THE CHINA MAIL, THURSDAY, FEBRUARY 7, 1957.
Page
TRADE
and COMMERCE SECTION
BRITONS' MONEY
A
WHAT DOES THE YEAR HOLD IN STORE?
**UWSAn assessment by BASEB
ALEXANDER THOMSON
FINE new phrase lins ↑ Bretassa, Ir the new Govern- been coined by Mir mon shows a determination to cut expenditure, thi movement Peter Thorneycroft in his could soon be reversed. first few days as Chancellor of the Exchequer. Britain, ! ve, musk bunde au Opportunity State,
This is a stimulating thought We stand the hallway of
1957.
And I say here and now that the biggest opportunties of all
le before the new Governmeni of which Mr. Trømneyevolt is so prominent
and
promising [ member.
50
I in knee deep as them, with the fendership we are now brilliantly on playing in atomke engineering and other 110W felds,
Bry-
THE BUDGET
So Mr
Here are forecasts of the pattern of Britain's economy during 1957, based on estimates from trade and other Informið quarters
1956 £13,400 mon
Arst Op-
Thorney croft'a styp in launching the portunity Stute could well be a reduction in Bank rate.
IN
WORLD RUBBER MARKETS
New York, Feb. 8.
Thus rex contract closed, ibuny 50 to 63 poimia hither with sales of 228 contracts.
"PERSONAL" SPENDING
Mar.
1957
MAY
£14.200 mélan
Sept.
Noy,
Jan.
Mar.
MULNESS SPANKING
1950
1916 milion
more រម
After that--and even come important will
"We want
inert tricl Budget. women to see the opportunities ahead," he rays. His policy must be to make sure they seize them.
Bit un he can get defence
down expenditure
to a more
reasonable level he will have to go earefully.
He will probably nol feel Justified in providing major in- centives for both Individual<
and industry this year. So his
With the right pile es, tain could end this year on the threshold of a real expansion fire thought should be for in- In general well-being. If Gov- | dustry--to help it continue ex- ernment spending I' zlushed. persion and modernisation.
3JT
prosperity could be genuite amicie not the phoney | by-product of raing price: and uiflution.
Taking a look down the long corridor of 1957, this is what I See;
PRODUCTION UNTIL the
Suez Canal cleared, and oil suppl.es arel back la normal, the owlook is uncertain. Industrial may even full
Casper money rates will be of assistance here. Tax and other allowances for new plant
should be restored.
The undistributed profits tax siwould be scrapped. If is ridicu 1 lous to put uri extra tax
profits "ploughed back" industry,
оп
by
the
ht It Mr Thorneycroft feels can also do something for
this time, it is the output individual
young executives he should think
between now
and next June bremse of fuel of. The starting level for suriax
al
shortage.
But by
the right
the bould be raised from £2.000 to
st cost £2,500, Such a move la en- long overdue.
initunar i could be recovering strongly, given
couragement
115
For two years industry hes been spending large sums Increasing and modernising plant and machinery.
Erongmisis reckon that by the end of 1957 productive capacity could be as much 21,500 million a year higher than the present annual rate.
C3
HOME TRADE
rose LAST year consumption
to the
only lightly,
Tue
flew harsh Impact of the credit squeeze, Bht in 1957 there could be a much Ingge once the oil
question is settled,
be
And if the boss gets a little on account," there should something for the workers, too. A reduced rate of income tax for overtime would be a fine starting point.
This year without a doubt, the opportunilies will be there, once we get that Canal on a working basis again.
So welcome the Opportunity State idea, It is the best line yet we have had from the new Government,
(London Express Service).
expansion New York Sugar
Market
Income earmarked for "never- never" payments before the squeeze started should be freed for more purchases this year. Even the hard-hil motor dus- try could feel the effect of this before the end of the year.
OVERSEAS TRADE
¡PPORTUNITIES for Britain's
exporters will be than in 1058, which was a re- cord year.
Australia has already said she
1957 £927 adine
AVERAGE PAY PAGRĮS
1958
19 17. 6
1937
£10 10%. Od
TOST OF LIVING
1936
Up in the
1956
298,000
1957
Lys in the E
HOUSI RUNDING
1957
270,000
WALL STREET
MAKES
LATE RALLY
New York, Feb. 6.
Standard contract
ABBREKE
closed 50
bo 55 points higher with ho dúles
reported.
Mar.
May
July
Nov.
Jpn.
Mor.
1957 New York Cotton
Futures Close Steady
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong kong Stock Exchange this morning amounted to 09- proximately $650,000. Noon quotations and the morning's transactions:
New York, Feb. 6.
Cotton futures today steadied after a mixed start, substituting small gains for mid-mornifig losses up to 60 cents a bale.
Closing prices ruled 4 to 7
points higher
compared with
mid-morning 6 to 12
to off 2 points. New The matkel opened unchanged
points.
Orleana
the
closed up 7 to off 6 points. Spot house buying in May-July deliveries, plus covering in nearby March, and a commission house demand for new crops, found, offerings on the light side after an overnight accumulation of ilquidation and hedging was absorbed,
A sharp raily in grains and further complaints of droughty
30.80
30.00
Sharer Buyers Sellers Sale HANKS
29.50
HK Bank
22.10
East Asia
1000 1013
254
223,90
INSURANCES Linktan
SHIPPING Wheelocks
0.00 1.70
0.00 0.00
2000
0.79
DOCKS, ETC.
914 44.75 45 13.30 1349
100
97%
1209
45
(nisly on either
side of the
market pending the weekly
re-
-
Technical replacement buying, plus a moderate demand from medium and snail alzet fac- Lorien lo the spot market, and n of Eastern shipment scarcity
all combined to inject offerungsstrength
nolo
10 the terminal marke
Speculative Interests wondered whether the market was "scrap- ing the bottom" after the recent long decline.
Dealer interests were on balance, while recent sellers turned to cover pending a "new look at the picture."
K. Wherf.. Dick XD ' Provident LAND, ETC. HK Hotel
conditions in the southwest, des-
British Government
Bonds Gain
Prices
London, Feb. 6,
on the
London
plie recent rains, also acted to Stock Exchange were ir- shape the market at times.
Other traders operated cauti-regularly lower.
port on loan entries and 10.10 10 4000 13.10 demptions, scheduled for publica-
tion after the chose, and owalt- ing the Government announce- ment on the interim Inte rate for the new crop.
Despite come
overnight rains
in the southwest, crop experts
500 £3.20 | H
HK Land
flumphreys Renity buyers | RUBÚPA
Amalg.
01
15.40 18.00
12
2007 20 81
5:00
JUS
1,40
1.63 1.621
5000 1,59
1000
1.828
5000 ** 188
Trust
1.024
continued 1.85
ՄՆԱ ԻՐ 1
2840 1.45
231%
140
105
# 104
23.10 23.40
TTAM
cenis a
Fretory buying included some "fair sized weights" on April UTILITIES May-June delivery for one sheels at 29% to 30 pound, with further buyers ap-Star Terry parent at the latter price as Yaumati gellers moved 4 cent, Spot C. Light
up No 1 Rs locally was quoted at
30 cents
a pound. A good of the part
terminal market business was represented in ex- changes of May and November contracts for physical rubber,
SINGAPORE
Electric
311, 31%
Macao E. Telephone The market opened steuty on
advices and | INDUSTRIALS Improved London
during steadied further
the Cement interest TORES, ETC.
Dairy
Stocks rallied late in the session today after day on better buying
an carly decline had brought down a long list by fractions to more than a point.
Anaconda Copper
Anneur Mins Conn, Mining alwin-Lina-Ham. Baltimore & Ohls Bendix Aviation Corp. Bethlehem Steel Bucing Airplane last Borden (The) Co.
The recovery lucked vigour, Just as the deling did that pre- reded tailed to generate the kint of buying rush that Wall Street had hoped for the kind Jullies In live that rieveloped
juw levels from similar year,
Burroughs Add Machine Curta Pacile R. Case (J. 1.) Co. ca Tractor
Celunese Corp.
1. T. Financial Corp. Chase Manhat, Bank Chrysler Motore Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oil of Del. Crane Co.
News of the session lacked Inspiration, it included a warn- Ing by President Eisenhower that if business d Labour din't show restraint, the Climax Molybdenum Government would be forced to institute controls,
Since it came on low volume, New York, Feb. 6.
Street regarded the re- World No. 4 sugar futures Wal Loday closed 7 to 18 pointscovery as largely technical and higher with sales of 2,598 50me experts continued to warh
that the
in- 400 level in the contracts.
dustrial rverige stiil might meet further tests.
Domestle No. 6 sugar futures
Bast recoveries came into the higher points greater closed to 11
steels, toppers. tyres and in- with sales of 184 contracts.
Issues Volume in the world contract dividual
at the motor, aircraft sections was the largest for any session chemical, and
1937 on will is several specialties, is going to ease up on her im- in 20 years since Jun.
when
contract trading in port curbs following a rise in | Wi
was first initiated, raw wool, New Zealand may do
While the So, too. And the USA where we
Anished market on higher
the
dil remarkably well last year. tuulectron Prices fue- |
should also be
at Road!
market.
With more plant to put
work,
In
world
with cum-
Copper Cut
After the close, Custom Smel- trade ter cul the price of copper metal by a cent a pound, a move that of the
Dow Chemicals
for most of the close with
Shortly
No. 1 Res at 88% cents a pound
ope
a heavy selling was ensured. Watson
The market closed at the lowest COTTONS
Buf. No. 2 rubber par ju. Feb.
0532
for the day. Futures:
Textile
Nanyang
21
No. 1 rubber per ib.
Jak Feb.
Rais-3015
444 Mar.
85-851%
0335-54
177
No. 3 rubber par ib, Feb.
014-02
50%
No. 4 rubber per ib. Feb.
70-70%
5412
Spot rubber unbaled
0512-8515
37
Blanket trebu
74-70
3
No. 1 pale crepe
E-00
1511
LONDON
10
41
The market was
firm with
492 spol quoted at 25.11/10 pence
*
per lb. Prices:
General markets, cif basis, porta;
pbatt Amer. Sugar
Diamond Alkali
6355
197
Fch.
Dupont de Nemours
163
Mar.
Eastman Kodak
8014
Apr.
El Paso National Gas
3141
Estate crepe
Erle Barond
19
this MAY thick
437%
4011
Indtatrinis were generally
down a shilling close.
or less at the
British Government bonds were the gainers.
Market experts attributed the weakness to the warning by ex- President Hoover that the.
to comment on the United States was heading into
luck of subsoll moisture, and a recession It infintion is not the limited supply of water re-controlled.
zerves
350 23.40
the for Irrigation Int 23.50 southwest, as normal planting 23.60
Umo is approaching in the lower Rio Grande valley.
1000 24.10
However,
they
事
also sara favourable factors in the pio vail of talk that the barik zafe would come down and reporta from Cairo that, the Suez Canal could be cleared this month.
The post-opening reaction 23.10 was coupled with stock market 300 às 23.10 | irregularity and continued dull-
The ness in the textile market, with 1893 31 28 further reporte of mill curtail- 100M 31.50 ment, The cortificated stock 142431.25 totalled 2,928 bales,
31.50
Volume Open interest
600 32.13
0.00
Month
Mar,
16,500 147,500
May
20,800 383,800
July
10,100 140,000
Oct.
10,300
3814
Dec,
8,000
150,200 114,000
Mar
4.700 40,500
May
3,200 51,100
16.00 10
000 10.00
July
3,200
15,000--
1000 m 15,00
Tufai
123 15,80
127 15.00
13.00
4.07
0.30 8.40 3200 ₪ 11.30
4.73 2000 4.70
Singapore Stock Market
Singapore. Feb. 7, Brokers today quoted following stock prices:
90,000 1,030,700 bales NEW YORK
Prices of futures closed today
as follows:
Spot
Mar.
May
July
Oct.
Dec
Mar.
Moy
July
33.45
34.24
24.12
33,57
33.40
33,40
33.36
31.00
NEW ORLEANS
Prices of futures closed today
British Governments, after opening lower, recovered more with gains stretching to thnh 0 shillings,
Atomit aliares were a bright spot in the lower industrial geo- Alwi with gains of six perite to a shilling. Oils löst up to 2 shillings in a lack of buying in- terest.
Foreign bonds were fale abd unchange-United Press
Wheröver
EUROPE
34.10
35.12
A
34.60
USA
33.48
LIVERPOOL
Futures closings, in pence per
lb. were as follows; Now contract Mur./Apr.
ORIENT
as follows:
0015
the
Spot
03
Mar.
464
No. 1 as apol
2554-2934
Settlement house term:
4415 Mar.
25%-2834 Lu.
Batu Lintang
Rubber
Co.
Opening
11.J
May
July
Oct.
Apr./June
23-1-2012
T3
Juty/Sept.
OCL/Dec.
2918-2021 2416-25
British Borneo
Petrolcim
Dec.
Syndicate
01/1
Mor
ConsolidatedTin Smeltera
May
Ord.
31/34
July
2534-238-
2251-2546
Fraser & Neave Ltd, Ord. Fraser & Nexvo 7345% cun.
pret
$4.00
20
Gamunione (Malaya) Limited 210 Hongkong & Shanghal
unquoted
Banking Corp,
$155.
Hongkong Tin Ltd.
Kempag Ltd.
$135
Las Rubber Estates Lid.'" Malayan Breweries
0.80
$2.37
4472
Goodrich (B. F. Co.
Goodyear Tyre
70
today in guliders per kilogram, cif Feb, as follows: No. rubber
New Serandali ftubber Co.
ind.
$2.40
Petaling T LUJ,
2.50 buyer
Raffles Hot!
Heyden Chemical Homistake Mining Co.
2,40
Sintepore Cold Storage
$1.00
IL
No. 1 rubber
2.42
| Boneth" British
frisurance
709%
No. crepe
Ltd.
$33.00
Streit Trading
45AL
Sirnita Steninstilp
$18.00
503
United Engineers Ord.
$0.00
Wearme. Bros.
12.05
Fandy Finance Corp. Ford Motor .... General Electric General Foods General Motors Gen. Pul Util, Gelly Oll
Inland Steel Cu Interchemical Curp,
to mission housey and
at Business Machines It's Harvester our delivery dates will lerests on both sides
International Nickel shorten, which will help increase market Underlying strength apparently had not been anti- International Paper competitive power. Imports will reflected the higher raw market, cipated by these who bought int's Tel & Tel
John-Manville Co. raws, European copper shares to help them rally, Kennecull Copper be larger as we stock up again
The Dow-Jones industrial
Taggett Meyers Tob. Co. with raw materials after the re-buyers reportedly contracted for opening of the Suez Canal. But 3,000 tons of Cubin raws Interage closed with a gain of 85 Lockherd Aircraft the balance could still be in our Tuesday,
after being off more than a point Loews Incorp..... while the United
Lone Star Cerment Co. Loulaville & Nashville R. favour,
Kingdom reportedly sold 20,000 of the day. Rails, off nearly
ju point, during the early Hours, | Lowenstein & Sona. We should have an overall | ions at relined to Norway,
|inished with a rise of 12. | Mesul Iron Corp. surplus of between £50 million Meanwhile, the trade became
Minnesota Mining .. | Utilities gained .03.
Mission Development. and £60 million for the year, confused as to extent of anti-
Transactions
for the day
Monsanto Chemical Co. cipated buying by Japan under totalled
2.110.000 shares against Montgomery Ward PROFITS AND THE expected supplementary bud- 2,610,000 shares in the previous Montorela Inc.
allocation covering the serion. Velume Icadern STOCK EXCHANGE October-March period. On Tues-order of size were US Hoffman, day, some quarters thought this
Generat Avco,
Motors, and National Steel Corp. PROFITS will be lover, buying might reach 300 toled
General Electric.
New York Central fleeting the 1950 foll in Today, other
Of the 1,102 Issuet traded, Os Elevators
Olin Mathieson observers sealed But there should not the figure down to about 30,000 488 advanced, 398-dcelined and Owen-Illinois Glass be a great mumber of dividend tons, with the possibility 398 were unchanged. There Pacific Gas & Elec. reductions, for most companies
were but two, highs-Intertype Paramount Pictures
Pan Americnt Airways have been far more cautious income of the demand would be
furnished by Brazil.
and Kansas City Gas & Elcc- Panny J. C. Co. tric-and 50 new lows for Penn, Salt Co. 1056-57.
Philip Morris NY
bond Pittburghs Plate Ginas Stock Exchange 5.60-41 3.30-60 volume was $4,030,000. 6.60-03 American Stock
margins.
their payments than before the
war.
Towards the end of the year profits may begin to
expand
again. And the Stock Exchange, anticipating
Contract No. 4 (world)
Mnroli May July
this, should Sept.
continue its recovery.
THE £
that
National Cash Reg. "A"
National Dairy Prod.
in
National Lend
Exchange
5.60-53 volume was 710,000 shares.
Dow-Jones closing
Mür.
5.00
May
4,80
July
4.00
were:
Spot-leunts ser lb.
Toh Cuba)
5.93
30 idustrial
Open interest: 8,124 "contracts.
20 hits.***
15 utda
US stocks
Contract No. 6 (Domestic)
Marel
5.63
40 bands
Comm.
futuro pric
Procter & Ogible Cu,
Radio Corporation
lepublic Steel
Iteynolds Metal
Shell Oil Co.
averages | Sinclair Oll
WE next low
THE
months will almost certainly be a time
July
Nov.
Spot-toents
of strain while we have to col- einue buying dollar oil. But the May strains should be less severe than at the end of last year Sept. when the & was hit so hard. The alarming fail in the reserves then was not due to a bad overseas trading position. Our exports, achieved now re- cords in 1966.
gold
And we probably had Balance of payments surplus of £60 million or so in tlie seedná Half of the yur
CHF NY Acuity) Open Interest:
.0.30
-United Preks
NAMESAKES
Anewers:--1 Julius, 2 Alexan
der, 8 Firos, 4. Value, $ Dis-
The fotke böékuse sürör chilirë, 6 Amerken, 7 Adling, 8 coumirite were nervously taking Brutus, Portland, 10, Talent away (thikie apare cash
Joenis Mason,
from
Moody's Index
Closing Prices
Akten inc. Allied Chemicals Ailted Mul, Ine... Allis Chalmers Asterica Aftline AMÉTIARİ,Cable &
Radio CorDAL American Cranstide Aměry & Pong: "TURES
Am" Michik Far American Metalhe Anurken "Binojlin," American Ted Toi Am. Sugar Neť,
American. Tob.
Bacony Mobilell
Southern National Gas 470,81 Southern Railway (Com.) 143.53 Steep Rock (Torontoex
70,00
187.67 90.51
423.10
Standard Brands
Standard Off of. Cal
Stand Oil of Ind. (xd) 159.97 Standard Oli of .. (xdi
Sterling Drug Co.
Stokely-Yon · Chimp,
Studebaker-Packard Corp. Swift & Co.
Texas Co.
Tide Water "Amec" öll
Twenty Century Feat Pim
Unin Carbide sinais Union, Phone allway United Argenti
U.S.
Toll "h**
.. Cypu
V.5. Line Co.
U.B. Rubber U.B. Emelting
LUB. stoel
Warner, Brbe.
AMSTERDAM
The market was quiet. Prices
2515 closed
1374 No. 2 rubber
2.78 paid
United Pres.
CHICAGO GRAIN
MARKET
Chicago, Febi 6.
· Grain futures rallied at mid-morning on the Board
P0/0
$20.50
*eumdiv.—China Mail Spreis),
NEW YORK METAL FUTURES
New York, Feb. 6. Prices of metal futures closed
►
May/June
24.20
July/Aug. Oct/Nov.
20.82
23.43
Dec/Jan
26.23
50.00
(O)
En plan Karhak Jan/Feb.
The old contract prices and Sao Paulo collon prices were unavailable---United "Press.
London Foreign
Exchange
London, Feb. 6.
Closing rates were:
today in courts per lb, as follows: Brussels
of Trade, and all prices Lead Kubstantially Zine finished |ábove the previous close.
At the opening liquidation 6314 carried prices downward, and Ti
thook contracts set. new seasonal
3712
110
921 lows. It subsequent dealings, prices rallied on short covering With locals tind comunissibui holists active buyer),
68
30%
Feb......
16.201
Mar. Feb.
15.05b
£3,000
Mar.
103b
Copper
29.76.
20.035
101,001 (standard)
Mar.
90.000
Feb.
100 pols
Mat.
0826
-United Press,
FOB.
LONDON METAL
PRICES
London, Feb, 0.
15
Börbrand also allied along with grains with dotive buring developed after the early selló. Argentina afdolinced moderále sales of wheat to France idst night, erid US Exporters said Prices of motals, closed today
in sterling per long ton Japani töltit more m3,00 follows: 203% COO
Marche US wheat for
shipmen litry In this quarters
also Tin spat stated that Turkey is scheduled to buy close to 3,750,000 bushels 45% of US wheat on Thursday..
Grains at outside markets were irregular.
4421
Wheat closing range! up
Export
28
101
to
14 cents.
Boybeans closing range: up
to off cont.--United Press,
Exchange Rates
month Copper, apot
-mimih
· Lundi 199 Hald Zine at halt obs
May
buyers aetiors
100 718 70044 78514 2:40 2014 246
12
201
“United Premi
CHICAGO LARD FUTURES
Chiange; Feb: 0.
¡Pfices or' Ikra fitures Elgeef
New York
Montreal
| Ainsterdam
Frankfurt
Xion
Oslo
Partu
Stockholm
Zurich
2.78.13/16-2.70% 2.69% -2.38.3/10
11.7992P21.75
10.07-10,075
149.020-140.0
1700-1701
20.031%-20.003
000k-90312
14.40-145p
12.2744-12.20
Others were unchanged.
New York exchange rales unavailabla. United· Jerona.
YOUR ALLY
were
ROUND
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