THE CHINA MAIL, WEDNESDAY, FEBRUARY · 6, 1957,
TRADE and COMMERCE SECTION
UK GOVERNMENT MUST MAKE UP ARREARS Possibilities New York Cotton
Dollar In European
Sterling,
Reserves
And Investment
By SYDNEY S. GAMPELL
London, Feb. 5.
The outlook is for a government firm investment, enable British enough to sterling and the dollar reserves to make up some of the huge arrears which have developed since the war.
US Predicted
Shesh
Free Trade
hore
Futures Hit Seasonal Highs
New York, Feb. 5.
HONGKONG STOCK EXCHANGE
(From Our Correspondent),
Business done on the Hong
.kang Stock Exchange this morning amounted to approxi-
HOOVER HELPS WALL STREET STOCKS DROP
New York, Feb. 5. Further easiness came into stocks early today after yesterday's dull, little changed market.
There were losses ranging over a point in the steels, aircrafts, coppers, the oils and special
mately $250,000. Noon quota- Hons and the morning's trans-issues.
Cotton futures today turned irregular after actions: Ex-
a buoyant start and lifted old crop months to new seasonal highs.
to-
London, Feb. 5. Mr Peter Thorneycroft, Chancellor of the chequer, said night, in referring to the proposed British participa- tion in a European free trade arca, that these would be great opportuni- ties
not only for manu- facturers, but
also for those who provided, in- Aurance, banking, finance and commodity market
services.
A reactionary stock market, plus continued qullness in the | textile trade with more reports of mill curtaliment, and realis- be- technical reasons, Ing on came the obstacle on a future advance,
At the close the list ruled up 4 to off 13 points. Opening prices were up 4 to 11 points. New Orleans closed off 3 to 10 points.
Lately
Loudon the Exchange, both gala
Speaking at the 35th anniver- Fragtet fog han cunght up
sary of the opening of the Lon-
from tsuco_market- us Wall Street don Metal Exchange, he said: LI Frankfurt which
have met in future play a big forged so far ahead of London In recent years.
Over the next
two or three years, up to the general election. This catching-up process should
though
with the irregularities and setbacks the
To Capture
Share continue Major Share Of Cotton
Washington, Feb. 5.
The Agriculture Depart-
are technically normal in any market, particularly in one that la so subject to politics,
Best Augury
If the
ment predicted today the success as can United States
will
mucti Lov
St
such as
process has as
reasonably re-expected. It would be the best capture the major share of augury that the outcome of the
election, when the world cotton markot general
happens, will be 1956-67 during the
enable it to go on thereafter. marketing seaton.
The now Government gives an impression of vigour dynamism and indeed
1951 to
The US share of the market slumped from 47 DET cent in 1956. 18 per cent in
than in 1955-56,
****
part in the British Commun- wealth and in this country In the development and trade of metals."
He also said: "The volume of
iernational business in London commodity markets was £400 million sterling In 1955, com- paced with £300 million sterling in 1954.
REVOLUTION
#ebind that growth thure has, in the case of metals, been sumething of an industrial res volutiosi."
Was
Mr Phalp G. Smith, Chairman of the Metal Exchange sald that
inain difficulty
the the American stock-piling.
Memwhile in Berne, the Swiss Foreign Minister, M. Max Petit- suld today the rutral Pierre,
Sweden countries-Switzerland and Austria-wanted to know
revivallan
Mr Macmillan and MEN
During the 1956-57 season US Theemayeoft are saying all the whether the European free trade cotton exports are expected to right things, rather well. They
Inuitet would be open to all be almost three times greater are doing a
few of them,
members
Organisation of the perhaps n many as time and
Economic Co- for
European current difficulties permit, down just yet, but the
The bank rate is not coming operation.
Petit-Pierre said the OEEC credit
week might next the squeeza and
repressive conference
make vital decisions about the phase of the disinflation are on
und the their way out, to be replaced
trade c
market by something more promising European Atomic Energy Both Ministers are putting the and Switzerland would Government's shirt on economic two members of the Cabinet to expansion, with
retrenchment the meeting.-Router. of defence expenditure as theit
string. If they can put as much as steam into their new jobs as into their previous ones which included housing.
The Department said
in its publication, The Cotton Situa- tion, that US exports for the will 1950-57 season probably total 6.6 million balca, or about 48 per cent of the world mar ket. This compares
with 2.2 million bales exported in the preceding season,
of cotton abroad Shipment from August through November this season were abou! 2.1 mil- Bon baies, 1,6 mlion bales more than a year earlier. They in- cluded about 23,000 bales of America-Egyptian cotton pared with 3.000 bales a year earlier and the 1935-50 total of about 20,000 bales.-United Freez
com-
Agreement Extended
months
મ
second
dismissal of the black mall economy, and the drive for the European free trade area-it will be a good enough augury.
con-
Cuts in spending on ventional, antiquated and self-defeating forma of defence are taken seriously.
No Waste
Pool
send
Convertible Debenture Issues
New York, Feb. 5. This week's corporate financing schedule will be highlighted by convertible debenture issues.
|
Technicians
Dollar Value
Declined
3 Per Cent
The
Shares
BANKS
TIX Dank
INSURANCES
Union Lombard SHIPPING Whenlock
A warning by former Presi-Loews Incorp, dent Herbert Hoover that he Lone Star Cement Co.
Anisville & Nashville it. "enn detect the signs" of a hair-Lowenstein & Sons. curling depression in the current Morabl Iran Corp. 20992inflationary trend added weight Monsanto Chemical Co.
Montgomery Ward the Ist of unfavourable
Motorola Ino. 8.20 market influences.
National Cash Reg." National Dairy Prod. National Lead
Buyers Soller
Sales
1000
943
200
37 30
·
0.70 0.73
9015
500
100
97%
HD 41%
400
13.30 131
500 g 13,40
DUCKS, ETC H. Whart Dock XB Provident
101
LAND, ETC, IK Hotel.. JIK Land
Humphreys RUDDER Analg TTUK
WIES
Tram Yaung!
ex-C. Light (0)
New York, Feb. 5.
US dollar perienced
form of "monetary leukaemina" in value de 1956 with its
cent to clining by 3 per the tune of 144 per cent capita, according to Frantz Pick, publisher of Pick's World Currency Report.
Indtil Brmness reflected a carryover
Monday's late covering move- buying and ment, with the upewing carry- ing spot March to within strik-
of the ing distance
344-cent level.
noted the mar- ket's tendency to turn quiet on the reactions, and the presence of an underlying demand from shorts, along with March further covering by mills, ship- pers and other trade accounts.
Support way coupled with the situation in the sup- tightening ply of "free" cotton, coming in
wake the
re than of the more 4,000,000 bajes
now impounded under the loan programme,
Sul bank considerations and drought conditions in some ser-
of the southwest, with the and compared it with a possibility of a
of a smaller crop next season, also helped to influence | buying interest at times.
Open March contracts today totaled 100,400 bales. The cerif- flcated stock remained at 2,926 bales.
Volume Open interest
20.000
105,400 33,100 387.100
Month
March
May July October December March May
18,800 144,200 17,300 148.200
15,100
112,000
39,000
1,000
30,500
July
Total
11,800 1,900 110,400 1,040,700 balas NEW YORK
3,400
Prices of futures closed today
us follows:
Spot
March
May
July
October
December
March
MBY
July
LIVERPOOL
In reviewing prospects for the Soviet and satellite curren-
the cles, the international monetary expert told
a meeting New York Export Managers Club that the “rouble bloc 19- propaganda only
HH
"glant on clay feet," No mulu lateral trade or payments agree- ments are in effect, he said.
Electric
Macao E. Tel. (0) Tel IN INDUSTRIALS Cement
100 y 13.80
18 15.20 2500 g 10.10
233 @ 15
48.30 14.70
1.32) 1.35 1.30 1375 14716
650 @ 1.520
1242
1.40
23.30
103 105 23 23.20
600
314 31
24.40 $4.00 23.40 23.10
30 33.76
12.90 Rope Beth L. 1.033 STORES, ETC, Dairy Watson
23.10
to
Steel losses ranged to 1%1⁄2
in points Bethlehem, 14 in Youngstown Sheet and Tube point in US Steel, the last selling ex-dividend,
Coppers, continuing to reflect lower prices for the metal, had loases extending over a point in Kasier and Kennicott.
Non-ferrous Group
International Nickel and Roy- 2356nolds Metals lost a point cach 22 # 23.30 | elsewhere in the non-feTIDU
group.
BOO 24.40 Douglas dropped over a point in the aircrafts, Continental
National Biel Cory. New York Central
Oils Elevators Owen-Illinois Glans Pacific Gas & Elco. Pan American Airways Paramount Picturva Penny J. C. Co. Philip Morris .. Procter & Gamble Co, Publicker Industrien Pure O
Radio Corporation Repubile Steel
Shell Oil Co.
Saint Reg. Puper Sinclair Oi
Hooony Mobiilt South Puerto Itleo. Sugar Bouthern National Und
| Southern Railway (Com.) Sleep Rock (Tomontora, Standard Brand oils, standard Oll of Cal,
200 (38.75 Wns down 11⁄2 in. the 100 38.78 Texus & Pacific 2 in the rails, Standard Oil of Ind.
1000 m 20.50S
in 4 points 100 30.73 American
sugars. Copper Bessemer 1200 ₫im15|ncɛrly 3, Joy Manufacturing, Texm Co.
the Standard Of of NJ.
Studebaker-Packard Corp. 10st Swift & Co.
Fansteel,
Metallurgical, FairTido Water An Od
banks Morse a point or more.
Twenty Century Fox Film Union Carbide
Dow-Jones closing averages Union Pacile Railway
13.00 15.00 13.00
100 10
COTTONS Textile
Corp.
... 4.0715
1.70
2500 a 4.04
1000 4,70
were;
Nanyang INVESTMENTS Yangtze HK & FE
B.15
€35
0.10
Invest
9.75
But, he added, the Russiana do CHICAGO GRAIN
have a suficient supply of gold to export and sell in order to maintain their system.
MARKET
Chicago, Feb..5.
30 infumtrials
20 ralis
15 utUion
65 stocks
40 bonda
Comm. future price index.
Closing Prices
Allied Chemicals
Allied Mills Inc.
Allis Chalmers ...
American Cable à Radio Corp.
Co.
American Cyanamide
A Mach 1 dry. American Metal
Grain futures declined American smelting
the Board of Trade
of units "The Currency Czechodovalla, Hungary, Poland and other East European satel- Ilte "have gone to pieces, show on flourishing black markets and today with most contracts are in dire need of reform," he making new said.
STERLING Turning to other currency units of the globe, Pick con- cluded that:
Am. Sugar Ref. American Tel & Tel American Tob. " lows for the Anaconda Copper
Armour season. Liquidation and Baldwin-Lima-Ham.
Baltimore & Ohio disappointment over ex Bendix Aviation Cory
Bethlehem Steel Boeing Airplane Ports caused the sell off.
Borders (Tia) Co, Wheat prices weakened after a Burroughs And Machine Arm
commission opening
Canadian Pacile R. Case (J.1.) Co. Cal. Tractor houso selling. News that Franco bought wheat from Argentina Celanese Corp. instead of the US caused the CIT Financial Corp. lower trend. Limited moldure Chrysler Motors over the southwest accounted for early firmNESS,
Soybeans spent most The Turkey Bra and Spanish day on the decline, with the pescata are "both sick monetary distant months making units and it would be wise for seasonal lows, Selling by com- traders to steer away from them, mission houses uncovered stop
Sterling will not be devalued in 1937, and will hold at its level with US help it
35.40%
23.06-07 34.32 33.07 33.00 33.52-53 2343 3201
The French trane has a year of practical stability in view.
Futures closings, in pence per lb, were as follows: Qid contract
20.35
Mar/Apr.
May/June
July/Aug.
Oct/Nov.
Doc./Jan.
24.14
Naw contract
Mar/Apr.
26,00
May/June
20.00
July/Aug.
24.14
Oct/Nov.
29 Ea
Doo/Jan.
20.50
Egyptian Karnak
Jan/Feb.
00.00
SAO PAULO
present Necessary.
The Indian rupee will be loss orders. under rather heavy pressure for the next 12 months,
estimated
Consolidated Edison Continental Oil of Del. Gubio Amer. Sugar Dow Chemicals
of the
Dupont de Nemours
new
Eastman Kodak
El Paso National Gas Erle Railroad
Family Finance Corp.
General Mectric
comm Foods
General Motore
Gen. Pub. UL Exporters today Teported Goodyear *see .... sales of 750,000 bushels of US Homake Mining Co.
Interi? Bisel Co. wheat to Greece. Ac
Interchemical Corp. Argentina, Brazil, Chile and hard
2,000,000 of Argan- Im Business Machines Colombia all present good to
purchased by Int'l Harvester axcellent long term prospects, tine wheat was
International Paper but face short term diiculties. France. That country is slated International Nickel
similar amount of in! Tel & Tel to buy a
wheat along with John-Manville. Co. The Ecuadorian auere faces a Argentine
Kennecott Copper devaluation.-United 750,000 bushels of Italian wheat necessary
In the US the average price | Press, of one-inch coiton at 14 de 4,379,758 | signated spot marketa:
available,
Mr Macmillan asserts that
On the calendar are live such there must be no waste and no offerings totalling $251,984,300, spending on unwanted things along with four other carporate and unsustainable commitmonts, debi issues
to amounting vested intorests $40,480,000. Rio de Janeiro, Feb. 5. regardless of The Brazilian Foreign Minis- and traditions,
There will be no preferred try and the Japanese Embassy
Some sections of the aircraft stock blocks of size and only a exchanged notes today which
industry felt it pretly keenly hudful of new common stock extended for a further three but are prepared to accept the issues,
Brazil-Jazan trade reasoning.
Mobil's Socony and payments agreement signed
Even though the modern shares ($109,278,089) offerng to in 1952.
weapons ого
wildy its stockholders accounted for expensive, appreciable retrench the bulk of last week's $230 ment
thus be expected million total for new common over a period.
stock financing. But as it is too slow to give
Thore Woro no preferred much relief to the budget for stock issues of any site. the year starting next April, Phillipe Petroleum Com- presont emphasis is on expand-pany's block leads this week's ing the economy so as to have list more resources with which mrol the demands.
Meantime, it was announced thint a delegation of Japanese menufacturers and businessmen would arrive here shortly to dis- cuss with the Foreign Ministry Japan's possible adherence to a multi-lateral trade and payments pact-Franco-Presse.
NEW YORK METAL FUTURES
New York, Feb. 5. Prices of metal futures closed today in cents per lb. as follows:
Loul Fob.
10200
Zinu
Mar. Feb
18.041
13000
Mur.
12.800
Copper Yeb.
Tin
50.30h
Mar.
30.201
Feb.
00.758
Mar.
98.820
Feb
100.74
Mor
Press
50
10
Even if the anonetary cost of defence or the welfare state remains unchanged, its share of income comes n rising national dourt-particularly, of course, it there is a foll in the value of money.
That last no longer the polley. It may not be realised how good a job has been done en dispelling the overload and overemployment which undermining the currency.
Still Full
were 1
Issues
ci
convertible debenture
This offering will be spent out for subscription by stock- holders in the ratio of $100 debentures for each 20 comman
shares Special.
held, China
not
Total sales at these markets: 25,088 bales.Unlied Press,
New York Foreign Exchange
WORLD RUBBER MARKETS
1omorrow.
3
Wheat closing range: off 2 to
cents.
Soybeans closing range: off
to 8% cents.
WINNIPEG PRICES
Winnipeg, Feb, 5.
Prices of grain futures closed today in cents per bushel as
gett Mayer Tob. S. Lockheed Aircrati
| United Aircraft
US. CypruTTA US. Line Co.
469.00 0.8. Rubber 144.20 U.S. Smelting
70.01 U.S. Sterl
нань
Wamer Bros Westinghouse Electric Woolworth
157.42 West Va. Pulp & Paper
#90
441920
87
***United Prem.
London Stock Market
Still Lower
London, Feb. 5. The stock market continued lower today with heavy selling in British Governenant bonda
Railway nationallestion tum- bled more than 7 shillings. Qia Consols
and War Loan plẹo cased.
Most of the important in- dustrials lost between pence and a shilling, Imperial Tobacco pared an early large bags down t shilling. Abomię Insges wero weak. So were chain 20% storos.
4032
507
a
Oils fonded to drift lower in p
451 very inactive market. Losses
were limited
a shilling. Suez Canal lost £%.
301
in
103
to
German bonds were strong
an otherwise illo foreign bond section, Dollar stocks were
soy alightly fregular-United Press.
As approved by the
Postmaster General, Hong Kong
AIR MAIL ENVELOPES
follows:
Outs
amelel
H
Mull
મ
30-day futures 90-day futures
Australia
New York, Feb. 5. Closing rates were:
2.07-2.09 England unemelal
279-31/31 17636 2.79-1/10
Distress sellings were well ab- 224-1/18
closed sorbed and the market 2.70 2.80-7/16 steady. Future closings were:
0100
vlocs and further heavy nearby liquidation caused the rubber market to case again sharply.
Singapore, Feb. 8. Dimppointing overseas
May
ad-
July
73%
Ort
Rye
1221
May
July
121-
12014
Barley
MAY
July
Oct.
HYAL MAIL
Singapore Stock Market
Singapore, Feb. 0. Brokers today quoted the fol- atili full, lowing stock prices:
many
Opening unemployed; but Batu Lustang Rubber Co.
Employment 29.0211 theTO Aro aboul (standard) (strali).-United vacaneles as
LONDON METAL
PRICES
London, Feb. 6.
† Prická óf metals closed today
in sterling per long tonas fol- Jowa:
Tin spot
-month
Copper spot
tino, in half
buyers wellore
7001%
700
as
the demoralising overemploy-British BorneoPotrolown ment--the great excess of Byndiente vacancies over unemployment Consulidated Ti Smelters which developed between the beginning of 1954 and to second half of 1950-has been past rapidly removed in tho year-China Mall Special.
NAMESAKES
Answers-1- Orlane, 3 French,
3 Paris, 4 Maring, 6 Revolution,
$1.37
لتعاة
New Zealand South Africa Felgium Switzerland India Pakistan
2332 No. 1 rubber, per lb. Feb, 04-861 Flaxseed
2101
2103
United Press.
**
Mar. 2014-00 No. 3 rubber per ib, Feb. 84-8454 No. 3
811 No. 4
79-80 001-8055 Spot rubber unbaled .....
70-77 filanket crepe
95-07 No. 1 pale crepa ..........
July
London Foreign Exchange
Closing rates were;
Ord,
ing Corp.
Hongkong Tin Lad.
$130 Fraser & Neuve Lid Oul. ... $3.3 #rator Neqve 71% cum.
pref
$4 Gantmona (Malaya) Limited $2.10 Mongkong & Bhanghạt Bank-
64
New York Montreal
Copenhagen Frankkuri Lisbon Paris Stockholm
Kompas Ltd.
$2.07
Lunas Rubber – kadatos. Malayan Breweries... Now Serandah Rubber Co.
144
Paling Tin LA. Hames Hotel
Bingapore Gold Borage Vin South Delilah fomarance Co.
Ltd.
0. Prison, 7 Aristocrat, & Guillo- Uno, Royonge, 10. Exécute, 11 Orden, 12 Maret 12 Murder, 14 Straits Trading
Lot Arenssin, 18 Nobility,
Charlotto Corday (who killed Vie Francia revolutionary, Marat).
$1.00
$25.50
London, Feb. 5.
2.79-185/25-820 2.68-3/16+2.0541) 140.00-140.0736 31.2232-10.30) 11.70€ +11.59%
00.00-20.18
1.50 1.50%
LONDON
The market was
very steady
Cagrețian whool expari:
Nether
No. 3, non-IWA
100% cente
No. 5. non-IWA ............. Í4444 cents
United Press.
with spot quoted at 25-15/16 New York Sugar
pence per ib. Prices.
No. 1 Res pot
Settlement house term:
March
April/Jube...
July/Auguut
gotober/December
General marketą, cić' basis, ports!
Tubruary po
March...
United' Press,,
Ediale crepe Miss
Carob
blok Web.
Exchange Rates
Market
2976-20
25-11-20
New York, Fab. 5. Contract No. 4 (worldy
25}{-25}%
March
May
July
September
March
15.47 BAT-40 8.40 1143-49 4.33
May
July
on sale at
Tolol sales: 1.700 bl Spob-(ten Čal
Chibr
AMSTERDAM
The market was stoady. Open interert: 5/773 contr Prior clonta today in glidersContract No. 8 (do per kilogram, cifre Feb. us March follow:
Business was done is the local srioffkal – snchange
morning at the following · entente.
Un dollar, (pep $1) Jordierite
No.
Strails Riedfikhip United ginen Ord Wearne - Bros.
Shit Eipools
Akumalah nolent par. 21).
No.
$0.70
Indoňakan rupiah (per 100):
Bimes teal (pez-180)/
No. rubber No.
| Singapore - (DURILA)
1.80
MAY Juls! November
2,47 neid. Total salon: 1259 contracts,
2,40 nom,
ex-dhity} **
·1.70. 2.16 nom." Opwn interest: 1039 contrast,
„United "Prentji
South China Morning Post Ltd.
Job Printing, Department
20002
Telu