THE CHINA" MAIL, WEDNESDAY, JANUARY 16, 1957.
TRADE and COMMERCE SECTION
GOOD START FOR BUSINESS IN
NEW YEAR Sterling's Defence
HONGKONG Expanding Steel
STOCK
Output Must
And US Activity EXCHANGE Be Long
In Middle
East
London, Jan. 15.
(From Our Correspondent!
Business done on the Hong- kong Stock Exchange this noring amounted to ap- proximately $330,000,
Noon quotations and the morning's transactions:
The New Year has made a promising start. Its best auguries were the great strength of business in the United States, Bank Germany, Canada and Japan, and important measures taken to strengthen sterling and the British economy,
Apart from the Canadian railway strike and the dispute over Texas oil output, all these sectors have developed favourably in the first days of the year.
(){ the most areas the Mickie
Two
sterling-have
DEWY.
100 a 48.26 - 100 40
Term
London, Jan. 15.
The difficulties facing Britain's steel industry should check facile expectations of increases in stool cutput, in the coming years comparable with those of the last decade, said ›Sir Ellis · Huntér, chairman of Dorman Long and Company, in his annual review here,
Sir Ellis sald the, difficulties were not insuperable, but they had to be assessed realistically when
term considering long prospects for expanding steel production.
WORLD COTTON MARKETS
New York, Jan, 15. The cotton market closed today ug 1 to off 4 points. Opening prices were unchanged New Orleans to up 4 poinɛ. closed off 4 points.
open
ot
The company reported group profit before taxation (but after deducting profite subsidiaries attributable to out- eldo shareholders) of £7,271,000. This compares with £6,462,000 last year.
..'
A fall in bridge bullding and from engineering rekulta oroso the falling off in "major capital worked in Africa and the de- valuation of the Argentine pedo with necessary revaluation inct current assets there,
Communist
Cotton Stocks
Washington, Jan. 16.. The International Colton Advisory., Commilites, pre- dicted thai total cotton slocks in the Communist DotErbes of the world would decline by the end of tus sention on July 31.
The Committee in a re-
Dort released! Chrish
The US Department of Agriculture yesterday, sald "the salient feature of the cotton situation this sea- the Improved ro- lationship between aggrË» rate supply and disappear- aret within the free
World."
declared that “con", sumption
is expected to continue its upward trend and taking into account net shipment to the Com-. munist total disappearance
result in which would some decline in the total free world exityover August 1, 1957**
Page
TANKER COMPANY
PROPOSES
HUGE SHIPYARD
By JOHN MORKA
New York, Jan. 15.
The proposed shipyard in the Bahamas as con- templated by the National Bulk Carriers Inc., of New York, would be able to service tankers up to 150,000 tons, it was learned here today.
This would make it the big- gest such facility in the world, far in excess of the 100,000-ton capacity of shipyards in the United
Britain States,
ond Capetown.
According to Tokyo reports, Inquiries are now. being made lo Japanese Government authori ties 01
The August 1956 carry- over, was £2,100,000 balen.
United Press.
WORLD
RUBBER MARKETS
Bhares Buyers Sellers
BANKS
Balen
1050
107 1043
the
INSURANCES Union
SHIPPING
Wheelock
Wheelock
(N)
030
1160
34 100
1.24
7.15
11.75
2000 4 1373
7.20 4000 44 7.20
DOCKS, ETC. K. Wharf Dock
12
48.76
Provktent
10)
13.30 13.00
had
Bast
promising
Is
abow the
critical United States to All the power | LAND, ETC
UK Hotel nd vacuum in the Middle East,
K d
Sterling-whose tiefence
ilvally increasingly recognised as world ER
Amalg wide interest-has been at its Trust strongest for several months.
could IL
14.00 15.10
500 d 15
0143 6205 200
61%
200
02
1
1.30 1.3715
1.470 1.52 10,000 17
100
150
OTILITIES
Tram
27.30 23%
500 23.40 March
Trading
ало volume Interest were as follows:
Month
Volume Open interest
10,000 261.000
1/11
011
Star Perry Yout
140
103 103
501, 102 DO 103 October
May. July
13,000
417,700
0,300
187,300
1,000
144,000
100 23.50 December
$700
101,500
31 314 0.50
1318
3114 March
900
35,000
241, 24.70
400
May
2,100
24.00 Tuini
49,900
10.300 1,137,400 bales
230 2388
Baa 39
402 2315
300 4
LIVERPOOL
500 38.131
500 1.75
Futures closings,
In
1800 30.75
13 13.10
19:20 13.40 13.49
7.10
Old contrace
Mar/Apr.
26.70
100 13,40
May/June
20.28
GO 13.40
July/Aug.
25,00
March
Oct/Nov
29.45
A number
Dec/Jan.
were pending abroad and
Now contract
Mar/Apr.
20.98
company had
of new projects the tendered for a
Moo
July
September
November
May/June
25.08
JETSLUITY
July/Aug.
20,12
Nov/Nov,
Dec/Jon.
25,72
Egyptian Kamak
Jan./Feb.
23.04
President Elenbower urging Congress to
MORE SUGAR
AND MILK
FOR CHINA
strengthen further after the official disclosure
that the sperulative January 3 pressure and the drain on the reserves had haltest since the announcement on Derinber 11 of the arrangements for drawe ing from the International Monetary Fund
l yihr mensures to parade sterling's reinforcements.
Exchange Firmness
The stock exchanges generally noted well,
Sorne Japanese particularly those where
have
the
Tokyo, Jan. 15. More
canned sugar, goods, milk products and wine were produced in slaking funds were operating, China during 1956, Radio Peking reported today.
Basing its report on Informa- don from the state food in- dustry, the radio said that sugar production was up 250,000 tons in the last four years through the
use of newly buil and expanded factories,
milk
have prominently shared in the
general firmness of the London Stock Exchange,
C. Light (0) 23.45 23 Ewete
Macao
Tel (0)
FINI INDUSTRIAIS triment
STORES, ETC. Dairy Walion COTTONS Nanyang
CRUDE OIL
PRICES
Houston, Jan, 15.
Demand for them has con- Shell Oil Company has raised
per lb, were ng followe:
pence
United Pren,
the price it will pay for crude CHICAGO GRAIN
per
centrated on those with dollar clauses, and neglected if sterling by 26 cents to 40 cents maintains its recent better form.
barrel,
The Increase applies in Texas, New Mexico, Oklahoma, The
Kansas, Illinois and Louisiana and is retroactive to January 7. of Japanese loans is discounting Meanwhile, another oil a very substantial dlovakiation (pany,
Oil
current
relationship between prices of the two types
of sterling, whereas the British Gas
Co
DOM- and
MARKET
Chicago, Jan. 18.
futures finished
Grain
and Government has the determina-Texas, has announced Amarils about steady on the Board
reduc
Sugar output as well as that of canned goods and products have doubled trebled when compare with tlon and has now acquired the tion of ten cents a barrel in figures for 1052, the Radlo said.
"Output of edible vegetabletion whatever, oil,” it said, “also registered an increase of 21 per cent during the same period.".
83 FACTORIES
For
BUTLE
seem
Petroleum
of
Y
of
Output of fabricated steel- work was higher in the last Lo year, but costa had tended risc
and offct some of the
advantages. In constructional work order books were satisfac try, but there had been some slackening in the volume of in- quiry, especially for multi-storey bulidings.
new highway bridge in Malaya, -China Mail Special,
World Nickel Production Prediction
New York, Jan. 15. The rex rubber futures con- tract today closed 70 to 90 points higher with sales of 208 com- tracts.
January March
May
July
Begizembe
November Запногу
33.20 33.20
32.75-00
32.40-49
32.29
JLES
31,70
Standard contract closed 87 to 07 points higher with sales of 20 contracts.
32.77
12.42
32.20
3,90
31.70
Today's smart tally reflected and the higher. London cables Indications ot developing domestic consumer demand for a diversifled number of grades. Speculative short covering, along with dealer buying, found the
contract supply Itmited follow- ing the sharp decline.
to permit the use of Japanese labour on, the project.
Declined Comment
While company spokesman in New York declined comment except to confirm the project was under consideration, it was learned that about eight or 10 of the managerial staff would be hired from the American, Eng- lish, Scottish or Japanese ship- buliding Industries,
National Bulk Carriers, which now operates feet
1.
of. 50 tankers, is propositig to build three or four
in the WR3D |Bahamns. The project has been {under' consideration for about (six months.
I will cost millions' of dollars and will be financed wholly by American capital,
The Japanese labour force, it Wps learned, would consist mainly of labourers. The reason the
has company
turned to Japan for the bulk of its labour force is the lack of trained personnel in the Bahamne, it was learned."
Preliminary Stage
The company is meanwhile canvassing the labour situation in the Bahamas with a view to re cruiting some of its personnel from that island.
Westinghouse Sales Up
New York, Jan. 15. Westinghous International nounced
Co.,
Electtlo
30-
today a strong Japanese market for power renerating equipment was # major factor in making 1850 the biggest commer“ slal sales year in the com→ pany's history.
The
company, foreign sales subsidiary of West- inghouse Electrio Corp.. reported sales booking fast усаг rose 25 per cent above 1955, with unfilled orders up 40 per cent.
Last year three giant turbine-generator units of 190,250 kilowatt
rating word sold to Зарапете utililles. Another major project was an order for a
15,000 kilowatt generator from
United Press.
furbine- Taiwan.—
London Stocks Close Irregular
London, Jan. 15. Stocks closed irregularly today with heavy end of account trading. Profit- taking was offset by con- siderable now' demand.
British Government bonds improved about a dollar on buy- log reflecting the expensive will soon be-cut. was bank rate
or Profit-toking just before closing
time reduced early gains. actual con/~ of
The whole project, it March and May contracts understood, is still three
same four months from were exchanged for the
deliveries. Shipment offer- ¡struction stage, and ls more Ings also were in the light side. jess in the preliminary stages
actual target time for London sources also reported an The improved demand from Con- |construction is 18 months from tinental consumers. Locally, the day work gets under way, Spot No 1 Rs was quoted at 33 --United Press, cents a pound..
SINGAPORE
of Trade a
today during means, to prevent any devalua- crude oil prices after raising its quiet dealings.
Cooper Cliff, price by 29 cents carlier last Profit taking and hedge sell-
Ont., Jan.-15. week. The move brought ing accounted for the lower The President of the reason, perhaps Shamrock's crude price increase trend during most temperamental, certain Japanese line with competitors who, session, with soybeans easier on
world's largest nickel com-
The market opened lower on quarters
have had announced only a 25 cents action in the oil market.
pany predicted today free
overseas advices but on heavy been more doctrinaire than a barrel increase.
Some buying occurred shortly world producing capacity short covering especially of almost any other country
The Shamrock action is effec-after the opening, and just be of the metal, now in short nearby position, It recovered to their distrust of sterling. They live in the Texas and Oklahoma
forg
the close on export busi- It bald "there are now 63 have also been
among the
Panhandle and southern Kansas
ness, cold weather and light supply, will amount to 600 07-cent level. The market eased off just before the close, Futures: different kinds of milk product slowest in
the and follow adjusting to
million to 625 million changes
made by arrivals. factories, in the pastoral dis- change which
in Phillips occurred
The main activity in soybeans pounds by 1960.
Ne. i rubber per 1b. Company
96-033 triote of Inner Mongolia and
This December.
Feb. inflexiblity and D-X Sunray Oil Company, was a rather heavy spreading
044-0415 Mar. Hellunkiang.
may, of course, be justified China Mall Special.
between the January and March sterling's rally
That compares with produc- No. 2-rubber per ib. Feb. 936-931- proves to
contracts
differences of :at
01-0135 No. a rubber per lb. Feb. tion of 450 million pounds in No. 4 rubber per 10 Feb. 87-88 Uhree
100%-101 to three and one quarter the tree world during 1966, ac- Spot rubber unbaled...
19-01 year-end State Banke! crepe
113-116 Exporters said Korea bought ding 10 a 1,500,000 bushels of US what Board
ment by Dr John, F. Thompson, Chairman of Interna- find the Continent took limited tional Nickel Cò. of Canade, quantities of US coin, Close to Ltd. 4,000,000 bushels of US wheat was also reported sold to Indio, Wheat closed off 1⁄4 to up 27.90 cent, soybeans off 1⁄4 to 1⁄2 cent
180United Press,
It reported 20 well-equipped canned goods factories "with the latest machinery" with many of the canned products "regularly exported to markets abroad."
only a fleeting splash in fundamental weakness.
be 非
Has Not Helped
Exchange Rates
Business, was done in the to But few other people regard mining at the following rales:
unofficial exchange market this Sometimes, US. dollar per $19. that light. in
the Hives
right Sterling notes iper £11.
Australian notes (per £1) the But D8
Indonesian rupiah (per 100) inflexibility on thla
Slam teal (per 100) Singapore (Straits)
"Output of wine and liquor | it last year more than trebled that distance of 1952," it added, with the perspective. plate making speciul allocations Japanese to distillers making the famous point has certainly not helped iquors of Shanghai
and the negotiations for the Anglo-
Kweichow province. United Japanese Payments Agreement,
Press
Wall
from which Japan stands to gain a good deal, it might be worth her while to reconsider whether
suro that
almost
Streetno, right in continuing to
Steel Stocks
Stocks
Still Soft
New York, Jan. 15. Steel continued soft in a
generally
narrow stock
market in early dealings today.
Losses in the steels, coming
distrust sterling, now that so many people near the spot are
to the opposite view.
-China Mail Special.
London Foreign Exchange
An#terdan Breat
London, Jan. 15. Cloding rates were New York
2.7096-2.2014 Montreal
2.03 -4.0014 10.00-10.66% 140.47-140.47% 19.3076-79.38 11.70-1.7014 1700-17001 12,90-10.00 920-001 1450-14.8016 12.2011-12.27
en the heels of talk that there may be a let-down In produc- Copenhageni tion by mid-year, ran past 4 Frankfurt points yesterday, and extended Millan early today to points or so in Bethlehem Steel and Young Blockholm stown Steel and Tube, a point Zurich
so in Republle, US Steel,
Or
Granite City, Crucible,
Sorno demand developed for
Oslo Paria
Lubon and Vienna werd changed-United Pross,
To
10.10 12.05 10.10
German Textile Exports Rise
Bonn, Jan. 15.
Preliminary estimates put the value of West German exports of textiles and textile, raw
materials in 1956 at about 1,800 million, marks against 1,706 million (revised) in 1955, according to industrial sources. Textile imports are esti- mated at 3,500 million marks in 1956, compared with 3,420 million marks in the previous year.
Mr
No. 1 pale crepe
LONDON
The market was fom with
28 of spot quoted
pence. Prices:
No. 1 Ta pot Feb.
Mar
Thompson said "It is that a huge demand evident must be provided to absorb this project to enlarged nickel-pro- Aprune ducing capacity."
July/Sept. Oct/Dec
Gmeral markata, cii basie,
Feb.
Early
last week Commerce Jon. Secretary Sinclair Weeks 10-3 Mar.
thick Pe
ported to Congress it could be Estate crepe thin 1000 or even 1965-before the cur- rent shortage of nickel was relieved.
Mr Thompson, såld Manitoba and Ontario projects would lift INCO's regular annual Bickel-
producing capacity to 385 mil- on pounds, against 283 million pounds in 1936-United Press,
London Pepper ·
Market
London, Jan, 15:
United Press.
LONDON METAL PRICES
London, Jan. 15. Prices of metals closed today in sterling per long ton as follows:
Tin
Boot 3-month
buyers solters
7902
704
770
Cepper
Spot 3-month
.270
271
2002
Lead ist half
Jan,
11635
717
Apr.
130
100%
-United Press.
Apr.
Almost all groups of textile increased by only $2.5 per cent products contributed to the to 59,900 tons. overall rise in Imports last Higher exports of textile müw The pepper market was duli Zine let half year. During tha irst 10 materials, primarily man-made | and enzy. Widla, Sarawak Mas months of 1930, the value of ntres, and finished textile pro- | quotect: 2/5 3⁄4u per :115; rollern; un raw material importe was 1,740 ducts chiefly contributed to the Black Strawaz at 1/8 54, nullum, million marks, about the same overall Increase in textile Black Malabar, January, and
in the corresponding period exports. of 1955. Imports of woollen
Pobrunty, was quoted 18770 N.Y. COTTONSEED rtw Exports of finished texte ewt, sellem,-United Press.. materinis (asig glean), for in-goods amounted to 320 zillion
Buga, stocks an world Bug New York Foreign
tulures prices moved up sharp-
ly. Americnti Sugor climbed
3 points to $113.
Motors were narrowly mixed. Oils were mostly lower with Sholl down a point. mg- priood Supertor Oil of Califor nio, however, olimbed · 10 to #3,280,-
Natin word vary United Press.
Exchange
England official
stance road only slightly from marks in the Greg 10 months of 60,180 tons in the first 10-1950, aghinen 207, mällion marke months of 1935 to about 67,000 is the man period in 1938. fons in the same period of 1956, Exports oỀ 20 Het Uile raw while worsted yarn importa materials rues fedm 1217 | rodition
from 9,822 tons to 12,725 mark 10:250 millipe
Keen LE Repintas of weavings declined
roso
NAMESAKES
New York, Jan, 15.
·Closing roten ward: Canada
$1.00-0/10
tonя 2.707
(Composer); 3.79-7/10
from) 714 million marks in the Variations. 3 String, 4 Rehear 2.78.7/10 Imports of woollen weavingsniai: 10 months or 1955 10 201 bola VIIM 223-13/14 | roso bylä) per ...(toint to 12,000 million Janahincimano DRAME
Nicolo, 8 Tely tona In. The first 10 months of period” in :, 1950, 2.80
Mail 1050, while domestic production Speci
(day futures DO day futuro Australia New Dealatið RITOW,
South Africa
United Prom
OIL
New York, Jan,” 16.. Prices of cottonseed oil future closed today in cênis per 2b. ne follows:
Mur,
*May
July
15. Dank
Jatt..
contracts
Imited; Press.
CHICAGO LARD FUTURES
Chicago, Jan. 15. Prices of lard futures closed today in cents per lb, as follows:
January ............... March
May
July
September
15.62
15.12
15.03 13.90 15.43
United Press.
Industrials were mixed: Active gainers Included Imperial Chemicals new loan stock, up about 25s 10 £7% and Associat- ed Electric ordinary shares, up 3a. Other issues fluctuated within a narrow,range......
OILS WEAK
Oils were weak again. Royal Dutch dropped roughly 108, British Petroleum 3s 6d and Burmah 25 6d Shell proved an exception, advancing a shilling on news of a propocal for the listing of its shares on the Nest York Stock Exchange.
Dollar stocks were easier in foreign quiet dealings while bonds were listless, Japanese issues, both assented and non- assented, scored minor gaina, -- United Press,
EXPRESS ANNUAL
from
$ID
South China Morning Post. Ltd.
NAZHONG" KONU
ESKOWLOON