THE CHINA MAIL, WEDNESDAY, FEBRUARY 27, -1957.
TRADE
and COMMERCE SECTION
FRENCH WILL GET SAHARA OIL BY 1960
From January 1, 1000, Saligra oil shoukl reach
the Mediterranean count by targe
Pipelines."
jlani
come from fìride AL Messaoud, Moutiers Tixen-
Algeria. Edjele and
Paris, Feb. 20. Oll from the Saliara Desert should reach the Mediterranean
by const
pipeline from January, 1900 onwards, M. Maurion Lemaire, French Minister for Industry and Commerce, told reporters at Paris airport on his return From a week's tour of the Sahars all fields: "The Sahara given great
hopes
exploiting and good certainties.
Un
tourine, near The Sahara-
depostie, "but
effects should profoundly change the economy of France from the point of viewer total satisfaction ΟΙ fer
energy needs and that of the balance vj her external trade which will at last become pomible,"
Libya frontier, M. Lemaire || Ito sala thousands of kilometres aald,
M. Lemaire naki tremendous Involved in the Sahara oll
work
Was
of roads and Jozen of aerodromes had to be created quickly. Watering points must also be set up.
o bald the French Kleel | Industry was getting ready to supply the pipelines needed to whip the oil to the coast, M. Lemaire said France would All have to buy from the United States for a time the heavy transport vehicles, 35 to 30 on lorries, needed to carry heavy drilling equip mont, "The construction in Algeria of
oll refinery
to
HUNGARY SEEKS MORE
Overtures Made
To Britain
CREDITS WANTED
Vienna, Feb. 26.
The post-revolutionary government of Janos Kadar in Hungary wants to increase trade with Great Britain, according to reports reaching Vienna.
Before the revolt, there had been talk of such development but no steps had been taken to make it possible.
Now,
according to reports reaching here from usually reliable sources in Budapest, active steps are being taken to
As regards the first proposal. they have suggested the estab
ishment in Hungary of nembly plant for
producing
New Consumption Record
For Rubber
New York, Feb, 20. Consumption of
new rubber-both natural and synthetic during January topped 140,000 tons to set a new monthly record, the Rubber Manufacturers As- 1nc., socialion,
reported today.
oover
regional needs and the exploitation of the “endeurmi . Kas deposits in the north of the Sahara will allow Algeria to start economie expansion and to create without delay a steel works using iron ore from Quenzs."
MT. Lemaire Kald he Avoula
report to the Government, où the locisions to be taken for 'exploiting the Sahata Desert.
--China Mail Special
TRADE
New York Cotton
Futures Drop
New York, Feb. 26.
Cotton futures dropped sharply today
moderate dealings.
Losses were extended to much as $1.30 a bale in the nearby March delivery before it rebounded back a bit on some trade covering. At the close, the ist ruled 10 to 14 points lower. The market opened 4 to 12 points lower New Oricans closed 12 points lower. sala
Consumption at 140,000 tons compared with 138,-
380 In the previous peak month of June, 1955, and
118,595 in December,
The Association consumption of all types of synthetic rubbers during January amounted to 86,- 080 form, against 73,278 in December,
try to broaden the basis of British motor vehicles. The Anglo-Hungurien
consumed and British Renault Company is suld facilitate its development,
to be interested in this.
tradic
The revolt has not, of course, They would like to modernise removed some of the biggest | their paint factories and repre- obstacle to such an increase....... sentatives of the Hungarian the question of payment. for Chemolimpex are to discuss this example, Bui
does seem to with British Arms when they have increased Hungary's need visit Britain. They alk also of for and desire for trade with | need for help in developing the Great Britain.
rolling mills at Dunapentale and the fertiliser ploni
Effects Of Revolt
for
Tire immediate reonomic effects of the revolt have been catastrophic
Hungurlan trade. The lung stoppage of the mines, with its resultant short- age of fuel and electric power has slowedt down production almost
nuthing Industries.
The shortage of raw materiale due
dimculties to Transport which followed the fuel short- age, has added to the difficulties i
to
of production.
in! Zome
Kazincbarcika.
al
in-
in-
..። regards sub-contracting for British Armis which have orders which they cannot tuint in time, the following concerns have been mentioned: Komplex. which produces complete dustrial installations; Nikex, machines, small ships, and roll- which ing stock: Technoimpex, makes specialised machines; and Transelectro, for generatars and electrical transmitters.
Visa Applications
Nikex
and Komplex have for re-
To escape from these dim- both applied for visas culties Hungary Is seeking presentatives to go to Britain to credits abroad and
she discuss such as
schemes with carmot hope to get enough from view to finding an outlet for her Eastern allies, she has turn-
their surplus industrial capacity. ed to the West and is trying to
gel stme help from Great In broadening the baris Britain In the
credit trade;
חלום
Of the total now rubber in January, synthetic rubbers account- ed for 61.87 per cent or sightly above December's ratio of G1.84 per cent, the Association reported,
The group supplied pro- duction frures for January only in the synthette fjeld. It reported synthetlo pro- duction set a new monthly high at 94,250 tons, against 93,764
December. -- United Press.
CHICAGO GRAIN
MARKET
Liquidation in the nearby deliveries reflected the slow movement of cotton into govern- ment loan. Together with the low consumption of cotton by domestle mills,
The recent hevedelal rains in the cotton belt brought com- mission house seiling in the new
months. Trade crop
yource:
said the rains probably would bring about heavy cancellations of entries into the soil bank, which in turn would lessen the possibility of emmall cotton crop.
Chicago, Feb. 26. Grain futures were ir-May
inactive regular and
the Board of Trade today.
were
2
WORLD
RUBBER
MARKETS
The rex
day clowed higher with tracts.
Mar.
May
July
Sep!
Nov.
Jan.
Mar.
The
HONGKONG
STOCK EXCHANGE
WALL STREET STILL DULL
New York, Feb. 26. Stocks held steady in continued dull trading.
today.
Motorola ine,
A scant handful of wide. | Montgomery Ward moving features was topped by National Cash Reg. "A" the
strong recently
Cooper National Dairy Prod. Bessemer which ran up by an National Lead other 2 points to $64%.
(From Our Correspondant):
Business done on the Hong- icong Stock Exchange this morning amounted to approxi- Douglas Aircraft responded to mately $371,000. Noon quota- an optimistic company report tions and the morning's trans-with a rise of 1% 10 480. actions:
General American Transporta tion added a point to $81, Ford Machinery & Chemical a point to $50, ex-dividend, and J. C. Penty a point to $81. 10 0 0 19
Kates
Buyers Hellers
1010 1620
040
2000 1276
Phares BANKS HK Bank INSURANCES Unjon SHIPPING Ada Nov. Wheelocks DOCKS, ETC. K. Wharf.. Provident LAND, ETC. IIK Hotel..
HK Land.. Realty
RUBBER
Amalg Trust UTILITIES
in Trom
New York, Feb. 20.
rubber contract to- 70 to 100 points sales of 112 con-
standard
30.20
30,40
30.20
N0.00
29.03
50.90
29.43
contract also
0.00
4.R3
100 102
13.20 1315
Notiaital Steel Corp.
New York Central oua Bavators Olin Mathiesors Owen-llinois Cons Bucina Ger & Klee. Paramount Pictures Pan American Airways Parke Davis Co. Perny 3. C. Ch Per Ball Co. Philip Morris
Procter & Gamble Ch. Pittmurgh Pinto Gloss Steel aliares were firm with Publicker Industries
Pur Oll Bethalchem and US Stootench Radio Corporation up slightly, Chrysler and Gen- Repubfle Steri cral Motors improved trae Reynolds Metal tionally in their
group. Olts Bhell Oil Co.
Baine Reg Paper were mixed with Standard
of Sinclair & 300 12.70 California, Jersey Standard and Bopony Motxiou
151 10.00 2300 # 18.60
#! 0411⁄2 1200 64
1,425
*** 2.3751⁄2 1.421⁄2 13,000 1,40
Star Forry 22,60 Yasamati
xn
C. Light...
Electric Macao E. mo Telephone
(01 KD INDUSTRIALS
Cement
Hope
Datry
Watson
Bolar Aircraft
Company fractionally South Puerto Rico Bugey
Токон lower.
Hindi so
24
500 @ 23
Rail shares were and a bit easier
100 107 22.00 22.00
on
Utilities hold Arm,
their advance into its 6 or 12.00 | siroight sessión. 3300 # 22.30 2115 1000 815
23.00 24.10
12.00
Lane, Craw. 28.30
COTTONS
3345 330 3314
STORES, ETC.
10.10 10.30 24.10 14.30
4.70 0.03
4.80 30000 4.00 4000 0.05
4.0.1
1.30
Textu
Nanyang
INVESTMENTS
Yangtzo
Allied
Singapore
Stock Market
Singapore, Feb. 27. Brokers today quoted the fol-
-
closed 70 to 100 points higher lowing stock prices; with no sales reported.
Opening Batu Lintang Rubber Co. Ltd. $1.52′′ British Borneo Petroleum
Byndicate.
Spot No. 1 Rss was quoted at Petaling Thi Lid.
09,100 990,000 Juckades 100 bales agaient which notices of delivery have been issued. 30 cents. leaving net open contracts of 33200,
Southern National das Bouthern Railway (Com.) neglected steep Rock Torontoex.)
Bundard Brands balance. Standard Oil of Cal. carrying Bandard Oil of
soventh Standard Oll of NJ
Closing Prices
Alden ko. Aoy Allied Chemicals Allis Chalmets American Airline
American Cable & Radio Corp. American Cyanamide Co. Amer, & Torgn, Power Am. Mach. & dry. American Metal American Smelting Ar) Sugar Tet. American Ta & A Aunericon Tob. "B" Anaconda Copper Armeo Stel
Annour
Atlas Cons. Miring Baldwin-Lima-Haru Baltimore & Ohio Beneficial Finance Bendix Aviation Corp. Benguel Cons Bethlehem Steel Boeing Altplane Borden (ie) Co.
Burroughs Ada Machine
Canadian Pacific R.
Case (J. 1.) Co.
Cat Tractor
Celanese Corp.
c. I. T. Financial Corp. Chad Mahbat, Bank Chrysler Motors Climax Molybdenum
Colgate-Palmolive Co. Colombian Carbon Commercial Credit Commonwealth Eler. Consolidated Edison Continental Oll of Dei, Crown Zellerbach Cuban Amer. Sugi Diamond Alkali
Eastman Kodak
El Paso NaLocal Gas (New)
Family Finance Corp.
Ford Motor
Sterling Drug Co. (Now) Btokely-Van Camp. Studebaker-Packard Corb. Swita & Co.
de Water Assn. Öll") Time Ino.
Twenty Century Fox File
17% Union Carbide 07"
Union Pacific Railway
32nd United Alregatt
108. Fail "n *4. UB. Gypsum TU.S. Line Co.
18
24
131% 177
UA, Rubber
U.B. Smelling
US Steel Warner Bros.
Westinghouse Electric West Va, Pulp & Paper Western Union Tel.
Woolworth
United Prora
Government Bonds Feature
In London
London, Feb. 26. British Governments for atured firm dealings on the 43 London Stock Exchange on reports the bank rate will be lowered again shortly.
23
There were no March trans- ferable notices Issued of New York and New Orleans today.
Mar
30.20
May
30.40
The certificated coiton stock remained
at 3,840 unchanged
July-
30.20
Sept.
30.05
Nov.
20 A3
Jan,
20.08
Mont
Votunne Open interest
Mar.
May
1006 11,000
$3,500
300,000
July
5,100
139,800
Orl
10,700
150.700
Dec
6,500
136,800
Mar.
4,000
£4.200
Trade sources said the strength in futures reflected the higher January consumption igures: dealer, buying in the
Hongkong Tin Ltd. terminal
Kempas Ltd. market; scarcity of shipment Lunas Bubber Estates Ltd...
consumer | Malayan Breweries offerings, and some
Consolidated
Smeters Fraser & Neave Lid. Ord, Fraser 6 Neave id. 715% Gammons (Melaya) Limited
clum. prof. Hongkong & Shanghai Bank-
Ing Corp.
Tin
40/.
31/ 12.20
$4,00
$2.00
7/64
31.5
Douglas Aircraft
.ca
Dow Chemicals
$2.83
Dupont de Nemours
3,000
40,100
on July
1,000
30,000
buying.
Now Serandah
Ltd.
Rubber Co.
$2.47*
Total
$2.80
Raffles Hotel
$2.35
Singapore Cold Storage
$1,58
South British Insuraner Co.
AMSTERDAM
$350
NEW YORK
Straite Trading
$26.50
The market Prices of futures closed today Quotations es follows:
wos
quict.
Straits Eleamantp
$10,80
Gen Pub, Util
unchem god.
since
United, Engineers Ord.
$9.057
Getty..Of
47
Weame Bro
$2.83
Glidden Co.
yesterday.
Goodrich (3, F.) Co.
GUT
Chino Madil Special,
Goodyear Pyre
7634
Spot March
34.00
Heyden Newport Corp.
12
33 xd
34.93
Ingersoll-Rand
3012
70
34.84
33.03
22.00
steady but quiet at lower level
33,01
during most of the day.
32.23
2244
There was some foir Interest
NEW ORLEANS
Most prices
lower at the
managed to opening, but gain ground toward the close. Com futures declined at the Opening on hedging and con- tinued large arrivals. Liquidn- tion was also a factor.
of long | Anglo-Hungarian trade, credita after uti easy start, Small July
would play
of Wheat thowed slight gains | May
October amounts of whent consumers December went to flour millers, but busi- March ness with overseas consumer? July
part.
A necessary But Hungary seems wüling now to deport from her former
of offering a very narrow was flow throughout the session, policy range of products for export to to Britain.
She
is prepared, for
to
An even more important factor in
this new desire rode with Great Britain, how over, seems to be the desire mwite B certain number concessions
Wheat closed off 1% to up %
to offer agricultural cent; soybeans closed up % to
much
of example. to the Hungarian and other produce, people to win them over from which formerly
re- Soviet Union,
ונאות
May
SINGAPORE
The market opened lower on
• cumdie tech.
overseas advices and it ruled New York Sugar
for lower sheets and remills. Futures were:
Prices of futures closed today No. 1 rubber per Ib. Mar. 80-80%
Apr. 85-801% No. 2 rubber per 1b. Mar. 0374-8414 No. J
8234-834 81-82 80-6012 2016-7035
of
cent.
as follows:
their present solule, sistance.
attitude o!
went to the
Wheat. No. 2, red
though passive,
No-
Mar She is also prepared to adopt more businesslike methods of
239 5/1-2304 May
Spot -March
23400 232LI
July October
One
May
December
July Seril.
March
Dre.
23110
May July
pl these concessions trade. A dozen or so of her big. to be to try to make gest concerns are probably to be Hungary less rigidly integrated given the right in trade direct economically wild the Soviet bloc. The Hungarian have always believed that Hungary has always lost trade with the Soviet Union.
with British firms Instead of people working through
Corn, No. 2, yellow the bureau- cratic organisation of the statc Spol trading concerns,
Became Apparent
Another concession is to place less stress on heavy industry ing every commercial and more on consumer goods, sentative from the West as Q This would mean that a certain | spy. percentage of Hungary's present
for heavy capacity
have would become
and warned the Hungarians that the Soybeans. No. 2, yellow surplus
in trade could be used, perhaps, to en- desire for an increase courage trade with Britain. The is not enough. The question of sterling tirus carved could be credits is a touchy one in the used to buy consumer goods and present political situation
so increase supplies.
Hungary,
For these various reasons
it
has become apparent that
the
Badly Strained
Hungarian State Trading
con-
CONTA have becomŃ keenly
Spol
Bine.
May
In
Sent. Nov.
Barley
. Spol
Industry
LIVERPOOL
30.30
33.18
No. 4
59.14
Spot rubber unbated
34.57
Blanket crepe
33.03-00! No. 1 pale crepe
32.DI
LONDON
*B4
22.40
13-05
Tho market was <tendior with spot quoted at
27-7/18
pence,
Market
New York, Feb, 20. World No. 4 sugar futures closed today four points higher to three points lower with sales of 892 contracts,
Domestic No. 8 sugar futures closed one point higher to one point lower with sales ot 34 contracts.
World futures extended yes- terday's sharp gains
as much as 11 points Carly today before 25%-25% moving irregularly lower on prodt taking. Domestle futures were dull,
Contract No 4' (world)'
Prieds:
12714
Ant
1281-2
Futures closings,
in
pence
No. 1 Bas spot
May
1222
per lb. were as follows:
Settlement house term:
The Hungariun
Government
July
1319-138
April
Sept.
is also said to be prepared allow representatives of British firms to visit Hungary and see the goods which it is hoped to sell to them, instead of regard-
to
Ree
131-136 137
014 contract
May
Mar/Apr.
23.72
June
May/June
24.75
April/June
Rye
July/Aug
23.40
July-December
2016-201
Oct/Nov.
245,10
General markets, elf basis, porta:
Mar.
6.14
Mar.
13236
Dec/Jan.
23.07
March
2514-2336
May
4.03
6.00
May
130-14
New contract
April
Bar/Apr.
28,50
May
2016-2025
Sept.
0.00
repre-
Vals
May/June
25,03
Estate crepe thin March
Mar
July/Aug.
24.03
thick March
Oct Nov
25.33
2012 -United Pregs.
May
4.91
Mar.
709
Dec/Jun.
24.38
May
701
July Spo-dents per lb, fob Cuba) 0.15
Open Interest: 0,088 oorsancts,
4.91
Egyptian Kamok
Jan/Feb.
60,00
Contract No. 6 (domestic)
New York Foreign
May
3.08
cruzeiros
July Sept.
Exchange
Nov.
Bpot-(cents per lb," ct” NY
5.03
Dot.
Dec.
38.40 30.09
Open
Interest:
But British
experts
Firestone Tire
General Electric
General Foods
General Motors
Homstake Mining Co.
Inland Steel C
Interchemical Corp.
Int'l Business Machines Int'l Harvester international Nickel International Paper Inti Tel & Tel
War Loan was up as much as £ at one time, Old Consola and several others gained 2%.
Elsewhere dealings were quiet but Arn with sentment alded
DI 42% fractionat
more hopeful developments In the Middle Fractional gains were in East, 4 the majority.
Unitaver
enjoyed strong demand, gaining as much as 5 shillings 9 pence on rumours of
a one-for-four free scrip issue, 40% British Fort rallied on
520
news
8% that a strike had been averted. 100% Other uuios were firm.
994
31
John-Manville Co.
Kennecott Copper Liggett Meggers Tob. Co. Lockheed Aircraft Loews Incorp.
100
di
4012
19
Ja
Lone Star Cement Co. (New! Lowenstein & Sons MaDonnel Aircraft Mesabi Iron Corp. Minnesota Mining
Mission Development Monsanto Chemical Co.
TEACHERS
Olls met moderate demand, lifting Royal Dutch and British Petroleum more than 2 shillings,
Textiles were
higher. South African gold shares steadied. Coppers continued duli on Wall 421) | Strest | influence, Dollar stocks
were marked down a little- United PresN.
a MUST for your bookshelf
THE GUINNESS BOOK
OF RECORDS
Interested in trade with Britain. There is also the question of New York flour
how
Hungarian industry.
for
They have recently shown an badly strained under the Rakosi Interest in getting British firme regime and now hard hit by the to help in the development of effects of the revolt and the Hungary's consumer goods in- dustry. They have proposed also general strike, can produce the goods: necessary for such on to purchase British goods for re-export to Eastern and other increase of trade.
markets now closed to Britain-- Whatever Its practical regulis, Egypt for exemple, has been the change of attitude by the mentioned.
Hungarians may, oboervers here Further, they have discussed bellove, lead to better reintions with British officials the possi-n the long run China Meil
Special billiy of sub-contracting work
for British firms especially for capital goods which would em-
ploy thein suplus heavy in- dustrial capacity.
1.
NAMESAKES
200 lb. sack
130-140
$13.300 United Press.
LONDON METAL
PRICES
London, Feb. 20,
SAO PAULO
Closing futures in
per kilo were as follows:
Others were unquoted
In the US the average spot prico was not available, Total sales at 14 designated markets were 18,191 balcs-United Press,
NEW YORK METAL
FUTURES
New York, Feb. 2014 Prices of metal futures dioscá Priess of metala closed today today in cents per, 1b, as fol in sterling per long ton as fol- lows; lows:
Tin spot
3-month
Copper po
Answers Plough, 2 Pene
3-month-
Lead, and hail, je
n Firmly they have proposed lone,3 Troy. 4 Greeks,
do broaden the range of goods Arrows, Homer, 7 Battles. exported to and Immorted com
·Great. Britales
Kthe abd halt TVű,
buyara
Load
Mar
Zina
18.10b $5.006
13.9:56:
12.95b
29.1063
New York, Feb. 20, Closing rates were:
Canada
England (oficial)
"
130-day futures) (00-day future)
Australia New Zealand South Africa Switzerland
81.04-13/33
1.79-9/10 278-15/10 223-18/10
***United" Press,
`ex-duty)
Ualled Pren.
CHICAGO LARD
PRICES
Chiengo, Feb. 26.
Prices of lord futures in cents
per lb. as follows:
March
MAY
London Foreign Exchange
July.
Sept.
London, Feb, 20.
- Closing, rates were:
New York
Montreal
Brussels' Copenhagen
Parts Viena
Others
14,75
10.27
14.00
+18.72
**United Prem
Exchange Rates
Dustream was done in the local Anomics
market, thia morning at the followiUE, KALA:
VB dollar. · (per" $1) '
Birjing note: (per. (21)
Australian noten (per
Tucionesian rupiahs (per 100)
Phim Ural (or 1)
Singaporn - (üteKita)
enables you to answer your pupils' questions
Obtainable only at
SOUTH CHINA MORNING POST LTD:
•HONGKONG & KOWLOON $9.50