THE CHINA MAIL, TUESDAY, DECEMBER 18, 1956.
TRADE and
COMMERCE SECTION
-Page
POUND TOKYO MARKET
PETROLEUM SHARES DEFENCE OF THE POUND TOKYO
NEW
INCREASE ON
BARREL PRICE
HONGKONG
STOCK EXCHANGE
New York, Dec. 17.
Specialty steel issues spurted sharply in an irregular, moderately active stock market.
Overall
Farm Production
Washington, Dec. 17. The nation's farmers set a new overall produc- tion record for crops and livestock this year despite adverse weather and the smallest harvested acreage in 20 years, it wan an- nounced today.
1a 41 Dual comp tarjoa nd 1962 the Agriculto...
svelait be
shates 100% c
aukee's light just beloce they (From Our Correspondent)
Petrole
close u%
tit Government an-
will be
kong
berd ineteseber 15 10 20 cemis
the Hong- Ex-badge this
Business done uki
Stock
Imately $440,000 Noon quota.. 11 d the Mola's trans-
The Chancellor's Measures Taking Effect
From RONALD BOXALL
London, Dec. 17. Events have moved with dramatic
il tifective on Jun 1, on all morning amounted to approx. speed since Mr Macmillan announced his
of petrol
.h
Sta
-+-
ק יך
which Stand
with. ony lacht long really rod gain--a rise of f points to Detroit Steet held almost 2 points and Bethlehem Sted mi ban a point.
18
катоци
Alustall sparked ils
3-print RULL That was a continand chem fou The shipbuildres which lette1 Newport News wan Bath HK 1 tre Work
JUST
شالتوة
241
measures for protecting the pound. In a matter of days Britain has been given ‚ permission to draw up to $1,300 million from the International Monetary Fund; Tnegotiations have started for a loan, from the United States Export-Import Bank; *** and sterling has recovered to a point where
it no longer needs official support.
: The Surr
uf Mr Macmillan's "ynl
reinforcemCTIUN kra junt dellar
whurt! have been much less effective- int only by The exchange dates from Britain's decision to
and thes
operations in CRASE Ervpl heaviest
Buyers Meßers
BANK
A
K Bank SHIPPING Wheelck
Docks, Fre Hostest
29
YOU CA
IN NTU
1 K
LAND
..
JUN
1000
47
HK Hote!
84414
Je
かす +61
Steniy
325
VIDE
Farr
JAN
were Bra Page Bartions.
Roils alu
A Tamp
XD
At the bright
-lerding
441
112000
abovy it, tower
!... 124H
150
The operation of
A De
CURITIES
J
Planting
averages Tran
23 24
11
Was the
Star Boos
14
rent of
what
3
18447-45
''
Lase of o
·
pervert
12
+2
2. 40
46 dustavad
4 1
SEX
21.30
FEET
2
11
11
177 !3
Jay th
13
213
31 75
สอบ
rale
40 Latit
Te
ს
STATĖMA
24 PM
N
10
IDUNT HEAL
T
2017
1008.
!』*
#2 20
Mela +
47000 * 173
Barry
2250 i 20
Kwong 11
100
Pate
mea sunt
din sadex for 1976 at 114
the lase ju'r
vious peord year
The 13. slment red have la a
AURA AVAK init put this
1 pas rent of the base perial, topping the previons 1955 recet of 121
Ir production t
Frase
100 per cent t previous marios #! 1948 and
1954
The Tact 1114! tuellen of
ormall
a livlenh
stage
harves
Buth despite
sached ww smaller flected improve me! :5 v
PJ Bere through we of drought
zel disenresistant (TOJA
TIE
SMALLEST
1.
удост Department scar's crop yield was harvested
1r 319 million ner », smallest,
Peter Futtre price index 4o kot pajer inades Marchs Index
Closing Prices
Aldea The
Art
Alled Mom Dow
American Ayline
American Cable & Homo Corp
Zameen Cvansunido
AR A Porg Pownt
A Man & P'dev
A" Sek Hel
Alley Cons Miging 1-twin-Laimo-Han
Bendix Aviation Corp Boring Airplane
Throughs Add Machine
Ca ( !
Cut Tractor Celanese Corn
C 1 Phantal Corp
since 1995 and almost 14 million ex Molybdenum
acres below that yent's total.
The Department noted vielas per Berg
that
AUL www overall
Sword with only a few crops
falling below average
Only one major feld
Crop
My beats et a new production
recul h year
of SPVORÍ maju
1955.
best huoma
tuted Pres
Bat jaoluction
propi
toppest
Cammonwealth Elec
Enolinental On ul Del. Crane Ca
Thanand Alkoll
Low Chrsitenis
The National Can
Pie Belt out
Partly Finazier Corp
Furd Mulus
Gen Hul '1
you
<div
Hestra Che mod
nake Moone t falmal Stre
80
whenk. .1,
Interclientent Cop
Imperd. sugar, tolerationed Paper
popcom- od Manville Co
and
Jett Mevers Tub to Laudeville Nashville f Lowenstein & Bonn,
Meal on Curje Minnesota Mistreat Mation Development Monsanto Chenilert Co.
London Marketo dite
Irregular
Dairy Prod
National Steel Comp
Olim Malhieron
Penny 3. C. Co.
Phillip Morris
STORES C14
JUTTONS
Nyan R
INVESTMENTS
Mlied
THIS
املا قيام ا
1350
qualisation Relat
2 st of the
3
0.14
1903 A
30
Sugar Export Quotas
London, Dec. 17. The International Sugar Council has decided to in- export quotas by crease five per cent
of the basic exports to 4,573,375 tons.
The metcise for 1958 00% shared by Cuba, the Dominican Republic, Taiwan, Belglum, the Philippines and France.
4714
50
$4
13
The Council considered that
301 the five per cent Increase was figure which maximum
62
ilem in the $279 million loss
to the reses vey in November
MT Macmillanes
to
MALAYAN TỈN SITUATION:
Kuala Lumpur, Dee, 17.
Malayan Un produserN today were amsured by the Government that Britain's decision to dispose of 2.500 tons of in stocks would not affect current tin deal- ings.
The Ministry of Com- merce and Industry said the Malayan Government
Bri- was consulting the
the tish Government en matter.
The Mistry's statement pointed
ort that British iin looks would be dia. posed of over a "fairly long period' and that none of the in would find its
back tnto way
the in market before May 1987,
United Press,
WORLD RUBBER
MARKETS
1
neglected
HIT BY LIQUIDATION
Tokyo, Dec. 17.
The Tokyo stock market last week suffered its first sharp break in months in the forerunner to the year-end liquidation period.
and Nittestsu
The Dow-Jonty average which | highs. In the speculative zharës
Reat set on all-time record of 506.30 Mīšbul
Estate advanced yen the previous wette slumped from 840 to 850 below the 600-level and closed Mining rose
from 323 to 340 but both showod reactionary drops.
on Saturday at 503.00.
of
establishumeNT
relations with impending
Ajinomoto closed as 207 down three points from the previous Nations week-United Fres
The diplomatic Russia, Japanese entry into the United and eloction of Tangas Ishibashi on president of the ruling Liberal Democratie Party and probably Premier did not check the trend noticeably.
With shares prices riding high » for many weeks the market was • More sensitive to depressive factors than to stimulants
Uneasiness
Major
Pecurity companies
which had
CHINA-CEYLON RUBBER-RICE AGREEMENT
Colombo, Dev. 157 Arrangements were being made here last Saturday for the shipment of 2,500 tons of sheet rubber to Communist China against
China- year's
next
01
been active bure Ceylon rubber-ride agreement. Singapore, Deg. 17.
eperation stud at rubber market opened curtailed
Tro
will whip*
Jenve for block mira which
New Chinus in the next
days The Eeoninis thought pro-
one cent over previous close on men made better
with a load of 4,500 tons overæns advices and it caused uneasiness. vaking comment on this is
of which 2,000 sheet rubber, been, ruled steady on speculative buy- the
There was hur ctaseifze
a heavy turnover NDI
tons will complate Ceylonese the old Milsbui shanes of It really extra ing and nearby covering. Lower / of exorting exchange rounded
former Yokohama commitments under the present Bussan, the of the pund was hacked ordinarily difficult to see what grades were rather
Bittain Could have been doing and there was only small fae- Specie Bank and the milisle of w inforcements behind the
now in mid-December to avert tory Interest
Motion Pictures Studios, Futures: followed devaluation of the pound" action
Mitthul Cool SWIDIY Sterling Jecovervel fream around $2.78 to $2.78
Sumitomo Coal
and it has remained above the
irvi
pite 2 -
UŠTVUS
quent hight easing f The
Not Difficult
The reason to this uplove. ment the patton et ring not stifficult to find. followed immediately on the announcement that Britam had
with arranged
the IMF to t purchase dollars up to the full amount of her quote with the Fund.
The Financial Times draws a no less cogem economie lesson; from the recent events,
No.
rubber per Ib
January
February
1125-112% 1103-110
100-110%
100%-10794
No 2 rubber per i Jasu
It Isla No. 3 rubber per in. Jan
the ronomie ekscy Britain has No. 4 rubber per Th. Jan
Spot rubber unbæled Teved
live since
War And
Blanket urope blames then on the failure of parties to appre-
"
No pale crepe
both political Plate that lugh cost, Tow! investment, high tax and low incentive economy is capable of abrorbing money as dry desert-with rand wil absorb water."
Some Evidence
a
LONDON
The murko!
103-106
805-0274,
135-1.37
was very steady 33-1/18
spot quoted
DENCY. Prices:
No. 1 R #POL
Settlement house tenh
January
February
March
Jan./Mar
Apr/June
Oct/Dec.
Britain will go on paying for July/Sept. the Suez adverture for a long time, but the cost will be worth-January
re- This came as a surprise to while if it results financial observers
had appraisal of economic who
draw-
in the light of that dielum. expected that Britain's
Some evidence that this might be s0
contained in
ing from the Fund would amount to 2501 million the amount of mai goid mubscription to
WON
33-334
allery
General muskets, dit basis, ports; February policies Estate crepe thin Jam
Estate crepe thick Jan. STY
Other rubber prices were un- available--United Press.
a little noticed passage of Mr
the Fuu, plus the 25 per cont Macmillan's statement
m its quota which the Fund now autors
down To be
with minmum of formality.
#11
TU-
on the "Recent economic allupsion. he events,"
have bald, mphasised the need for a wide review of our government Ex- Britain jin lust moking
defence
policy of penditure, our mmediate drawing the $501 million
these and our future energy polley in and
This will this country. will become
part 13 the
But done."-London Express Service. gold and dollar serves, In addition 10
This the rt. mainder of the quota-amount- ing to $730 million-is lo
be
would be realistic at such a lite placed at Britain's disposal for use if and when needed to defend the pound.
In the Hight of this decision, increase the
70%
ง the
10%
Owen-lineis Glam
date in the quola year.
81
Penn. Balt Co.
264%
421
Procter & Gamble Co
50%
Publicker Industries
it wis agreed in Binitial export quotas
45
Reynolds Metal
0132
the
Shell Oil Co.
93
+
121%
301
407.
London, Dec. 17. Stocks idled irregularly
in slow trading on London Exchange today.
Hesitancy in view of the un- outlook international certain
in
Prime ind Minator Edin's appearance to answer questions in the House
advance
of
of Commons, acted as a drag on the market.
The balance seemed tipped a downside but bit more to the there was no heavy selling.
Industriais were
nearly
ali
down by six pence or a shilling except for some of the atomle nuclear favourites which drop- ped more luking.
Pure Oil
Beint Test. Paper ..... South Puerto Rico Sugar Southern National Oas Southern Raliway (Com.) Strap Hock Torontoex.) Blokely-Van Comp. Tite Water. At
Oli
Twenty Century Fox Film US. Poll "23"
TS Line Co.
Wert Va Pulp & Paper
for 1957
from 4.351,375 ions as fixed on November 1 to 4,573,375 tons.
The Council, which met In week London throughout last
again on has decided to meet 19 January 29 next yfir or carlier,
ir #Letstry ---France-Presse,
19
-United Preen.
Singapore
sharply prof Stock Market
Oils were also down and fost eround two shillings stx pence in both Royal Dutch and British Potreteuzi. Suez Canal held un- changed.-United Press.
New York Foreign
Exchange
New York, Dec. 17.
Singapore, Dec. 18, Brokers today quoted the fol- ling stock prices:
New York Sugar Market
New York. Dee, 17. World No.
futures 4 sugar closed today 1 point higher.
Domestic No, û rugar futures closed point lower to 2 points 152 con- higher with sales of tincts.
Realising and hedge selling reduced a sharp forenoon in- crease in prices. The domestic contract was relatively quiet. Opening Futures: Batu Lintong Rubber Co. Ltd. $1.77 British Borneo Petrolou
Syndicate
43/8 ConsolidatedTin Binetters
Contrast No. 4 (world)
ah
annual
The cost of E operation will be small compared with its size and the value of its effect on foreign confidence in the
The stability of sterling, 10 immediate drawing of the $561 million will carry service charge at one half per cent plus interest charges rising from $4.9 million in the first year to $10.6 million
the In third and
The Anal your, "standby" credit enrries a ser- vice charge of one quarter per cent a year, but the interest is not charged until it is actually drawn upon.
ut
now
WORLD COTTON MARKETS
be
New York, Dec, 17. The cotton market closed 7 higher to 3 points lower. The market opened off 3 to 2 points. New Orleans closed off 3 to 4 points.
T
Trading volume and open in- terest were:
Volume Open Interes
1,200 6.700 360,700
Monik Dec. Mar. May July
6,700,
1/700
300,700 109,000 13,700 145,300
Mar,
3,400 n3,200
1,000
300
The dollar loan
being Oct. negotiated
United with the States Export-Import Bank will May Carry interest
the normal Totel commercial rates. Recent loans from
the Bank. have been charged at around five per cent. But interest will only be paid on the amount netenlly drawn.
Maintain Rate
23.000
0,300
Scrap Charges
in
Equalisation System
Luxembourg, Dec. 17.
Iron and steel producers European Coal and Steel Pool countries have informed the High Au- thority through the Joint Consumers' Scrap
Office that they went to keep the present system of equalisa. tion charges levied on im ported scrap.
The move follows proposals for revision, made by the High of Authority to the Council Ministers. The proposals, it adopted, would tend to discour age any increase in scrap con- stimption.
The Joint Scrap Consumers' Offee gives the following ren- 48.800 1,207,800 bales sons for maintaining the system LIVERPOOL.
of the present basis:
com.-
1. It would be difficult to Future closings, in pence per ponalise increased scrap b. were as follows:
sumption at present, when boom conditions make such a rise in- Olu contract
salely for the purpose of main Fayatlan Karnak Nov./Dec. taining the sterling exchange
Other cotton prices were rate. The loan-believed to be avallabic-United Press.. for $500 inlition-will be used
20.78 vilable.
20.42
20.02
37.38
2.It would, be unfair if producers who use scrap becausO. they have no facilities to pro duce pig iron were treated in 24 the same way, is those who 25.38 203 produce their own pig from
003. Even enterprises
Dec./Jan. Mar/Apr,
220.00
May/June July/Aug.
Oct/Nov
New contract
Dec/Jan.
Mar/Apr.
Ord. ...............
20/04
March
17
Fraser & Neave Ltd, Ord. Fraser & Neave Ltd. 75%
4.77
$3.27
May
Britain intends
July
4,77
cum. pref...
$4:00
Sept.
475
to LIKO dollar purchases from the IMF1
May/June
July/Aug.
Oct/Nov.
Gammons (Malaya) Limšted: 81,08
Hongkong & Shanghai Dank-
ing Corp.
3010
Marel Spot-icente Der ib...fob
Cuba!
4.41
4.60.
Hongkong Th lid.
B/-
| Kempas Ltd,
$2.20
Contract No. G
Lunos tuisber Erlates Ltd... 0,82
Malayan Breweries
$2.87€
New Berandah Rubber Co.
March MAY
5,79
July $2.15+
4.70
2.17-9/16 3.76-1/10
Petaling Tin Lid.
Sept.
3.113
Italien latel
$2.31
Spot-(cents per th, elf,
United Press.
Sinzonore Cold Storage
$1.53
ex-duty
5.10
South Delilah Insurance Co,
Lid. ...s
3256
Open Interest: 4.109 contracts, Vilted Pros.
Straits Trading
$28.00
Strait eamship
$18,00
United Engineers Ord.
30,70
Weare Bros. Lo
$3.00
Closing rates were: Canada England oficial
unofficial
30-day futures.. 10-day futures..
New Zealand
South Africa
1,04-11/32 2.761% 2.13-7.5 2.77-9/10 2.76-13/10
London Foreign
Exchange
London, Dec. 17.
2.7011⁄2-278-9/10
Closing raica, word;
New York Montreal
~Amsterdam
Tipussels Copenhagen Frankfuri
10.0415 140.70 19.3715-19.38
· Milanese Juli 201750-17581"
Pariy
#velchalm
Zurich.
Others..were unchang
30-12/13
excliv!' 1. cùmdiy,China
Special,
London Wool Top Market
Exchange Rates steady with
Morino lola. Price Dec. Jani
Business was done in the local | Mar, ́undmelal› Vexchange market this .moming.at, the following.
MAY
July Sept.
Slam Lical (per (100)
London, Dec. 17. wool tops closel a lúmnover of 72 por 3b) 140.14144
to finance oil supplies to re-in place those lost through the closure of the Suez Canal, and breaching the Tag pipeline..
The first reaction to these }- developments" was relief at "the):
pressure on the Casing of pound and gratiaeation at the re-emergence after a painful absence of Anglo-Americau to-operation.
any
which un. own blast furnaces ara not in, a pig iron position to increase
further production
are now...-running pat operations 100 cent of
per
capacity or over. 4. Dario y that to UBR EnTap.
are In prices
phy 50
LONDON METAL
PRICES
casc rather than pig iron-offers-no
cal advantage... Ital
pite their oppo "The Lin market was easier this i tion to the proposed "changes, afternoon with our scrap users with the extension points to 700 and three- onthe of current regulations to, baix
points down at 7784 limited to a transflopni, period ending May 1, 1948, China Mall Special,
However, despite London, Dec. 17,
sterling
But the lesions of the past Coppery and aine marketa few weeks as they affect the were steady prices closed at the "¿nd" of thellainiciat afternoon status of sterling, have not gone
session, in sterling, për long ton: unnoticed. But even now
realisodes follows:
Ivargs Abe
*
E
the Tomo year's contract.
E
Negotiations are now I
.pand- Mining anding for a revision of the rubber recorded new rice pact--United Press.
P.O BI EA
COMPANIES
PENINSULAR & ORIENTAL 5.N. CO.
PASSENGER/FREIGHT SERVICE
Outwarda "CORFU” "CHUBAN" "CANTON" "CORFU”
Leaves London
Balled
Das HongkonR
12th
27th December
January
11 December 2nd February 22nd February Alet March
17th February
Via Southampton, Colombo, Penang & Singapore.
Elonwards
"CORFU
"CHUBAN"
"CANTON" **CORFU"
"SURAT**
Leaves Hongkong One London
1st FebruRTY 23rd Decentiber 18th FebruALY 24th March
15th Februarz
4th April
vih April 14th May
Via Singapore, Penang & Colombo.
FREIGHT SERVICE
In Port
walla 18th Dec.
"PINJARRA"dur 8th Jan, "SHILLONG"due 6th Jan, due 17th Jan, "SUNDA" "SHILLONG”loads 25th Jan.
Int Singapore, P, Swet- tenham. flave, London, Hamburg. fiotterdam, Antwerp C
Grange
mouth
from U.E.
from 1.3. from UK.
for Singapore, P. Swet- tenham, Ravre, London, Hatterdam, Hamburg.
GIBE"
Antwerp
mouth
from U
“BALMARA” due ‘28th Jan,
ALL VESSELS OUTWARDS AND HOMEWARDE WILL PROCEED, BY THE CAPE OF GOOD HOPE UNTIL FURTHER NOTICE.
BRITISH INDIA S.N.. CO., LTD.. 1188 -- A HUNDRED YEARS OF SERVICE --- 1858 “BANGOLA” at 4th Jes f100% Japan'.'
BERJAN
יין.י
"WARORA" due
"ITBJA"
rd Jan
Kalix 28th Jeeri
taz.. Singapore, - Penang. Rangoon & Calcutta
from Jaman
tot Rajgapore, Penace. Tangoon, Chittegens
P. & 0.78. I. JOINT 'SERVICE
"THAUNA*
"TIILLA”
due 2204 Der from Karacht & Bombay Kalle 24th Dec,
Heat Jan.
Ipe* Japan Ma
Tromazia
salla - 2291-Jaader Singapore,, Bombay
from Japa
for singapore,: Bombay,
· Kareebly
Batrak
EASTERN & AUSTRALIANES.S. CO., LTD.
"ARAFURA" due "átit Lu
"EASTERN
For full ourticulķus apply 15 MAONIACN, MANKENZE & CO. OF HONG KANG DIP Jelenhone Ros1 97721