THE CHINA MAIL, WEDNESDAY, FEBRUARY 18, 1957.
TRADE and COMMERCE SECTION
Previous Bank Rate Costly HONGKONG
For Budget
TREASURY SAVES MONEY
ON BORROWINGS
By SYDNEY S, GAMPELL
London, Feb. 12.
The bank rate was cut from 51⁄2 per cent to 5 per cent on February 7 because the previous rate had become ineffective, self-defeating and unnecessarily costly for the budget and balance of payments.
| MONTREAL FAIR WALL
Hongkong To Be Represented
the fourth
Montreal, Feb. 12. Canada, largest trading nation in the world, will again play host to the world's buyers and sellers, at her own international trade fair in 1957.
The occasion will be the first Montreal International Trade
Fair, to be held at the Palais du
Comineree building in Canada's
metropolis, May 20 to 20.
STREET DECLINES ONCE AGAIN
STOCK EXCHANGE
Paro
New York Cotton Futures
Recover Balance
New York, Feb. 12. (From Our Correspondent) posted gains up to $1 a bale, erasing about one- Cotton futures, regaining their balance today, Business done on the Hong-third of loss suffered on Monday when prices to- kong Slock Exchange morning amounted to approxi-bogganed in the wake of the Government's deci- mately $690,000. Noon quota sion to lower the 1957 price support base. Lions and the morning's frans- Retions:
New York, Feb. 12. Stocks declined again in selective fashion to- Utilities, recent day and with reduced volume, strong spots, paced the decline on losses ranging BANK to 4 points in Peoples Gas.
Vllltles toxt .86 Ini their average of 1.22 per cent. Indus- trials were down 2.62 points to 57 per cent and rails lost only
05 point or 03 per cent.
new
Trading lightened to 2,550,000 shares from 2,740,000 starts in The previous stasion-a session This fair, though similar in that registered its widest decilne most respects to the Canadian since last Oct. 10, 1935. the cul
Cana- the Treasury without prejudicing the foreign
Government - sponsored
Industrials closed at " dan International Trade Fairs low since Oct 10, Home Inercy
its exchanges. borrowings and the country
I that make it
held in Toronto from 1948 to rails sace Jan. 18, 1958, easter
1955, will be sponsored entirely ties fell back to their saves sonte interest on the ster maintain fairly tight monetary univa e enterprise
ត 11 ling balance.
conditions and pressure an bunk | 24 privAN
is of Jan 21. the over quidity and to groom the gilt-beg promoted all
The Industrial shares ranged Canadian Gov-DUCT world through odged market for the Treasury's!
6.80 points betwe: summer and outuma maturities. ernment trade fees, Chambers their
high andi low.
By saver
(1)
The cul was responsibly gorded as a technical improve ment in monetary control. Next as any symbol that the coun- try could yet afford any major relaxation in economie polley,
Even in the technical sphere, It followed the recent fall in
the short money market ruther than giving any new leud.
Several Directions
Inflationary
pressure
Restoring Mechanism
The Treasury bill rate should tend to stabilise at no more than
per cent, Continuance
4
of a paralysed 54 per cent bank rate would have prejudiced the whole policy of restoring the
market mechanism,
Mall Spectat
China
has
cused in several directions. In
the past two months
sterling
has notably strengthened from Rs floor to almost its full par value, The oil shortage bas taken over some of the 19. InBatlenary work of the Bank Rate.
In the long run the defence reform and rents reform could bring major rellet. But They would not bring much relief in the short term.
Meanwhile, ng
the
general
condition is ill regarded as
threaten
л
China Helping Cambodian Industries
Calcutta Feb. 12.
Prince
new nouk,
Norodom Siha- overstrain, premature relaxa-
would tion
of Cambodia, ar- Inflationary crisis, which the rived here by air today authorities are determined
to from Pnompenh avold.
way to
on
his
Ceylon to attend Ap 9:0 many of sterling's this month's Buddha reserves have already been Jayanti celebrations. mobilised the authorities regard
it as all the more important to Prince Norodom told reporters avold any risk. This attitude that China
נה 1958
U1111-
levels
Paramount Pictures Parke Davis Co. Danno J. Bị cá Penn, Salt Co. Philp Morris Procter & Gamble Co. Publicker Industries Pittsburgh Plate Glam Pure Oil****** Radio Corporation Republic Steel Iteynolds Metal Shell Oil Co. Saint Reg. Paper Binclair O
Socuny Mobiloll South Puerto Rico Bugar Southern National Gas Bouthom Railway (Com) Strep Rock (TorontocX.} Standard Brands
SIR LAND. ETC. 72K Holed
2816 | HK Lang ..
Henlly
471 RUBBER
37% Amaig.
38 Trust
(24% UTILITIES
13.20 130 2500
61
Closing on a note of strength,, May the list finished up 21 Nalis
to 28 July points. Opening prices ruled unchanged to up points. New Orleans closed up 22 to 25 points.
Technicians thought the
market "looked
1. Possibilities the final loan
LIVERPOOL
**2.03
23.07-54
Future closings, in pence per
rate might be higher after com- Ib, were as follows: plex studies of the supply outlook old contract
Shares
Buyers Rellera
East Asia INSURANCES
1000 234
201605
NEW ORLEANS Prices of futures closed today na follows:
30% Union
1121
Spot
34.00
€214 231%
oversold" in
Mar.
30.20
SIUPPING
MAY
35.31-33
#7 Wherlock
4292
4.70
0.00
000 or 480 7100073
face of a replacement
demand,
July
plus speculative
covering and
Oct.
DOCKS, ETC.
an underlying trade demand.
Dec.
Mar.
714
K. Wharf Dock
101
104
May
40
Provident
13.30 13.40
Buyer confidence was restored somewhat by three considera-
July
titis:
14.20
62 1800
15,000
7
1.40
159 1.673
1000 4 Lea
1383 or 1.32
Dfc
completed; 2, Possibilities the mid-July partly rate,
23.20 23.40
100 . 23.40
which the final
3915
142 144
Standard Oil of 26.
Standard Oll of Cal.
4315 Yaumatt
104
too
0215
C. Lik
22,00
23
They
Standard Ol of NJ
5316
Stering Drug Co.
250%
3000 14 22,00
Sickely-Van_Camp,
181
Electric
..
a) 31%
Studebaker-Packard Corp. Swift & Co.
02
Telephone
30%
(0)
Texas Co.
0314
Tide Water Asm. 011
(N)
Twenty Century Fox Film
124%
INDUSTRIALS
Union Carbide
1004
Cement
Union Pacific Railway
27%
liupe
ZZAL
STORES, ETC.
U.S. Foll
Dairy
3571
. 15.00 13.00
1000
15,00
VS. Gypeum
524
B00
15.9G
AL
#
whole be-
UB. Line Co.
319%
Watson
13.00 14.10 1000
The experts
U.S. Rubber
4012
100
13.40 13.00
U.S. Smelting
5312
COTTONS
58
Textile
4.70
23-12
Nottyang
022
4119
43
Les Commvees, various foreign closed up 1.70 points from the
governments, and olter sources. day's worst levels.
GOOD RESPONSE
The general manager of the Montrent Internationni Trude Fair. Karel Stopka, reports to Uw Chino Mad that the
response from all parts of the world to date
has been outstanding Already,
VA are assured Wiley.read
representation M the Fair by private governments. from
اد
at
or
Hongkong, Germany, Japan,
the Egypt. Poland, unst, Britain,
the India Canada,
Nands,
Indonesia, Great United States,
while
FIZIK other countries, applications for space and en- quiries are pouring in from mally parts
The world, pecially Latin Amerien, Asia and Africa," said Mr Stopka.
of
Ralfrond issues held higher through most of the day. They clut slightly lower.
New Low Ground
έσιν
The murket haved better thon had anticipated. Since it closed will wide losses ja now ground for more than 13 months, many had anticipated another series of decines.
Many issues managed to gain on the day. Total of 1,155 issues appeared on the tape. Of these 052 declined, 259 advanced and 244 held unchanged.
A
There were no new highs. total of 134 new lows was set. It
was the first time since Aug.
21 last when there were no new highs set,
The market still is considered to be in a weakened technical Some of the experis
US AID FOR look for a further decine to the
CEYLON
Colombo, Feb. 12.
440 level although
encouraged
session.
with
they were
Today's
NY Stock volume was $4,560,000.
The US and Ceylon govern-volume was 780,000 shares. ments signed four Agreements
Untied
UB. Steel... Warner Bros. Westinghouse Electrte West Pulp & Paper Woolworth
10 Tram
-United Prem
WALL STREET
UPSETS LONDON
Star Ferry
5034 105
on loan base wili 3. Pos- thai the low interim producers nereage to
rest, might be higher;
sibilities 29
*Z » BAZ
3000 v 22.03
- 29.30 – 251⁄2 1000 en zako 1700 * 20,40 24.30 24.50 1500 my 24.30
100 ne 3030
391% 38% 1230
6.33 8.43 4500 40
loan may encourage to pledge a greater the soil bank programme.
Washington
reports
Bold
State representatives might try to push through an alternative plan aimed at increasing soll bank subsidies to farmers by as much as $800,000,000.
first
Covering opеrclions continued in nearby March before notice day--February 21. Open March contracts today totalled 127,600 bales, The certificated stock remained at 2,853 bales.
CHICAGO GRAIN Month
MARKET
Chicago, Feb. 12.
Mar.
Grain futures rallied an Toisi the Board of Trade today. Wheat, rye and soybeans finished firm to strong.
Volume
Mar/Apr.
May/June
July/Aug.
Oct/Nov.
Dec/Jan.
New contract
Mar./Apt.
May/June
July/Aug.
Oct/Nov.
Dec./Jm,
24.44-45
20 30 20.00
25 15
Egyptian Harnak Jan/Feb. 00.00
SAO PAULO
Future closings, in cruzaros per kilo were as follow
May
March
July
October
December
39.00
36.80
In the US the average spot price of one-inch cotton at 14 durignaled spot-markets was not Open interest available.
197,000
381,300
13
Total sales al these markets: 23,099′′ bales--United
29,600
May
33,300
July
10,400 146,700
Ori.
50.100
146,100
Dec.
31.000
120,700
Press
Mar.
10,000
46,500
MSN
0.000
34,100
July
5700
220,900
121,900
1,024,000 bales
NEW YORK
Prices of futures closed today
as follows:
Spot
39.55
Mar.
011
May
25.19
July
34.70
Oct.
33.21
8 Lean 9. Diet.
Dec.
33.03
Mar.
33.04
Jack Sprat.
London, Feb. 12.
Wheat moved sharply higher shortly after
the opening Reverberations.from the news of dry and windy weather sharp over-night fall on conditions returning to the win- Exchange bond Wall Street, disappointing ter wheat belt.
Buying was American Stock Exchange January trade figures and also prompted by the relatively the Middle East impasse the Department of Agriculture. small crop figures projected by
Soybeans made the best gring under
commission local and house buying. The bean market 0:39 Late dealings were adversely was influenced by firmness in 11 affected by the new issue of 300 soybean oil along with rallies 153.00 million government loan with in grains, stocks, and encourag 415.70 longer-dated government bondsing news from the longshore-
men's conference.
here today pledging $2,301,500 Dow-Jones closing averages sent stocka lower today
of United States ald as part of were; the
7 million economic was helping Cam-
and policy may well help ster-bodia to establish piper, cement Hing and the reserves,
A high and plywood factories and bank rate has ceased to serve the purpose (if it ever had one)
of attracting money to London.
By Its effect on
mortgage rates and bank overdraft rätes, the lower Bank Rate might restrain rather than aggravate wage demands.
Led World
cotton textile mills.
Chinese help wor necessary developing Cambodia's in- for dustries, he added,
He said the Chinese Prime Minister, Mr Chou En-Ini, dur- ing his recent visit 10 Сати bodia advised Chinese residents there to abide by the laws of the comtry.
social aid programme authorised by the US.
and
30 industriais
20
rails
13 utilities
115 steeks
40 bonds
Comm. future price Index
Today's
agreements provide $901,000 for highway develop Moody's Index ment, $936,000 for irrigation and land development, $274,500 for physical resources surveys and $180,000 for Industrial development and productivity.
mineral
exploration,
The remaining agreements to be signed cover assistance for American Airline universities, agricultural re-American Cable & Radio Carp search,
Ainerian Cyanamide' Co. Auer. Forgn. Power Am. Mach. & Fury American Metal... American Smelting Am. Suger Hot, .... American Tel. & Tel.
With the Bank of England's Prince Norodom added that health services and civil avia- international importance, the Bank Rale cut has significance he found Mr Chuu "very sinceretion.-United Press, for world raics.
short-term
money
Germany and Britain, which led the world to dearer monty, have now given a lead away from it. Germany's bank rate, cent which also was 6 per last summer, has since been cut to 4 per cent in two stages.
The rise in the United States
and helpful to us,"
RIGID CODE
According to the Prince, Ma Chou followed "rigidly" the five- point
Co- cade of peaceful existence.
Answering further questions, the Prince emphatically denied the existence of any American
base
In Cambodia.
bank rate, which was predicted He added: "We are a neutral
in several recent weeks, has not occurred and now seems likely.
and country we have made t un- perfectly clear
that any
aid alven-whatever its nature and Britain's monetary control whoever glves it should be now concentrates on reducing without strings.” the liquidity of the banks by funding the Treasury's excessive short-term debt, Lower rates for short-term money held this pro-
On relations with neighbour ing Thailand, the Prince sald; WC maintain perfectly cordial relations with Thailand parti cess by giving people on incen-cularly in the economic field."
the to go long. Recently,
On domestic authorities have done some Prince said he visualised massive funding by selling long possibility of becoming Prime term bonds on an absorptive Minister again.-Reuter, market.
Thus, the lower Bank
Kate
issues,
Singapore
Stock Market
Singapore, Feb. 13. Brokers today quoted following stock prices:
Batu Lintang Tubber Co.
Lad
British Borneo Petroleumn
Syndlente Consolidated Tin Smelters
44 02 130 23
po 12
with losses ranging to 7 shillings.
urkler
ما
Troubles in Wall Street and
Wheat closing range up 1% to cents. Soybeans closing range
Wheat, No. 2, red
Spot
Mar. 232),(31) 2305(1) 2011
Closing Prices
declining shillings,
fractionally
7
Alden Inc. Aey.
101
Allied Chemicals
86
Allied Mills Inc. Allis Chalmers
the new funding Interest in 1020 issties comes from Insurance
pension companies, funds and other institutional investors.
1
up 2% to 3 cents,
181
07
front
Industrials declined on a broad
end-of-account
паму
Juty
32
15%
realising and other selling..
Sepi.
rec.
2430
56
118
the recent drop in metal prices continued to
Corn, No. 2, yellow
Spot
120-150
unsettle metal
Bing
174
shares.
Dlay
723%
Coppers were notably weak
JY
Dept.
619%
with Rio Tinto, Seloction Trust
Doc.
13
and Rhokana reflecting a sharp picicup in seiling.
Ryc
Mar.
[
Dollars closed lower.--United
May
Dals
591 Press.
Mar
13
Alay
WORLD
Spot
Mr.
May
Dept.
NOY.
Bpot
American Tob. ""
Anaconda Copper
Armco Steel
Armour.
Allas Cona. Mining
Baldwin-Liena-1am.
Baltimore & Ohio
Bendix Aviation Corp.
Benguet Duna,
Bethlehem Steel
Boeing Airplane
Burroughs Add Machine Canadian Phelfie R,
Co.
Case (J.
Cat. Tractor
Borden (The) Co.
the
Opening
$1.82
517-
Ord.
31/3d Fraser & Neave Lid, Ord. $2.25 Fraser & Neave Ltd, 735%
eum. pref.
$4,00
Gammons (Malaya) Limited 12.08
Shanghal
$3,40
Celanese
C. I. T. Corp. Chrysler Motors ..... Climax Molybdenum
Cvigate-Palmolive Co. Commerce Credit Consolidated Edison Continental Oil of Del. Crown Zelterbach Cuban Amer. Sugar Diamond Alkali Dow Chemicada Dupont de Nemour Etman Kodak ........... El Paso National Gas Family Finance Corp. Ford Motor
General Electrio
General Foods
|Hongkong &
The
no
New Serandah Rubber Cu.
Lid
Banking Comp. Hongkong Tin Ltd.
N/Bd Kempas Lid.
$1.33 Laima Rubber Estates Lid. 089 xer Malayan Breweries................
$3.675
Raffles Hote!
$2.35
Singapore Cold Storage
$1.875%
Gen. Pub, VUL
South Bridah Insuretics Co.
Ltd.
$31.50
Straits Trading
$20.70
Siraite Steamship
$16.30
United Engineers Ord.")
has already been largely dds London Foreign
counted.
Without Sucz?
rate cut
as "better
Official quarters described the bank monetary control and cheaper."
Without the Suez crisis iho
Exchange
London, Feb. 12. Closing rates were! New York
2,30-13/10-2,78% Montroal
2.0814-2.089%
cut might have come last Octo. Copenhagen
ber or November.
Now the foreign
exchange
Frankfurt Mijan Par
Bri-
Vienna
crisis appears to be over.
tain may not need to draw any of the $500 million credit from
the Export-Import Bank.
She stands to receive sub- stantial foreign exchange from Germany by "defence ald" and anticipatory repayment of post- war debt.
There are also other prospects of replenJhment of the reserves. Thus, the ball per cent out from the near-crisis bank exte Bf.6% per cent is regarded as technically advantageous
1940-1941 11.7892-11.75% 170012-130115 3107-11821 73.00-22.20
-United Presa
CHICAGO LARD
FUTURES
Fetaling. Tin Lid.
Wearne Bros.
cumdiv: 1
China Mat Special.)
$0.03 1
eumbonum, ***
LONDON METAL
PRICES
London, Feb. 17. Prices of metals, closed today In wirling per long ton follows:
Chicago, Feb. 12. today in cents per lb. as follows: Copperpot
Prices of lard, futures closed / 2in
joot
March May F Beptember October
16.03 1422-00 14.77-75
mont)
Lead Lead
Zing
14.30
Zine t
United Pres.
14.00
General Motors
Glidden Co.
Goodrich (B. P.) Co. Goodyear Tire Heyden Chemical Ilomstake Mining Co. Ingersoll-Rand
Inland Steel Co.
Interchemical Corp.
In Businew Machines
Int'l Harvester
International Nickal
International Paper
Int'l Tel Tel John-Manville Co. Kanous C. Power & Light Kennesatt Copper..... Liggoti Meysin Tob. Co. Lockheed Aircraft Lone Star Cement Co, Lowenstein & Bo Mesabi Iron Corp. Mineola
MORNIG Camical Co. Montgomery. Ward Motorola Ing.
buyers sellers National Cash Tieg, “A“
National Dairy Prod.
750
National Lead
244
Kallonal Steel/Corp.
#43
1140 Mathieson
New York Central
Otin Elevator
De Owen-Illinois Glas
Pacio, Gas & Lico,
Pan American Airwa
96%
RUBBER
MARKETS
Soybeans, No. 2, yellow
موالي
Barley
New York flour
200 ib. sack
24 24114-242
2439%-16
433-32
130-140
$13.4011 --United Preas
Singapore, Feb. 12, The rubber market
GRAIN ruled WINNIPEG quiet end featureless throughcut the day with only minor fluctuations. Futures:
No. 1 rubber
**March
April
per lbs.
No. 2 rubber per lb. Mar.
No. 3 rubber per 1b. Mar. No. 4 rubber per Ib. Mar. Spot rubber unbalod
Blanket rep#
No. 1 pale crepe...
9/90
PRICES
Winnipeg, Feb. 12. Prices of grain "utures closed today in cents per bushel us follows;
ate
May
July
Oct.
7470
May
July
DOL
LONDON
Barloy
The market vas with
very quiet spot quoted at 20-1/10 pence per ib. Prices;
May
July Oct.
Flaxseed
Settlement house term: March
Ape/June
July/Sept.
Oct/Dec.
* General 'markets, cit” basin,
February
March
April
Elate crepe thin March Tatale crepe thick March
AMSTERDAM
The market was very quiet,,
Prices closed today in guilders
May
July
Oct,
10154
101%
201
283
202
Canadian whent export: Northern No, 3, non-IWA 100% cohta. No 8, non-IWA, 144 cents-United Press.
Exchange Rates
per kilogram, elf Mar. as fol-unemini fows
[Na."1 rubber
No. #runder.
Bubulniere, was 7 dona, in the jocal
exfunge
market this „ĮDowning at the following raja
1,5. dollar - (per 81)
250' krizyers "Austrálian noleu) (ver) £3) 245 BUYNH || Indonesian rupiah (per, 100) 216 buyers
mları / tidal)(per 100)
· Binapaporw › flirnika)
NOW!
NAMESAKES
Answers:-1
Enjoyment, 2
Meat, 3 Culinary, 4 Breakfast, 5 Digestible, Platter, 7 Supper,
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