THE CHINA MAIL', TUESDAY, FEBRUARY 26, ` 1957. `·.
TRADE and COMMERCE SECTION
BRITAIN'S
London, Feb. 25. Besides signalling the wan- ing of inflationary pres- sure, the Bank rate cut the notably points to passing of the sterling exchange crisis. Without that Suez-caused crisis, the cut would have come Just October or November. Anyway, the sterling crisis In
ovet.
As the head of the U., Export- Import Bank has observed, it
STERLING CRISIS OVER
may
2101
be necessary for 1 Britain to draw any of the $500 million credit from that Bank
In the near future she stands to receive a large amount of forelan
exchange from G8e- many, by "defence sid" and by
Bank the
Deutscher Lander making a large de posit in the Bank of England, amounting to anticipatory repayment of ile bustwat debt.
This arrangement with Germany
merely redressrs some of the ertepla of the D-mark's fundamental dialorijón, and does almost hothling tỏ curroët), the real trouble; but it in shaping to be a big arrange- ment, and very useful for sterling so far as it goes.
January's
tess, because of the distur bances to shipping routen), Exgidding old EPU payments, the Form of reserves In January would hayd biên $29 million,
This is just about equal to the January EU surplus of £9 which would have been
Lon Sra the Absence of the frat bf a new series of monthly instal- ments of old debt payments to Sweden. The tough balance was pretty
million, foreign exchange figures wero roughly in balance, contrasting with the hugo deficits of the two pre- vious months. (The Jahimry trade figures show huge defcit, but almost meaning-
'LITTLE BUDGET
Increases Not Left Over For Big One
From RONALD BOXALL
It used to be the custom that the Chancellor of Exchequer would quietly withdraw from the public eye around this time of year. As budget day approached keen sighted reporters would take up their position outside the Treasury and note down the exact time that the lights in the Chancellor's office went out. This morsel of information was then passed on to public with suitable inference.
In the Houar
€
so much if there was something
the Chancellor would PARTY -anything-on the other side to
dismiss at the
every other question with theonlance this debli. formula: "1 cannot anticipate We can probably my budget" Or his department once the suggestion that Secretarties would
Kay it for Chanceller was getting rich Dĺ hlm.
cepleasant news in order to be All of which was part of the able to present a budget of un- fascination of the budget-part alloyed cheerfulness, Ji there of game which the public re
In the fished-et guarding secrets in The Chancellor's red despatch
איג!
Large Scale
The new Chanerilor.
Mr
Peter Thernerer H, has follow
are to be contresions budget they will be small ones. In any case templing as it must be this is hardly the time for a politically popular budget.
The other reason adduced for the Chancellor's surprising action in that he wanted to im- his to keep govern- ment expenditure within limits
d the xample of ha press foreign opinion with
padeweger, Mr Macnuillan and i delirmination broken this knelton, Lang week
his
he walup ted as budget state-f what the nation can afford. ruent un quilte a large seale. But tous ders not mean That game 47 gassing the budget is longer playd thair and free til of it.
But it would be an unusually ereduh us foreign banker or
revise La Trader who would
present epinion about the value Mr terling simply because Thorneyeruft put up the price * expectant mothers' milk and children's school meats.
Italy means exelement
bu
Noveella less the fuel that we for have had a "little budget" The steond year running is m teresting In
itself. Nothing
came out of it that could 114+1
have whiter until The budget (must we call it that now?) is opened early in Apri The
question
why
The
did
Chancellor do 117
Government ist Irast must be convinced that the reason is a good one. After their cerect at Lewisham by selection and their consequent sad retreat on a contentious clause of the rent bill what they needed must Was
that something
publie would applaud. They produced the exact opposite,
Not Full Story
A
Poland Is Getting Japanese Ships
Krakow, Feb. 25.
дл
ផង
good considering that January had an abnormal bunching of dollar oll payihenia, though this may have enlarged the EPU surplus as well an the dollar deficit.
s. business sentiment having lost sidan); Wal street is delicately poised; Ally drop
atlow, reatut resistance levels
might be taken seriously. Probably Washington would then hasten to join Ulle Anglo- Geimak iëleát from dear money-Chinh Máll Speciál.
SPECULATION
today very
Dr Stanisław Gail, Chitr man of the Pallali Chamber of Foreign Trade, told the Gazeta Krakowska that Poland Interested in Japanese ships she could especially
them
24-30 deliver
toonths as against the four от Пес
rears of European hipyards.
"Ships are of vital Intl. porlance to Poland because the expanston of our firet," Dr Gall added,
During his recent stay in Japan, contracts før à total of £3 million had!
been concluded with three Japanese Arms mastly barter deals.
ان
Poland wanted from Japan-non-ferrous metals. certain types of machine, Bilk and nylon yarn, Reuter,
NEW YORK
COTTON MARKET
New York, Feb. 25. Cotton futures eased today in moderate post- holiday dealings.
Trade covering in nearby March
old crop kept the
months re- latively steady throughout the susion, while hedge selling and liquidation lowered the far-off deilveries.
MALAYA-CHINA TRADE RISING Rubber For
Eggs, Cotton
& Vegetables
Singapore, Feb. 25. The volume of trade be- tween Malaya and Com- munist China made sub- stantial increases both ways during 1956 compared to the previous year, according to official statistics.
The statisties showed that Malaya's imports from China in 1956 were valued at S$131.932,- 000 and exports at S$23.735.000 (US$7,000,000).
The corresponding figures for 1955 were S$115,777,000 and S$12,850,000.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Burhre an the Hongkong Stuck Exchange amounted to $250,000. Noou quotations and the morning's dealings:-
Buyers Setlera
1000 1620
254
Shares
DANKS BK Bank Aula INSURANCES Union Lombard
SHIPPING
€45
Oil Stocks Rise
On New York:
New York, Feb. 25.
·Strength in the international oils and con- tinued firmness in utilities, gave a lift to a generally routine stock market.
SLOW RISE IN US EXPORTS TO RED SATELLITES
Washington, Feb. 20. United States exports to Eastern Europe for the first
US$8,800,000, the United
The international oils ran up gains of more than three points in Gulf as the Middle East situa- tion appeared slightly more favourable and hopes grew that opening of the Suez Canal to 10,000-tonnine months of 1956 totalled vessels would take place as scheduled on March 10.
Royal Dutch and Getty each | Parke Davis Co. moved up almost 2 points. Pens, Salt Co.
Phlip MoreÈN
Publeker Industries Pure Oil**..... adio Corporation Republic Steet Raynolds Metal Shell Oil Co irum Reg. i
Paper Belair D
The utilities had their sketh straight session of advance, helped chiefly by a gain of more than a point in People's Gas, Elsewhere prices were regular with both the rall and industrial averages closing lower on the day.
General Motors, whose stop- page of Chevrolet production brought down. car output
last
13,000
week, touched a new low. At the close n block of shores traded points.
Industrials
at 38%, of 1%
closed .03 lower 96
on average at 400.00, rails Jower al 141.26, utilities ID
higher
Blocks
Socony Mattioil Bolar Aircraft South Puerto Rico Sugar Southern National GA Southern Railway (Com.) Standard Brande Steep Rock. (Tprontoex.)
Standard Oft of Cal. Standard Off at Ind. Standard Oil of NJ. Sterling Drug Co. (New) Stokely-Van Comp. Studebaker-Packard Corp. Swift & Co. Texan Co. Tile Water Aw, Óff Twenty Century Fox Film Union Carbide
Union Pacific Railway
United Aircraft
10
US, Foll "D"
UB Gypsum
at 70.53 and the 05 composite average lower at 165.22.
American sale
Stock
Exchange
ruse to 820,000 shares from 040,000 shares traded on Thursday. Bond volume totalled $3,880,000 against $3,045,000 on Thursday.
20 res
Dow-Junes closing averages were: 30 ilustrials
400,00
14120
15 utilities
70.03
45 xtcka
103,
40 bonda
.00.57
Comm, Tuture price Index
150,80
Moody's Index
41018
Sales
37 38 100 38
Wheelock 0.00
DOCKS, ETC. Dock
6.63 1700 / 6.50
4132 10 700 4835
102
The statistics also revealed that for the arst 11 months of 1050 Malay exported S$17.- K Wharf 0915 481,030 worth of rubber lo Communist China,
Main Import items from China were dried vegetables, engs and woven cotton fabrics-France- Presse.
NEW YORK
SUGAR MARKET
New York, Feb. 26. World No. 4 sugar
futures closed today 28 to 30 points higher with sales of 1,778 con-
Prov. (0) 13.20 13,40 LAND, ETC. HK Holol
UK Land
Reas
10.00 15.00 1.000 mp 15.70
..... 1.378 1s
RUBBER
Amalg. 1.3735 LÆG
Trust
Yourmati
1:00
• 22.80 273
100
31 31
C. Light (0) 23.90 #ectric
Macao E
te
90
23,00
Telephone
24.00
INDUSTRIALS Cerment Hope
304 3734 $2,00
STORES, ETC. Dalry
1820 16 30 1000 10.20 Watson
1420 14.303
COTTONS
4.05
4.10
Manyang
B.ID
0.23 1000 @ 1.25
AL
ruled tracts, the close, the list points higher to 10 points Domestic No. 6 sugar futures lower. The market opened eight closed one to three points hight-L. Craw ZB50 higher to one lower, New or with sales of 29 contracts. Orleans closed 10 points lower. World futures shot up sharp- Textiles
A leading spot firm sald millly at the outset in heavy trad- demand for spot cotton in the ing on reports of large scale
Jast area
week was Russian demand for rav
sugar. light, It also noted that while Activity tapered off later but more sales were made in the most of the day's goins were Memphis area, the volume was held
The strength in world futures disappointing.
brought firmness into the dome- stle deliveries.
The foreigner who buys and sells sterling is more likely to be impressed by the fact that in the next financial year civil ex- penditure by the Government wil rise by E10 million over Atlanta this year's total estimates or by £173 milion over the original estimates to £2,054 million. Measures announced last week will save only about £37 million of this in 1957-58.
In
The certiftented stock declined 1 bales to 3,840 bales. Month
Volume Open interest March
0,300 00,100 May
15,000
373,700 July
3.700 541,000 October
151,000 fact, December
Mareli
This is, of course, not the full story, it is to the Government's credit that it has been able to The effect of the Chancellor's keep its civil expenditure from
to leave public rising statement was
even more. slightly worse off than they allowing for the rise of prices May were before. A portion of week- | over past year next year's ex- | July
national Insurance contribu penditure will actually be rather Toini 15 tion that
towards the lower in real terms. goes health service is doubled
Defence estimates when they 18 Welfare milk-supplied are published will show
to expectant mothers and young | further saving. Mr Thorney
110t commit himself children at a subsidised price-croft did goes up 14d pint
to 4d pint. too far on this,
buy at the
first year" of defence
Contract No, 4 (world)
Open Interest: 3.255.00
London Foreign Exchange
London, Feb. 25.
Closing rates were:
Frankfurt
2.19-13/16-2.791 2.03.2001 10.674-10.67 140.75-140 30 11.754-11.7532 1700-1701 0304-00094 14.805-1451 122734-12-2736
-United Press,
New York Foreign
Exchange
7,200
March May July
Sept.
6.85
New York
3.00
Montreal
5.88
Amsterdam
Brussels
7,700 139,500
March
4.05
5,000
60,300
May
4.02
M]
4,000 2.100 51,000
40,500 30,000
July
4.02
Spot-iccata per ib. fo
Paris
Stockhalin
1.005,000 bajes
Cuba)
0.05
NEW YORK PRICES
Open interest: 7,510 contrnets.
Zurich
1.w York, Feb. 20.
Contract No. 0 (domestic)
A
Prices of cotion futures closed today as follows:
May
5.64
July
5.75
Sept.
0,70
There was a
Spol Mar May
39351
Nov,
0.33
35.29
Spot-fcents per lb, et Ny
35.24-25
'ex-duty
July
34,67
contracts. -
Oci,
33.17
United Prema,
Dee.
33.04
Mar.
192.16
May
July
325
NEW ORLEANS PRICES
New Orleans, Feb. 25.
Prices of cotton futures
34.00
33.00
34.89
53.15
23.01
33.00
22.04
-United -- Press,
LIVERPOOL PRICES
And price of meals-ulso sub-limit to what could be done in sidised that children school goes up 2d to is.
No Less Justified
Not that there is not sufficlent cause for these increases.
The
cost of the national health ser- vice has risen year by year from
esti-
cecnomics, he said. Exped
ture under this heading
be less that the £1 500 million originally estimated for it at the beginning of the present man-
ciel year. This implies a saving closed today as follows:
of at least £40 million which
amount
the
that actual
£175 million when it expanditure this year troduced in 1947 to
will exceed the original estimate. the long run, sald Mr
in
Thorneycroft, defence expond!- must be brought_"sub- ure stantially below existing levels," New Game
2000 millions the But it tions would, it approved #nancial year. Higher by Parliament, reduce the £550 million of this to be provided out of general taxation by £40 million in full year but by only £20 million In the next financial year.
half the
*་
,་
Spoi
Mar.
May
July
Oct
Deg,
Mar.
May
July
Liverpool, Feb. 25. Cotton pence per lb. were as follows:
fulures closings, In old comtenet
25.60-70 23.73-75
Mar/Apr. May/June July/AURS Oct/Nov. Dec./Jan.
Exchange Rates
Bualnem was done in the local England öffeli unnittelal exchange
manicet
34
3-day futures. Do-dny futures,;
Closing Prices
Akten Inc, Acy. Allied Chemicals Allia Chanera .. American Airline Amper. & Forgn. Power Ain. Mach. & dry American Metal American Smelting Am. Sugar Ref. American Tel, & Tel. American Tob. "B" Anaconda Copper Amco Steel
Armour
Allan Cona, Mining Baldwin-Lima¬lar. Baltimore & Ohio
Beneficial Fla.
Hendix Aviation Corp,
Benguet Cons.
Bethlehem Stcol
Hoeing Airplane
Canadian Pacific R.
Came (3, 1) Co. Cat. Tractor Celanese Corp. Chase Manha Bank Chrysler Motory Cumax Molybdenum Colgate-Palmolive Co. Colombian Carbon Commercial Credit Commonwealth Elec. Consolidated Edison Crown Zellerbach Cuban Amér, 'Sugár Diamond Alkali Douglas Aircraft Dow Chemicals Dupont de Nemours Eastern Airlines Eastman Kodak Family Finance Corp. Firestone Tyro
Ford Motor
General Electric
General Foods
General Motors Gen, Pub, Util. Getty O.... Glidden Co.
Goodrich (B.F.) Co. Goodyear Tire Gult O....
Heyden Newport Corp. Homistake Mining Co. Ingersoll-Rand
Inland Steel Co. Int'l Business Machines Int'l Harvester International Nickel International Paper Ent'l Tel. & Tel. ́. John-Manville Co. Kansas Co. Power Kennecott Copper Lockheed Alremft Loews Incorp.
Light
Lone Star Cement Co. (New) Lowenstein & Bone, McDonnel Aircraft Mozabi Iron Corp, Minnesota Mining Mission Development Montgomery Ward Motorola Ino. National Cat Reg. National Dairy Prod.
National Lead
New York, Feb, 25. Closing rates were
2.10-15/10 2,101% 2.TD
New York Central Olin Mathieson .............. 3.28-15/16 Otis Elevators.... 2.00-5/10 Owen-Illimol Clos Pacifle Gut & Elde. Pan American. Airways Pardytouni Pictures
บท morning at the following rates:~~ U.S. dollar (per $1)
6.12 Australia 16.14 New Zealand 12.07 South Africa 17.10 Spain 28.70 Aorentina
Sterling notes (per £1, Australian notes (per £1) Indonesian rupialt" (per 100) Slam tent (par, 100) Singapore (Strait)
.0273
-United Prem.
WORLD RUBBER PRICES
New York, Feb. 25, The rex rubber futures con fract today closed 80 to 60 points lower with sales of 80 contracts.
23.47
bo
Now contract
25.10
25.30
Mar
20150
MAY
20.00
13.00
July
20.40
Sept.
20.20
20.07
Nov.
29.00
Jan.
20.70
Mar.
*20.45
The standard contract
None of this really explains why the Chancellor anticipated Other Increases are no less his budget. Al hóme it hoa justined-remembering of course further weakened the Govern
the welfare irat
state makes ment's popular standing. Its provision for these who cannot effect on foreign opinion will afford oven small contributions negligible. What is the matter Mar/Apr. towards its benefits. At 4d pint with the pound is not caused May/June
mlik is sill only about through welfare
weakness any
in July/Aug..
Oct/Nov. price. And no regular
Internal Oconomy no Britain's
Dac./Jal -one can secuse the State of pro- which is fundamentally. sdund— Egyption Korbak
Ateering on a shilling for but
Jan./Feb. the effect of Suez on her child's meal at school,
balance of payments. Dearer But the fact remains: the welfare milk will nat change Government's popularity has this. waned considerably over the So It seems that a' new gomo Answers-1. Revolution,
months past few
and these of guessing Chancellor's mollyes Monarchy, Guilloting, now.measures will do nothing is everi less profitable than the Garrison, France, 10 Biras to, reverse, the trend. It pro- old can of guessing his budget bourg, 7 Composed. 8 Tune, vides further evidence of the secrets. Fortunately there are National, 10 Parls 11' Marcollies, Government's complete lack of still a few secrets left to keep 12. Artlilei › 13 Athêm. understanding of public rela- | un gioking Estore the big day. tions. But this would not matter London Express Service,
A
་
00.00 Unlied Prest. NAMESAKES
Rouget de Lisb (Author of the Marseillaise),
closed 35, to 60 points lowbr with no sales reported.
Mar.
MAY
July
Septi
NOV
Jan
Mar.
29.00...
20.40
20.30 30.00 21.70 28.40
-Trada sosarces · reported tal defler Buying In the terminál market on the lower levels. Shipment offerings were scarce
but high priced. Consumers were¡ holding off. Spot No. 1 ftas was quoted at 20% cents a pound United Press.
LONDON, MARKET
London, Feb. 20, The rubber innrket was blightly cooler with spot quoted Prices: at 23 pence per lb. No. 1 Thus spot 100, 253662596
Settlement, house term:
March
April/June
July/Bept,
Prices closed today in guildėra per kilogram, cit follows:.
No. 1 rubber No. Jubher No. 3 Ber
No. 1 sept
March as
2.45 buyers
2,43..
2.00
Uuled Press. SINGAPORE MARKET.
Singapore: Feb, 25.
The 'market-opened lower fn. mgmthy with Leidon,
Futuro į visaings were;
2514-357)
No. 1, rubber, par 10.- No. 2 rubber per lb. N Nu..4
General markete, cif basia, porta; March April There Estate, crepe thick Maresi : 0017! AMSTERDAM MARKET. Amsterdam, Feb, 20: The rubber market was'assy.
„Apol, rubber tinbåled Blanket: prope
No. 1 pale crepe
United Prem
US. Line Co.
US. Hubber
US Smelting U.S. Steel
Wamer Bros.
Western Union Tel Westinghouse Electric Woolworth
44
81x
414
0
30
451
States Department of Com
merce stated.
The toil for the same periód in 1953 was. US$6,000,000. In 1947, it was US$840,000,000,
US imports from Eastern
Europe for the first nine months 79% of 1968 reached US$48,000,000 (15 against US$30,500,000 - in
176
| 1958.
Fifty-seven per cent of Ameri- can imports, from East Europe consisted of tinned pork, mainly
19 from Poland.
Other
Imports included camera, furs, and platinum frem
Germany, 50% Enst
costume jewellery from Czechoslovakia and unprocessed Feathers from 3674 Poland.
Unit Pree
American exports to Eastern Europe for the period consisted mainly of tallow, maize seed, machines and woollen wide- France-Presse.
SINGAPORE STOCKS
The only changes in Singapore Stock prices today were Petaling Tin, $2.75, down two cents, and Hongkong Tin, 7/0 down 111⁄2, according, to, Benter.
E.A
PO B•IE
COMPANIES
PENINSULAR & ORIENTAL S.N, CO.
PASSENGER/FREIGHT SERVICÉ
Honkong
+
Outwards
"CORFU"
Leaves Landina
Boiled
30th March
*CHUSAN”
"CANTON"
BIN April 21st April
8th May
ist Juna
Oh July
"CORFU”
28th May
Via Southampton, Colombo, Penang & Singapore.
Homewarda
"CORFU"
"CHUSAN” *CANTON" "CORFU"
Leaves Hongkong Duo London
3rd April
12th May
5th June
3rd July
12th May
12th Jing
TO HE
Via Alugapore, Penang & Colombo.
FREIGHT SERVICE
due 2nd Mar. "SOUDAN" “SALSETTE” ibada 5th Mar,
"BINGAPORE”das 13th Mar, "BALLARATdus 17th Mer. "SOMALI due 23rd Biar.
from UK.
for Bigspore, P. Bwel- tenham, Penang, Log- Bon, Hamburg, Rotter- dam de Antwerp
from UK. from UK.
from U.K.
ALL VESSELS OUTWARDS AND HOMEWARDS THE CAPE OF GOOD WILL PROCEED BY
ROPD UNTIL FURTHER NOTICE.
BRITISH INDIA S.N. CO., LTD.
2154 - A HUNDRED YEARS OF SERVICE --- 1980 "FULTALA" due 6th Mar. ssla Bit Mar.
"SANGOLA" dus 18th Mar. * 17th Mar.
"SANTHIA" due 27th Mar. Lalla 28th Mar.
from Japan for Singapore, Hangvon, Chittagop. Vikakhapati nam de Raidziada from Japan
for Bingapore, Periana, Rahoone väloitta from Calesttó, Rangooh
Straits. 10r Japan
P. & 0./B. I. JOINT SERVICE
"UMARIA”
"TTOLA"
KAUNA
in Port Fails 20 Feb.
Mar.
"OZARDA" due 2nd Mar. salla tih Mar.
*ISMAILA” dus 12th Mar. anila 14121 Mar.
from Japan
for Bingapore, Bombay, Karschk, Dubai, Kuwait, Khortazzshahr de Basrah from Bombay de Manechá Xor Japan from James For Singapore, Bombay. Ishaunagar, Karschl Khorramanabr Karwatt
Frota Bobibay & B’poré ́ for Japan
EASTERN & AUSTRALIAN 5.5. CO., LTD.
"NELLORE" loads 8th Star.'
“NANKIN”. Indu 1812, Mar. : for
for Bandakan, about, Brbane, Sydney, Mel- bourne & Adelaide
„Sydner & Maí- bourne direct All veuels have liberty to call as any ports on of off the route & the route & saXing are subjṣek' **'čkalja' di amandment with, or without notice,
For full particulars apply to: MACKINNON, MACKENZIE & CO. OF HONG KONG LIÐ. Telephone Nos. 27721 4.