THE CHINA MAIL, THURSDAY, FEBRUARY 28, 1957.
Page
TRADE and COMMERCE SECTION
Economic Stimulus Created
By Lower Bank Rate
GILTS MUST NOT BE ALLOWED TO RISE FAST
London, Feb. 27.
In the present mood of the authorities, if the budget were coming tomorrow it would not be expansionist. Only in a few sectors has the oil damper obviated the need for other dampers.
INDIVIDUAL WALL STREET
STOCKS RESPOND
New York, Feb. 27.
news of in- Special issues, responding to dividual interest, highlighted a stock market that otherwise continued in the routine fashion of recent sessions.
Slock of Hoving Airplane and, Morante t'herpteal Co. General Dynamics moved widely outgomery Ward
Motorola itse
on word that the Government is | National Canli ikej considering replacing the Itoeing | Rationati Diary Prod
with bomber
Nate at Level Rated Comp New Verde Central
B-52 modern
"
plane such
more
the
smaller but faster H-5B Hunter, Oun Mathieson
a
new superVANIE
Jettates Elevadenta.
built by Couvair Division at
General Dynamien.
Buring felt 3 to $48, while General Dynamic Pose to
$60
Paramount
1wen #mnes Cass
Partie Can the Key
Pro American Airways
rosini Pictures
Parke Davis Co...
1 Fall Co
Puli Morin
Pirtute 100 a Pieter & Gamble Co.
Pittsburgh 1 lan
point to $31g on pudriisheet an Pubiteket indistric ports of a possible made of old Pure DU
dons to Columbia Unoakasting, halte Compatien
Hepublle Steel
System with a nubsistumt fargestolds Metal dividend
payment. CBS. how-
ever, denied the roporis.
Lakens Steel ran up 21g to $53 on a sharply higher earnings report. A. M. Byers lost 14 To $30 on realising after a they- for-I stock split announce- ment. A can up nearly the late yeerday.
International
Shell Cu
Saint Bey, Paper Mola bi
Socony Mobil Oil
| Bolay Aircraft
South Puerto Ben Hug Muur Natious Gas Southern Badway Com Sterp Rock Tojanloex. I Standard Brands Standard Olf at Cal, Standish Di
Ind.
Business Ma- (Standard Dù of NJ.
chines lust 14 points to sherling Drug Co. (Newi
Stokely-Van Camp
following yesterday's two-for Studebaker-Packard Corp. one split ainuuncement.
Swift & Cu. Texas Co
Tide Water Azmi Oil
Steel shares generally were a fraction either side of the pre-Tune, Inc. vious. Chemicals were slightly Twenty Century Fox Film
Union Carbide vily Custer, motors
narrow-
Union Partite Railway
וניונן
ly mixed, rails steady,
Total turnover for the session,
the despite
activi, Boeing amounted to 1,020,000 shares.
Industrluls
United Aircraft
US Foil "B"
14 Gypsum
S. Line Co.
U.S. Rubber
US. Buning UH, Steel
ralls,
Water Bru. Western Union Tel
.11
dropped 1.40 points in their average, with most changes very small, Binished with a gain of point; and utililles rose to 70.53. New York Stock Exchange bond volume was $3.150.000,
Stock American
Exchange volume was 740,000 shares,
Closing Prices
Ailled Chemicals
Alden Inc. Acy,
Allied Mills Inc.
Allis Chalmers
American Airline
American Cable & Radio Com.
American Cyanamide Co.
Amer, & Förgn. Power Am. Mach. & Fary, American Metal American Smelting American Tel & Tel American Tob. "D" Anaconda Copper Armco Strek Armour...... Atlas Cons. Mining Baldwin-Lena-llam
Baltimore & Ohio
Bendix Aviation Corp.
Beneficial Finance
1 Benguet Cons.
Bethlehem Bleet
Borden (The)
Co.
$13%
30
30
37
1001
42
180
H+
In what is still regarded as a general condition of overstrain, premature relaxation would threaten to bring on B new infallenury crisis which the authorities are determined to evold. As so many of sterling's
have already
been mobilised, they fret all the more important to avoit any risks. By its effect on overdraft rules Exact un sentiment the lower bank rate automatically gives some economie stimulus.
Leserves
The authorities will not want it to become excessive. They are aware that even their funding polley will be frustrated if gilts rise to fast or if the squeezo the banks' quid nssets merely leads to an
se in velocity.
exccsylve
Exceptionally Late
But the budget is
Tomorrow; be; m
mat ni Cell:
nxceptionally late date.
31
All
-13%
42
Meanwhile, ladalama
sule haя
32 i directions
opped In
Newsprint Price
Increase
Birminghapo, Ala..
Feb. 27.
The Coot River News- print Co, announced to- day it will raise the price of newsprint $6.50 a ton to $135 effective April 1
President A. G. Waken.
was
man said the action promoted by substantial Increase in the
raw materials, labour, and freight since the company's Inst price advance a year ago.—United Press.
WORLD
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Butiness done on the Hong- kong Stock Exchango this morning amounted approxi- j mately $205,000, Noon quota-
THE
World Sugar Prices Likely To Continue High
New York, Feb. 27. Miß recent wido movement of worki Buka? prions stems likely to continue during 1957, socording to B. W. Dyer & Company, murar economista and brokers,
The world spoi raw sugar price wah $3.03 per 100 lbs on October 30. Within a few menha it had reached $0.37. It then drelined to $5.00, but on February 20 it was up to $5.75. Prices for the No. 4 Culture contracts have
0.1%
and shortages
supply
demand and approximately equal. any chango in the world political tuation can seriously affect price demand should buyers concortedly decide to increase or reduce present Inventories. Even one week's extra inven- tary throughout the world involven about 800,000 tons, This amount of sugar added to or withdrawn from the world market could bave, # terrifle impact on the world prico,"United Fress.
fluctuated even more widely. In predicting contined volati» { "With
lity of world sugar prioos, Dyer noted that sugar sur- pluses
Kow virtually eliminated, leaving supply and demand almost in balance for the first time in many years
"flowever,” the company add- ed, "during the recent trouble in the Middle East, Europeah householders and professional SHERS buyers sharply In creased Inventarity As pro- tection against high prices
mare posted to exproud New York Cotton
tions and the morning's transac- tions:
Buyer Sellers Bales
of
Hhares BANKS HK Bank
XD
1500 1870
254
10 a 1570
943
RUBBER MARKETS
New York, Feb. 27. The rax rubber futures today closed urehamud to 33 point. hizber
wit Jaks DA IN COP
tracia.
Mar
May
3178
30.20
* 1
70 13
Eas! Asto INSURANCES
Union
Lombard SHIPPING Wherlock
DOCKS, ETC. Is. Whert.. Provident
101
LAND, ETC. Ik Botet HK Land.. Sha Lond
Healty RUBBER Anals XD UTILITIES Tram
10 or 1303
37% 3014
0.83 0.13 5000
100
13.30 131
6.35
2000 0.86 1000 mg 0,85
Futures
WORLD
Steady
PRICES
New York, Feb. 27.
Cotton futures today steadied after a shaky
1000 13.40 start but ran into further selling on the upturn.
15% 18.00 OTIS 0415 300 A
#3c D5% 1207 930 2013 4 de
1.379 1.4244
21.035 1.4245 11,320 (0 140
לו עשי.
22.00 23
Star Ferry
XD
140
100
30 de 108
2200
750 0
500
t
Cleelne. XD
2.4
יו: :* * *) ;
A INDUSTRIAL.
12 S1 20
M...
Top
t
The two but
entral
H
- 5
STORES wro TRARY
10.10
otherw. the ..nk
When a *
Ma
Mo
July
Sout
New
F
| rate could not have been ext
Bar has been a massi INTRO LONGI
For nearly two years
42
in industrial capacity
17
た
wiffing?
ny growth in Industrial outTM
put. Since last autumn, tech The capital boom and the con-
2 sumpflon born have becil #stopped in their tracks.
40
The defence reform and the rents reforms will not bring any EU 74 Tetier in tine for the April 3% budget, but they could bring jor relief in the longer run mul the Aprij budget might not
10014 dividend from them if not to
declare one,
industrial Moro
March contact
# Cras 20130
COTTONS
(9:0
amand
JISCELLANEOUS
ht S
INVESTMENTS
4. Sub
****2
Catere
by late
Yangburn Aluru
and intre-dealer switching operations involving exchanges of March-Sept. and Sept-July
contracts, dominated a generally quiet trade in the rex contract.
Overall activity was put down by the holiday in Indonesia and the consequently light shipment offerings.
A pa
1.71)
& RA
15
17 201
thi 15
ZE
4,70
De 10.80
CHICAGO GRAIN
Activity developed at a slow
pace. Most of the interest was
given over to adjustments in the New York Sugar
March contract.
The
Issuance and circulation of delivery notices for 800 bales. substantial increase in The certificated stock, kept the
spot month on the defensive.
and a
Market
4 BUGME
closed higher
New York, Feb. 27. World No
futures lowed 10 lo 29 points higher At the glove March ruled off with sales of 1,976 bales,
Dumestic No sugar 7 while other deliveries were up 3 to 4 poluts. The market unchanged to 10 points
with sales of 800 contengis. to off opened unchanged
Broadscale buying and cover- points. New Orleans Closed up
in the world contract re 3 to G
Beeted Havana tradie Iports Interest in new crog driverice
awaited that Musta bought 200,000 tou slackened erop developnents, poll
and needed nothier bank fot 1❁ཝཾ༦ཨཽ4,ཝཿ some other new 100,000 tons
The centives,
Stune observers thought me petion reflected continuntion of recent sentiment stemming from beneficial rains In the southwest and their discourage ing intuence on sell bank com- inftments.
RIM
traders
از
וס
THWA
Cuban Institute purtedly was able to sell only 200,000 tons because this cleaned reserve sugars out the gouerni held by the organisation,
The Bussay purchases brought Cuban world alon so far to
Luns,
tons for
tround 1,300,000
dealers Spot interests absorbed March estimated. This would Inve iquidation, supposedly only about 1,100,000
sales on the basis of estimates covering operations for mill ac- counts. Other spot firm cold that Cuban world sales against May against purchases of July the 1957 crop will reach about 2,000,000 tons. Domestic futures at 60 points difference, MARKET
Commission house brokers drew firmness from the world were moderate sellers of July contract. Chicago, Feb. 27. and December against purchases Contract No. 4 (world) 201 be too early to foreshadow a Dealers reported some ofter- Grains closed frac of new March.
Mar. March contracts ings of three and four ambers, tionally lower
today May Open on the
totalled 57,800 bales. The certi- | July
Sept. 37 Investment is vitally needed if along with some flat, ut prices
to too high to interes
local Board of Trade the
today,feated sibele rose 699 bales Mar. May while soybeans held slight- | 4,539 balca trade,
Locally, spot No. Rss was ly higher. quoted
#k nominally
30% cents,
799
40%
4316
43
Westinghoone Electrio West Va. Pulp & Paper Woolworth
--Unlled Press.
Singapore
Stock Market
Singapore, Feb. 28. Brokers
kolny
quoted 71% following stock prices:
Balu Lintang Rubber Co.
Lid 513 Irish Borneo Petroleum? 1770
74 Cunmulidnied
Smeliora
Britain is to do so much avold losing further ground to her main competitors.
Courageous Reforms
Investment allowances may instantly affect business sentl- ment and investment planning, but they are slow to affect budgetary revenues,
SINGAPORE
The
market ruled quietly steady throughout the day on
Futures: short covering. No, I rubber per Ib.
Marchi April
No, a rubber por lb. Mar. No. 3 rubber par ib. Mar.
Looking to beyond next April, No. 3 rubber per ib. Mar.
Spol unboled government which can be Blanket crope eredited with such courageous No. 1 pale crepe
and (mainly for the
BBY4-6014
703 14-17
London Stocks Improve
on
London, Feb. 27.
the Stocks improved London Exchange today, re- flecting hopes a settlement of the thorny Suez criais may near
be
Rolls Royce and Woolworth led the way, rising one shilling ench.
However, buying was
selective.
Ollo were good. Brittan
and Burmah were Petroleum strong. Shell Armed. Dollar stocks wore marked higher.
Sharca of Sucz Canal Co. were up 1⁄2 to £82.
British Government bonda with me demand and closed gains ranging to & shillings.
Ferign bonds firmed, Japanese took the play in this group, with gains ranging to £1. Germen liens were un- changed.--United Press,
Fly PAN AMERICAN world's most experienced airline
to
EUROPE
6.370 1.30 0.37-20 5.27-28 0.17
5.10
July
6.07
Grains
Soybeans were Bomewhat higher. After a mixed opening. July They rallied because January Total
Wire larger than expreted.
Month March 11quidation and
un- Mar. May favourable southwest moisture Jux conditions affected the early Oct. Dec. market in wheat.
Mar May
Volume Open Interest
7,400
47,800
9,000
108,800
11,400
13,300
Spot-icents per tb. Tob Cuba) 0.25 Open interest: 8.4 contracts.
Contract No. 6
and the
21,200 154,200
May
5.70
12800 141.000
Judy
5.87
8,100 80,700
Bept
5.92
4,000 31.806
Nov.
0.5
4.300
23,800
Spot-(cants per lb. of NY
ex-duty)
5.03
Open Interest:
era
77.500 1.000,300 halen NEW YORK
33.2 39.10
At outside markets Prices of futures closed today were fairly steady.
as follows: Wheat closed off 4 to 1% 801-8814
cents; soybeans closed up to Spot
March * cont.
May Prices per bushel in cents: July
October Wheat, No. 2, red
December 2344-23554 March
sake of mure virile competition) with spot quoted at 25-15/10
Europe, might be capable of
the scal reform which is so terribly needed. China Mall Special.
[reforms in titudes to defence,
the practices
rents, monopoly and restrictive
Hyndicate
Tin
14
Ont. 5314 Fraser & Neave Lid Ord.
Fraser de Neave 1 cuin
24
pret
Opening
$1.02
40/.
JV- $2.20
$4.00
12%
ammons (Mulaya) Limted $2.00
421
Hongkong
&
Shanghai
Banking Corp.
18
112
Kempas Ltd.
Hongkong Tin Lid.
Lunar Rubber Estates Ltd.
Malayan Brewerirs
$2.80
4
New Serandah Hubber
03
Ltd.
34% Petaling Tin Ltd.
Rantos Hotel
14 Stagepore Cold Storage
$1.50
South Brush Insurance Co
Ltd.
421 Straits Trading
$20.00
Strails Steamship
$16.00
United Engineers Ord,
$9.00
Sept.
35.17-19
34.00
12.01
33.07
30.01
22.80
33.48
NEW ORLEANS
Prices of futures closed today
LONDON
Spot
The market was very steady
May
pence per lb. Prices;
July
No. 1 spot
2572-20
Sept
Mar. 2331) 301442) 231-12
23176-1 21516-% 227
May July
Settlement houoe term: May
Dec.
June
261-20 Ja-20
Com, No. 2, yellow
Spot
April/June
-Mar.
12914-12716 13122
as follows:
July/Sept.
May
Dat/Dec.
July
1301
Spot
Jan./Mar.
13114
March
General markets, clt basin, March
Dcc.
May
Rye
Juty
Mar.
October
May
Estate crepe thick March 30
AMSTERDAM
Oats
Mar. May.
2426
7314-4
MAY July
Soybeans, No. 2, yellow
steady,
May
July
US
24419-244 243- 2004-44
Bpot.
Xainte crepe thin March
135
130-3592
December March
LIVERPOOL
52.40
Futures closings; in pence per
Ib. were as follows:
Uailed Pre
3.343 contracts, m
NAMESAKES
Answers: Shells, 2 Airfeld, 3 Barrage, 4 Medals, 5 Bavaria, 6 Bombarding, 7 Nazi, # Gor- many, Officers, 10 Hitler, 11 Aircraft, 12 Pilot, 13 Command, 14 Flying
Hermann Goering
USA
For reservations.
call your travel agent or Alexandra House, Phone 37031, Hạng Sana Peninsula Hotel, Phone 64005, Kowloon
PAN AMERICAN
As approved by the Postmaster General, Hong Kong
AIR MAIL ENVELOPES
Boeing Airplane
Burroughs Add Machine
Canadian Pacific it
Cat. Tractor Celanese Corp.
C. I. T. Financial Corp.
Chase Manhat. flank Chrysler Motors..... Climax Molybdenum
Colgate-Palmolive Co. Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oll of Del.
Crown Zolierbach
Cuban Amer. Bugar
Diamond Alkali
Douglas Aircraft
Dow Chemicaln
Dupont de Nemouni
Eastman Kodak
El Paso National Gas (New)
Family Finance Corp.
Firestone Tyro
Ford Motor
General Meotrie
General Foods General Motors Geri, Pub. Utn.
Getty on
Glidden Co.
Goodrich (B, F. Co.
Goodyear "Tyre
Heyden Newport Corp
Homstake Mining Co.
Ingersoll-Rand
Dant Blegi Co.
Interchemical Corp.
Data Business Machines
Int Harvester
International Nickel
International Paper
Int'l Tel & Tel
John Manville Co.
Kanes C. Power & Light
Tob, Co.
'Kmingpol Coper
Liggit Meyer Lockheed Alterais
news Incorp. Data Lone Star Cement Co. (New) Lowenstein de Sants," Memul Tron . GODI McDonnel," "Alrevati MWhenols MMISE Mision Develožiheut
Wearne Bros.
*[V: ↑ cumdiv China Mall Special.
Symbosu-
NEW YORK METAL FUTURES
New York, Feb. 27. Prices of metals closed today in cents per b. as follows:
Lood
March
April
30 Zinc
March
Арти
124 Copper March
30
April
March
Apri
March
April
19.10 18.10b
13.30b
11,303
29,000
20,200
90 (Riandard) 93,256
26.75b (Sirait) $4.00b -United Pres.
LONDON METAL
PRICES
Negotiations
For Tanker
Building Loan
London, Feb. 27. The British Petroleum Com-
pany is conducting negotiations with the Ship Mortgage & Fin-
aper Company for a £30 million financing operation for its oll was learned here. tanker, "building programme, it
The market W29 Prices closed today in guilders
March
per
kilogram, eif
follows:
No. 1 rubber No. 3 rubber No, 3 rubber No. 1 crope
Nov
2.48 buyers Harley,
2,48 buyers
2,41 buyers 2.70_buyers United Press.
London Foreign
Exchange
London, Feb. 27, Closing rates were:
***** 2.701-2.79-17/10
2.08-1/10-2,5035 140,70-140,75 11.7836-11.7% 170019-170014
The Ship Mortgage & Finance Company was formed in 1951 to make Available medium-term New York mortgage loans on ships built in United Kingdom shipyards and its activities are now being, ex- tended.
The financing operation will, it la expected, be similar to that used by Shelf recently.
Under
Montreal Bruwers Frankfurt
Milass
Pariu
Blockholm
spot
23134
July/Aug.
Old contract
*Mar/Apr.
130-140
May/June
Oct/Nov.
_Dec/Jan.
New contract
Mar/Apr.;
New York four
200 lb. sack ........ $13.30m
-United Press.
'WINNIPEG PRICES
Winnipeg, Feb. 27. Closing futures all in cents per bushel were:
Dais
May
July
Oct.
Bro
May
July
Oct.
Barley
May
July
90094-08131
14.50]2-14.51
Oct. Fixxseed
raica
May July Oct
Others were unchanged. New York exchange were unavailable United Press,
OIL
the Shell financing scheme a now company-Tanker Finance N.Y. COTTONSEED Limited is buying £30 London, Feb. 27,
million Pricca of metals closed today | word
worth of new tankers by na borrowing £22.5 million from it In sterling per long ton follows:
group of insurance companies, buyer sellers pension funds and other institu- tions and £7,5 million from Lloyds Bank.
(64) | Tin - spot
d-month
Cupper spot
29363-month
New York, Feb, 27. Prices of cottonnen
futures closed today -in conta per 16, as follows;
750
750
740
744
MAY
342
18% Lemand) half reli
The ships will be chartered back to Shell for period of 24 years at fixed rates of hire....
JURY
Sept.
Ort.
aior..
nited Press.
China Mall Special.
2016 | Zump. And hair
I
2331
31015
11098-39 1101-11016
001%
28116
270-1 Canadian wheat export No. 3, 180 cents; No. 5, 141% -centa
United Press,
Exchange Rates -
Dimines was done in the loest ¡unarfjerni
markus Exelonge morning at the following tatag 1.5. dollar (piz #3)
May/June
July/Aug.
Dec/JED
25.75-77
28882 58293
Egyptian Karnak
Jan/Feb.
00.00
SAO PAULO
Closing futures prices,
in
cruzeiros, per kilo were 24 follows:
Maroli. May, and July unquoted Oct. Ded.
38.44
In the US tho average spot price was 33.81 conta. Sales totalled 10,433 bales-United Pross.
CHICAGO LARD PRICES
ал
Chicago, Fob, 27. Prices of lanka futuros closed fnday in cenia por lb. follown:
Mar Mauv
10.22
30.11
0.13
30.01
Sterling notes (per £1)
10.12
18.00
Asustealink notek (per 25
Julk
30.40
indorionlari, rubláb feser. 1001 Sam Howl (per 100) Bingapuro Straits)
10.40
Sept
20.70
Oq..
14.70 14.43
--United ProRY.
Saten 214 continety --frølled Prose.
on sale at
South China Morning Post Ltd.
Job Printing Department Telephone: 20002