THE CHINA MAIL, TUESDAY, NOVEMBER 27, 1956.
TRADE amel
SECTION
Economists Take Back Seat Shipbuilding Shares
EVERYTHING DEPENDS ON CLEARING SUEZ CANAL
From RONALD BOXALL
London, Nov. 26.
Once again the politicians are in command and the Until the former economists are forced to take a back seat.
WORLD
HONGKONG M
STOCK EXCHANGE
(From Our Correspondent)
Business' done' on the Hong- kong Stock Exchange this
mately $600,000. Noon quota- and the morning's transactions:
made up their minds on such questions as the withdrawal of troops from Egypt-on which at the moment hinges, the morning amounted to approxi- question on how soon work will be completed on the Sueztons Canal-the latter can only make conjectures.
I the Suez Canal can be re-, Hemmaphere. The economic out- opened within sy three month! book will woren in proportions
old if the Amerienn. Adminstra- tion rep their present unhelp- ful attitute and dec.de la co- operate In supplying onl
Western Europs Then reonomie consequences of Suz crisis might set b serious.
10
*
the
On the other Twend If The fre clexure is prolonged
al
thop a few moth economic dislocation will be an- avoidable. But no 130 18 present prepared to ay precise- ly what form timo mention will take on what cats be done bet re hard to minimise it.
Economic Policy
Before the crists Bell
NO
they
economic prey was ninet at curbing inflation, And it stil is. But there are 10% 2 HOME- ber of new factors to consider and the question arises whether the wort-term valioole is infaliosary
TOODE which case the present disinda- tionary measure, should be re-
or whether it is de inforced} flationary (m which case should be gmmended or reversed). Before the emuls the chief sufferer from the Government's disinflationary policy Was the malor indu try. Credit restele- tons at home and increasing competition abroad foreed many firms to cut back their produc- tion and lay off workers. Now The
partial
which TECUVOTY followed the annual motor show has been nipped in the bud by petrol ratioring,
In one way this brings help an unexpected quarter to the Governmeul's policy of re-
ducing consumption of durable comumer goods (assuming that It is still the need). It would help even more if it resulted in A movement of skilled ear work- ers to other industries with baller export prospects.
Not Likely
But this i Fiat
ไป
likely happen at once. For a white at least unill the economie uutlook becomes clearer the car makers will try to hold
on to their labour force. So the immediate prospect is that there will more short time working rather than a shift of labour from onc industry to another, RocoM- panied by temporary unemploy- incut.
be
In the meantime production in other Industries i not ex-
pected to be badly hit by the cui in où suppiles though some fall in output seems inevitable. Unless the cut is increased (as
may well be) their biggor dimcully is likely to be moving goods from factory to market.
in
Petrol rationing has been de- signed to cut back consumption by a quarter. (It is estimated that the short fill in the total
from supplies resulting
the and
cloure of the Suez Canal the breaching of the IPC pipe- line will amount to about 40
per cent; but it hoped that this reduction can in part be made
good by supplies from Western Hemisphere).
tho
at the political situation deterior-
my further.
Prospects
As far as the external position. is vaneemed the prospects ITC Tok reduced exports with (though perhaps not Immed:- ately) e compensating drop in Imp. The trade "gap" may Therefore increase ad Bret not seriously nor for long.
but
The price of our exports can be expected to Incrense slightly due to increased production and transport costs but this should not seriously affect our petitive position -in markets on other West European
Courica
cum-
LONDON TRADERS
EVEN
UP
London, Nov. 26.
the London
Buyers Sellequ Sharea
RANKS
11K Borsk
INSURANCES
SHIPPING Waves.sex
RUBBER
MARKETS
New York, Nov. 20. The No. 1 Has rubber futures contract, closed today 40 pointe
lower with sales of six contracts. with, sales
December
39.70 The res; coritract clowed 40: połąta
Lower & poshte higher
of 320 contacte.
November
January
Margh
May.
July
November
39.29
38.00
35.55
39.20
5:36
Sale
September
*34.45
24.00
1500 4070
6 1065 50 1000
The dindard contract closed 40 poinua lower to 8 points higher with pales reported.
December
March
170
May
July
0.00 10,000 1918
September
610 JU.. 110
DOCKS, ETL
K. Whart Prov
1.AND, ETC. HK Hotel.
K Land.. 4011 Realty
33.45
39.00
29.05
34.09
24.23
33.83
Provide Glamour
For W
Street
New York, Nov. 26.
A flurry of strength in shipbuilding shares provided a bit of glamour to the stock market today.
Some of these issues registered wide gains. Elsewhere there was high irregularity with steels, chemicals and motors turning down, aircrafts irregular, and' a few specials strong.
Philip Morris Procter & Gambie Co Pittsburgh Pinto Ginks Publicker industries Pure Oly fodia Corporation. Hepublic Steal Reynold Metal
New York Shipbuilding reach | Parmy 3. C. Co.. ed a new high at $58 where it was up 22 polme. It mot renlis ing later and closed at $44%, up 18%. The stuck earlier this year sold as low $10.
Merit-Chapman Scolt, parent company of New York Silp-Shell Oil Co.,
Saint Bog. Paper building gained nearly 3 polnis Sinclair Oi before
profit-taking. Bocony Mobileii meeting American Shipbuilding rose 74 South Puerto Rico Supor Prices moved irregularly on points and held more than half Southern National Gas 110 terminal market. Steadiness at
of it. Both Iron Works, build- London, plus high-priced Easterners of submarines, touched a new high and then fell off to close with n loss of 3% points.
Train Blocked
whole
November
offerings and shianent modernto improvement in con- demand locally, al acted stuner
sentiment. shay? market
In futures, a good part of the activity
Was represented
switching
The
In ahead for a lime but
moved |
Sythem Railway (Cóm,) Strop Rock (Torontoox Stared brands Standard Off of Cal. Standard Oil of Ind... Standard Out of NJ, Sterling Drug Co. Stokely Van Comp *Studebaker-Packard
Swift & Co.
1 Corp
opera-selling when the Soviets blocked Tide Water As. Ol
Twenty Century Fox Fis passage of a Western Allled | Unten Carbide
813.20
112
300 13
14,70-14.00 D1
3000
14.70 13844 81
to
market
3.40
tan Into Texas Co.
to in
RUBBER
'Trust
UTILITIES Тулент
Youmali
| intra-dealer
1.50 110
2000 1000
15236 i tions.
1.72 1
included Exchanges
1.40 12.80
500 22.40
80029
May-train from Berlin to the West,
the first time this and. March; January-November switches of March for physical since the Berlin blockade rubber. At the close, prices seid lifted.
Union Pacino Raliway
War
done
United Alrerate
0.5. Foil "A"
Was
U.S. Gypim
U.S. Line Cu
100 23.30
Uf under day trader liquidation
A wide break in US Govern-
0.3. Smelting
260 23.10
ACT
Traders an Stock Exchange today de Alg
themselves voted fore-en evening-up operations
anticipation of the close of the account tomorrow and in the absence of any market influence,
encountering are
similar difficulties. Import prices will rise to the extent that they are affected by higher freight charges but they will undoubi-
rive
than exper edly
Fapter prices Britain's terms of trade can be expected to deteriorate.
The biggest question mark of all hangs M'LT the guid and dollar reserves. At the moment
It is
Those who had gone short of same of the artive features hastened to cover and this lifted Bong issues the ulls in parti cular where Royal Dutch rose 5 shillings.
British Petroleum 3
100 107 C Light (0) 2300 23.80 23 23.30 CLIR IN)
Macao E...
Telephone
C'ernent
Mu 2
STORES, ETC
the question takes a rather ironic chillings and Shell Transport 2 INDUSTRIALS form:
not: How many shillings
6 pence. Anglo- dollars we will have to spend
Egyptian B continued with oll frum the Western
drop of a shilling 3 pence. But: Will Hen.sphere?
the United States Government per- mit us to spend as many as we would like?
Could Do Harm
that the
Assuming, however. United States Government to co-operate eventually agrée
It is estimated that it will cost Britain about $80 million ก month to inport all from
the Western Hemisphere to offset the losses from the Middle East sources.
The damage that this will in- Alet on the reserves and con- on sterling, Will quently depend on a number of factors, ehlet of which (as always) is the time will take to clear the Suez Canul and repair the pipeline.
As
economic
commentatora have been pointing out during the last werk this is no ordin- ury crisis we are facing
"Or-
dinary
remedies therefore. would do litde good in the pre- sent circumstances and mizhi de actual harm. The next move Is
up to the politicians. The ball l in their court and the counomists can only wait and see how they play London Express
vice.
Ser-
Hrted but motor shares generally did little.
Short covering (150 Rolls-Royce
ولا لا
Watson INVESTMENTS
Yangtze
VOUSTICES.
in a thin market, Spot No. 1ment bonds also brought 2004 23.20
Ray was quoted nominalty at 500 23.20 160 30 038% cents a pound, 132 07 2015
Suez Canal was heavily so New York Sugar
in early dealings but, pured its lose to sterling by the close.
stores and chain Tobaccos were caster in a generally firm Industrial list.
British Governments dipped 1/18 10 sterling.
were Foreign section bonds
Dollar idle and little changed, stocks were marked up in line with Wall Street. Untied Press,
LONDON METAL PRICES
London, Nov. 28. Prices of metals closed today in sterling per long tom as fol- Seller
towa
T Apol
3-month Capper apol
SINGAPORE
The market opened steady on improved oversens advices. further steadied оп reported opposition in the United States that the stockpile policy should be_charred.
Future closings were: No. 1 rubber per 12,
No 1 rubber pec 1.
Dee.
No. 4 rubber per
War and peace stocks suffer- ed sciling today, Sicels were de- pressed near dosing. Chemicals met new selling, and closed: lower.
Among the wider losses in the Leaders
were Allied Chemical off 24, Bethlehem Steel off 1. Gulf Oll off US Steel off 14. 14, Kaster Aluminium of 11⁄4, and Anaconda off 1%.
Industrials lost 2 2 7 points In Rails 10794-107% | the Dow-Jones average,
2089%-100%
30% 303
0.10
TO 23.70 23 80
IN 22.70 22.00
2000 or 23-70 3 во 1000
500 22.70
37 37
17.70
100 4 22.10 1500 22,70
1000 OF 3714 200 371%
14%
Dee.
Jan
5.80 1000 @ 6,70
Feb
No. 2
....... rubber per lb.
unquoted
Dec.
100%-107%
10434-200
101-103
10-1001
BB-90
130-132
LONDON
The market
was dull spot quoted at 32-7/18
with
pepco
No. The
O sugar domestic futures closed 2 to 0 points higher with sales of 205 con- tracts.
per ib. Prices: No. 1 sa spot
32.3211
Bettlement hcure term:
Dec.
Jan./dar.
37-3214 3846-31
Apr/Juno
Renewed
in strength world contract reflected aggres- sive trade and short covering in Company with the strong raw situation.
the
July/Sept. Oct/Doe
General market, cif hakis, Dec. Jon
Estate crepe Dec. thin
301-314
40%
Market
New York, Nov, 26. World Nö 4 sugar futures closed 21 to 39 points higher with sales of 387 contracts.
The rise came In Leve of trade reports to the Havana effect that the Cuban Govern- ment will decree the 1967 crop at 5.150,000 Spanish long tous, up 180,000 tons from the figures recommended by the recently 274 Cuban Insitulute, and compared this year's crop of 4,600,000 tons,
Futures:
Buyers
B473% 540 031
DCA
+212
273
J-month
Nov. 117 Lead 2nd truf
Feb.
$17 110% Zane 2nd half Nov. 101 101%
97 Feb.
United Pr550.
214
March
NEW YORK COTTON
TRADING SLOW
New York, Nov. 26.
Minor price changes accompanied a trade in cotton futurea today.
MAY
July
March
May
Contract No. 4 (world)
July September
on CHICAGO GRAIN
Best part of a small business centred December contract adjustments incident to first notice day.
PRICES
Chicago, Nov. 28,
Dec.
Spol rubber unbaled Blanket crepe
No. 1 pale crepe.....
thick Dec.
AMSTERDAM
The market was casier today. in guilders por Prices closed kilogram, et D. de follows: No rubber No 2 rubber 3 rubber No. No. 1 crepe
2.06 buyors 2.31 buyers 2.99 buyers
1,68 buych
United Press.
Singapore
Stock Market
Singapore, Nov. 27.
and utilities
0.98 were down gained 0.02.
The Bureau of Labour Statistic
cost-of reposted the living at a new record, high in October and looked jor 期 mbath The further rise this Bureau found factory workers spendable incorne at a new top, and real earnings up.
The rise in living costs will
mean
an increase in hourly
of two wages
centa for 1,000,000 workers in aulo and farm and metal workers.
Now York Stock Exchange bond volume was $6,910,000,
American
Stock Exchange volume was 1,080,000 shares.
Closing Prices
&
Aldon Inc. ACY, Allied Chemicala Allied Ms Inc. Allis Chalmers æd American Airlino Argerican Cablo
Corp. American Cyanamide Co. Amer. & Forgn, Power Am. Mach._&_F'dry American Motal
American Smelting
Am Bugar Bel American Tal & Tel American Tob, " Anaconda Copper Armoo Steel Armour
Atlas Copa. Mining Baldwin-Lima-Xam. Baltimore & Ohio
Bendix Aviation Corp. Hangurt Cons
Bethlehem Bicei
Brokers today quoted the fol-oning Airplane
$4.00 Gammon (Malaya) Limited 201 Hongkong
$41.02
Borden (The): Co.
Burroughs Add. Machino Canadian Pacific B
Case (J. 1.) Co. Cat: Tractor
Celanese Corp.
C. 1. T. Financial Corp. Case Manhat, Hank Chrysler, Motors Climax Malybdentan. Commercial Credit Commonwealth Elec. Consolidated-Edison Continental ou of Dėl, Crane Co.
U.S. Rubber
U.A. Steel Worner Bros. Westinghouse Electric Woolworth
4
LETTERS OF
CREDIT
RULING
Damascus, Nov, 20... The Byrian Premier Sabri
el. Assalt,' today Issued an order ruling that Ictiora of credit would haye to be endorsed
payable
on the goods
„being landed at Syrian or
Lebanese ports,"
Previously the
majority
and 411
of letters were payablo against delivery of ship- ping documents not specify the port #t which the goods WEED landed,
The order WIN listed because of the possibility of goods might be farided at ports other than their port of
The destiny. Premier said it had been moilvaled by Falmenlités
facing sta. communications under prevailing creams- stanove.”—Meuter.
NEW YORK METAL FUTURES
New York, Nov, 20. Prices of metals closed today in cents per lb, na follows:
Lead Nov.
Dec.
Tin Nov.
Doc.
Zing
Nov.
Doc.
Copper Nov.
Dec.
41
5515
a!
3
44!
United Press.
108.000
100.000
11.30
United Pre
NAMESAKES
Answer: Elephant, 2 Alps,
4
B Conquer.
Mountains, Sciple, Fabius, 7 Hasdrubal. 8 Lestlun
Hannibal.
P.OBI EA
COMPANIES
PENINSULAR & ORIENTAL S.N, CO.
PASSENGER/FREIGHT SERVICE
Outwarda "CORFU”
"CHUSAN"
**CANTON"
Leaves London Due Hongkong
Salied
2715 December
12th January
19th December
2nd February
22nd February
Via Southampton, Columbo, Penang & Bingapore,
Flemowards
"CORFU
"CHUSAN” "CANTONTM*
Leaves Hongkong
23rd December
18th FebrtaTY 20th February
Due Langon
Sat
February
To be
**SURAT"
Advised LaDEY
Vin' Singapore, Penang & Colombe, FREIGHT SERVICE
loads 11th, Dec.
*BHILLONG"Ɑe 6th Jan. "PINJARBA"dze 7th Jan. "SUNDA"
4 18th Jan, “BALMARA" que 20th Jan. "SHILLONG"leads 17th Jan.
for Singapore, F. Swet- tenham, Havre, Ledon, Hamburg. Rotterdam Antwerp &
Grange- Scenth
from U. from U..
from U.S. from U...
for Bingapore, I. Swet- tanan, Havre, London, Rotterdam. Antwerp 3 Grange. mouth
ALL VEBBELS OUTWARDS AND HOMEWARDS WILL PROCEED BY THE CAPE OF
HOPE, UNTIL FURTHER NOTICE.
GOOD
BRITISH INDIA S.N. CO., LTD.
1889. — A, HUNDRED YEARS OF SERVIOR --- 1968
"ORMARA”
“SANGOLA”
4.57
4.00
4.80
September
4.00-01
March
4.09
Spot (cents per ib, fob Cuba)
4,40
Contract No. 6.
5.89
lowing stocit prices:
3.00
Bpak nts per ib. cif NY
COL-duty)
slow
-Umtoa Firas,
Fraser de Neave Ltd, Ord. .. Fraser & Neave Birk cum.
pref
Opening Balu Lintang. Rubber Co. Ltd. $1.78. 4.9%
British Boo Petroleum
Syndicate Consolidated Tin Smelters
Ord.
490 63.
$1.27.
Shanghai
Banking Corp.
Hongkong, Tin Ltd.
Kempos Lu.
$.10
Lamas Rubber Estates Ltd. .. Mainyon Breweries
30.78
Crown Zellerbach'
$3.00
Cuban Amer,' Bugar
Damond Alkail
New Bernotiati
Rubber Co.
Dow Chemlopla
Petaling Tin Ltd.
$3.30
Dupont de Nemours);
Wheat, No. 2, red
Spot
24016-267}£1
Iames Ilotet Singapore Cold Storage Bouth British Insurance
Eastman Koda
$1420
El Paso National Cast Trio Balirood, Ver
"KAUNA"
Deo. 2403, (1), 24416-
$393.30
Family Finang Corp.
Straits Trading
20.00
Mar.
Straits Stearnskip
$315.000
Ford Motor ·•*•· General Electri
May
United' Engineers Ord.
July
today
Bapt.
Cors, No. 2, yellow
Spot
the difficulty of moving gooda traders paused in face of wh-
apol
Der
Dec,
MAC
Mar
MAY
May
July
'July
Oct/
Rye,
Dec.
Mor.
May
Chata
LIVERPOOL
Future closings, in pence per
were as follows:
Boybeans, No. 2,
Dec/Jan:
L
Transport
the volume of
At the close the list ruled off 1 to up 2 points. Opening prices were up to 2 points. New Oricans closed unchanged, to up goods 1 point.
Spot
Dec.
Mar
May
July
Ocf.
Doc.
Mar.
May
transported is reduced by a New crop deliveries were re- quarter and the railways cannot latively neglected.
cope
Technicians
NEW ORLEANS Prices of futures, closed
with all the additional thought bullish aspects of the theight that will be transferred supply situation for next year to them then production may had been discounted on the have to be cut back because of cent rien, to seasonal highs, Others follows.
to the market, This difficulty certainties, over the probable will obviously be all the greater. where exports are concerned be-government support rata for the
carme, to the shortage of trans new concambier
port
in, this country will be
Spot
sac-yawed over a seven-point rango, Ab-
added the shortage of shipping sence of delivery nollees and a space.
further small decline in the At home, therefore, the gute cortificated stock brought seat look is more deflationary
tered, covering and trade buy-l Inflationary. A fall in produc-
with spot Interexs, mupply- tion by "Itself. would be infia-Pa tionary-100, fow goods would ing the contracts.
thai
be chased by, too much mondy," Qgen, December: contraela, of, But since any, fail in moduction the start of trading today trial. i likely to be accompanied by led 70,000 balès, The eart short time working, the thinlion ficated stock declined 42 to way effect would probably be 3,060 bales.
cancelled out by lower extninge Month. And the balance, may be, tipped towards doftailón: by a hurtney downward revision of induurina® Investment plana, og myne La San
This" is, of course, assuming, that the politiciens do a thol part" and work on clearing
Old contract:
May/June)
Oct/Nov.
New.cont
Senecosee
Prices por baishel in cents:
|Bept,
New-York Bour
Volime Coán intéreit.
Kgyptian, Kara
Fútúr
Der Kilo
14514-148
Wearne BroR, UN
exdly.
$340,
China Mall Spečiai,
London Foreign
Exchange
London, Nov, 26.
„Closing rubes, were New York
4. 395/16;
130.56:
/1100%
ange Rates:
New York Foreign
Exel
Generel, Foods.
General Motors
Gen; Pub: UJI, Getty Oil ... Glidden Con
Gocdien. UE ) 20. Goodyear TWE Hoyden Chemical Homwtake Mining Co.
·Ingersoll»zanda, Irland (itwol Co. Interchomieni. Corp., Kat'l Busiclone Machines. Int'l Harvester. International Nickel Interestkami Paper
Kansa. Power Wandecott
400 2nd Doc. sails 3rd Dec.
dus 12th Dec.
palla 13th Dec.
from Japen & Shanghai for Bingsons, Patio Bangoon. Cicutam ** Chustaging
from Singapore, Penang. Rangoon, de Caloutta for Japan
·P. & O./B..1, JOINT. SERVICE
N
La Port salls zath Nov. “IBBIAILA” dus" 3rd Deg. saffe:ith Deo.
"IKAUNA”
due 3rd Jan.
from Karachi de Bombay for Jas
from Japan - 8%. Kaoh», for. "Bingapore,, Bombay, Karachi Baarah, Khors
Drubea
from Fareni for Bicepore, Bombay de 'Karachi
EASTERN & AUSTRALIAN S.S. CO., LTD.
TASTERN" đite 7th Dec, :, from Australia
#alty, 13th Dec,
Brisbane *bourno de
AIL VIRALE, BAye, liberty to call nå Amy', porta
er off the route, äë tha vonsta d'uniilaa aru Babject. to change or unindzubet | wiin", or "wlkout nellés.
For full particulary apply du MACKINNON. MACKEW/E: ~ 80. O! HONG KONG LIUL
Telephone No.: 24721-4.
NEW YORK Prices of futures" closdchi
followate :