THE CHINA MAIL, THURSDAY, JANUARY 3, 1957)
TRADE
HONGKONG
WORLD
RUSSIA STEPPING UP OUTPUT TO BEAT THE WEST Speculation Over Possible Switch To Production Of Consumer Goods
London, Jan. 2.
Russia has given notice she intends to press ahead with the development of heavy industry and to launch a drive aimed at beating the "capitalist" West in the extent of output per capita.
London Stocks Advance
Shipping shares
The governing Central Coun mitice of the Soviet Cornmunist Party, which in effect devides
policy. government
issuri long statement after a five-day plenary session in Moscow.
1,2 Seviet
Some observers had thought
mwitch Bono kuch
might be forced on Russia by recent de- velopments in Eastern Europe, in order to allay popular ais- content arising from lock consumer goods.
STOCK EXCHANGE
My
(From Our Correspondent)
Business done on the Hong- kong Stock
Exchange this morning amounted to ap- proximately $620,009, Noon quotations and the morning's transactions:
SIK Dank
"
RUBBER MARKETS
New York, Jan. 2, The _tex rubber contract to—~ day closed unchanged to
to slats lower with sales of 61 contrpels
19140
37.36
30.58
30.00
33.50
33.00
34.50
Standard contruct closed un- changed to 10
points lower
with no sales reparted,
Jan,
Mar.
May
July
Bipt.
Nay.
Jan.
Shares Buyers Sellers GOVT, LOANS
Skips
31
[IMO!
50
10,000 89
BANKS
1020
100 1020
Mar.
East Asia
200
May
July
INSURANCES
Sept.
Unjon
SHIPPING
940
1# 850
Nov.
Jan.
of
Wheelock Wheelock
INI
DOCKS, ETL' K. Whart Docx Provident
10)
7:20
0.50
172
40 44 75
3.70 13 00
12$ 500
LAND, ETC. ILK Hotel.. Hi Land Ically
13.10 135,20 014
135
1.40
by of
The the
RUBBER Amalg Trust
1,023
1.53
UTILITIES
Tram Yaustsati
Some observers had specula- ted that Poland and Hungary, buth
from suffering heavily
This reviewed Soviet Indus- trial achievements and failings during the past your und de- manded that full details of the London, Jan. 2. sixth live-yeat plan (1906-60) | sovere shortages of consumET be included in and nuclear
presented to the Supreme goods, might
Eastern "Marshall (Russia's led stocks higher Paritanient for
single-party come new consideration plan" scheme. on the London Exchange and approval within the first
The six months of 1957. today. The pattern WAB
Central helped by encouraging
Soviet Communist Party, business news.
broadcast by Moscow Rodio, showed that there has been no majer change of plats since last Felnuary nud heavy In- dustry rumalas the basis for the development of the national economy
Oils
WET Arm and Relive with British Petroluem, Koyul Dutch both up several shillings. leading Among
industrials Borax
up deferred bouwed than 12 American buying. Other gains In this sec tion were Rumerous. Power shares with demand chiefly in 1. A. Parsons
Iteyrolie shures weke Shipping
ven y
strong.
I
DO the
General
The
Directives
directives for general this plan were Fald down by the 200 Congress of the Soviet Communist Party last February a basis of full priority for development of heavy Industry, but the plan has never yet been spelled out in detuil.
to this directives Fennundle effect had been laid down some 12 months curlies
Announcement
Committee
V. Light (01 Macau E Tel. (0) INDUTRIALS Cement
Rope
12
1.35 24.00 24.00
1000 7.30
38.00
35.40
34.10
34.40
Prices levelled off after a firm start, Initial buyers lost heart 000 0.90 by the fallure of follow-through to develop with early strength of the London market.
13.70 15.70
500 F 28.20 175002
Dealers reported "fair" quanti- ties of shipment rubber avail able to prices "not too far off a workable busis", but buyer interest here was light, or absent altogether.
above
The shipment of offerings originated in Indonesia, Mainya and Indo-China.
NOLLDIS
PAPER PRICE INCREASE
Taranto, Jan) 2.
The Abitibi Power and Paper Company Limited today announced a general Increase of 54 ton in the price of atm newsprint, effective from Alarch 1.
The spokesman said the price before the ingreĀKO was $130 a ton dellversil in New York, and slightly lower in Canada,
The rise was due to in- -cressed-costs, hy mild.
The last prios "Increuse was a year s89, China Mail Special.
US STEEL
OUTPUT FORECAST
MONETARY TUBERCULOSIS
World Currency Report
New York, Jan. 2.
More than 80 per cent of people in the world have to put up with a form of "monetary tuberculosis," according to Pick's World Currency, Report.
In Its annual
Pick's
report, Anda that three full and seven partial units devaluations, took
place during 1986.
Few
monetary unlis proved over the past 12 months, Pick's noted, The Currency systems of Hungary and Poland "came near to collapse" and the "rouble bloe" began to totter. The strongest currency of the
year
Was the
Vietnamese
London Sugar
Market Reopens
Dearborn, Mich., Jan. 2.
The economist of there, up 28 per cent follow-
by the Chilean
London, Jan. 2. peso Ford Motor Co., said today 10% per cent. About 48′ cur- up
Futures trading in raw auto output in 1957 "could rencies lost between 1 and 68 sugar began on the Landon equal or surpass the 6.7 per cent of their free market market today after million
values, The weakest unit was units turned out the Hungarian forint,
interval of 17 years. in the industry's second doclined by 66 per cent, follow- best year — 1950.
ed by the Bolivian boliviano, down 50 per cent.
Dollar Drops
which
ап
The futures mariceż will deal in 60-ton lots on the basis of CIF London or Liverpool.
The trading standard will be row cane. non-preferential sugar of 08 degrees polarisation,
There will be official calls
He also said production rates during 1057 probably will be much more stable than in 1996 when the rate over a six-month period
units was cut 178,000 weekly to 107,000 units,
The US dollar dropped 3 daily from today, at 10,45 dan. ura 4.50 p.m. In
per cent in value to an historic GMT, 3.46 pm. your-end statement
trading sata the low of purchasing power with during January. The P. Hitchings George
about
dollara 24 billion
of months will be January to 700 23.70 "very slow" Spot No, 1 Rss was industry will be "an expansion purchasing power.
"amputated" | October inclusive and December, ary force" in the economy,
trom about 800 billion dollars which has entered 1957 ch-
that forms the tola! of public has been warmly welcomed in The reopening of the market crally, in a strong position."
commodity trading circles Mr Hitching sald
Gold hoarding again yielded London where it is felt the City opened steady | counting on a 10 per cent in-
no pronts on bar gold.
will be able Coins
10 offer come 18.20 and it ruled quiet throughout crease in a total auto sales and 18.30 the day with business continet expects to benefit not only from
proferred by the small boarder petition to the present, futures market in New York. At pre- mainly to switching in January. the Increased total market
in Europe and Aala roso but
ten in dollar seng New York is the only im February positions.
from a rise in market penetration and a half pcr cent The influence was almost brought about
value. Diamonds had a modest portant raw sugar market. by introduction entirely due to Sumatran situa- of a new medium-line Edzél,—
rise of four per cent for sizes ton, Lower grades were | United Press.
of one carat and a substantial neglected today.
gain of over ten per et forj excellent gimna
300 13.10
24
103 103 23.70
200 103
Factory buying interest in the delivered market
was termed
4100 » 31% | quoted naminally at 37% cents 1000 24.70 a pound.
30
100.38 TS
SINGAPORE
2004 34
13
STORES, ETC,
The market
Dati
Wabon
of
Lane, Craw COTTONS
10 20 15.40
15.30 13.40 2040
1000 1000
Textile
1.20
7 13
•
Ole factor in this decision may be the fact that Russia is heavily committed to help in the Industrialisation Communist China.
Corp. The Central Comunitee re-
Nanyang Cleared Mr Dmitri Shepilov, the INVESTMENTS
Allied of Foreign Minister. from his post |
Central asa Peretary of the
Govertanenie hai gains Fang- |
I was on the platform Srag to face, Gold shar's were i
The priority development of ling and netive.
bravy Industry which also Committee, bonds Foreign
quiet was stressed by Stalin -- that y were except for mine Japanero and Marutial Nikolul Bulganin be- nutellite
Czech logtis | came Issues.
iTime Minister In February, 1055. 1.- United Press, rusio
Bank Of England Announcement
London, Jan. 2.
The Bunk of England an nounced this morning the official spread for the Austrian schilling which dealings start today in the London market at 72.25% shillings 73.34% shill- Open- bus per pound sterling.
price for "Vienna**
72.08-72.70.--United Press,
WH,
ናጋን
His
Prime predecessor 43 Minister, Mr Georgi Malenkov, who took over this
post Stalin's death, had been 4580- polley which cinted
with stressed the need to produce a wide
variety and large quan- tity of consumer goods.
During the past few months, has been speculation as to whether Russia might unce uf again switch the emphusis
pro- hecchiomy in order to vide more consumer goods and alightly less for heavy industry.
There
Moderate New Year
On
Trading Wall
Street
New York, Jan. 2.
Stocks opened the New Year on a firm note with trading moderately active and a few selected issues standing out on gains running over 2 points.
Lukona Steel, a 1850 feature with a gain for the year of over 197 points kept right on moving, adding 1% to $184.
Bath Iron Works highlighted shipbuilders with a rise of 21⁄2 (o $57%, American Agricultural led the chemicals with
a gain ot 24 10 $89% Marine one led its group with a rise
Mining with
$104 12
2.
Douglas
Outboard
to 3814, and Newmont a gain of 244 to
Aircraft, Inter- national Paper, Grent Northern Paper, Filtrol, J. C. Penny added around a polni each.
Rails were stronger than lust week
with gains ranging to almost a point in Louisville & Nashville.
Midland Spect Products had one of the few wide drops--a loss of 3 to $128.
Closing Prices
Allied 24 Inc. nit, $295
Artertons Cable & Radio Corp.
American Cyramide Co.
Amer. Be Forgh. Power.
El Paso National Gas Erte Rallroad
Expected
Soviet affairs observers here sald this wux
expected JD development. Mr Sheplov appointed Foreign Minister last June and is so busy in the Foreign affairs field he could hold a key not simultaneously post. which would normally involve a great deal of day to day work, within the Scerelariat
Central Com the party's
of
mittee.
The
Singapore
Stock Market
the
Singapore, Jan. 3. Brokers today quoted following stock prices:
Opening Batu Lintang Rubber Co. Ltd. $1.60 British Borneo Petroleum
Syndicate Consolidated Tin Binciters
Ord,
Fraser & Neave Ltd. Ord... 237 Fraser & Neave 7% cum.
pret.
$4.00 Gammon Malaya; Limited $3.57 Central Committee Hongkong & Bhanafioi Banking
Corp. meela in plenary Hongkong Tin Lid. normally
ssion Twice a year and takes Kempas Ltd......... top-level policy decisions,
Lunas Rubber statew Ltd. 0,82 Malayan Breweries
$2.50
$3.15°
$3.35
This
Central New Serandah Rubber Co. lime the
Ltd. Committee met after the Petaling Tis kid. "October Revolution" in Raffles Hotel.... Hungary and the emergence
ce Bingapore Cold Storage
Inspiration
has declared
Futures:
1131-113
No. 1 rubber per Jb.
January
February
No 2 rubber per lb. Jan. 100-110% No. 3 rubber por 15. Jan, 196-107
| No. 4 rubber per ib. Jan. 10.1029
Spot rubber unbaled ...
314-175 Blanket Crepe ....
No 1 pala crepe
LONDON
29-01 133-130
The market was steady with
quoted
32. pence.
at
Bot Prices No. 1 spot...... 37.1/3-32 Settlement house term
3216-7236
and private debts in the US.
Ford is
CHICAGO GRAIN
PRICES
Chiengo, Jan. 2. Prices per bushel in cents: Wheat, No. 2, red
and larger,
of four
Pick's
Fax
NEW YORK PRICES
Contract No. 4 (world)
0.11.0.10
5.10 4.10
4.10
Contract No. 0
carats March
May Juty September Works of art had their best Spot (conta per 1b. fub
Cubaj. year of appreciation in a, de cade, nocording to French post Impressionista, gained between 120 to 180 per March cent in value in 1006, Paintings y
Braque, Duty
Gauguin, September
Rouaull, Spot (cente per 1b, dr NY Matisse, Modigilani,
ex-duty)
4.00 Soutine among others dwarf-
mited Prem,
dia.
22916-239cd every good blue chip,
or gold, government
mont bonds,
July
8.37
As a form of hedging against CHINA'S OUTPUT
depreciation, these 139-138 distanced by tanker's
550x
value
to
were out-
Tokyo, Jan. 2. which
China announced a total in- about 300 percent in
****dustrial output In 1956 In 1056, thanks
55,800,000 yuan as released by and Egypt's Col Nasser
the the Government's Statistical Sucz close-down. Profits of 300 Bureau, it was broadens today. per cent to 325 per cent were by Radio Peking imado during the year Linker sales, 23134-202 United Press.
of
Spot
2442411
Mar.
240% 240(L) 24141-94
MAY
July
Sept.
Feb.
Nov.
2314-41 23124-42
Mar.
Corn, No. 2, yellow
129/-
Apr/June
321-3212
Spot
23012
July/Bept.
Mar.
1351)
Dat/Doc.
301-31 General markets, cit basis, ports:
MAY
July
141-140
Jan. Feb. Μυτ $840
Estate crepe 6/34 $1471
Sept.
138*
Nov.
134
Rye
thin Jan. thtok
391
Mar.
147
May
AMSTERDAM
Soybeans, No. 2, yellow
Boot
Jan.
149%
200 2401
$1.65
per follows: $33.50 $27,00| No. 1 rubber $14.80] No. 2 rubber $9,00 No. 3 rubber
No. crepe
The market was very quiet. Prices closed today in guilders
kilogram.
Mar
May
25414-254
cit January as
July
25113
Sept.
2424-1
Barley,
3,12 pom,
spot
330-144
3.10 nom.
New York flour
3,04 nom. 3.03 com.
200 b
$13.40m
United Press.
Dala
Mer
May
7012
United Press.
xel. exdly.China Mail Special.
Oke South British Insurance Co, of a Polish Government, under Ltd. the
ΟΙ the Straite Trading Communist "Titoist leader,
Steamship Mr Wladislaw Gomulka, which led Engineers Ord.
Weare Bros. policy of relative "Independence" toward Moscow. These have been two of the most important develop. ments in Eastern Europe since Stalin's death.
1 the
announcement, about
The Central Committeo session, there
indication that was no
events in Eastern current Europe had been discussed.
Family Finance Corp. Ceneral Electric Gen. Pub. Vil. Goodrich 13.P.) Co. Heyden Chemical Homatake Atining Co. Inland Steal Co. Interchemical Corp. International Paper John-Manville Co. Lige Mayers Too. Lourivils & Nashville R. Lowenstein & Bons. Membi Iron Corp. Monsanto Chemical Co. Motorola Inc,
'Battle Of Polemics'
51
107
4745
Nor was there any indication that the recent "batilo polemice" between Moscow and Yugoslav
of
President
Marshal
Co.
04
Josip Tho was discussed.
21,6
...
National Dairy Prod. National Lead
10035 721%
National Steel Corp. New York Central Olin Mathiesori Otis Elevatorp Owen-Zitinola Glam Pacific Gas & Elec. Pan American Airways. Paramount Pictures Penny C. Co. Porn. Ban co
Philip Morris ...
Procter & Gamble Co.
Publicker Industries
Pure Oll
Shell Oil Co....
Saint Reg, Paper
Sinclair Oil
Socony Mobiloli
South Puerto Jeo Sugar
7814
Southern National Gam
371
Southern Hatiway (Com.)
13
Standard Brands
Standard Ull of Cal.
40
0141
Ama Machi, de P'dry, En]chwin-Lämna-Ham, Balimore & ONID
Bendix Aviation Corp, Boeing "Airplane ....
Borden (The) Co. .. Burroughs And Minchine ... Canadian Pacific Ri
Cat). Trostor
GALNZA Franciat Corp.
Chase, Marshat, Blank
Chrysler Motor
... Cilmax? Mojybdeman
Cooplidated) Edison
* Condren (2), OU_of_Del ECURNUSÁÁROKU PUBLI
Dow Chemicala:1059)
003%
ERP Dil of In
Standerd Oll of N.J.!
Stoep Rookie Studebaker-Packard Corp, Swift & Co says Texas Co.
Tide Water Awn. Oll Twenty Contury droo Flim Unton Carpidevalt Union Pacifle - Raliway. United AirBERAT, AUG U.B. GypsuUTA V 401
New York Cotton
Futures
Active
More
New York, Jan. 2.
Cotton futures today started the New Year
with prices on an upsurge in more active dealings.
Main attention
Observers here think it likely the nearby March and May that such matters may have deliveries while traders in later been under review at the session, but clearly at the months awaited new incentives. Leading spot intereats were
of bollers around accredited 4000 bales in nearby month, supposedly liquidation
againat the
of spot purchate
cotton,
utd some outright liquidation,
moment Moscow is not prepared to make any statement therean, 4-China Mail Special.
2,000 centred in | Mar, ...............ated.
May Total
38,200 700/-14,200 53.700 1,180,200 báles NEW YORK
Prices of futures closed today
.
Es follows
Spot
Mar
May
July
Oct
Dec.
✦ May
NEW
Cover-
Pricos
as, follows::..
NEW YORK METAL The cotton was take up by
FUTURES
January
February
י
Mar. millisecounts, commision other trade interests, Now York, Jan. 2.
supposedly covering against textile orders Prices of metal futures closed | $250
ing against shipper today in cinks per lb. as follows: ing against export commit
mente
March ⠀
· penetrated the 344 cents line by a point 12.06b or two compared with last
Imit 3.18
34
08.00
about the Gove orument support rate for dush year, plus the question of pro- [ducer: participation. In the soil
Lead
Zine January
Tebruary
February January Februar January February (Standard).
146 | Copper January
Tin
Prots
13.200
·13.20
Lange Rates
bank
selling
Jerte. Hogramine' and new firmn{D}}
"expected, when Con- Wa
gecas reconvenes, acted to curb
| now in inimest in Arnew crop
monti
Fack
Pick'a
on
noted.--
NAMESAKES
2 Fort-
Answers-1 Escape, ress. 3 Dumas, 4 Imprisoned, Treasure, 6 Napoleons, 7,
"This year's (1950's) rate of increase in China's Industriot production was the fastest in the past three years," the Radio sold.-United Press.
LONDON SILVER PRICES
Mercedes D Corruption, 10
London, Jan. 2. Revenge, 11 Adventures, 12 The price of silver was quoted Novel, 13 Crime, 14 Paris, 15 today at 79% for spot and 794 New York Foreign Marseilles 16 Fisherman, 17 pence for forward (against 1914.
Arrest, 18 Book.
and 70% pence previously), Unlied Press.
Exchange
New York, Jan. 2.
Closing rates were;
Canada
England official
"
Unofficial
30-day future 90-day futures
Australia. South Africa
New Zealand
India
Faktari
1.04-0/04
270-25/24 2.113-2.60 2.78-1/23
2.70-b 123-1/
2.790-3/16
2001
2003
United Press.
London Foreign
Exchange
London, Jan.
Closing rates were
closed today
New York
Montreal..... Amataşdem Brumeta
Dalo Paria. Mockh Vienna Surch
LIVERPOOL
PASSERABA
of futures cloned today
[-11/18
-United PreOS.-
LONDON METAL
AREA PRICES L
Gala,
Dag London, Jan. 2. Heos of metals closed today sterling, per longton
Count of Monte Cristo.
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