & ORIENTAL S.N, CO,
PASSENGER/FREIGHT SERVICE
Outwarda
"CORFU"
Leaver London Due Hongkong
Salled
10th December
Via Southampton, Colombo, Penang & Singapore.
Homewards 1.Caves Hongkong Due London
"CORFU"
*SUBAT" "SURAT"
23rd December
To Be Advised Later
Via Singapore, Pepang & Colombo.
FREIGHT SERVICE
In Port Loads 7th Dec.
"SHILLONG”4ue 5th Jan. "PINJARRA" due 7th Jan, duo 10th Jan. "SUNDA" "SALMARA” due 20th Jan, "SHILLONG”joada 27th Jan.
from UK.
for Singapore, P. Swet- tenham, Havre, London, Hamburk, Rotterdam Antwerp & Frange-
mouth.
from U.K.
from U.K.
from U.K.
from U.K.
for Singapore, P. Bwet- tenham, Havre, London, Hamburg, Rotterdam, Antwerp 54 Gram- mouth.
ALL VERSELS OUTWARDS AND HOMEWARDÁ
ПУ WILL PROCEED
THE CAPE or HOPE UNTIL FURTHED NOTICE
noon
BRITISH INDIA S.N. CO., LTD.
1858 A HUNDRED YEARS OF SERVICE - 1958
"BANTHIA”
from Japan for Singapore, Penang, Rangoon & Calcutta
due 22nd Nov. sails 24th Nov.
"ORMARA” Que
"ITOLA"
1st Doc. alls 3rd Dec.
from Japan & Shanghai far Singapore, Penang. Rangoon, Calcutta Chittagong
P. & O./B. I. JOINT SERVICE
due 21st Nov. salls 22nd Nov,.
due Bird Nov. “IKAUNA”
salis 25th Nov.
"ISMAILA" due 3rd Deo.
from Japan
for Singapore, Cochin, Bombay, Karachi, Basrah, Khonarnshahr Kuwalt & Dubai
from Karachi Se-Bombay for Japan
from Japan & Kaon-
lung for Singapore, Bombay, Karachi, Bastub, Khor ramshahr Kuwads Dubai
EASTERN & AUSTRALIAN S.5. CO., LTD.^^
"EASTERN” due 7th Dec,
NANKIN"
Fails 12th Dec.
from Australia
W
for Bandakon, Rabaul Brisbane, Bydney Mel bourne & Adelaide
All (vazmi, hava überty to esil, at any ports on or off, the mute & the ronts & sailing are subject to change ́úr ümendisent with or without Motice,
For full porticutors apply to: MACKINNON. MACKENZIE & CO.
OF HONG KONG LTD. Luceplane Nus: 27721-a.