THE CHINA MAIL, THURSDAY, FEBRUARY 21, 1957.
7
Page
TRADE and COMMERCE SECTION
Basic Principles Of Planning HONGKONG WALL STREET Free Enterprise System WORLD
US INDUSTRIAL LEADER
EXPLAINS THEIR
USE
San Francisco, Feb. 20.
The basic principles of corporate planning within the boundaries of the United States Free Enterprise System have been explained to the nation's industrial leaders.
The principles remain The to the rates business is paying
Bald Mr BC. Ingersoll same,
of the Chairman of the Boar Borg-Warner Corporation, uf Chicago, during the sessions of The Industrial Fenomics Con- by the ference here sponsored Stanford Research Institute.
The Principles
"What really counts." he said, "is how we use these principles."
He outlined the principles as follows:
today.
"Even some of
largest and best fronted companies are reported to be experiencing real difficulty, because of isck capital, in taking advantage all of their many attractive new product possibilities.
uf
"The small and medium-size
usually Ads company financial problem serloin,
the
even more
"High capital ests plus high 1. An aclive, well-managed, | Axed operating costs have com- the imaginative
10 give Industry but practica) bined research and development pro-highest break-even points of all both short time. A reversal of this trend is gramme comprising
not to be expected in the fore- term and long range projects.
seeable future,
This relative 2. The utilisation
the inflexibility of
in the cronomic Industry greally efficient structures of most modern and
of doing increases the hazard production facilities and manu- facturing techniques so that our { business, products may be competitive in quality and price.
3. Continuing market studies to show Us which
of our products may be expect- ed to go on enjoying publie acceptances, which products may become obsolete through changes in manufacturing aris or changes in public taste, what new pro- ducts should be developed perhaps acquired to round
our
ог
|
Never Be Sure
Con-
"The prediction of future markets has been vastly plicated by the stepped-up rate of technological development.
future "The unpredictable effects of research and devek p- mani nelivity often cause com- Industry paples to heap across
into new competitive
areas.
oul
lines existing lines what new markets may exist or open up red for our products at home
considera- abroad, and similar flors.
4. The development of new and more effective methods and channus of distribution.
5. The build-up of hard- hitting sales staffs.
for 8. Plannin
internal expansion, through capliul plants.
expenditure. tor
new
machinery. and other equip-
ment.
for
external
7. Planning expansion, thriugh the ae- quisition of outside companies in carefully selectal fields.
B. Long range
financial
planning to determine what caphat may be required for where the
future growth and
money may be obtained.
9. The building of man- agement in
levels.
depth
Still Valid
ak ul
Those principles of corporate expansion are valid even in the changing world of modern times, Mr Ingersoll told the 500 dele- gates to the conference. He also predicted that the future would be practically unlimited but of would require recognition changing circumstances and con- sumer desires.
"We try constantly to remind (our) divisional presidents that products which many of the
have made their own divisions prosperous may not be in exis- tence ten years from now.
"The businessman can never be sure from what direction will come the development that will compete with his product or ob- solete his processbut ke kukaws 101 It will happen if he does keep moving." China Mall Special.
NEW YORK METAL FUTURES
New York, Feb. 20. Prices of metal futures closed today in cents per lb. as follows:
Lead Feb.
LONDON
HIGHER
Large Liquid Assets An Embarrassment
London, Feb. 20. The Financial Times today said it was a sign of the times that possession of very large liquid re- sources
sometimes proving an embarrassment .to rubber companies rather essential safe- than
an
WEE
OILS MOVE guard against future
Brish
ohlings.
re-
RUBBER MARKETS
New York, Feb. 20. The rex rubber contract closed today 25 points higher to 10 points lower with sales of
STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- kang Stock Exchang This morning" amounted to” appro- ximately $760,000. Noon quota- tions and the morning's trans- actions:
121 contracts.
Mor
29.00
MAY
30.00
shares Buyers Baltera BANKS HK . 1006 1023
Sales
July
20.70
East Asia
254
Sept.
20.50
INSURANCES
Nov.
29.20
Union
030
Jan.
28.80
SHIPPING
Mar.
25.65
Wheelocke
pwa 6.50 3000 er 6.35
Mar
The standard contract closed DOCKS, ETC. 25 points higher to 10 points K. Where
Dock lower with no sales reported.
Provident
བ་ ན་
2015102 400 4055
100040.79
20.03
May
50,00
LAND, ETC
July
23,70
MC Hotel..
Sept
20.40
IK Lanc
Nov.
29.20
Jan.
20.00
Mar
28.15
Small
market,
trade buying orders planting and other commit-predominated in the terminal Intra-dealer switching
ments.
11
of Nov.-Sept. contracts vided another feature.
consumer
13.30 13.40
10 30.00 2:500 a 141⁄2
Heally. 14th 1,422" 1500 gr 1.4211⁄2 DUBBER
51 14% 9.10
550 or 23.30 4500 or 23:20
SAVED BY OIL RALLY
New York, Feb. 20.
Oils again came to the rescue of the stock market today when an early rally was fizzling
out.
International oil issues led the way with gains ranging to more than 3 points with the average showing advances running to a point.
with
Crown Zellerbach
Cuban Amer, Bugar
| Diamond Alkall
Closing pricta were near their | Continental Dù of Del. highs throughout the list all major groups higher. Trading picked up to 1,700,000 shares from the 1,070,000 traded the previous session.
in
The market still was under the influence of the rise in Texas oil production permitted by the Texas Railroad Commission, and traders belloved the Middle East situation was shaping up better. At the close the Dow Jones industrial average showed a rise
Dove Chemica
Dupont de Nemours
Eastman Kodak
El Paso National Gas (New)
benity Finance Corp.
Ford Motor
General Electric General Foods General Motors Gen. Pub, VEL Getty Gilldden Co.
Goodrich (B. F.) Co. Goodyear. Tym « Heyden Newport Corp.
of 2.16 points; rails 34 and Homalake Mading Co. utilities 00,
Highs And Lows
Apalit
Trit UTILITIES
1.43 1.50
1,00
Tam
pro-
Star Ferry. Youmeli
23 10 23,20
140 144 185 100 22.61 23.10 2300 23
Electric
1200 vs 3154
23.70 23.30 24.50
DOG 23,30 20024.00
37 373 1450 375 500 er 37:4 12.00
Of the 1,00D
18 18.20
14.10 14.20
230 pr 15,20 3323 og 16
500 M 10,10 200 14.20)
245 held
Lane, Crow.
Textile
++
28.30
4.M
4.70 8.23 8.30 2500 m) 8.23
1000
2000 14,00
The paper said this point was made in the preface to the latest In the spot market, dealers re. Light edition of the Manual of Rubber port / short of a
Minere E... London, Feb. 20. Planting Companies, issued for demand "Just under the mar Telephone
the first and
ket" Qils
industrials private information only by
manifesting He
(N) worthwhile Interest soma INDUSTRIALS moved higher on specula- well-known market firm.
lime
Cement Shipment offerings were tive buying
on the stock Operations, by syndicates, alight and high priced,
Reported Hops tempting to gain control of all sales included Indonesian STORES, ETC. exchange today.
dividual rubber companies and nat bark, Feb.-March shipment Dairy
for sterling rubber Government bonds, demanat
Threo remill brown Watson... however, lost from two to six cetates from Eastern buyers, in 181/2 cents a pound, cost and fact, have been the outstanding
at 25% cents for Feb. the share market shipment, cost and feature of
freight, with COTTONS fur sune little while,
sad the buys over after the terminal Nanyang Financial Times,
market closed. Spot No, I Res INVESTMENTS
Yangtze 80 cents WILS
quoted at
Alltid Developments of this nature have rosulted
substantial pound. apprcelation in the shares of the Among industrials, nuclear-companies directly concerned future shares showed the best and in others considered to offer Kults. Purgus, Raynolle, Read similar possibilities, Wrightson and Allied Iron ull tacked ou artikel L shilling. Other Industrials moved up slightly.
Gils were strong, with Royal Dutch
up nearly
14 shillings, Shell Transport three shillings, Brilia Petroleum atid
two
shilings sixpence,
Foreign bonds were dull. The Dawes Loan nan-azsented cased , while Japanese ascenteds artvanced fractionally and the non-assented 1899s rose, £11⁄2.
Suez Canal registered a good
gain, rising £1 to £53%. United Press,
LONDON METAL
PRICES
London, Feb. 20, Prices of metals closed today
sterling per long ton follows:
tיי irיר
US
buyers sellers
TÜB 709
in Malaya anu
The e
tju
SINGAPORE
Д
Future closings were: No. 1 rubber per lb. March 6514 30 April 80-8614 No. 2 rubber per lb. March 85914-80 No. 3
5314-34 BZİ-22% 15-2-20
issues
traded,
438 advanced, 388 declined and
unchanged.
were four new 1850-57 and 21 new lows.
After the close
E-L
the
Thore
the reported
16
Ingersoll-Rand
inland Blasi Co. Interchemical Corp. 16) Business Machines Int'l Harvester"," International Nickel Intertulional Paper Int'l Tel & Tel John-Manville Co. Kansas C. Power & Light
highs Kennroott Copper
...
Liggett Meyers Tob. Co. Lockheed Aircraft
Stock Loews Incorp...
Exchange kuterest
talled Lowenstein & Enna, Feb.
Meubi Iron Corp. 2.815,519 shares, a rise of 578;- Minnesota Mining
shortLone Star Cement Co. (New!)
Mission Development
040 shares over the total report-
Monsanto Chemical Co. ed on Jan. 15.
Montgomery Ward Wall Street regards the short Motorola Inc. interest total
a potential National Cash Rez. A
National Lead
CHICAGO GRAIN buying total and considers 4 National Dairy Prod.
MARKET
rice in that figure as bullish on National Steel Corp.
the
no market.
Several companies
New York Central took glin Matheson
Oila Elevator netions, Owen-flineis Cla
favourable dividend including West Indies Sugar, Facing Gas & Exec. Parenoun Factres
Now
Stock
Pern. Salt Co. Philip Morris Exchange Procter & Gamble C
American
Pittsburgh Fate Clam volume was 670,000 shares,
Dow Jones closing averages Pure Oil
Publicker Industries
were:
The market opened higher on better overseas advices and It led quiet throughout morning. BELOW VALUE
was interest for lower grades and remiils, The present
Chicago, Feb. 20, share market
In the afternoon the Federa-
Grain situation stemmed mainly from
futures finished Crucible Steel, and Minnesota Pan American Airways Malaya iiquidation fact that London share the
caused the market ease and it about steady on the Board Mining York Stock Exchange Pere Davis Co a whole, quotations, as
were closed at the lowest level for of Trade today in fairly bond volume was $2,950,000. substantially below the intrinsic the city.
quiet dealings. values represented by the prices
Most contracts turned to the being paid for rubber estatea by
easy side at about mid-day on local buyers Ceylon.
general and hedge selling. Laten In the session, small railles brought most grains back to about the previous close.
the United Exporters sald Kingdom and Norway bought small amounts of corn reports indicated that Austria and Western were slated for large amounts of US corn in the near future.
At outside markets, were mostly steady to firm.
Wheat closing range: up off 12.
Properties of no outstanding merit have beun finding new awners at around £80 an acre, said the newspaper. This con- trasted with an average
stock market capitalisation of less than £50 an acre, Ignoring net liquid assets which in many cases were quite considerable,
This disparity, due chiefly to the heavy taxation Jevled on sterling companies, has alrendy led to the liquidation of an im- portant proportion of total Bri- Ish investment in the industry, a movement which must be ex- continue while the pected to
valuation differ- present wide 712'
persisted, concluded the Financial Times-China Mall Special.
15.306
Mar
13.23-ba
Zinc
Copter Feb.
Tin
Feb..
Mar
13.156
13.10b
3-month
140 747
20.305
Copper pot
243
Mar. Feb
20.10
3-sonth
241%
08.00 (standard)
Lead and hair Feb,
2431 E42 11314
Mar
07.750
May
112
Feb
98.00 (10
Zine 2nd balt Feb,
072%
Mar
98.00
May
08 9544 10
ences
-United Press
-United Press.
כנו
New York Cotton
Futures
Hold Gains
New York, Feb. 20.
Cotton futures today opened on an upgrade
Singapore
No.
Spot rubler unbaled .... Blanket crepo No, 1 pale erepe ..........
LONDON
70-70 04-00
The market was very steady with spot quoted at 25% pence per lb. Prices: No. 1 Rss pot
Settlement house temn!
Mar.
Ape/June July/Sept. Oct/Dec
2525-251%
2515-20%
2514-291
2512-253 23-25) General markets, vif husle, poria: 2514-2534 Mar.
2810-2515 Apr
falato crepe thin Mar.
thick Mar.
AMSTERDAM,
30
The market was quiet. Prices cinsed in guilders per kilogram, cif March as follows:
2 rubber
Stock Market New York Sugar
Singapore, Feb. 21.
Brokers today quoted the following stock prices:
Market
Later France, Germany
graine
to
Soybeans closing range: off % to cent
Prices per bushet in cents: Whent, No. 2, red
30 industrials
20 roț
1 utilities
53 stocks
40 bonds
Cornm. future price index
Closing Prices
Allled Cheralcala Alled Mills Inc. Allis Chalmer American Airline American Cyanamida Co. Amer. & Furgn. Power Am. Mach, dry. American Metal ... American Smelting American Tel & Tei American Tob, "B" Anaconda Copper Arines Eteri Armour - Allas Cozza. Mining Baldwin-Luna-izm.
Radio Corporation $59.00 Republie Steel
olds Metal
142,74
10.12
Shell Oil Co.... 103.83 Saint Reg. Pupez
90,99 Binefaiz Oli 157.04 Socor Mobiloil
South Puerto Rico Bugar Southern National Ga Houthern Hallway' (Conn.) Steep Rock (Toroeste.) Btandard Branc 883 standard Oil of Cal 2011 Blandard Gli di Ind
standard of of N..
Sterling Drug Co. (New) 7 Stokely-Van Camp
Studebaker-Packard Corp. Bwift & Co. Testas Co.
Tide Water Amos GHI ..... Twenty Century Fox Film 21 Union Carbide
854 Union Pacific Railway United Aircrati 144.19, Foil "B" 2014 US. Gypsum 19. Line Co.
C. L. T. Financial Corp. Chase Manhat. Bank Chrysler Motor ..... Calmax Molybdenum Colgate-Palmbive Co. Commercial Credit Commonwealth Elec. Consolidated Edison
Weslingholan Elevizio West Va. Pulp & Paper Woolworth
140 Eastern Airlines
1536
0331
Gulf Oll....... Benefielai Vinazos Colombia Carbon Dougins Aircraft Firestone Tyre Solar Alterati Western Union Tal MaDonnel Alterat Tuna Inc. (xd)
70%
Spot
23614-230/an
Mar.
232018) 232\{L}
May
ZANIMA
Baltimore & Ohio
July
11175-310
Bendix Aviation Corp.
UH, Rubber CUS. Smelting
Heut
Benguet Copa
139
UB. Sweet
Dest
2201
Bethlehem Steel
4312
& Warner BroR.
No. 1 rubber
2.47 buyers
2.43 buyer
Corn, No. 2. yellow
Boring Airplane
No. 3 rubber
2,40 buyere
Spot
13:9-132 14:0
Burden (The) Co.
Burroughs Ackl Mochine
35%
No. 1 crepe
2,70 nom:
Mar,
-Unlied Prem.
May
July
13414-7 1374
Canadian Pacific R.
Case (J. I.) Co.
Sepl
1377
Cat. Tractor
Dec.
Celanese Corp.
Ryo
MAT.
132)
May
1341
Oats
Mar.
MAY
744-
Balu Lintang Rubber Co.
Ltd Britta Borneo Petroleum
Byndicate Consolidated Tin Smelters
Oru. Fraser Neayo Ord.
pref.
Opening
$1.53
00/-
31/-
New York, Feb. 20. World No. 4 sugar futures closed todny 2 to 5 points lower with sales of 507 contrects.
Boybeans, No. 2, yellow
Spot
Mar.
342350 20
May
July
Sept,
Domestic No 6 sugar futures closed
Nov.
2301-74
*201
unchanged to 4 points Barley
Spot
$4.00 Gaminona (Malaya) Limited $2,00 Hongkong
Shanghai
ac« to
200 lb. sack United
130-140
$13.40m
A
Spot
Banking Corp, 33.400
ar.
35.20
liongkong Tin Li
$adov 1/9d
May July
35.22
Kempas Lid
Sugar
Institute 11.32
dealers indicating the Cuban late Tuesday
34.02
an additional 100,000
Oct
17.05
33.33
Dec. Mar, May
13.00
New Berandah Bubber Co.
33.00
$2.43*
33.03
Petaling Tin Lid,
July
32.61
Raffies Hotel
Singapore Cold Storage ... $1,50
NEW ORLEANS
Soul British Insurance
Co. Lt.
430,50
Strolla Trading
$20.86
310.68
$0.001
34.00
Weare Dros,
£2.83
⚫ cumdiv.
↑ edeb.-Chine
for sale in the world market.
estimated Dealers also
the Cuban world sales so far at about 1,300,000 tons, or about half the total sales expected to be made by the island republic in the world market from current crop. Afall
Osta
May
July
Oct
Ryo
May
July
Dol.
the
Barley
May
July
35.18
Oct. Flaxseed
May
July
Oct
Canadian
and maintained moderate gains for the rest of Fraser z Neave T4% cum. the session.
Closing round the day's best levels the list showed net gains "We ask them whether they of 0 to 20 podat. The market have thoroughly studied the opened up 2 to 7 points. New future of every product, whether Orleans closed up 10 to 20
developing they are
new pro-points. ducts that are going to take the
functions
contract adjustments
March place of or perform better the before Arst notice day tomorrow,
of old products.
be- and evening-up operations "A de these
fore the long-weekend ́holkipy, are necessary if any company dominated the trade.
New
considerations
New Oricans interests were
is to continue to be a growth concern in a dynamic America buyers on balance in the nearby and la Д rapidly changing world."
Vital Concern
months. Memphis brokers were sellers of nearby May and Octo- ber on a moderate scale.
Interest in deferred contracts logged pending further стор Mr PJ, Lovewell, director of developments.
Crop
the experts debated economics research, and Mr R.W. Smith,
of recent heavy rains over assistant director, Stanford Research Institute, parched areas of the southwest. told the delegates that corpor- Some quarters felt the anes was ate risk-taking fr of vital con-stil deficient in sub-sell mois- cern despite the economy. sperotia
effect
$22
lower with sales of 18 contracts. New York flour
Selling in world futures companied Havanu, reporte
Lunas Rubber Estates Ltd. 0.00 xer reletrod Malayan Breweries
WINNIPEG GRAIN PRICES Winnipeg, Feb. 20. Prices of grain futures closed
NEW COMPANY?
tons from a special reserve stock today in cents per lb. as follows: From the word "GO".
place your printing order where you are assured
of personal attention,
expert designing,
Steamship
Prices of futures closed today united Engineers Ord.
Mar/Apr. **
ABBABBARA
820849860
$3.05
7432
1194
310
11日本
100
093
the finest materials
and craftsmanship.
2802
200
Special
New York Foreign Exchange
Meanwhile, other reports said Uruguay purchased 12,500 tons of refined from Argentina and that Groove bought 2,500 tons of Cuban refined afloat.
Contract No, 4 (world)
wheat export Northern No. 5. non-IWA 100% cents.
-Canadian wheat export Northern No. 5, non-IWA 24499 cent.-United Pro.
Exchange Rates
Business was done unofficial
exchango
in the local
From Articles of Association, Share Certificates to Letter Headings and the many other essential items, consult the Printing Department of the.
.. South China Morning Post, Ltd.
as follows:
Spot
Mari
MAY July
OCL, Doc.
July
March
8.B5
Old contmart
LIVERPOOL Futures closin
were as follows:
ira
pence
May/Jun
July/Aug.
nation's pro-
Capital requirements endering how markets, develop-
ture, although the recent rains
Oct/Nov.
25.75
21.45 24.14
New York, Feb. 20. Closing rates were Canada
Dec/Jan.
24.00
1.04-13/32 3,701 Kinglang! 30-day futures ..
90-day
********** 2.78-13/10 Others were unchanged.
folding any new, forward-look stock remained at 3,001 bales. ing business action have never Month Voluma Open Interest been a
roat, """"
they cald, "The M investment
per
worker In May arma fejeltaring inhustry, in terms of constant value dollars, has Incrossed two to three times Mar. since the twosition.
bales. The cortificated
2,700
July
tet,
5,700 0.6:00 0.000
0,900.
2000
MAY
2,000
Ja incappaing Game. We have
The competition for capital Total
July
to gọi bách và the cutie thirdie
ing new products, improving atert of trading today totailed Earpțian Kamale Jan/Feb. production proceses, in fact, for 73,300
$800
$14.000.
04.000 44,000- 27,100
40,400 1,008,500 palen NEW YORK
Friocs of futures closed today
to find interest raten comparable as follows:
Closing Adures prices, ira cruzeiros' per kilo were no
March, May
Any
Dec.
Now York
Afterdays
Frankfurt
In the US the avenge prien 24
at deniquafod sport markets was Forte not available. Sales of the Stockholm 14 enaricots totalled 13,307 bales. Zurich
-Unilod - Preuss,
Mar/Apr were considered heavy enough | New contrast
May¿June to fret land preparation and for planting under way satisfactorily. Open March, "contracts of tha
United Press.
20.95 23.00
July/Aug.
Oct/Noy Dec/Jan
May July Hept Nov. Spot-cents per ib. e NY"
„Opens interort: 1,157 contracts.
-United Press.
May July
4.73-14 5.M Bept Spot-(vente por 12, fob Cubs) 6.78 Open latarest: 7,453 contracts.
Contract No., ́¤ (domestic)
8.73
4.67
8.74
8.81
· 5.83
6.06
Sterling noter (per £1)
Australian noted (per £D)
60.00
BAO PAULR
Singapore (strata)
3,300
சார்,200 $30,000
Closing rates were
follows:
150,700
Dof,
jnquistad 37.90 23.40 38.50
May
July
Hept.
“Uršteti Prom.
30.05
1438
Clinited Press.
London Foreign
Exchange
London, Feb. 20.
- 2.7934-2.70-13/10
10.079:10.673
CHICAGO LARD PRICES
Chicago, Feb. 20. Prices of land futures closed 11.7816-21.701S today in cents per lb, as follows: 170016-1701
NAMESAKES
Answers-
Celticam 3 Chimneys, 3 Waten, 4.Hereward,
5 Clash, 0 Wonward, 7 Sweep, 8 Wake, @ Writer, 10 Adven Sutre, 11 Ending 12 Baxor, 13
Plot, 14 Chapter, 15 Voyage.
Charles Kingsley,
of quality printing which
tee shall be proud to show you.
Moming Post Building -- Wyndham Street,
Printing Dept.
Telephone' 20002.
market this morning at the following rates:- UB. dollar (per #1)
6.43
10.18
Indonesian rupiah (per 100) Blam Hical (per 1003
16.20
Call in at any time.
18.70
and exomine specimens
-}