THE CHINA MAIL, WEDNESDAY, NOVEMBER 2
1956
1
TRADE
COMMERCE
BRITISH MOTOR CORPORATION
PRODUCTION INCREASES
London, Nov. 27.
In his annual address to shareholders of the British Motor Corporation Limited, the Chairman Sir Leonard Lord said Corporation's production in the year ended July 31, 1956 was 439,558 vehicles. Of these 252,412 vehicles were for the home market. The rest went for export.
Final Account Day Forces Selling
London, Nov. 27.
this
Forced selling on (vccount day put stocka lower on the London Stock Exchange.
The marketi, kruders noted, re- flected the visible atratu shown Arms worried ellents and
by about credit. Many of the bigger hau Arma decided today they extended
enough credi und Insisted that cilents either put
up cash or sell out.
This compared with the pro- duction of 418.700 vehicles
the last financial your.
!
Sir Leonard declared
effects of the credit squeeze began to be apparent in Britain
}
HONGKONG
STOCK EXCHANGE
(From Out Correspondent)
Hongkong Slock Exchange Boon quotations and the mer ning's transnetions
Shates
DANKS
Bayers Heller
Baler
35 40119 0.50 110 2400 1.10
RUBBER INDUSTRY SPENDING MORE ON RESEARCH
... 1
Birmingham, Nov. 27.
Mr John H. Lord, executive director of Dunlop Rubber Company, has said here that the British rubber industry is now spending "relatively much larger sums" than before on development of synthetic materials.
He said British Industry in the post had tended to lag behind in exploiting new materials, pro- ducts and processes which had been invented in Britain,
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in January. From them in com- manufacturers men with bitiër
the Corporation had reduced the LAND. Ere.
which of production
Pute Nome factories meant short time.
Inve
HK Land
11-11
怎么
Govern
The most critical period began
when the in March
anti-inflation policy Amule ment'A "squeezed the heart out of the spring demand."
Wed
also
1.3
UTILITIES Progress in the export markets | Tam
wide. hindered by sprend credit und strictions,
One-Third Cnt
MM
1 53 1 37, 20 1,00 | 43 2643170 273010
221 22.80 1000 m 22.00
103
2376 24
201
ן 43
500 1 73 E9
SECTION
WORLD COTTON MARKETS
New York, Nov. 27.
A final1 burit of, liquidas tion and hedging forced cotton prices to the day's lowest levels at the close today.
Net losses
:
for the acasion
were 8 to 27 points. Opening off to points.
prices were New Orleans closed 14 to 22 point.
Trading volume and Interest were:
Volume
12,800
LITTLE MOVEMENT
ON WALL STREET
New York, Nov. 27.
Stocks held in an irregular, generally narrow pattern-in moderate dealings today.
Dupont de Nemours Eastman Kodak
1 Pano National Gas
A few specialties changed a point or more either way but for the list generally movement was limited to small fractions Family Trance Corp. with the balance slightly to the Ton · Motor **** General Electric downside in extension of Fri- General zooda day's inte downturn.
General Motors Gen. Pub. UUL Griy Dis..... National Magma open
Goodrich (D. Y.) Co. Reynolds Metals, International
Goodyear Tire Nickel, fell % to 1% points in ¦ Hayden Chemical the non-ferrous metais and Homatake, Mining Co. Newmont Mining, with large inland Stew Co
femersoll-Rand investments, lost 1% to 81011⁄2.
Open Interest
00.200 370.700
Month
Thee.
Mar.
11,200
May
11,700
370,000
July
$2,000
163,300
WORLD
Oct.
10,000
134,700
Dec.
4,000
70.000
Mar
10
10,700
May
200
4.300
Total
NEW YORK
RUBBER MARKETS
"Rut think it is true to say that industry is now spending relatively much larger suns on research and development and this is certainly true of my own with the development Industry
is" he said.. materials," synthetic The question
whether or of not resoare) and development expenditure formed part of the capital budget or of the pront depended on and loss budget particular elreumatar.ces Def individual Arms. In the case of
The rex contract closed 05 to Chinilops, where it was a con- tinuing expenditure,
was 116 points higher with sales of 11 and loss 533 ecritracts.
Teatru
buriket (lem,
New York, Nov. 27. The No. Ras rubber futures contract closed today 45 points higher with sales of 34 contro's.
Dec.
20.15
58,500 1,211,700 bales
Goodrich and Goodyear each lost around a point in the tyres. There was spotty stringth in oils with Gulf up a point and Crescent
than more
5 polni
Prices of futures closed today higher. as follows:
Spot
Dec.
34,40 34.35
Mar,
34.10-10
Mex
34.17
July
31.92
Oct
93.20
Dec
33.23-24
Mer
33.13.0
May
33.16
NEW ORLEANS
Steels Lower
Steels were fractionally lowor
and motors held steady. fails wore little changed,
Stel
scrap hot up
Pittsburgh Douglas Fir
in
down to a new low price since
Int Burlew Machiner Int'l Harvester...+4+++ International Nickel Kennecoft Copper.. Kansas C. Power & Light
Liggett Meyers zob, Cu, Lockheed Akkerart Lowwn, Incótp. Lone Star Cement Co. Loulaviši še Hostille R. Lowenstads & Bon Mesabi Iron Corp. Minivemoća Miving Marion Development Monsanto Chemical Co. Montgomery Ward Motorola inc. National Cosh Reg. "A National Dairy Prod.
National Lead
National Steel Corp.
New York Control
On Mathiem
| Öt Evertors
Owen-Winola Glana
May, 1984, to mention two price Facile dad k Elec.
Prices of futures closed today contrasts in commodities.
Your of
100
ny LE
pi viit
as follows:
1 19
impent
1
1 + Electric
200 1540
Nov.
36.30
Spot
30 25
190 30 75
Referring to the
Teh patiote
INI
BUSTRALS Cerneat Keepe
STORES ETC Deliv Wabon
371
12 TU
question of licensing inventions, he said that the larger organisations inust be prepared to license the smaller
this concerns wherever appropriate. 50$375
The standard The process could be mutually beneficial-China 55 to 180 pointà higher with Mail Special.
sales of two" contracts.
Jan.
36.70
Dec.
Mar
30.50-79
Mar
May
36.30
May
July
July
Sept.
25.00
was
DIN.
Mar.
contract closed
Mad
LIVERPOOL
14 20 1447 15.40
Dec.
30.00
Mar.
30.40
May
30.15
lb. were as follows;
4.10 +
73
0004
CHICAGO GRAIN
July
30.00
Old contract
Nov.
35.00
Deb./Jan.
Mar JADT
July/Aug.
market, after
u hesitant start,
Oct/Nov.
proved surprising to analyste
New contract
Dec/Jan.
Mar/Apr.
May/June
July/Aug.
Aus- Sir Leonard instanced tralia and New Zealand which, between them pecounted for 30 per cent of Austin and Nußeid In New Zea- postwar expuris. This forced selling was pir- land the Corporation suffered a
oils one-third lcularly apparent in the
cut in import quotas where Royal Dutch
for 1950. 34
fell
sterling. British Petroleum,
Burmah
and Shell
several shillings each.
in Australia
successive re
Transport ductions of quotas had reduced the value for Corporation's ex- that leading world poris to
market by 521 per cent siner March 1985.
SUEZ CANAL LOSE
Suez Canal lost 2% sterling.
Leading kidustrin were off a few pence als u rule Rolls-Royce and Ford buih de clined.
Among foreign bonds, GIT- mans, Japanese and Czech Jana
British all lost ground,
Gov- ernment bonds were off around 5 shillings in most instances,
Dollars slocks fell several points with the premium Also down a fraction to 10% per-
cont.--United Press.
Petroleum Chemicals Project
New York, Nov, 27. An agreement has been reached between Columbia Gas Bystem, Incorporated, and the Commercial Sol- vents Corporation to pro- ceed with engineering and economic studies of a pro- posed joint project make petroleum chemicals.
to
of be-
The project-involving estimated expenditure tween $40 and 150 milton-hos bren under investigation for several months. Tentative plans call for construction to be start ed early in 1957 on a plant Jucated in the Ohio Valley ares. It will use as raw materials the from hydrocarbons extracted the substantial reserves of ha- tural gas owned by Columbia Cras in the Appalachian area.
Fortunately, there Was an- other side to the picture, Cor- poration's factories in Victoria Park, Sydney, in which the Corporation had an investment £5 million in Glant and of buildings, had begun manufac- ture of "type" engines tranemission inila
COTTONS
Техвым No:13 Hos
New York Sugar Market
New York, Nov. 27.
No. 4 sugar World
futures closed today 33 points higher lo 2 points lower with saler of 1,486 contracts.
There were 275 contracts sold
No. 8 sugar In and
The domestic future,
MARKET
Chicago, Nov. 27. Grain futures were lower Trade, on the Board of
some independent with strength noted in rye.
Volume in world contract was the largest for any session since though cush the exchange resumed postwar trading in January, 1948.
Exporters continued doing good business, but profit-taking set almost all prices back be low yesterday's close. Trading was only moderately active, with commission houses selling An output of 1,000 cars per
interests com- werk was planned in Australia by the Corporation and soon
tinued to buy December oats, as presies were installed for
Short covering accounted for production of body panels in
The March contract sky-cme of the decline, while an the new Sydney factory of the Corporation's subsidiary. Fisher rocketed to a high of 4.00 cents early higher trond in soybeans was based on higher oil prices. pound to show a cumulative and Ludlow Limited, the Cor- locally
called produced rise of 184 points since Novem-
The 30-hour forecast poration's vehicles
whda the current would be almost 100 ber 8,
up for little or no precipitation for Australian per cent
manulac-swing gel under way.
the winter wheat belt. Lured.
Search For Markets
Broadsente commission house
Turkey and Yugoslavia 10- demand buying and a trade
hought US wheat, with day found a scarcity of offerings 5 Turkey taking an additional the market reflected strength in rawa and substantial reductions 1,000,000 bushels to conclude its in surplus Mocks anticipated 000 bushels.
fecurrent authorisations of 8,500,- the Distributors throughout
next year. The domestic con- Australian Commonwealth had
tract gained moderately,
Exporters said Japan and the Rajeed been
of the rallying Continent were
buyers of US expand their deriving moe! und strengthen
com and soybeans, facilites power from the world contract. selling and servicing In parallel with the Corpora
Contract No. 4 (World) tion's own manufacturing pro- gramme.
and agreed to
This of necesally meant a re- Corporation exports duction of
March May July September March
to Australia, but shareholders | Spol-(cents per lb. tob could be deSİLTEKİ now marketm were being sought to replenish the export volume,
In Bouth Africa the assembly plant at Blackheath, near Cape own was operating most ell ciently. South Africa was
one
of the few countries where there was on increase in import quietes
for 1967.
The Corporation exported to the United States and Canada, 22,780 cars, an increase of 23.7 over the proviuua per cent inancial year. It was also Plans call for the formation worthy of record that Corpor
of a jointly-owned company, don care secured over 50 per
which may engage in the pro- cent of total registrations O duction of ethylene,
dioxide
And other petroleum chemicala.
4.83-90
4.80-89
4.65-83
A sharp rally on the terminal
who
market❘
found nothing
resh in the news to account for
the action.
Pan American Airway K Paramount Picture
Companies declaring extrasperke Davis Do
In cash included Zenith, Santa Penny C. Co. Fo, National Lead, and Lukoman. Salt Co Philip Morris doubled its Procter & Gamble Bléel. Celnnesc dividend. American Machine & Publicker Industries Metals raised its divident by 10 Pro Ol
Indio Corporation declared
11.00 34.44
04.13
34.10
33.00
33,00
23.36
23.24
cents and
extra.
American Block
30-cent nubile Steel
Exchange
Future closings, in pence per volume was 2,130,000 shares.
May/June
SAO PAULO
220 7%
New York Stock Exchange bond volume was $5,890,000,
Dow-Jones closing averages
470.1
102.99 00.00
Reynolds Motal Shell Oil Ch Bait Bew. Paper
indiair Oil
Rocony Mobiloji Routh Fumio Rico Bugar | ethern National Ca
Benthem Ballway (Com.)
Fleep Rock (Torontoex.) Standard Brande Standard Dil of Cal. Standard (i) of Indi
Standard Dií at NJ
Sterling Drug Co. Mokely-Van__Comp.
106.00 Studebaker-Packard Corp.
wify
Co.
de Water Asan, Oll
Twenty Century Fox Film Union Carbide
3T 40
20.28-30
were as follows:
23.88-890)
21.08
50 industrials
20 ralis..
29.43
1 utilities
$1.25
do stocks
40 bonds
2540
Comm. future price inden
106.12
Commodity apoi price index 168.47 Moody's Index
17.30
(new high
Union Pacino Railwky"
Closing Prices
Alden Ine, Aby,
AT
26.80
Allied Chemicals
Allied Mills Inc.
30
3790
Allis Chalmers
37.00
American Airline
38 00
American Cable & Radio Corp.
Dealer buying competed with Egyptian Harnak Nov/Dec. 88.00 a speculative demand through comunisting houses on advances ranging up to a cent a pound.
Future closings, in cruzeiros per kilo were as follows;
Deettider Adarch
Shipment offerings continued high, but were approsening a workable basis in the light of May the local rise dealers said. Re- Fuly
October 220 peated reports of a possible.
37.30
American Cyanamide Co.
Amer, Form. Power
to 25 per cent increase in rubber In the US the average spot | Ain, Mach, & F'dry. freight rates by mid-December price was not avaliable. Bales American Metal on cargoes from the Far East, totaled 106,861 baies United American melting came in for more contment. Sppi | Press.
36 cents a pound. No. 1 Rss was quoted nominally
SINGAPORE
The market opened slightly lower but steadied before lunch. In the afternoon the market steadied further on fair trade buying. Future closings were: No. 1 rubber per lb, Dec, 100-1001)
$400 Million Loan
Ottawa, Nov. 27.
The Canadian Finance Minis ter, Mr Walter Hurris, has an- Je, 10731-1065|nounced • new lasur of $400 Fob. unquoted million short term Government No. 2 rubber per lb. Det. 103-107 bonds. No. 3 No. 4 No. 1
spot unhaled Maniket crepe
At outside markels, grains No. 1 pale crepe were mostly lower,
Chicago wheat closed off 1%
480-80 to 11⁄2 cents; soybeans off % to
1%; pats unchanged to off
rubber
104-105 10114-1021
109-109)
8716-0016
LONDON
The market was duil with spot
ryo up to oft 1⁄44; soybeans off quoted at 32k pence per lb.
% to up 14. Lard futures off 20
Cuba)
4.90
Contract No. 8
10 28 points.
March
8.92
6.31
Hay July
spot-feente per in. cifʼNY"
September
ex-duty)
C$4
---United Press.
Singapore
Stock Market
Brokers ethylene British vehicles in the United
basic
States for eight months endod following stock prices:
CHICAGO GRAIN PRICES
Prides.
No. 1 I CHOS
Settlement house tern:
Jan/Mar.
Apr/June
July/Sept.
Oct/Dec.
General markets, cif basis,
Estate Crepe Jan.
thick unquate
two
The issue consisting of maturitics is open
as to the amount in cach maturity as fol lows:
Am. Mager, Haf. American Tel American Toh, "B Anaconda Copper Armco teol Armour
Atlas Cons. Mining Baldwin-min-Ham. Baltimore & Ohio Bendix Aviation Corp. Benguet Cona.
Bethlehem Steel Bosing Alyplane Borden (The) Co. Burroughs Add Machine Cenedlers Preiße R. Como (71) Co. cat. Sractor Celinere Corp,
CILT. Tinach Corp. Chose Machiri, Bank Chrysler Mofore Climax Molybdenian Costa Palmolive Co.
Commercial "Credit Commovealth Flec, Consolidated. Edison Dontinental - Oil of Del, Crane Co.
Crown, Zellerbach
Quben Amer. Dugas“ Diemand. AHM
cent Two and a quarter per ax months bonds due on Juno 15 of 1957
are offered at 99% per cert yielding about 4.03 per Bamions cent and 2% per cent one year 22-3234 bonds due on December 1 of 1957 are offered at 98 per cent 1dly yielding about 4.31 per cent.
Proceeds will be used. to res fund in part a 21⁄2 per cent logi duo on December 15 this year
37-3214
313-31 30-501
-30%
NEW YORK METAL,
Prices per bushel in cents; Wheat, No. 2 red
Spot
Dec. 245 (11) 2443|
MAX
24514-246% 2444 24314-36
May
July
Dec JOEL
Bept,
Corn, No. 2, yellow
Spot
Dec
Mar.
Moy
July
Bept
Bye
Bingapore, Nov, 28.
Dec.
today quota the
MAY.
Onta
last August.
Dec. Max.
Opening
the
Batu Lintang
Nubber Co.
Baybeans, No. 2.
$1.75
Spot
Still Hungry
Brill
Borneo.. #Synctiešie. Consolidated Tin Smelters Ord.
49/04
Mar.
29/k
Frator B Neave Ltd Ord. said. Sir
„práč Min Leonard showed capital ex Gammon (Malay Link
for Mail pendiüre
the year of longong de Bhangtín!”
Banking Corp. 29,187,000 and a further com- Hongicong Tim, Ltd. mitment of £6,820,000.
Kempas, Ltd. Lurce Rubber Estates Lis Never in the past bed Briti Malaya Breweries Industry In general or the Cor-New Beration Rubber portion in particular been Petaling Tin Lid. wrong in purmilng. poldey, of Halles Hotel ib expansion. The world was gull Bingapore Cold Storage South Brutiti, IntranOS hungry for motor vehicles.-- Chine Mail Special.
Fraser & Neave Th% cum.
$2.20
July
Sept.
$4,00
Barley,
$2.02
New York Hour
200 lb. ack
$110. today
Straits Birhita United'
ntalp
the
If the plans work out,
will ultimately new company produce ethylene glycol and synthetto ethyl alcohol to be dis tributed by Commercial Sol- vents, Later, the venture may Directors export, be extended into other petro- chemical fields,--China Special.
SHORT TIME
WORKING
Stockholm, Nov. 27.
Over 5,000, workers at
A B., Volvo. Motor Car Tactory have been put, on a four-day
week because of the Subt orisis,
OIL
$3.00
according to a Company. perisouserimetit,
N.Y. COTTONSEED
New York, Nov.) 27. -;
Prices, cottonaco Exchange Rates
futures
closed today In dente
Bithcka hana unit overseas per ib. na tollows:
Wibited Betról suppilos
demand for cata Decalso of
joda
130-245
United Press.
$13.6011
WINNIPEG GRAIN PRICES
Winnipeg, Hov. 27.. Prices of grain futures closed-
in Canadian bushel af6]]OWS?!?!
cents per,
FUTURES
in tumount of $550 million.
Books will bo open at the Bank of Canada on November 29.-China Mail Special.
London Foreign
Exchange
London, Nov.) 27.
Closing rates were:
New York
Montreal
New York, Nov. 27, Prices we madak futurce closed today, in cents per lb, as follows: Amaterdam
Leod Nov.
35.450 Copenhagen.
nkfurt 200.756
Copp
uháv
ites, were
LONDON METAL New York Cocoa
PRICES
Futures
Tnited Aimraft
18. Foti "g"
UB. Gyanm
U. B. Line Co.
IT W. Rubber
US, Smelling
If A. Steri
Warner Bros.
Werks
Electric
West V. Pulp & Paper Woolworth
*United Press,
CHICAGO LARD FUTURES
Chicago, Nov. 27. Prices of lard futures Glowéd today in cents per lb, as follows:
Dec.
14.97€ 14.80
United PreRK.
NAMESAKES
Answer-1 Beene, Z Boatholo- 173 mew, 3 Wehte, & Dido, Faustus, 8 Tragedy, 7 Costume. 8 Dept- ford, 9 Bhukespeare, 10 Poetry, **11 Tavern, 12 Maka, 13 128/
Elizabeth, 14 Drama, 15 Tam- int, 18 Lordion, 17 Edward, 18 Areas:
Chilstopher Marlowe.
As approved by the
Postmaster General. Hong Kong
AIR MAIL ENVELOPES
South China Morning Post Lt