THE CHINA MAIL, WEDNESDAY, FEBRUARY 20, 1957.
Page
TEA EXPORT
ALLOTMENT
New Delhi, Feb. 19. The Indian Government announced that the
today
allotment of tea export
would be increased by 10 million
pounds for
year 1950-57,
the
The total export 'of tea from India will be 483.3 million pounds, the Indian Ministry of Commerce and Consumer Industries sald.
United Press.
TO SEEK OIL IN
QUEENSLAND
TRADE and COMMERCE SECTION
COMMUNIST ECONOMIC
TROUBLE Experts Skeptical About Claims
Of Expansion
By CHARLES M. MCCANN
Soviet Russia and its satellites are facing serious economic difficulties.
The situation stems from the rebellions Australian in Poland and Hungary.
Brisbane, Feb. 19.
The South Pacific Pty Lid.,
American
about
company to be registered in Queens- land, announced plans
10-
are
and
Russia self, East Germany,dustrial products for countries Czechoslovakia'
Hungary of the Soviet bloe, has become the countries chledy tiability instead of an day to invest up to US$ | affected. But the difficulties and is crying 2,500,000 in oil drilling at
Tambo,
some 800
northwest of here.
miles
Com-
Mr J. Hargrove, the pany's manager, said: "We have good geological reports on the Dren and we are Interested both
in oil and natural gas."
hud
He said the company been formed by private unives- tors in both Australia and the US under the chairmanship of Mr R. Herring of Houston,
Texas.--United Press,
extend BISO to tellite nations,
other Soviet
The Soviet Government hos disclosed sume of the problems involved In a series of
Russia.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Busines done on the Hong- kong Slock Exchange this morning amounted to approxi- mately $540,000, Noon quota- Hons and the morning's tron- snelions:
SUST
BANKS
Buyers Rellers
Bales
East Aris
1010
234
1 राम्
SHIPPING
INSURANCES Union Lumbant
140
37
39
Wheelock
0.00 0.00
asset | DOCKS, ETC. nid from K. Whers..
On January 30, the Soviet Governmezi! Announced that
Dock Provident
10)
LAND, ETC
HK Hotel
BK Lund
..
in
there was a rise of 1 per cent industrial production
主皇 00-
nouncements that started in 1956. But it disclosed that the Realty December with the dismissal busic Industries of steel,
RUBBER
coal Trunt
of Deputy Premier Maxim Z, and building materials, among Saburoy,
Its chief economie others, had failed to meet their planner.
quelas for the year.
Cut Back
New York Foreign World War
Exchange
New York, Feb. 19. Closing rates were: England uro(LCİNİ
oficial
24
30-day
futures
New Zealand
South Africa
Auditralia
200-2.00 2.7036 2.79-3/10 2.767%
2.787-
-United Press.
London Foreign
Exchange
London, Feb. 19.
Closing rates were:
New York Moniral
Frankfurt
Labon Milan
Btockholm
2.7934-2.70-13/10 2.0834-2.63-3/10 11.7514-31.75), 00.03-80,10 1700-170146 140.501-140.67%
United Press
little better than chaotle
Last Saturday the Sortet, the parliament
UTILITIES Tran
100 101 100 101 404
13.40 2000 13.40 15 13.00 04 8414
100 x 641, 100 or 04
WORLD
RUBBER
MARKETS
Now York, Feb. 10,
The rex rubber contracts closed today 20 to 30 points higher with sales of 77 contrseta.
March May July
September
November
January
Standard contract closed 20 to 30 points higher with no sales reported.
Morch May
July
September
November
January
March
29.80
29 15
20,25
20,00
22.03
23.65
Middle East uncertainties and the sleedier ruling of London brazod tho local terminal market today in a rather quiet session. Technicians also 82w evidence of speculative covering 150 or 64 following Monday's sharp de
cline. But other traders thought the Lock
of aggressive selling 10,034
moe than
else DC- anything 23.20 23.30 1000 23.30 counted for the action.
142 145 104 106
Fuctor interest in the local spot market remained at a low ebb, dealers wald.
1.42!
103
300 or 100
23 23.10 2500 or 23.10
1000 + 23 3307 31
Star Ferry Yaumau
Supreme of the
C. Light Electric IN Tel. (01
25.70 21.00 24.00 24.80
Soviet Union, approved a 1957
budget which provided for the INDUSTRIALS best cutback in 20 years in cx-
the
Cement
Dntry
COTTONS
37% 37% 170037% 12.31
1962 m2 18,00
re-
Shipment offerings were ported "In rather good supply," but at prices too high to in- terest local buyer. Spot No 1 Rss was quoted at nominally 30
13.00 vr
14 14.20 3000 or 1420 | vente a pound,
3000 14.10
4.65 4.70 7500 m 4.70
0.40
3.93
Russia has sharply cut back the rate of its industrial pansion. East Germany
the rate of economte expansion.STORES, ETC. ani Czechoslovaklu are threatened by possibly the biggest short-
On February . Bruno Leu-Watson age of coal since the end or schner, chief economie planner
II. Hungary's for East Germany. announced Textile whole economle situation is at 1057 production quotas Corp.
must be cut and
Nanying pro-
INVESTMENTS gramme for copital Investments Tanz whittled down because of the fullure of Poland and Hungary to meet their export agreements,
The most crious immediate
East problem for the
German Reds 19 tho
cou! shortage. Communist leaders have start- ed to appeal to technicians and ordinary workers to volunteer for service in German mines to help make up the shortage.
Western intelligence
What has happened is that the tightly-Interlocking econo- mic system of Russia and the satelites have been thrown out of gear.
For years, Russia was able to direct, exploit and loot the industries ut its Communist satellites,
Now Poland is directing is Industry for its own good under Wladyslaw Gomulka, Ita in- dependent Communist leader.
sources
in Berlu report that the coal
Poland's coal was used, for shortage threatens to be the Instance, for Russia'a benent most serious since the war, and until its rebellion,
coal that lack of fuel has caused was nold, by Russian demand, cuts in electric power
than world prices. factories.
ot lower
Now the Soviet
This
Government has been compelled to agree to renegotiate its coal contracts.
But even with thai, Poland getung first bid
Its in
is
own
production.
Hungary, which was a source
New York Cotton
Most Skeptical
to
CHICAGO GRAIN
MARKET
Chicago, Feb. 19. Most grain futures firm- ed on the Board of Trade today, after an irregular opening.
Reports of winter wheat belt moisture, especially in Oklahoma, caused early declines in wheat Limited offerings and 1 fair amount of
buying export brought later rullies, with com- mission houses and locals on the On February 1, Czechoslovak | buying side following a special Premier
Villam
an-report from the Department of Siroky
Czecho-Agriculture. unless nounced that
of food, raw materials and in-slovait miners increased coal
Trader expectation of more production there would be serious decline in the output of covering turned soybeans higher aliquidation together with short Industrial goods.
just before the final bell. In addition to oli these
Exporters today reported 'sales developmenta of the last few of 6,700,000 bushels of US wheat weeks. there is the fact that to India, and said that several many leading ecomonisis pre other foreign consumers were most skeptical of all
Russian also in the market for fair sized statements borsting of Indus amounts. Norway and the trial expansion.
United Kingdom were buyers of small amounts of US corn. Especially they doubt tall Agures and eslimates which A1 tend to show that Russia's rale | were mixed. of production is ever likely to overtake that of the United1⁄2 cents. Slates in the foreseeable future
Futures Steady
New York, Feb. 19.
Cotton futures today steadied after giving ground for the third session in a row.
March iquidation, anticipating | bales. This compared with frat notice day on Thursday, 032,000 bales in December and and Intra-trade switching 751,000 bales used last year.
operations, featured a generally
quiet trade.
Month
March
Initial lose up to 50 cents a bale were halved in later deal- Ins, with the Ust closing net 2 to 0 points lower. Opening May prices were off to up 1 polni, New Oricans closed off 3 points
May July
90. Doc. Mar.
July
Renewed uncertainties in the Middle East, and reports of a somewhat better inquiry in the textile market, coming in the wake of mill plans to curtail production, and technical con- siderations, acted to cushion the putbacks.
Darller
deferred
Total
Volume Open Interest
24,500 01.600
34,100 314,000
10,100 150,000 14,700 149,100 $1,400 130,700 3,300 64.103 2,300 43,500 7,400
NEW YORK
20,200
under the United Press.
overseas
SINGAPORE
ruled
The market opened lower on
but advices steady with fair interest for lower grades.
Future closings were: No. 1 rubber
per ib.
March April
No. 2 rubber per ib. Mar. No. 3 rubber por b. Mar. No. 4 rubber per ib. Mar. No. 1 rubber unhaled Blanket crepo
No. 1 crepe ...
LONDON
80-801',
MAIDEN VOYAGE TO HONGKONG
Now, 80-knot Mariner, an M. M. Dant, owned and operated by States Line-Paciilo Transport Lines, Inc., will arrive at Hongkong on March 10, on her maiden voyage.
WALL STREET UK INVESTORS
MAKES
AT
RALLY CLOSE
New York, Feb. 19.
Stocks declined in the session today but rallied
to close practically unchanged.
RESTRAINED
London, Feb, 19. Middie East uncertainties restrained investors and stocks were irregular at the close On. London Stock Exchange
the
today.
British Governments
closed
mostly unchanged. Industrials were fractionally higher.
British American Tobacco
They turned
Armed
on
the
Oil issues paced the market. strong late in the day when Texas raised amount of oil it will fill Europe's needs.
Also there were unconfirmed International Paper rumours the Suez Canal soon Int'l Toi & Tak would be operative with some
John-Manville Co. sort of agreemont derived at on tolls with Egypt. Some oils dipped from their highs when
confirmation was
по
Bell coming.
90-31
80-001 70-78
73-73
The market was steady with spot quoted at 5% pence per ib. Price: Spol No. 1 Raa...
Settlement house term: March
Aprune
July/Bent. Oct Dec
Kansas C. Power & Light Kennevott Copper Liggett Meyer Tob. Ch. Lockheed Aircraft Loews. Incorp. forth-Lone Star Cement Co. (New) Lowenstein të Sons. Mesabi Iron Corp. Monsanto Chemical Co. Montgomery Ward Motorola Ine
Aside from the Middle East there was no general news to sway prices Industrisis ... fell more than 2 points on average on worries over that section.
They rallied when the oils turn- ed up.
At the close the industrial 25-***
averago was down 56 points; 21334-25-31
rails were unchanged and utill- 20ten were up .02. General markets, cit basis, poris: February March
unquoted April
251-2621
32:19-25%
Elate crepe in March 28,
New Low
National Cast Reg. National Dairy Prod. National Lead
National Steel Corp. New York Central Ol Mathleton Dus Elevators Owen-Hinola Gints Pacifle Gas & Elec. Pan American Airways
Pasmount Pictures Parke Days Co. Penny J.
4 boost In the dividend payment. Newsprint and
brewery Issues moved Tractionally higher, Oila res. ponded to continental buying.
Coppers
continued to slip on of the price. Bouth
werkening of
African gold shares were Im proved. Dollar stocks WHIC mostly on the lower side.
Japanese bonds were firm and other foreign bonds were 10% mostly steadyUnited Press.
NEW YORK METAL FUTURES
New York, Feb. 19.
Prices of metal futures closed today in cents per lb, as follows: Lood
Feb.
403%
1016
31
Mar.
15.25
7412
Zine
Penn. Salt Co.
101
Feb.
11.168
Philip Morris
Procter & Gamble Co.
4312
By
Mar.
13,000
Copper
Feb.
20 201
401%
Mor.
29.066
Tira
Feb.
(Standard) 00.000
7316
Mar.
404
Feb.
8714
Mar
Publieker Industries Pure Oll.... Republic Steel
a new Radio Corporatum
Trading lightened to Estate crepe thick Marel unqualed low for the year at 1,070,000 Amsterdam rubber prices shares against 1,800,000 shares were unavailable-United Press. in the previous session.
Singapore
Stock Market
Singapore, Feb. 20. Brokers today quoted the fol- lowing stock prices: Balu Lintang
Lu
British grains
outside markets,
Wheat closing range, up 1 to Soybeans closing range: up
best conditions. to 23% conta.
Crude Oil Production
Washington, Feb, 19.
The Interior Department made 100:300 1.000,200 bales public today a forecast drawn up some days ago by its office of oll and gas suggesting that domestic crude oil production should be Prices of futures closed today Increased by 300,000 barrels daily during the next six weeks If the combined needs of the United States and Western 25.07-00 Europe were to be met. 35.10
ns, follows;
Spot March May July October December March
small sellingt in
following May months,
Down -ON additional moisture July bver the southwest, slackened later with reports that largo brows of the southwest were still in urgent need ot sub-soll inclaturo.
NEW ORLEANS
TB25m
24,42
59.14
33.00
22,37
1
Shell Qu Co.
Saint Hey, P
Sinclair Oil
Paper
Bocany Mobiicil
South Puerto Rico Sugar
At the close oils were up Southern National Gas
Motors
more than 2 points-steel shures Inst small amounis were narrowly mixed There was a minor rise in the wility
average.
Southern Hallway (Com) Bleep Rock Torontocx.) Standard! Brands Standard Oil of Cai. Standard Oll of Ind.
Standard Oll «! NJ, Studebaker-Packard Corp. Swift & Co.
Railroad issues were a stand- off with about half of the 20 Texas Co.... Issues in the average scoring small net gains.
Tide Water An
"The market narrowed to a Union Pacife Railway more 1,104 issues. Of these 450
declined, 393 advanced and 2018. Gypsum held
unchanged. There were five new 1036-57 highs and 25 new lows
NY Stockt Exchange bond volume was $3,700,000.
American
Exchange Stock volume was 680,000 shares.
Dow Jones closing averages were:
24b
(Strai) 99.00b
United Pr
LONDON METAL PRICES
London, Feb. 10,
Prices of metals closed today in sterling per long ton as fol- lows:
Twenty Century Fox Film Union Carbido
buyers sollers
1007
Tin
287
Spot
7223%
United Aircraft
817
3-month
747
740
Copper
U.S. Line Co.
U.8. Rubber
Byot
242
24211
419
3-month
29033
HO
U.S. Smelting
Lead 2nd half
U.S. Steel...
Eeb.
113
11344
May
11212
1125
West Va. Pulp & Paper Woolworth
Zine 2nd half
Feb. May
9814
9614
-United Press.
“United." Premi
Warner Bros.
Westinghouse Electric
GO
Rubber
Opening Co.
料批
Borneo Petroleum Syndicate Consolklated Tin Smelters
Ord, Fraser &
Lid Ord. Fram Neave 135% cum.
pret Gammons (Malaya) Limited Hongkong & Shanghai Bank-
ing Corp.
80
$2.272
И
1800*
Hongkong Tin Ltd.
Bad
Kempas Ltd.
Lunes Rubber Estates Ltd."
.801
Malayan Breweries
$2.15
30 industriRİN
400,49
23376-230711
Petaling Tin Lid
......
New Berandah Rubber
Ltd.
20 rail
$2.43
15 utfitties
71,04
$3.00
04 stocka
Raffles Hotel
12.39
40 bonda
0101
THE GUINNESS
2309-12
Bingapore Cold Storage South British Insurance
#1.5715
Comm. future price Index
157.10
50
Strata Trading
Straits Steamship
United Engineers
Ord.
80,700
Woarno Bros.....
£7.83
Allied Chemicals
CHICAGO GRAIN PRICES Prices per bushel in cents: Wheat, No. 2, rea
Spot
Mar. 233% (H)
230(1)
May
July
Begit
Dec.
Corn, No. 2, yellow
Spot Mar.
May
July
Sept.
Dre.
Rye
Mar.
May
Oal
Mar.
May Soybeans, No. 2,
Spot
Mar.
July
Kay
Sept. Nov.
Spot
New York flour
200 lb. anck
Today's Increase of slightly more than 210,000 barrels a day in Texan production fell short of this figure by about one-third.
This more pessimistic view of Barter, the supply situation contrasted with the optimism shown by Prices of futures closed today British experts here. as follows:
8pot March liquidation prompted March the recent increase in
May July certificated stock, and expecta- October tłote for further additions 10: December the deliversblo supply, was March absorbed by mills, exportars July miker trade interests. The demand became more apparent as sile, market slid off to near the 36-cent level,
the
May
Chen March contracts today old contract Mar./Apt. tatalied $1,000 bales,
SH
30.18
21.00
52.48
LIVERPOOL Futures closings, in pence per { Ib. wore na follows:
25.83
The
May/June
-bertinonika stočke remained, at
(3,801 "bdies."
July/Aug. Oct/Nov. Dec/Jan
25:30 24,50 25.17
The New York
change · Survico
Cotton Ex- New contract Mar/Apr. Bureau ventu
30,03
May/June
July/Aug.
Stimated domestle consumption:
Dat/Nov.
of all raw onion in the five payptian Ham Jan./Feb. waks ended Feb. 2 at 835,000!
Interion Department officials sakt that their appeal for an extra 300,000 barrels a day in- crease. Ind been sent put to State regulatory bodies severat daya ago. "It probably had a great influence on what the Texan Railroad Commission did." one officiel said China Mall Spectat.
LONDON SILVER
PRICES
London, Feb. 18.
2019
130-130% 1306-42
134435 13:3 2371-130
12:3 334%
דשני.
ellow
130-14011
113.401 United Prest
Exchange Rates
Durres WAS done in the local unofficial
market this morning at the following rates: Sterling notes (pic (21) U.B. dollar (per $1). Australian, notes (per (21) Indonesian rupiah (per 100) Siam tical (per 100) Singapore (Biruits)
NAMESAKES
• cumday + xert edeb. Mall Special.
$25.00
China
New York Sugar
Market
New York, Feb, 19. World No. 4 sugar futures today closed unchanged to ? points lower with moles of 838 contracts.
Closing Prices
Allied Mills Inc.
Allis Chalmers
American Cable & Hadio
Corp.
American Cyanamide to, Amer. & Forgn. Power Amr, Mach. & F'des. American Metai American melting American Tel se rel American Tob. "B" Anaconda Copper Armco Steel Armour
Baldwin-Lima-11am, Baltimore & Ohio Bendix Aviation Corb. Benguet Conta Bethlehem Steel Boeing Airplane Bardon The) Co.
Domestic No. 6 sugar futures closed unchanged to 4 points Canadian Pacific R higher with sales of 20 contracts, Case (3, 1) Co.
Cat. Tractor
Realising and bedze selling | Celanese Corp. with the lower raw market up-1. Financial Corp.
Charo Manhat, Bank set the world contract after a Chrysler Motors Arm opening. Domestic Aflures Cimax Molybdenum jizado lacked a definite feature.
Contract No. 4 (world)
8.70
Colgate-Palmolive -Co. Consolidated Edison Crown Zellarbach Cuban Amer. Sugar Diamond Alki Dow Chemicals Dupont de Nemours
8.70-78 Katman Kodak
General Electric
28.16 12.00
March May July
'0.76
10.20
·Márel
El Paso National Cias (Now)
4.71
Temity Finance Corp.
Fuy
4.00
spot (denia per tb. Loto
General Foods
[Quba)
General Motors
Open intèrpat:
Gert, Phib, VKÍ,
Monts
Ázstyérske-1/Open, 2 Eagle 3
The price of silver was quoted | Tournament,
at 80.pence for spot and, 79% | 0, Fitstraijan.
·July
"Contract No./@#^{Gomoktic)|
Birdi
Spot(conta per 16.-
·Open - Asterest:
Peter Thomson (The goldies).
pence for forward. Compared Match, 16. Claw, x11, Cou with 70% and 70% previous Burber 17).—United Press.
#100
Glidden Co
Goodrich B. P.) Co.,
Goodyear Tire
Haydon Howport, Corp.
Ingersoll-Rand
Irland Bleel- Co Interchentoni - Corp,
Cape | · Int'l Harvestar.
Internationaliteitsi
BOOK OF RECORDS
A complete catalogue
of the world's
records and superlatives
272 pages
126 plates
Price HK$9.50 .
Obtainable from the sole distributors in
Hong Kong.
SOUTH CHINA MORNING POST, LTD.
Hong Kong.
Kowloon.