THE CHINA MAIL, TUESDAY, FEBRUARY 19, 1957.
Page
Interest Rate Rise Rejected
Washington, Ech. 18, The Jlouse Veierans Affairs Committee today
Elken- mjected President hower's request to raise interest rate from the pre- sent 43% per cent to 5 per coal.
naked
bad
Eisenhower for the increase to en- courage mortgage lenders to take a greater part in the farring GI home loan programme.
The
Committer, in re- fecting the request, in- sisted that veterans get home loans at 14 per cent
than other Lese
Hovern- mont-lasured home mort- The Interest rates Kages on loaps guaranteed the Federal Housing Ad- ministration
was boosted
by
from 4 to 5 per cent late lani year-United Pres.
WORLD
RUBBER
MARKETS
The rubber
Singapore, Feb. 18.
market openter lower on disappointing versens
and advices
It eased further during the day on Federation Druidation.
TRADE
and
COMMERCE SECTION
FREE TRADE AREA MAY BE WALL STREET
READY BY AUTUMN
From RONALD BOXALL
London, Feb. 18.
OPERATORS
Transferable HONGKONG TURN SELECTIVE
Lira Introduced
Rome, Feb. 18. The institution of
transferable If freely
B
over
STOCK EXCHANGE
lira (From Our Correspondent) Business done on the Hong the konz Stock Exchange
| morning amounted to approxi- mately $720,000. Noon quota- tions and the morning's transac-
aron was announced weekend by Italian Foreign Trade Ministry.
The move towards free trade gathered considerable momentum last week. the "deadlines" laid down by the OEEC | the Council of Ministers are met the proposed customs union of six nations will be set up by the end of the summer and the free trade area associated with it will be operation a few months later.
sur-
For all countries with which
payment for goods and services does not take place in free cur- inrencies artungements have been
tions:
Sharea
DANKS
HK ..
this
Buyers Bellera Males
That Ada INSURANCES
Union
Lombard
made hellitaling payments in currencies which belong to the system of multilateral arbitrage (sterling. West German marks, ete) and in multilateral lire.
These lire ore convertible freely in monetary areas direct-
indirectly associated DOCKS, ETC. the European with
Payments WHITE Union.
Dock
preserve the advantages that the Commonwealth countries enjoy In the British market under imperial preference ar- rangements.
Most other Euro-y and
pean countrieultially those
เก
oppose
"group"
This is hurrying things along more brisky than the proponents had dared hupe. I was prising that none of the OBEC countries who пре Jukewarm about the project-those who are largo
exporters of agricul- tural products and those whose
The statement says the new economies are less
provides highly that free trade in agricul-rangement
for a developed
average did
multilateral system of payments Chan
in place of bilateral agreements As these at present in force. bilatera agreements expiré multateral agreements, they may be substituted
で
The
take Advantage OFFC's rule of unanimity $1 delay the commencement of de- tailed negotiations.
of
These will now begin at oner. with Separate working parties study the general problemis setting up the free trade urea position of agriculture and status within the area of the
this view
while recognis
thai.
tural products is probably im- practicable. They insist some form of regulated market for these products should oper- ale parallel with the industrial free market.
| Opinion in Britain is split on this question. Qu one hand there are those who fear that European free trade will damage Commonwealth trade relations
dangerous European
There was a Inir interest for less developed countries, Me expose home agriculture to lower sheets and some Austra-Peter Thurneycroft, the British nan buying.
Futures closings were:
No rubber per ju Mar. Bo'y-Bar,
No. 2 rubber per lb Mor
No. 3
**
No. 4
Spot rubber ombated
Blanket rrept
No. 1 pate prepe
Apr
B44-84'4
316-03 THIS-BO!
ST-Ara
70-77 94-95
LONDON
The market Wis very quiet with spot quoted at 25-11/16 rence per . Prices:
Chancellor of the Exchequer,
will act as political co-ordinator of these groups, receive then reports and submit a draft convention 10 the Council 101 time for it to take further de cisions before the end of July.
Firmly in Favour
חו
វ
Brea
These moves come last than a week after the British Gov- orniment had declared itself Armly in favour of European free trade, Its White Paper
subject envisaged the
free trade
In which import quotas would be abolished "well within the tran- sitional period contemplated for and the reduction of arts"
clauses kept escape minimum.
No. 1 Rea pot 20%-25% Industrial
251-233,
Settleinent une term:
March
Apr/June
July/Sept.
Oct./Dec.
23-201 General markets, elf baris, ports:
251-251
unqualed
Feb/Mor, and API
Estale crepe Marels
Thick
..... 201
AMSTERDAM
The market was dull, closed today
Prices
in guilders per klo, clf March as follows:
No. 1 rubber
Nu, 2 rubber
No. 3 rubber
No. 1 repu
2.30 nom
2.40 nom. 2.44. 2,70 norm.
New York rubber prices were unavailable.-United Press.
10
ค
But it remained adamami that
Con
competi-
Goes Even Further
On the other hand there is
sertion of pinion
The
Economist,
In
SUBSTITUTION
by
this way,
the clearing system will be substituted by the method of multilateral pay- ments.
sama
The statement said that n result of this decision the ra becomes an international mont- medium with Lary and trade the
features
those 13 European currencies more wide- aly used in international trade.
The measure will open up to the
Itailan banking systom
possibilities for colla greater borating with
In other counts and traders
SHIPPING
Wheelook
1630
New York, Feb. 18.
MALAYAN MISSION TO BURMA
Singapore, Feb. 18. Thirty three Malayam businessmen will form a trade mission to Burma, next month, the Singapore-
Irregularity came into stocks as traders turn-Burma Trade Association
ed highly selective after the swift, sharp recovery from the 16-month lows set carly last week.
mere
Goodrich (13. F.) Co. Que on
Heyden Newport Corp. Homsinke Mining Co. Ingersoll-Rand
Inland Sicel, Co. Tolerchemical Corp. International Paper
Kansas C. Power & Light Liggott Meyers Tob. Co. Lowenstein & Bora Mesabi Iron Carp. Medonneil Argrafi Minnesota Mining Mio Development
The general list was narrow- ly irregular and dull. A few fentures rose sharply and a few others had declines ranging to 2 points or more.
Trading fell off to a 1,000,000 abarcs smallest since John-Manville Co February 4-from 2,060,300 on Friday. There was nothing in the news to sway the market. Aluminium Ltd. made a swift comeback from a wide decline, 40 A 1025 closing off only a point, Ken- necott was off from its high but well above the day's low with its Anal gain of 260 0.13 Anaconda, selling ex-rights, lost
2 0.50 over
points. Inspiration Copper and Miami Copper were off over one each.
10 3030
20 38
$42
Pčo
200
4,00 6.00
*350*1
100 100 Prov (0) 1330 231 LAND, ETC.
C Hotel HK Land
10.40 15.00
Realty RUBBER Amals. XD. Teux UTILITIES
TTIKT
Yaumat!
C Light
0434 700 6415
point,
Chrysler Featured
Chrysler featured the upside coor with a late rise of a point. Ford 1440 1420:10,000 * 1.48%
rose a fraction while General Motors dipped a bit.
· Long
135 3000 to 150
1007 1.00 2320 23.40 3500 340
106 107 23.10 23,20 174
23.10
350023-1
23.20
B00 3123
300
Electric
31 31
30 31.25
Macao E Telephone,
9,70
(0) 20.70 25.00
500 31.25
1000 25.00
1400 mp 23.00
500 4 25,80
1000 25.00
500 g 25.70
(N) 24.00
24
600 @ 20
Cement
поре
12.00 STORES, ETC.
Dairy
3715
..... 15.00
10
DC
14.10 1440
Watson Lano, Crew 28:30 COTTONS
Nanyang
which goes even further than the Govern- ment and believes that Britain should not only Join the [ree trade area, but drop its objec-
It means that foreign opera- tion to inclusion of agriculture. tory who have at their disposal Textiles
one of the Italian lire will be able to pay chief proponents of free trade, is for services in various markets of the opinion that government with Italian lire instead of In Insistence of tying its decision other
countries belonging to about agriculture to reci to tho multilateral arbitrage maintain imperial preference is
system. "red herring." The real rea- In other words the lira is con, it believes, is that the freely convertible into curren- Government
on wants to go
cles of any other country protecting home agriculture
to any
market belonging to the avald losing votes.
European Payments Union. - China Mail Special.
ຕ
The Economist's view is that
agriculture should be excluded the two categories of trade can-
not be kepl separate in trade from free
arrangements
to practice: and this attitude threatens
the chief stumbling be one of blocks in the coming negotia- tions.
has
"European agricultural nations (it says that have hotly pro- tested about (Britain's allude) by non- can fairly be asked ngricultural and non-political dislike Britain's Britons who to excessive agricultural protection as much as they do to ponder how long they really think that
Britain's view all along been that agricultural products should be excluded
New York Cotton
Futures Quiet
New York, Feb. 18.
Cotton futures moved lower in quiet trading today with nearby months registering the biggest losses.
At the close, the list ruled,
The seven to 18 points lower, market opened one lo 18 lower. New Orleans closed nine to 12 lower.
The lat drifted lower at the outset on liquidation brought about by reports of good rains in the drought areas of Texas, but settled back from the lows towards noon on some mill buying and short covering.
December March
33.03
32.00
May July
17.01
32,53
NEW ORLEANS
Prices of futures closed today as follows:
Spot March May July
October
December
March
May July
34.00
34.00
33.09
34.50
23.10
23.03
32.00 37.02
32,31
Britain will be able to main- win This
blatan moral weakness In its reservations
Quiet Stock
Trading
In London
in
London, Feb. 18. Stocks closed mixed in quiet trading on the Lon- don Stock Exchange today with continued uncertainty over the Suez Canal put- ting the damper on ac-
once the trend to freer trade in Industrial goods is afnot, The point to note is not simply that without Its exclucion
of agri- culture Britain would not join free trade area;, it is that Britain remained eutside the area tivity. there would be little hope H ever loosening our agricultural protectionism. while w
it
The market for Industrials was we marked by a modest selective
are coming in useful pressures demand. Nucicar shares rose as will surely arise. Liberals-on much as a shilling while en- the Continent as in Britain [gineering and
some aircraft should think this one out-with almares firmed on optimism over an inscrutable smile,”
impending dividends.
Opponents
Opponents of free trade have Already thought it out-and found nothing to smile about, It is at least debatable whether inclusion of agriculture in the
British Government bonds suffered losses in early trading. but a late rally brought them back to opening levels. Some
issues showed rises of about 4 shillings.
A
Royal Dutch gained about 4 free trade area would jeopardise shillings on a quiet oil list. what remains of imperial pre-few others have up from six to ference or not. But need to give ninpence. Suez Canal lost 16 some protection to home agri- sterling to 51% aterling culture for purely
|reasons ́ls incon10/ver.
2001 14.00
700 i 30
100037
207 10.00
Goo 10 1000 6 10
500 28.50
4.00 4.30 2000 8.35 4000 8.20
3600814
Singapore
Oils were mostly narrow with loss of 1% in Continental and a gain of a like amount In Sea- board standing out,
Industrials as a group closed off 67 point on average at
falls off 487.40,
69 at 142.40 and utilities up 15 at 70.04.
Now York Stock Exchange bond volume was $3,760,000,
American Stock volume was 830,000 shares.
Exchange
Dow-Jones closing averages
were;
30 Industrials
407 40
20 rally..
142,40
is utilities
70.04
84 stocks
105.38
10.99
Comm, futures price index 156.70
40 bonde
Closing Prices
4,00
8.30
Alden Ino. Acy.
Allied Mills Inc.
American Airline
American Cable & Radio Corp.
American Cyanamide Co.
0714
Amer. Foren. Pawea
Am. Mach. &c Fdry
Stock Market
Singapore, Feb. 18. Brokers today quoted the fol- lowing stock prices:
Batu Lintang Rubber
Am. Sugar Ref.
Armco Steel
Allas Cons. Mining
Baldwin-Lima ilam.
Deneficial Finance
Bendix Aviation Corp.
Benguet Cons
Caso (. ) Cu. Cat, Tractor
Colanens Czing.
Marant to Chemical Co. Motorola Inc. National Breel Corp. Dairy Prod
Olla Mathlon Owen-filthole Glas Parke Davis Co.
Penny J. C. Co. Penn. Ball Ca. Philip Morris
Procter & Gamble Co. Pittsburgh Plate Glas Publickor Industries Tire Oll Reynalds Metol Shell Oil Co.
Saint Res. Poper
Solar Aircraft South Puerto Rien Bugar Southern National Ga Southern Railway (Com.
jeep Rock (Torontoex.) sterling Drug Co. (New) Sikely-Van Camp.
Tide Water Amas, Oli
Time Inc.
Twenty Century Fox Fim US. Fall US, Line Co West Va. Pulp & Paper Western Union Tel.......
-United Press,
Gay
1133
said today.
Mr Tai Yeo Mai, secretary of the Asspelation which is span- noring the
mission, sald Mr 19 Keng Ban Es, secretary-generel of the Singapore Labour Front, would travel
personal expartly with the mission
707
40
מן
a
Mr Tal said the mladon hoped to charter a plane for the 10- day trip during which ther would meet the Union of Burma Chamber of Commerce and Industry, the State Agricultural Markeung
and ather Board, governmental rennt Delegates would
rico and produce merchants, sepre- sontalves of oil millers, biscult 44 and paper factories, shipping companies and bankers-Router.
NEW YORK METAL FUTURES
New York, Feb. 18. Prices of metal futures closed today in cents per ib. follows:
4312
181
Lead Feb.
Mar.
Zine Feb.
Mar.
Copper Fob,
Mar
הודי
Feb
Mus
Feb
Mar
19
14.00D
15.ibb
13.250
13.0012
20.401
29.506
• standard † strait- United Pri
P.OBIE.A
COMPANIES
PENINSULAR & ORIENTAL S.N, CO
Outwards "CANTON"
PASSENGER/FREIGHT SERVICE
Leaves Lon di da
Balled
Das Hongkong
6th April
"CORFU"
"CHUSAN"
"CANTON"
Rist Apel
imd February 30th March BIN ME
1st Ju
Via Bouthampton, Colombe, Penang à Singapore.
Leaves Hongkong Dus London
Homewards
Boeing Airplane
0346
Borden (The) Co,
Burroughs Add Machine
1515
Opening
$1.82
C. I. T. Financial Corp. Chase Manhat. Bank Cimax Molybdenum
40#
04
Colgate-Palmolive Co. Colombian Carbon Commercial Credit
42
4472
*CANTON"
4012
"CORFU
33
"CHURAN”
12
Bath
50/- -
31/-
British Borneo Petroleum Syndicate..................................... Consolidated Tin Smellers and............ Fraser & Neave Ltd. Ord. $3.22 Fraser & Neave Lid. 76%
cum, prot. ....
$1.00 Gammons (Malaya; imited 12.03
& Hongkong
Shanghat Banking Corp. Kempas Ltd. Hongkong Tin Ltd. Luna Rubber Estates Lid. 8.00 xer New Serandah Rubber Cu. Petaling Tin Ltd.
Malayan Breweries、、
Lid...
Singapore Cold Storage..
Rallies Hotel
South Britists Insurance Co.
Lid. ***
Simita Trading Straits Steamship United Engineers Ord. Wearne Bron
cumdiv
Special,
$360. 8/04 $1.37
$2.83
$2,40
83.03
$2.35
$1.30
$33.50
$26.70
$10.05
$8.70 t 32.83 cdcb-China Matt
Commonwealth Elee. Crown Zellerbach Diamond Alkali
Dow Chemicals
Doumina Aircraft
Eastern Airlines
El Paso National Gas (New)
Family Finance Corp.
Firestone Tire
Ford Motor
Gen. Pub, Util.
Getty Oll
Glidden Co.
CHICAGO GRAIN
MARKET
Chicago, Feb. 18.
Grain futures turned irregular on the Board of
New York Sugar Trade today during
Market
New York, Feb. 18. World No. 4 sugar
futures
contracts.
A
very active session.
Early selling in wheat was fairly
Prices rollled general. during later trade, however, with March and May showing the closed today four to 11 most strength as these deliveries East coast dock strike reported points higher with sales of 512 wero directly afteted by the
Domestic No. 8 sugar future agreement, closed today unchanged to two Soybeans declinet carly, in- points lower with sales of 259 fluenced by the Goverment's how-contracts.
announcement to sell beans taken moved up on in on loans, to the course of commission house the selloff, some deliveries made Wonknow In soybean and buying, but displayed a some-new season's lowe what hesitant tone because of current full in large-scale buy-vegetable oil futures was respon-
sible for the lower trend ing of world raws.
Domestic futures were rather lard. quiet with the exception of the Wheat closing range off 1% to nearby March, which went off 23 cents, Soybean closing range
Dollar stocks were marked up strategically Collon Economically and
Britain would be weakened if in accordance with Wall Street prices but demand was light and her agricultural industry
the premium cased to seven per
the posting of a However, further increase of 003 bates in certificated Colton stocks
Tha New Orleans brought selling into old crop Exchange announced today it months with losses, extending will be closed for trading on to $1 a baie. But again buying Friday, February 22, (Washing- get in with losses down further ton's birthday) and on Tuesday, liquidation in nearby March March 5 (Mardi Gras Day). which goes off Thursday, February
the board on
21.
The
March open interest today total-
LIVERPOOL
were
exposed to full blast of Euro- cent.--United Press.
Future closings, in pence per agriculture. led 97,200 boles. The cartinoated 1b, were as follows:
alock rose to 3,801 bales.
A leading spot firm reported Increased mill interest in the Atlanta area this past week, but said the mills still are com- plaining of poor business, and It is doubtful that sales will bo made until business improves, Month
Volume Open interest;
20,000 07,200
140,000
March
May
32,000
STO,700
July
0,000
138,400
Ocidber
0,700
Decembe
4.000
129,900
March
700
May
2,100
A1700
Joly
1,400 24,900
Total
$2,000
01,400 1,021,200 bales NEW YORK
Prices of futures closed today as follows:
Spot
March
May July
October
Old_contract
Mar/Apr. May/June July/Aug Oct Nov Decan. New contract
Mar/Apr
May/June
July/Aug.
Oct/Nov.
Dec/Jan.
no
Exchange
pean competition.
On the other hand one cannot extol the advantages of
and New York Foreign economic specialisation maintain a case for excluding Fortunately, how- ever, the choice is not between free trade with ogriculture 25.00
tree trade at all, Even 23.83-80 common market countries which 24.37
propose to go farther lowards 25.10 25.00-10 economic integration than Bri
tain ever contemplated recognise speciel position of agriculture. A compromise to satisfy both puriais and protectionista should | Press. not be impossible to find London Express Service.
20.10
21.03
23.72
25330
23.12
Egypilan Karnak Jan./Feb. 00.00
SAO PAULO
Closing prices per kilo were as follows:
in cruzelros
March, May and July un- quotod. October December
NAMESAKES
Answers
Infection,
2
Bullota 7 'Ordoer, 4 Scutari, độ
New York, Feb." 18. Closing rates were: Conada
*1.04 11/32 England ameinf.... 2.70 15/15
30-day futures.. 2.7014 DG-day futures.. 2.78 27/32 Australia New Zealand
2.78 13/10 Others were unchanged United
"
London Foreign Exchange
Closing raigs were: 30.40 Volunteers @ Injuries, 7 Dis- 'New York ................ 30.50 cipline, 8 Wourkied, Profession, Montreat i
In the United States, the 10 Ammunition, 11 Surgery, 12 Adam average price of one inch Hospital, 13 Doctor, 14 Supplies, cotton at 14 designated: spot 16 huwing, 10 -Bandages, 17 May markets was 33.75 cents. Total | Tumianejos:10. Casualty 10 Vienn
"at"" these "markets "Wore| Crimon: 21,704 balos-United Prom. "Florence Nightigste,
London, Feb. 10.
3/01-2.30 12/10 -2.00 (6-8.00 3/16 ··
20.8714-10.8731 1406-14-14043 170033-1701-004
entagen tid
Zurich V
Other "ware Prem
---United
World futures trade
and
the board today. It rose sharp of 4/8 to 3 cents,
ly on short covering.
Conturot No. 4, (world)
N.Y. COTTONSEED
OIL
Now York, Feb. 18. Prices of cottonseed alt futures closed today in cents por lb. as follows:
March
8.00
May
July
September
March MAY July
5.63-83 4.79
4.78
4.18
Spot (cenim per ib. rob Cuba) - 4.90 "Open interent! 1,417 contracts, Contract No, G (dusnextle).
March
March MAY July
MAY
0.60
Juby
15.00 10:00-00 10.01
0.00
30.70
0.74
September
6.77
Desember
18.30
November
January
35.34
Spot (cente per 1b, eit NE
Marcia
15.00
5.00
Salow 200 contagia-United Pr
Opóri | Interest:
United Press,
2,435
Exchange Rates
September
CHICAGO LARD.
**** FUTURES
Chicago, Feb. 18. Prices of larg futures closed } frankomum (vas' dono in'? the? Tobal undficial- exchange market this today. In cents per tb as fol- morning at ze following Fries
lows: en 21 March | Marijne möter Alper, KRAANG | MAYU),
Indanetary rubiah, (per- 100) 99, 18.30' | geptember Glen Meal - (per: 100).
October 1,00.
14.00-87
1412-45
14.50
"CANTON"
10th February
3rd April
12th Max
6th June
01h APTA
13th Mar
12th Jung
To be advised
Via Singapore, Penang & Colombo. FREIGHT SERVICE
dse "SOUDAN"
2nd Mar. *BALSETTE" joads 6th Mar.
from UK.
tor Singapore, P. Swet- tembar, Posts, Lot- don, Hersburg, Rotter- dam & Antwerp from UK.
from UK.
tram UK.
"BINGAPORE"due 15th Mar. “BALLARAT”dus 17th More. dhe 23rd Biar. "SOMALT"
ALL VESSELS outwards AND HOMEWARDS THE CAPE OF GOOD WILL PHOCKED BY
HOPE UNTIL YURTHER NOTICE.
BRITISH INDIA S.N, CO., LTD.
1850 - A HUNDRED YEARS OF SERVICE –– 1N8
from Calcutta, Rangoon "BANGOLA” dae 23rd Feb.
& Etrati satte 24th Feb. for Japan
8th Mar, Bali Bih Bar.
"FULTALA" dug
"BANGOLA” dag 15th Mar,
walls 10th Mar.
from Japen
for Bingapore, Hanzoen. Chittagong. Viralchapat nam & Kakidada from Japan
101 Bingapore, Penang, Rangoon Calcutta
P. & 0./B, I. JOINT SERVICE
"URLANA"
"UMARIA”
In Port
sallo Aist Feb.
1
dne 23rd Feb. sails zith Feb
"ITOLA" due 2nd Mar. gala si Mar. "ISMAILA" due 14th Mar,
salis 18th Mor.
from Japan for Bingapore, Cochin, Bombay, Karachi, Bas- ral de Kuwait from Japan
for Bingapore, Bombay, Karachi, Dubai, Kuwai}, Khorramanane de Estran from Bombay đa Karnoká tor Japan (2)
from S'pore, Botebay, Karachi, Haaral," Khor- ramatir de Euwati Jor Juper
EASTERN & AUSTRALIAN S.S. CO., LTD.
*NELLORE" loads Bin Mar.
"NANKIN"
londe 18th Mar.
for Bandakan.. † Babard
bourne år Aasri
for
Byday Mal- bourne direct.
All vessels baro 'liberty, to call at any portu wa, * or off the rente à the rouía a sling new exhjací to charge or amendment with or without notips.
For full particulars apply to:
MACKINNON, MACKENZIE & CO OF HONG KONG LID. Telephone Nox. 27721-4,