THE CHINA MAIL, FRIDAY, JANUARY 25, 1957.
TRADE and COMMERCE SECTION
STEADIER TONE AT THE CLOSE
Prices Drift
In Dull Week
By A SPECIAL CORRESPONDENT
The feeling in Ice House Street yesterday afternoon was that pre-Chinese New Year selling had ended and the better sentiment developed inte in the day might be the forerunner el a fighter snacket next week.
The Share Market At A
Glance ✰
Jan 24 1615
37148 95TIN
Up or
MK Bank Lombard
Dec 20 1690
Jan 3
1030
Jan 10 1070
Jan 17 1040
down
-$25
400
J
3014
394n
37146
steady
Union
050
100
95712
Wheelock
7.10
7,30
1.05
7.05
7.20
6.75xd
steady steady
IK Wharf
Dlm
Üzb
$2b
D3
9314b
HK Docks
#14
4tb
4821
491
4091
Provident
13.60
13.70
13.00
13.301
13.20
4. ADG +760 10g
HK Hotels
14.80b
15.10
14,90
HK Lands
оль
62
61
14.00b 62
13
+100
02
82
steady
which
HK Really
1.375
1.375m
1,405
1.325b
1.325b
#leady
HK Trams
23.20
23.70
23.40
23.40
23.20
-200
Star Ferry
140n
141
142A
143
143
steady
Yaumatte
103
103
102
103
103
The vo
lower.
mlet has been dull. Turnover has dropped from $3.55 million to $2.73 milliou. On week 14 barts are stems, five are higher d
Last week's tally was 12 higher, seven steady and
Ch Lights
23.50
23.70
23.30
23.30
23.30
Kiestrie
3144
311
31
314
The
JIK Telephone
24.70
24.70
24.40
24.60
have
(1.1. Cement
38
39
383
3841
Dairy Farm
15.30
15.30
16.20
15.49
31 24,30 389.1
15.40
A.S. WatsonI
13.63b
13,30h
13.40h
five lower.,
5.001
6.00b
in
13.80b
60
13.700
Gu
4.05
4.00%
4,80
4.8512
4.85n
strady -25c
sleads stendy +10c steady steady
reason
Beelitin,
11K & FE Inv
9.30b
9.00b
9.80
9.80n
9.70b
steady
12
Textile Corp Nanyang
4.4ûn
4.25b
4.60%
4,400
4,403
Ateady
7.10nxd
î
7.05
7.151
7.00b
+450
dock
are
Hongkong the sharp, the One
Ten fall THROver was that two Wherves are 30 eens better at
Provident,
trac- Heuidating | $9BC12 people who were
Ist week Finally easier. qulte substantially have either stopped selling er have sold for feseer hares this week.
Ako the pre-Chinese New Year
restraint was very much. In evidence for the pervater pai of the week.
TENSION
1
nhibiting
Possibly another factor is the continuing the tension 1 Be
where Isrnet is holding on
Ea
1
the Gaza and Aqaba Gult A ips In definee of a United Nation resolution.
Tritt! reinetd
Rumours that the
would haul rute
be touched off some aperalation ins The Colony that the Hongkong a and Shanghui Bank might take similar mellon but I understand, that they sell Bo
Hongkong
und
Shanghat
Banks have dropped another $25 to $1815 The were fanl sales yesterday
גון
the
1
at $1620 and the other at the lower rate. notice the Landem reglater rate Is down £1-10-0 on the week. This may well have something to do with it.
of
the
A striking feature market for the last two weeks has been the dullness of utilities the
-usually these shares are
leaders.
of seasonal influences. result Yesterday afternoan they ge peared to be a little inore betive, shures, notably
This is probably The
Other
Stan Prins and Yaumatis re endy at libt week's rates.
icy
Te is on authoritative £2 Street romteat on the week's trading:
Lack of incentive and some light seale quidation on the
New of Chinese approach Year led to generally Gull trading ound Lions for the greater part of the week with The result that prices were Inclined to drift fractionally lower although there were a few exceptions and the mar- ket appeared to be steadying in the closing session,
Nanyang Catlon mills Amy- proved by 45 cents on rumours
unsatisfied
at a property sale and closed
with $7.00.
buyers
more
Docks were also a firm spot with tr price
than the maintained, whilst In *tores section Watsons nd- vanced under fresh support.
Elsewhere changes were few and any losses only fractional flongkong Banks Although
with yielded further ground shares changing hands
at $1015.
MARKET DIARY
1
Here is a diary of movements this week:
market
Wharves, Lands, Docks, Dalry Yesterday: Steady
Farm and Watsons have
more interesting.
beca
will interiors
I imagine this position
change with
coming up.
1
CASH BONUS
Turaday:
vire with tually no change in
T/O: prices. $730,000 Wednesday: Dull nud feature-
less. T/O: $408,000, Lack
[ Interest. Trading on a light senie. T/O: $650,001 Trading
012 moderate #eale. T/O: $670,000. Prices virtually unchanged. T/U: $370,000.
Hongkong und Whanpon
$5 Dock are paying the
cash Monday: bonus on February 11. An an nouncement of this bonar
WIN
last Friday: made towards the end of your.
The shares are up 70 cents on the week.
Another in
WORLD RUBBER MARKETS
London, Jan. 24.
The rubber market was very stendy
with spoi quoted
26 13/16 pence. Prices:
February
March
t
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
No. 1 Bpot. Settlement house term:
26-201
Apel)/June
July/September
October/December
2836-207% 23812-267 Hongkong 2017-2018 2516-20
January
Yonglaze Allied
WALL STREET Japan Welcomes
MANAGES
MODEST GAIN
New York, Jan. 24.
With no strong influences working either for or against the market, stocks managed a modest
their third rise in as many days gain smallest turnover since Nov. 23.
The advaner, coming after a Pharp decline of some duration, was seen by most commentators A few features techolen moved in response to individual new. Anouncements,
Cun
―
on the
Lensleville & Narleville jf. Lowenstein & Hexam Mesabi Iron Corp. Mizvenaka Miting
Main Developinent
Alungate Chemical Co Motorola Ing. National Daly' Prod. National Steri Q7p.
Owen-filings Glass Penny J.C, Co. Penn. Salt Co Philip Morris Peler & Gamble Co. Pittsburgh P'inte Glass Publieker Industries Pure Ou
Chief among these was Amerl-Olin Mathieson
which Sugar
Reining climbed 734 points to $125 on annnmcement of a four-for-one stock split and held 5% points of the rise. Norwiel Pharmacal responded to it two-fur-one split proposal with a gain of 2 to $5834.
Late strength in Eastman Kodak and demand for Du Pont Kodak helped the Industrials. climbed 2% to $80%. Du Pont
SIBABA.
Reynolds Metal
Shell Oil Co.....
Salt Reg Paper
Souny Mobiles)
Scuth Puerto Rico Suger Southern National Ga
Southern Railway (Com) Steep Rock (Toruntoex.) Sterling Drug Co.
Ike's Decision On Textiles
WORLD COTTON MARKETS
New York, Jan. 24. Cotton futures today emerged from a two-weeks trading pabië moving up around $i bale, or enough to lift the nearby deliveries to new seasonal highs.
29
active dealings
Too Much Foreign
Control Over Canadian Industry
Montréal, Jan. 24.
A textile industry spokesman today expressed "grave" concern over the extent to which Cana. dĩah industry is controlled by foreign interests.
per cent
Canadian-owned
Moderately
H. Roy Crabtree, President, 90 featured mills, exporter and of the Colton Textile Institute compared with less than 50 per commission house buying while of Canada, said the extent of ctnt for all Canadian industry, investiment in, and and is not unduly affected by hedge selling and liquidation foreign alpskened.
control of, her major industries foreign ownership although Day trader liquidation at the
tion. close
shaved the extreme gains, but the list ruted still finished net one to 13 points higher. The market opened up 1 to 3 points, New Orleans closed up d to 14 points
A developing new view of the statistical picture neted to shape market sentiment, Analysts re- ported a lightening in supplies of "free" cotton following the Increasing loan stocks which now exceeds 4,000,000 bales.
Fintlog
domestic consump-
tion for the seron Bround 1 000 000 bales, and allowing for the current loan stock o/ 1000 000 bates, the combina- tion
19 "one of the major problems is hard hit by foreign compell faced by Canada today,"
Mr Crabtree told the Colton nuval meeting Institute's
Investment till foreign needed to rip develop industry in this country. He added that "only by such Investment, ran this country continue to grow."
Clear Advantages
is
Bre clear disad-
"Bu! there vantages in the extent to which returns from Canadian develop- ment are being committed
mainly he said. "And there are evan graver
outside C
to the United
would equal this season'sengers in the extent to which estimated crop of around 13, residents of other countries exer- 100.000 bales.
Development of the industry and others litre it is insurance against a dangerous unbalance in a very vulnerable section of our economy," he said.
cotton
did Canadian
milla better In 1950 than in a 1051- 1054 slump. bug textile Imports Into this country are continuing to mount, Mr Crabtree suid. He sal that their fabrics production was about the same in 1980 as in 1955, but the volume of ¡m- ports again Increased. He said ihnt the domestic industry with "only 32 per cent of the home market, a one per cent reduction quring the 12-month period."
Lower Costs
<lac control uver the policies and conduct of Canadian Indus-
of the imports come Most try and Canadian workers,"
from the United States, Mr He said that excessive ab- Crabtree said the US Industry
had sentee ownership" is "Inevitably
the adavntages of lower for reason detrimental. If only
costs through mass-production, expected to
the high that it cannot be
an export subaldy, even remium on the Canadian know what is count or efficient for operations within dollar, and the opportunity to
unload surplus, distress the Canadian economy.
Dealers also have to buy certain amount of the crop and the export it as an offsel to Government cotton bough' for Tokyo, Jan. 24.
earlier in the export
season, milis Japan's textile industry but which they sold to on Wednesday welcomed US under the allowed substitution
privilege. President Eisenhower's re- The certificated stock ¿jection of tariTM Increases on med at 2,084 balcs,
cotton velveteen fabrics, Trading volume and open dian cotton texttle Industry la market."--United Press, but many felt such action Interest on the New York Collan Exchange today were as follows: was not unexpected.
-
Month
Volume Open Interest
March
18.200 230,100
(133
20
51
duly
30
34
能
Industrial sources said that the rejection of the US tariff com- mission's recommendation for a increase was expected especially since Japan's offer to cul down textile export to the United States. This offer was
May
17,300
409,400
July
5,000
130,000
October
0,400
149,400
December
900
102,600
March
200
Rs.300
May
406
40,300
July
2,000
J400
Tutal
53,300 1,114,000 boles
NEW YORK
27
471%
17
421
40
$
Spot
Mar.
May
It may have
square yards would force many smaller Arms out of business,
beer better
July
Oct,
Det
to
Mar
May
July
35.10h
34.30
34.68
34.29
33.40
33.44
33.3
Mr Crabtree and the Cana-chandise
ол
the Canadian
POBIE.A
COMPANIES
made by Japan last week.
Some textile people, however,
said that since the US-Japanese augreement reached on January
Ilmit Japan's velveteen ex- ports to the
US to 2,800,000
Prices of futures closed today
as follows:
PENINSULAR & ORIENTAL S.N, CO.
PASSENGER/FREIGHT SERVICE
Outwards "CBUBAN
Lanvin London
Sailed
One Hongko
2nd February
£2nd FebruKTY 60th March
ל114
have the tariff increased rather than have the ceiling.
PEMOVES DISPUTES
651
да
30
4012
133
A Japanese
10%
spolocsmati
hower's
Stoitely- Jan Camp
of
Tide Water Arm, Oli
Twenty Century Fox Film
21
302 4334 United Press.
High-priced, Superior Oil California. ran up 43 points to a record high at $1,418 highest price paid for any big board kaue since 1930-but held only 16 pomnis, closing at $1,390,
Leadership
Market leadership centred in Row-priced stocks, US Hoffinan which fell more than 2 points on rumours of Br uncertain Anancial condition then recouped to $12% of
Turnover most of the session
but activity dwindled in the Qual hour and total sales 1910.006 shares compared with 1,020,000,
US. Foll "B" US. Line Co
West Va. Pulp & Paper
ર્થાત decision passible disputes 011 yel- veteen exports to the US for "at least five years" since Japan will
to the stick
agreed limit shipment of the material to the United States.
The
spokesman.
Tsuneo
CHICAGO GRAIN Komuro, Director of the Texille
MARKET
Chicago, Jan. 24. Grain futures prices the were irregular
'on
ra slightly ahead of Wednesday Board of Trade today, and
ol
rust
with the exception of rye, trading was quiet.
Industriais as
When! and rye declined on a group 3p their average, liquidation and reports of mols- points
the ture from U2 and utilities .06.
Some the list most of
price belt.
1.37
valls
Fer
winter wheat hedge-selling oc-
changes were very narrow, incurred in wheat reflecting re- of wheat from, the mator, for instance, Chryster demption dipped For rose 14. Of 1,138 Government loan by farmers, Jesues traded, 525 were higher,
the
17
Stock Exchange, quotations and 245-2017 morning's transactions:
Concral markets, sit basin. parts:
February
March..
2013-201 2012-20
Patate crepe thin January unquoted
February
AMSTERDAM
The market was steady today. Prices closed in guilders pēr kilogram, cif Fob. as follows:
No. 1 rubber
No. 2 rubber
No. 3 rubber
No. 1 crepo
neon
Shares BANKS UK Bank
SHIPPING Wheelock
(0)
Buyers Bellers *
DOCKS, ETC.
Яaten
13 1910
0.75
0.00
1000 0,76 100价 0.80 3000 6.76
th
K. Wharf Dock
401 4013 200 40 Bruv. (0) 13.20 1330 3000 ( 19.20 *** Dock 123
3500 @ 1:25 1 16.20 2000 42 18 400 02 0134
2.00 buyers 257 buyers LAND, ETC.
2.03 buyers 2.03 bilvern
United Prevs.
IIK Hate! .. UK Land.. Humphreys 10.20 0,10 RUBBER
Trust.....* 1.00
UTILITIES
1.39 1.52
MERCHANTS 11 23.10 20.40 3000
MUST ADVERTISE Ferry
JAP GOODS
Atlanta, Jan. 24.
YaLubati
104 100 C. Light (0) 21.20 23.30 Electric
... 2114
Mneno EL **
23.30
100 144
4500 @ 23,30 1500 or 314
284 F 31 1900 314
015
(0) 24.30 242
2000 68 23.40
The Georgia House of Repre- Telephone sentatives today passed and sent
IN 23.30 21% a bill requiring | INDUSTRIALS to the Senate
Ju sell Japanese cernent merchants who
.... आश textiles to display signs. The topo
STORES, ETC. measure was approved 122 to 38 Dalry
Welco** after the House shouted down a
COTTONS motion to table the bill.
Nanyany
2600 64 24.30
12.00
10.40 10% 13.70
7.70
9.70
London Popper
Market
The Senate scheduled n hear- | 11.K. & F.E. Ing on the bill next Wednesday. Invest
United Press.
LONDON SILVER
PRICES
London, Jan. 2.
The price of sliver was quoted today at 80% pence for spot and
London, Jan. 24.
The pepper market was dull.
304 lower, 229 unchanged with Game new highs and the number of new lows.
New York Stock Exchange bond volume was $3,730,000,
Part
"CANTON"
"CORFU”
"CHUSAN”
16th February
ath April
NEW ORLEANS
Prices of futures closed today
Via Bouthampton, Caiombo, Penang
Leaves Hongkong Das London
23.00
34.65
8XZXBBARA $388-7868
8th Bay
Singapore.
Vix Singapora, Penang & Colombo.
Government
as follows:
that
Eisen-
Spot
removes
Mar.
MAY
July
flantewarde
Oct.
12°C
"CHUBAN
18th FebruaTY
Fist
March
Mnr.
on
May
July
"CANTON" "CORFT" "CHUSAN”
18th February
5th
April
3rd April
12th
May
12th May
120) Juna
LIVERPOOL
Future closings, in pence per lb. were as follows: Old contract
Mar/Apr.
May/June
July/Aug.
Oct/Nov.
Dec./Jan.
New contract
Mar/Apr.
May/June
July/Aug.
Oct/Nov
Dec/Jan.
Bureau of the Ministry of Inter-
Trade national
and Industry, added, however, that settlement of the velveteen question did not mean that all textile issues be- tween the US and Japan were solved--United Press.
Singapore
Stock Market
Tin
Singapore, Jan, 25.
the Brokers today quoted following stock prices;
Opening Bulu Lintang Rubber Co. Ltd. $1.82 British Burnes Petroleum
51/00 Syndicate of the decline in ryo
Consolidated
Smelters was Luisti 0 news that Ar-
Ord.
30/30 gentina was offering this rain Frurer & Neave Lid. Ord... $2.26 on the world market at prices Freer & Neave 7%
cum. pref. ............................. $1.00 below that of the US and
Canton (Malaya) Limited Canada.
Hongkong Shanghai Beaking
Corp. Soybeans showed good gains Hongkong Tin Ltd. on buying stimulated by Kempes Ltd.
Lunus Rubber Estates Ltd. favourable reports of Dectin-Matayan Breweries 481.30 ber crushings along with antiew Serandah Rubber 159.10 advance in the menl märket. Lu.
30,35 170.43 00,00
American Stock Exchange volume was 8D0,000 shares,
Dow-Jours closing averages were as follows:
30 industris
20 ralla
13 utilities
63 stocks
40 banda
closed
off 4 to 2 off to 2%
Wheat Comm. future price index.. 180.33 cents, soybeans
cents. Comin, oput price Index ....
Prices per bushel in cents:
Wheat, No. 2, red
Alden Inc. Acy. Allied Mills the,
Aimeriena Afrtine American Cable
American Cysanmice Co.
Corp.
Amer, & Färgn, Power
Am. Machi & Fury
Am. Sugar Ret.
Atlas Cona Mining Baldwin-Lima-flang, Bendix Aviation Corp. Boeing Alminna.
Borden (The) Co.,
Burroughs Add Machihe
Card (. Tôi cả.
Cal Tractor
Sept
1209%
Losin
Petaling Tin Ltd. Raffles Hotel
Singapore Cold Storage South British Insurance Co.
Ltd.
Mentres!
Amsterdam
Frankfurt
MBAR
FREIGHT SERVICE "SHILLONG" Jokes Jlst Jan.
20.42
23 27
31x1 Jan.
21.10
20.70
"SALSETTE" due 10th Feb. "SUNDA" load 11th Feb.
Egyptian Kormak Inn./Feb. 00.00
-United Press.
New York Sugar Market
New York, Jan. 24. The world No. 4 sugar futures closed today 1 point higher to 3 points lower.
The domestle No. 6 sugar futures clored 1 to 7 points
$4.03
$870 D/ $1.30 оло
lower.
the
•
The world raw market ruled Dealers understood quiet. 12.00 French tender for 30,000 tone
will be held tomorrow.
$2.37
$3.30 62.45
Other reports said Jan. 31 will be the date for the German tender for anywhere between $32.50 110,000 and 200,000 tone.
$28,00 $18.00
Hedge stiling and liquidation futures. domestic depressed
Switching from March to later months was
quite
active.
Futurfa:
Contract No. 4 (world)
Marcit
0.31
May
431
July
0.32
September
032
March
MAY
8.00
Total sales; 712 contracts.
2.68% 2.0014
Spot cents per lt fob Cube) 6,38
Open interest: 0,310;
Contract No. 6 (Gomestic)
March
8.71
May
5.75
Juty
5.79
Deptember
Straits Trading
Closing Prices
Sean
United Engineers Ori,
$9,30
Wear Bros.
12.03
cumdivChina Mail Speelal,
€ 15%
#pot
30
244-243n Mnr. 24114(11) 28(L) 267-1
21
Mioy
237
Indio
July
614
Sept,
2009-
7453
Nov,
23
10
35
Corn, No. 2, yellow
123
Spot
1379
MAY.
May
13012-71
July
1409%
Nov.
10 Mar.
1443
42% Bany
རྫuk-3%
Porin Stockholm
क
47% Oats
Vienna Zurich
• 4010
MAT,
10-70
Continental Oll of Bel.
.
by
Diamond, Alkali
DW CHOMIDAS
70
Spot
El Pro National Ch
33
MAT.
Etle Railroad
RDAS May
July
Sept.
Nov.
215
70
19 Harley
"Spol
170440
New York flour
$13.600 -Unitod Freret,
Celanco Corp......
C. I, T, Financial Corp. Cumax Molybdenum Commercial Credit
Commonwealth Flee
Cratter Co.
Family Fanos Corp. Ford Motor den. Pall, Util
White. Sarawak was quoted at goodrita (H. F.) Cu
1 pehce, "sellers Blackeyden Chinical...
Homistake Mining Co. Barawak special, 1 shiling. 74 foland Sipel Co... 10 pence for forward (ngainat peace soller; Black Mainbar, Interorical Corp. 80% and 80% pence previously), February, 195 sellers. United International Poper
United Fress.
Prest
John-Merwills Co.......... Liggett Merdre Tol, Co,
50% Soybeans, No. 2, yellow
900, is, snak
251n 2001-200 201-43
2321-9
*
due 2nd Mar. "BOUDAN" "BALSETTE" loads 481⁄2 Mar.
:
for Singapore, P. Swat. tenham, VT, London faintrurd.
Antwerd
mouth
Rotterdam.
Grango
from U.K., from UK.. for Blagapore, P. Swet- tenham, Havre, London. Hamburg. Rotterdam, Grange-
Antwerp
mouth
from UK.
for Singapore, P. Swet- tenham, Penang,
LOB-
don, Hamburg, Rotter dam & AnLIWEZE
ALL VESSELS OUTWARDS AND HOMEWARDS CAPE OF GOOD WILL PROCEED BY THE
LOPE UNTIL FURTHER NOTICE.
BRITISH INDIA S.N. CO., LTD..
1856 A UUNDRED YEARS" OP SERVICE – 1058 "WARORA" die 4th Feb
i di Feb.
"SANTHIA" dur 5th Feb. salis üth Feb.
"SANGOLA” due 25th Feb.
anila 20 Feb.
"ITRIA"
from JapaTE
for Singapore, Penang. Rangoon, Culttagong &
from Japan for Singapore. Penang. Itangoon de Calcutta from Calcutta, Itananon
Strait for Japan
P. & O./B. I. JOINT SERVICE
due 2nd Feb. KRI 413 Feb.
due 5th Fob. ith Feb.
"ITAURA"
"ITOLA"
dus 12th Ib. Balls 19th Feb.
from Japan
for Singapore, Cochin. Bomboy Kartchi, Bas- rah Kuwait
from
for
Japan Coinbay,
& 130grata
Karachi
Front Bombay & Karnehl
the Juban
S.5. CO., LTD. from Australia
EASTERN & AUSTRALIAN
til Tob. "NELLOBE" due "ARAFURA” salle ath Feb,
for Sandakan, Rabauj, Brisbane, Sydney, Mel- bourne & Adelaide
All vessels have Uberty to call at kny porta un or off the mute & the route & salling are rubject to change or amendment with or wilkónt dalies.
London Foreign
Exchange
London, Jan. 24.
Closing rates were:
New York
2.70.13/16-2.701
10.6016-1000%2
11.74-11.7414 1789-1760 085-0031 14.00-14.5014
22.02-72.04
12.27-1777AL.
Others were unchanged. United [Press.
Exchange Rates
Total saira: 554 contracts, Spat prien (cents per, b. el!
NAMESAKES
Busines was done In the local Answers: Sukom, 2., LenKİ » unofficial exchange market trahip, 3 Defcal, 4 Strategy, morning at the following rates;-- 10 Boothius, 6 Achdown, 7 Militia,
US. Coller (pwe WI)
Sterling 'hule (per £1)
101 8 March, # Danos; 16 QUATENT, Australian noles (per £1) ... 12.64 11 Reading. 12 Wessex, 18
Indonesian rupiah (per 100 ** 13.50 Navy, 14 Fortress.
sisin,tient (per 100) Singapoet (trata)
Allred the Great,"
For full particulars apply to i MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos: 27721-4.
Open interest: 4,215
"NY ex-duty) ***is contracts.
6.80
-United Presi