THE CHINA MAIL, WEDNESDAY, JANUARY 80, 1957.
TRADE and COMMERCE SECTION
Britain And Germany Leading
Squeeze Retreat WALL STREET MAKES
BANK RATE CUT
NOW POSSIBLE
By SYDNEY S. GAMPELL
London, Jan. 29.
who were Britain and Germany, leaders in the world's march into the credit squeeze, now seem to be leading the world out of it.
can
If the present relaxing trend continue, it will be important for many countries, not least Japan, who was ahead even of Germany in the tightening phase.
Take
Germany's bunk already been cut twice.
the
forming,
clalms are
(s
many
HONGKONG.
STOCK EXCHANGE
MODEST RECOVERY
New York, Jan. 29.
A late burst of strength in steels, sparked by rumours of a dividend increase for US Steel, climaxed a modest stock market recovery.
Talk of a dividend increas Shell Oll Co. confirmed after the close when "Big Steel" directors boosted the payment from 65 to 76 cents
From Our Correspondent)'llied US Steel 1% to $03%
and helped others in the groụp. Business done on the Hong-
Bethlehem, an upside leader kong Stock Exchange this
the session, netted morning amounted
up throughout to proximately $276,000. Noon 2 points on the day, closing morning's at $1794.
transactions:
Khares
BANKS
TEX Bank
quotations and the
Buyers Belleza
Kalen
1600 1620
INSURANCES
050
CHIO
SHIPPING
Wheelock
DOCKS, ETC.
R. Whorf
1.74
5.
6.90
this would
be
Duck XB
Provident
a single week,
Is than Use Federal Resorve 10- A cul, discount rate.
Unlimi
(0)
LAND, ETC.
1 te
in Britain's is Improbable while
Norinally, new government
wage mifernble for whlic
11 bonus to the Geir since it is approaching
with United States banks who can
Federalphia from tho and borrow moderation).
cent to 15 till Reserve at three per
sub'cribe for Treasury bilis at
Плца stages (90
promising
while sterling'> revival young.
But a cut will come one of! in asured froßt, These Thursdays and meanwhile
the Yel,
New York re
JK Lun
Renity RUBBER
Анілік
UTILITIES Tram
the gift-edged market has been discount rate does not go up. It Star Ferry almost transformed from weak- ¦ it fails to do so much longer, ness to notable firmness.
the United States Treasury Fate į taglite 101. will have to come down.
Significant
Mure significant
than actual or prospective culs in Germany's
13.30
lift The siccl galos helped Industriala 2,38 points on
one average,
about crusing third the loss of the two pre- vious sessions.
the steels aud Except for other special features, however,
300 443; in generally were fractional. Turnover for the session of 1,800,000 shares was only 100,- 214
15 14 15.20 C) 10.10 000 ahend or Monday's
61, 12
18.30 1,10 BAR 19 1.375 1.434
1.00 1.52% 3000 @ 1,520 1.05
זין
month low,
Record Sales
US Hoffman machinery. Textron and General Motors topped steel in the actives, US Hoffman bec to $144 09 the company President reported 31d} bo 1178 record sales and camings for 1950 Bad blamed unfounded Tumours, rather than any finan- cial factors, for the stocks drop last week to a low of 11%.
Textron fell 2% to 10% after a dividend reduction,
23.30
142 140
104 2000 104
10 or 103 1000 23.30 23.30 23.40
1500 23.40
Conent
12 90 STORKS, ETC Dairy
10.00 10 Watcon
13.80 COTTONS Textile
Corp. Nanyama INVESTMENTS Yangtze
50 31.00 20% 2170 200 24,00 232 23.00 2000 23.00
38!
20028
14
Electric some speedy | Tet. 109 Unless there is resolution of the uncertalaties TED about business in the second INDUSTRIALS
which quarter,
Leen Ro bave and Britain's bank rates is depressing Wall Street, the re absence of a rise in the United discount rate itself
may come States
probably HOL the down-bough Week after week
until after London's, since the Treasury bill rate stands higher
spread between London's 5% per cent and New York's three per now that cent is rather wide
Is sterling confidence
CHICAGO GRAIN reviving
MARKET
The new
In
Chancellor of the Exchequer hus vigorously ex- confidence. He says pressed Britain's economy is funda- Chicago, Jan. 29.
that the new mentally strong. Grain futures prices
government will take measures fluctuated on the Board of to make it stil! stronger, that Trade today, in an active the dollar reserves, if necessary. could be increased by a further session. After
lower 50
cent
that and
the 60 per
Monetary Fund contracts International most start, steadied only to sag again and the Export-Import
have Invested in a growing nt the close.
concern and can exprel 10 repald fairly soon.
A
Continued Ilgul tatlon
d
Strength
strength
Book
be
500 10.90
London Stocks
Irregularly Higher
London, Jan. 29. Prices moved irregularly higher on the Stock Ex- change today in moderate ly active trading.
the in
cash hous seifing by tight prives down at the opening with some wheat deliveries showing losses
Sterling's uf more than à cent a bushel,
foreign exchange markets gives moisture fron Reports of southwest again influenced the
seupe for culling the bank rul. with irenti.
fairly soon
the
At the lose, soybeans showed unly gains on buying by shorts and commission houses.
Exporters today reported sales of some 800,000 bushels of corn to Austria, and said that inore than 2,000,000 bushels of US bard wheat will be offered Greece after the close tomorrow,
Wheat closed off to up cent; soybean up to 3% cents,
Wheat No. 2, red
Mar. 2379 (11) 20 (L)
Spot
May
July
Sept.
Nov,
Corn, No. 2, yellow
Mar.
May
July
Sept.
Nov.
13335
Byo
Mar.
143
May
1443,
018
Mar.
1024
May
7015
Soybeans, No. 2, yellow
Spot
Mar.
MAY
July
Bept.
Nov,
Barley,
Spot
New York Jour
200 1b.anck
234%
130-140
$13.80 "United Pre WINNIPEG GRAIN PRICES
Winnipeg, Jan. 20, Eries of grain futures closed today in pents per bushel as follow#:
The industrial leaders con- Linued to favour the upside Great Universal Stores gaining three shillings to a high only four shillings under its 12-
Govtrument certainly month peak. The wanis to cut it as soon
Oils were dull, with small possible to reduce is serious frises or falls of threepence to cost to the budget and balance sixpence, Sucz of payments and for
Tony sterling to £48%. other reasons, Anyway, the diglufinilonary effect of the wil shortage has obvlated the need for disinftation by the bank rute-China Mail Speciai.
Of a total 1,142 issues trad- ed, 519 were higher, 365 lower, 250 unchanged with 3 at new higha, 28 at new lows.
New
Saint Reg. Paper Sinclair ou 30... Bocony Mobilell South Puerto Rico Bugar
Aputhern Bellway (Com.) Steep locke (Torontoex.) Standard Branda Standard Oil of Cal Standard Olt og Ind. Standard Oil of N.J. Sterling Drug Co.
Southern National Gal
Stokely Van Camp.
Studebaker-Packard Corp. Swift & Co.
Tide Water A. O
US Steel Hits
Quarter High
New York, Jan. 29. US Steel Corp. rang up the biggest fourth quarter In its hiriory and directors today booted the ormon quarterly dividend 10 cents, to 75 cents share.
Net tapome for the throt montba ended December 31 hit
high for
any fourth quarter at $104.528,839, $1.53 ahar and
31.104,587,925 were the beat for any three month, In history.
However, the 34-day steel strike which hit the industry in July and early August prevented 1956 income from setting a new