THE CHINA MAIL, TUESDAY, DECEMBER 11, 1956.
TRADE and
COMMERCE SECTION
Page
Chancellor's Surprise Move Wall Street Hit London Stock
APPLICATION FOR WAIVER
ON DOLLAR LOANS HAVING DESIRED EFFECT
From RONALD BOXALL
London. Dec. 10.
The average Briton's knowledge and interest in the gold and dollar reserves is scanty to say the least. But there must have been few people who did not immediately sense the gravity of the situation in which no less than one-eighth of those reserves disappeared in a single month.
#f
The Chancellor's alatement, | mnatically and that could bring) that fals would demage rather
of $238 than enhance the prestige arising out of the Suez crisis, up a "cenforcement" had one instant effect in Bri- milfliek.
Brain's sterling. In addition
franche" 41 the Lain. It quietened party political" credit
IMP, comprising 25 per cent of Wrangling in a way that caly a
cariler would have seemed a quote, could be drawn with little formality. So Biogether impor.be.
$581 million are available from to supplement the the Fund
day
But the statement war dirrel- ed chiefly at a foreign audience, and it is with this in mind that It should be judged.
to
WES
not
The arst thing that weds be clearly understond ។ last month's gold los
u result of a weakening Britain's economic pillon.
TV
Made It Clear
The effect of Mr Macmillan's statement abong pauseibilities for supplementing the reserves was to make clear that his pru- mise les maintain the sterling exchange rate was twcked by more than good intentions, And since
largely psycho- logien Iactors That brought about the presture on sterling
rek il
11
Win
Secondly, the British Govern- | psychology inust be used 10 ment in a large holder of dollar It securities and these could be war alined entirely caused by pledged as coiluterul from thei
Sinter pressure on the pound brought | United
Export-Import abual by Jenes that w <H Dank of up to $1,000 million. shortage and aternal political
Irletion would. between them, bring Britain to such a pase economically Lหม่!
wan
It may be, therefore, that the
that Mr Mac- reinforcements milion paraded foreign inspec- tion will never be thrown into action. As he himself Dut "how far we shall have to draw or how long depend upon the future course
Thudly, unter The original agreements on the United States
4 Barn in fuel devaluation and Canadian loans Britain had
seek walver the right
would be unavoidable. Me Mac- millon's task
to show foreign holders of sterling that these fears were unfounded,
Dollar
Securities
But an avowal of the Gov- ernment's intention to maintain the sterling exchange preity by itself would hot have been enough. Nor would the parad-
t
AL-
US COTTON
CROP
Washington, Ded. 10.
The Agriculture Depart- ment today entitled the 1956 cotton crop at 13.308,--. oso bales,
This is up 180,000 bales, or about one per ceni, from the November exti- mate.
HONGKONG
STOCK EXCHANGE
By Late Profit-Taking
New York, Dec. 10. Profit-taking hit the stock market hard in the last few minutes of trading today after indus trials had risen again to new highs since early November,
(From Our Correspondent) Prices turned down swiftly, | Pacific One & Elec.
Pan. Americnes, Alewayn Steds, which had been leading Paramount Pictures The
Business done on the Hong the early upturn, were the first report thin
Parco Davis Co. kong with 1055 rear compares
Stock Exchange this to go. Practically all of them production of 14,721,000 morning amounted to approxi-
made new highs for 1950. Then balts,
mately $400,000. Noon quota-selling spread to other depart tions and the morning's trans-
ments Chemicals registered actions:
This year's crop, added 14.1 carryover of million bales, wil meet domestic and foreign con- #amption demands for
than two прого
УСАГА United Press,
WORLD RUBBER MARKETS
Shares Buyers beliers BANKS
XL k
INSURANCES Lombard SHIPPING Wheelock
tik Jktol
RK Land
RUBBER
Amalg UTILITIES
Вафа
1570 1063
20 a 1075
41
Penny J.C. Co.
Penn. Salt Co. Procter & Gamble Cu Philip Morris Pittsburgh Plate Glass
Publicker Industries
several losses, Oils were depress- ed from their bighs, Shipbuild-Furt ing shares were hard hit.
The decline came after the Industrial averago had been in a steady
rise since Nov, 20. It gained nearly 29 points up to the close on Friday, a gain that 500 4515 Would have done justice to o full year-end rally carrying into the new year, traders said,
1.35 17,000 e 1.30 1.874% 20.000 de 1,826
(0) 0.06
7
(N) AD
DOCKS, ETC. K. Wharf
Dock
01
45
LAND, ETC.
14,90 18.20 1000 » 18
01 011
135
1,40
162
Tram
23.30 201
Yaumati
100 104
C. Light (0)
XD au 00 123,00
EN 123 BU
Electric ...
321,
3000
Macao E.
$20
Telephone
400 g
IN 20.70 23.90 1000
280
30 70
30.65
30 23
30.35
31.55
INDUSTRIALS Cement..... Hope STORIES, ETC. Dairy
30
1800
New York, Dec. 10. The No. 1 Rss rubber futures points lower closed today 05 with sales of six contracts,
December
.... 30 83 The rex contrae: closed 75 to 00 points with males of 246 con→ tracts.
January March
May July
September
réserves does not mean that one
necessarily mast
sall upon them "
November
the annual interest Instalments | of" events. To strengthen one's avrxarLakx circumstances.
though conditions have changed Kince the agreements were drown up Britain has submitted a ciam for the waiver as they consider than that under
the terms of the agreements they ve entitled to "
The American State Depart- ment Is now to put the maltor ing of the fact that up to the before Congress "with the de- time of the Suez criak Britain's | finite recommendation that ap: capital
position
being propriate modification Was that strengthened
reserves present language be made while sterling rising
out The spirit of liabilities were falling.
were
The central theme + the Chancellor's silement WAG demonstration that the reserves
not were
Da weak tipares acemed to sugTOMI,
07
the 11e
did this by drawing attention to the additional resources which
"mobilised" as rela are ta forcements for the reserves, in 43 A the first place Britain. member of the International Monetary Fund, has access to a considerable amount of dollars tide her over temporary balance of payments difßeuties of Britain's quota The portion
with of $1,300 million dollars
10
the Fund that was subscribed
in gold could be available auto-
רויות
original intention."
If the walver is Britain
of
the 10
the
granted
The Chancellor's hint that in- come tax may have to be raised in the next budget (due In April) could also have been in- tended to have its main impact on foreign opinion about the pound. The Economist deducen an ingenious argument to show how why this may be so.
In
The Reverse
that In-
and
the
January
Standard contract closed 75 to
95 points lower with no sales reported.
Dea.
March
May
July. September January
Bar Ferry
COTTON
Textiles
io 24.70 24.90
Floor & Ceiling
When the industrial average neared the 300-level the selling developed na it has in that orfa in several previous attempt 2214 trials to cross the figure. The market made its record high on 24 03 April 0 at 021.05. According to 230 mari.et men, there is a floor for the market at 164 and a ceiling 38, al 500.
23.10
Bethlehem
A
3045 32.00 13.30
Steel touched 15.30-18.30 400 et 16.20
6000 16.30 high at $101% and closed at 1920 13,00 2013: $188% off point.
4.35
720 740
6.00 LO
Nou mig
18.50
30.09
INVESTMENTS Yangtze Alliest
39,89
34.30
W
Speculative liquidation in
B
Du Pont lost 14 points in ite picked up chemicals trading
1000 4 4.40
with
Singapore
Stock Market
Singapore, Dec. 11. Brokers today quoted the following stock prices:
Opening
Lid, British Borneo Petroleum
Syndicate Consolidated
Ord.
thin market kept prices on the defensive today. Lower London cables, along with the continued the slow consumer interest in
und the
more spot market, favourable view of
the Middle East situation, were the com- influence, The Journal points out
bination of bearish which acted to offset the cut- is relieved of the 1- the Chancellor referred 10 instalment of
tinued high-price shipment offer Batu Lintang Rubber $104 | come lux as "the traditional tax terest
For East. In ing from the upon which the country relies million due at the end of this though nol, of course,
difficulties limes
the delivered murket, howeYCT, month. the repayment of the principle "rials." Nol true,
factory interest continued slow. says amounting to $72 million.
Economist: The "traditional" | Spot No. 1 Res was quoted t
30% cents a pound. Britain's claim for
weapon by the bank rule. But if the Chancellor had "warned the waiver was the only "external"
House and informed the world mensure which came as u sur-
Most
that he would observers
not hesitate เพย prisc.
"the bank rate of the "call up"
the Increase anticipated
why resourcer available additional
world would have asked
cild not increase il on from the IMF and the Govern-he
bul Thursday.' ment's dollar investments. they had considered it most un likely that Britain would invoke the waiver os it was thought
the
New York Cotton
Futures On Downgrade
New York, Dec. 10.
A slight higher government crop estimate joined with December liquidation and hedge sell- ing in keeping cotton prices on an irregular down. grade today.
Doc.
...
MRT.
Clolog alightly above the day's lows the list showed net May losses of 3 to 12 points, Opening Total prices wars up 3 to off 4 points.
New Orleans closed to 50 points lower with spot Decem-
18,000 33,300 3,700 21,600 1.000
7300 112,200 1,201,100 baies NEW YORK
Prices of futures closed today
ber showing renewed workness, as follows:
Boot
Continued dullness in the textile trade, uncertainty over government cotton policy next DEDEON, and question of the
curb
Dec.
Mar.
May
July
*50
Dec.
Mar
new
May
probablo toan rate on the next crop, also acted to market interest,
The Government final crop estimate of the season put the December 1 yield at 18,803,000 bales, up 180,000 bales from the previous estimate and compared with last year's crop of 14,721,- 000 balos.
The report sttracted ilito more than routine interest since it was roughly in line with ex~ pectations.
NEW ORLEANS
54,800
34.14
33.94
33 80-81
33.47
12.08
22.04
22.53
Prices of futures closed today as follows:
Дес...
Spot
Mar.
May
July
Out.
DeG
Mar
May
LIVERPOOL
Future closings, in pence per
Most of the crop increase came in California, the Agricul-lb. were as follows:
ture Department reported "where harvesting ahead at an
usually rapid
rate
November and yields
Old sainet
exceedut. parlier, expectant New contrdel
during
Evming-up operations pros
oooded quietly, in December
Dec./Jan. MAT/ACT
20.00
/June ...
Oct Nov.
Mot/Apr.
May? June JEYALE.
because of his expiration on Eaysina Karnal Kas, Drec Wodna-day: No delivery notices
BAO BI LI Future closings, – in. cruzolrõs,
tenders. Have been made to date, ber kilo were, na Zollows;
oppeared today, and only two
The open interest at the start of trading today totalbed 8,400
balos.
Dea.
July
The Gathe
unquotes
10
Be could have Increased purthuse tax immediately, says The Economist: although if he had merely given a warning of a readiness to do so the result wentid
of have been a rush forestalling purchases which is the reverse of what he wants.
But, argues The Economist, by declaring instead that income lax is the "raditional" anti- crisis weapon the Chancellor picked on the one tax which for technical reasons could not be raked until next April by which time the use of It may be seen to be unnecESSUTY,
Let World Know
'The Economist therefore that "there may be suspects more incantation than economics
HINGAPORE
The market opened steady on better overseas advices and il ruled quiet throughout the day. Futures:
Smelters Tin
Fraser Neave Lid Ord... Franer &
Neva 75
Camera (Malaya) Limited Hongkong Shanghai Bank-
log Corp.
Hongkong Tin Lid,
sales totalling 2,600,000 shares, most Ence Nov. 7.
Industrial lost 1.01 points in average, rails the Dow-Jones
0.37 utilities 2.14 points and point.
There
1,202 Issues were traded, most sirke last Tuesday. 458 Aside the issues traded, advanced, 560 declined and 244 were unchanged. Forty set new highs and 39 new lows.
Curpuration Republic Stool Reynolds Metal
Shell Oil Co.
Baint Reg, Papa Sinclair Oil Bocory Mobilai
Bouth Puerto Rico Bugor Bouth National Gas ... Southom Railway (Com.) Sleep Rock Torontoex) Standard Brands
Biandard 01 at Cal. Standard Oil ut Ind. Btandard Oil of N.J.
Prices Lifted
London, Dec. 10. Buyers rushed into the stock market in a big way lifted prices around 2 shillings or more today and in most sections.
C A. Parsons, LB domic Issuo, kicked off the session with a jump of 4 shillings to s [new high, Higher by more than 3 were Raleigh Industries and 451 Tate & Lyko.
B3
4
933%
201
443%
03.1
8415
ม
45
20%
37
48
02%
69
Bloring Drug Co.
515%
Blakely-Van "Camp,
10
Studebaker-Packard Corp
?
Swift & Co.
Texas Co.
50%
Tide Water Asen, Ol Twenty Century Fox Film Union Carbide
Union Pacife Railway
United Aireraťt
US. Toll "B"
V.B. Gypsum
us Lane Co.
S. Rubber
US Smelling
L.S. Stoo!
Warner Bros.
Westinghouse Electric
71%
20
4%
United Presk.
West Va Pulp & Paper Woolworth
*
Olla were active but falled to establish eny trend. Royal Dutch, British Petroleum and Burmah Oll closed unchanged; Shell nåned 1 sħillis g pence.
Suez Canal met pst-taxing and yielded £1.
Dollar Blocks had an erratic- limo with gains and losses seat- fered over the section.
Foreign bonds Improved. Japanese were active with some lasuce up as much as £14.
Governmenta
mot
British demand. War Loan rose £0/10 and others were up £3/16-- United PreSA,
NAMESAKES
Answers:—i Laughter, 2 Shirt, 3 Song, 4 Metre, 3 Blame, Verse, 7 Humour, 8 Nonsense, 9 Jokes, 10 Doggerel.
Thomas Hood.
4
P&O B•I E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Outwards "CORFU" **CHUBAK" "CANTON" "CORFU"
Leaves London Sallad
Fith Decorüber 12th January
11th FebruRTY
Due Hongkong
10th December 2nd February 22nd FebruTY
Via Bouthampton, Colakão, Penang à Blagapere.
Co.
$1.00
New
291 $4.20
American
CULTI.
prel
York Stock Exchange bond volume was $7,680,000.
Stock Exchange volume was 020,000 shares,
Dow-Jones closing averages
8040
were:
•
da
Kempas "Latet.
30 industrials ..
493.18
Lainas Rubber Estates Lid.
20 ruilo
158 24
Malayan Breweries
$2.90
16 uten
07.58
New Serandah
Rubber
EKI
stocks
173.10
Id
2.10
43 bonda
10.41
Petaling Tin Lid,
$3.3€
Comm future price index
J02 74
Haffles Hotel
Bungapore Cold Storage
31.832
South British Insurance Co.
Closing Prices
118-110%
Ltd.
"COBLU" "OHULAN" "UANTON" *CORPU”
Strait Trading
25.50
Straits Steamuhip
$14,75
United Engineers Ord.
Wearne Bros, .............
$9.80. $2.09
Akton Inc. Boy,
Alised ChemPools
exdivi-China Mali Special.
Allied Mills Inc.
No. 1 rubber per th Dec. 113-113%
Jan.
111-112 Feb. unquoted No, 2 rubber per 1b. Dec. 4114-113%
108/5-100 No 3 No. 4
10445-1053 12-94
No. 1 pua rubber unhaled Blanket erep
No 1 pale crepe
LONDON
The market wis oney with spot quoted at 32% pence per ib. Prices:
No. 1 Res spet
Settlement one term:
January
Feb. Mar. Jon/Mar
Apr/Jarv
July/Sept.
Oct/Dec.
Dec.
Jan.
20%-20%
General markets, cif basis, ports:
3141-22
New York Sugar
Market
New York, Dec. 10.
4
World No. sugar tuture closed today 2 points higher to
1 point lower with sales of 250 contracts.
Domestic No. 6 sugar futures Estate crepe thin Dec. 40, Jan, 40: clored 2 points lower to 1 point
thick unsquoted.
AMSTERDAM
The market was casy today. in all this." But the important Prices closed today in guilders thing, it says, is to be ready-per kilogram, cit. December as and to let the world know that follows: Brilain is ready to take pleasant measures
un No. 1 rubber of deflation No. 1 rubber it speculation against the pound No a rubber
No. 1 crepe persists-London Express Ser.
vice.
New York Foreign
Exchange
9.10 paid 3.07 nom.
3.03 nom.
higher wit
with sales of 33 contracts Absence of fresh news from the raw market, and the more favourable view of the Middle East situation, quicted specula live interest and encouraged scattered selling in both con- tracts after earlier steadiness.
Contract No. 4 (world)
3.04 peld
March
United. Pres.
NEW YORK METAL FUTURES
May
Slope, March
4.79
Allia Chalmers
American Airline American Cable & Radio Corp. American Cranamide Co.
Power
Amer, &
Am. Mach. American Metal
dry
American Smelting Atn, Sugar Het. American Tel. & Ter American Tob Anaconda Copper Armeo Steel
Armour
Atloa Com. Mhuông Heldwin-Lárno-Ham. Baltimore & Ohio
andix Aviation Corp. Beret Cons Bethlehem Steel Boeing Airplane Borden (The) Co... Burroughs Add Machine Case (J. 1) Co. Cat. Tractor Celanese Corp. CIT. Fidencial_Corp. Chase Manhat. Bank Chrysler Molors.... Climax Molybdenum
Canadian Pacific R.
Colgate-Palmolive Ca 4.18 Commercial Credit 4.75 Cottonwealth Dec.
418 Consolidated Edison 440 Continental Oil of Del.
Bpot (conta per fb. fob Cuba) 4.75 Crane Co Open Interest: D/3D contracta.
Contract No. 9 (domestle)
Crown Zallerbach
Cuban Amer Sugar
Diamond Alkali
Das Dow Chemicals....
RomewardI
*SUBAT"
Lanyes Kangkong Doe Lotàm
Aird December
18th February
both FebruaTY
4th April
Jat FebruMIT
To be
Adilson Laker
Via Singaparo, Penang à Colombe.
FREICHT SERVICE
loads 14th Decfor Singapore, P. Swet- tenham, Havre, London, Hamburg. Hotterdam, Antwerp Oz Greoge mouth
"SHILLONG” due 8th Jan. "PINJARIA” don 7th Jan, "SUNDA" due 17th Jon,
"BALMAWĄ” dus 28th Jan. "SHILLONG” ¡dads 28th Jan.
from UK.
from UIL from U.E.
Brown 107.35.
for Singapore, P. Swet- terham, Favre, London, Hamburg. Rotterdam, ADEWITE d mouth
ALL VESIKLS outwardS AND HOMEWARDS WILL PROCEED BY THE CAPH OF GOOD BOFE UNTIL FURTHER NOTICE.
BRITISH INDIA S.N. CO., LTD. |
LIFE --- A HUNDRED YEARS OF BÉRVICH 1a 1900 /
"BANGOLA” dus 18th Dec.
mille 18th Dec.
“SANGOLA” due 4th Jan, salis, 5th Jani
"ITRIA"
Ervas Singapore, Penang, Rangoon Caloutta för Japan
from Japan
for Singapore, Pedang, Rangoon & Calcutta
P. & 0./B. I, JOINT SERVICE
"KAUÑA
New York, Dec. 10. Prices of metal futures closed today in cents per b, as follows:
Lead Deo.
18,200
March
Jan.
10.100
MAY July
J84
3.78 Dupont de Nemour
astman Kodek
Tin
Dec.
104.000
Sept.
3.80
El Paso, National Gas
New York, Dec. 10. Closing rates were: Canada England oficiai
JRI
103.26b
Zinc
13.58b
Jan. Copper Dec,
H
unocietal ...... 30-day futures 90-day futures
Port
Pakistan
Others werd unchanged--United Prem
2.72-11/32 2.8-4.M 2.77% 2.7541 22-11/10 -00190–11710
Dam 2090
11.306 32.900
United Press.
Spot-cents per lb. elf NY
[ox-duty)
Eria Railroad vege
Res
Family Finance Corp,
Open interest: 4,923 contracts.
Ünlied Press.
Ford Motor
| Ceneral · Electris
General Foods
"TTRIA"
Australia BUCKET
London Foreign Exchange
1.10.
LONDON METAL
PRICES S
London, Doc., 10, Prices of metals closed-todný
In sicular per long tỘI ĐƯA follows:
küyorú melléri 813810
Titi-spot
3-month
Copper, spot
•Land 1st hate' Zind-it haut
CHICAGO LARD FUTURES
Chicago, Doc. 10s Prices of lard Faturas
General Motors Gòn, Pub. Wil
N.Y. COTTONSEED day
OIL
New York, Dec. 10. Prices of cottonseed oil futures closed today in cents per lb. as follows: December March MAY July October December January
DIGES 645
16.25
16.47
10.43
1642-01
10 20
15.00
1000
16.25
Exchange Rates.
Glidden Co.
Goodrich (B. F.) C. Goodyear Tyre Høyden Cheinical Homstake Mining Co.
·Ingersoll-Rand inland Steel Co. Int Business Machines Int'l Harvester 20 Internation). Nakel International Paper
Johri-Manville Co, Kansas. C. Power & Lig Rennacoff: Copper Liggett Mayerə Tob. Lockheed Aircraft
Jane. Blet Gerventi Louisville Nivin H Lewinsoniy aylons, Maabi Iron, Corp.
"Mission: "Developříébé
Moronto Chor Montgomery Ward Motorols. To
National Casti
National
National BEAUT
sw York Central
dne: 20th Dec.
Alle zna Deo,
dte 3rd Jan. Bth Jan.
tre, Karachi de Bonibay For Japa
from Japan
Fat Bingapore, Bobbay di Harché
from_Japan
for Singapore, Boobay. Karachi. Bderab Kowalt
EASTERN & AUSTRALIAN. §.S. CO., LTD.
"EASTERN" TM Por
H/W HO, 3 "NANHIN” -- Nails 19th. D.
from Austrália
for Baridakan.” Kabrisl. Belabano...... Bydody, - Mɛes -
All vemale have Uberty to 0611 23° này borts on
torekingỡ' or 'intentdmeti with dy withdui naties.
For full particulars apply to. MACKINNON. MACKENZIE & CO. OF HONG KONG LID. Telephone Now: 977914.
Sales, totullod United Press.