THE CHINA MAIL, TUESDAY, MARCH 5, 1957.
TRADE and COMMERCE SECTION
EXAMINATION OF UK FINANCIAL WALL STREET
SYSTEM
DEMANDED
From RONALD BOXALL
London, Mar. 4.
The row in the House of Commons over the by budget "leak" a supposed President of the Board of Trade was at least partly motivated by political con- siderations. The Socialist Opposition, fresh from a major electoral success, saw an opportunity to harass the Government and took it. No doubt they exaggerated the importance of the incident but it would be wrong to write it off simply as a piece of party politics.
Govern- Since the war the
assumed more and ment hon more responsibility for the con- ducts of the nation's affairs and Its chief instrument charge of this responsibility has been the budget.
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong-
Ing mounted to approximately $130,000. Noon quolallons and
New York Cotton
Dull
Futures
WORLD PRICES
New York, Mar. 4.
MOVES AHEAD
New York, Mar. 4. · Stocks moved to their highest levels in à month on increased volume under leadership of the oil shares, metals, steels and special issues.
At least some of the buying] Socony Mabijall
Solar Afrereft_ .......... was believed to stem from re- Houth Puerto Rico Suger ports of Imaeli agreement to Boutier National Gas
Immediate withdrawal of Southern Railway (Com.)
103
forces from Arub
Mandard Brands Standard Olt of Cri International olis, reflecting standard Oil of Ind. hopes for an early opening of Standard Ofl of NJ.
Steep Rock aimlessly in the Suez Canal, look the lead sterling Drug Co. (New)
the upside with early galite stokely VanCamp, ranging
In Studebaker-Packard points
Swift & Co. in
Co.
Cotton futures today drifted korg Stock Exchange this morn-another slow trading session.
Apart from March contract adjustments and some mill covering in the May delivery, trading lacked a special feature.
the interning's transactions:
Ahares Mayer Melkers,
DJANKS
HK Hanke
XD
SUANCES SING
Lambird
Rates
B
Closing prices ruled 3 to points lower. The market open- ed off 3 to 8 points. New Oricans closed off one point.
The Mardi Gras holiday to morrow in New Oricans cut down the usual intra-market partielpation, traders thought.
A sharp increase in the certi- Acated stock brought an open- ing spurt of liquidation, along accumulation with a weckend
3970
040
Wheelock
29.
0.00
GAS 1000 @ 100
DOCKS, ETC.
K. Whart
200
Prov 10,
13.20
40142 13
LAND, KI
BIK Hotel
18,20
HK Land
0315
200 yr 04
ย
Krity
1421
4
RUBREN
Amalg
140
1 30 3000 « 1.45
em-
UTILFİTİ
Tram tsuminis
23 23.10 100 104
200 * 23.10
$10
400 23
30 3044 17) 30
400 201
30
1500 23.00 the
foreshadow increased
must always be reconelled with the acceptert responsibility the Government lo maintain high and stable level of In diployment. The higher the level of business activity that this
hos policy
helped 10 faster means that domestic policy con- cerned since the war not-as at
time
of the Macmillan the
(0) XD 23 (8) 23 90 the survey with
repressive INDUSTRIALS
12
Its overriding importance in
#
Fleetriu
Max 1
the financial system makes Imperative that no part of the budget should be known before the due date, Sir David Eceles' consequoners of a talling price cement "sin" was to imply
stup
entertain-level, but with the corrupting || STOREN, KPU
thairy ments tax on cinemax would be effects of currency depreciation.
because they believe
roduced. And the result was
a
flurry in cinema shares on the Stock Exchange.
Government Control
If this incident has any signi- ftcoree at all it is not that a few
Investors
huve astule
may capitalised on Sir David's Indts- crétion or even that the Opposi- tion are calling for his resigna- tion. Its significance is that it shows how Government control affairs reaches over economic
even into the darkest recesses of the cinema auditorium.
The Midland Bank had graver minor budget dangers than disclosure in mind when it drew to the 411 attention recently pervading role of the Govern ment in economic affairs. But the Commons incident does give topicality to the article in the Bank's latest Review
which the time has come to examine the implications that have taken place in the financial cial system since it was Inst survey- ed more than a
quarter of century ago by the Macmillan Committee, And one of the most important of these changes, says, has been the concentration of responsibility for economic anoirs in the hands of Government.
The Bank belleves "It may not be too early to consider whether a fresh authoritative Inquiry should be set on foot to bring to light and correlate the facts about the working of the financial system as we know it after the upheavals of the last quarter of a century,"
Ita
1
the
TC-
وا
12:00
Watsons
X Al
KONS
Trxilles
16 16 20 2100 † 19,10
12140
MISCELLANEOUS
Entert
470
13 70
a
ISVISSTMENTS Allled ......
4.00
changes require a re-examina tion of the working of the financ system that a group of Conservative MP's last week called for the setting up of new commission of Inquiry "as a matter of urgency."--Londen Express Service,
London Stocks
Higher
But Irregular
4(10)
New York Sugar Market
New York, Mar. 4. World No. 4 sugar fu- tures today closed 3 to 7 points lower with sales of 455 contracts.
or hedge offerings,
No March delivery noticea appeared, but the certificated stock rose to 5,984 baies from i
WORLD
RUBBER
MARKETS
New York, Mar. 4. The rex rubber futures today closed 85 to 70 points higher
net Increase of 2,094 bales dur- with sales of 133 contracts. ing the past week.
Changes in
deliverable stock often March
truders satd.
May
tenders, July The net open at the start
position in March
of tending today totalled 48,100 bales.
on
over
3
or more
Amer and Betty. These were de Water Asen. Ou Gulf and shaded in later trading, Getty, Tims the
Twenty Century Fox Film the day's second most actively Union Carbide traded issue, hek 1%, Amerada Union Pacile aitway
United Arorati 1%, Gulf a small fraction,
U.9. Fail Coppers met demand with us Gypsum Anaconda, up nearly a point, U. S Line, Co. the day's most active stock. Rubber Kennecott added 2%, Inspiration Consolidated 2%.
Special Situations
Issuer in special situations continued to attract attention, Good earnings reports, zifted American Home Products points to $128, Hart, Schaffner & Marx 1% to $20. Sageway
commentatory
tip.
1.8. Smelting US Steel Warner Bros.
West Va. Pulp & Paper
Western Union Westinghouse Electric Woolworth,
United Presa,
CHICAGO LARD FUTURES
Chicago, Mar. 4. Prices of land futures closed today in cents per ib as follows:
March
4
September November
January
March
January
Standard contract chimed to points higher with no mies reported, March May July September November Marst
to 10
30.09
store run up 24 to $6811⁄2 on a 31.30 $1.70 American
Telephone featured 31.40
the blue chips with a gain which 31.20 30.05 ran up 2% to $170% and helped 30.60 if the industrial average 4.57
points to 471.48, best level sinco February 4.
May
14.75 14.00-02
21.58
310
swing with turnover for
Trading picked up on the up-
July September October
14 02
14.82
24.00
te
United Press.
31,20 30.03
30.80
30.65
session totalled 1,800,000 shares, 190,000 ahead of Friday and heavicat since February 16.
Scattered selling In new crop pointed up weekend torrential rains in part of the hard-hit South Texas drought belt. It was the second straight North roins. day of heavy
to 1.00 Higher Texts points got
up inches of rain on Saturday, which in turn pointed
More action that one inch
measured wus
trend reflected the
Of a total 1,120 issues traded, 037 were higher, 279 lower, 216
at London-Singapore, unchanged with six at new
up. con-highs, 10 at new lows. unrest in In- New York Stock Exchange
Wak
in South Texas areas which felt cern of politica
heaviest cffects of the donesia and Thalland Shipment bond volume was $4,710,000,
small to drought, Crop experts thought off rings here
in the rains would increase with moderate.
Factory demand drawals of acreage previously the delivered market aged-up under the soll bank on the small side, Spot No. 1 Rss
30 industrial was quoted nominally at 81%
20 raile..... programine.
cents a pound Dealer switching is atten Month
operations was a feature on the 05 stocka terminal market, involving ex-
40 bonds change of September for May
and July.
Volume 2,100
Open Interest
40,700
American Stock Exchange vojtime was 990,000 shares,
Dow-Jonds closing Averégés
were:
471.48
14109
70377
100 E
20.02
Comm. future price index **
10749
Closing Prices
Mar.
MAY
9,400
000,100
July
4,200
152,400
Domestle No. 0 sugar futures clored point lower to 2 points | Dec. higher with sales of tracts,
Oct.
6,000
155,900
2,000
134,000
Mar
1,000
03.100
115 cont-
May
200
55.700
July
1,000
34,000
World futures
Tofol
27000 1,004,000 bales
(731
NEW YORK
Despite disappointing overens advices the market
opened and steady
ruled steady
Alden Inc. for.
Allied Chemicals
Allied Milis Inc.
London, Mar. 4. Stocks moved irregularly
drified lower and sentiered liquidation higher in quiet trading on the London Stock Ex-hedge selling. Sellers expressed disappointment over the fact change today.
that no large scale business in
materialised
market
were
Influences holding back the the continuing Mid-cast uncertainties und aring the gold and dollar re- serves of the sterling area may have fallen further by the end of February.
Oils moved higher on a broaxi front, led by British Petroleum, which was up 4 shillings.
Shipping issues were weak on pruh taking, inspired by the casing of freight rates.
British
purpore would be to view the entire financial system were
Government bonds steady with some of the and make proposals for Im-longer-dated issues higher by as proving its efftelency as a means much as £1/16. for promoting stable economic growth.
Important Changes
The Midland Bank 11sts some
of the most important changes
that have caused the Macmillon
Dollar stocks rallied under Wall Street influence. Gold shares steadied at lower levels. Rubber shares Improved. United Press,
report to become "an historical New York Foreign
document with title relevance
to present conditione
Some of these affect other
comtries.
sterling area
For example
hans
"the
been trans-
Exchange
New York, Mar. 4 Closing rates were;
formed from a loose associa- · tion of countries using sterling Canada as their currency or as the in- termediate basis thereof into an Australla
England 30 day
to-day
New Zealand South Africa
administrative group of countries bound together by undertaking Switzerland to operate parallel systems of Argentina exchange control.
Again there are now methods Uruguay
Chille
India
of raising capital for private and Pakistan
enterprise that were un- | Hongkong
puble
known to the Macmillan Com-
mittee. The institutions set up
for this purpose Include the
futures fatures
$1.04-10/32 2.70-18/22 2.78-27/32 2.2317
2.18-31/18 2.00-1/10
2330
0212
0010
2037
2009
2101
United Prost
Colonial Development Finance London Foreign
And
Company. Commonwealth
the when governments
mako mdirect approach to Brilish investors for loans their applications must be vetted by the Capital Issues Commitico- another now agency of British Anancial policy.
Exchange
London, Mar. 4. Closing rates were:
2.70-1/16-3.EĽ New York Montreal
2.0734-367-0/10 Amsleriatr Brea
Copenhagen
Frankfurt Milan
But there are merely some of the practical results of a funda- mental change in our approach Stockholm
Vimna
to economic policy. The Mac- Zurich millan survey was prompted by
concern about continuing
business depression, After the
10.07-104IL 140,75-140.77 13.4131-1042
SINGAPORE
Prices of futures closed today throughout the day, mainly on as follows:
OVET
the
Spot March
May
July
October
December
March MAY July
raws weekend.
Japan was said to have been specific buyer, though the price was not known Over the werkend Brazil released 80,000 lons of raws which were cur- marked for several countries,
Havana advices said that up tu Feb, 15 sugar field from the 1957 crop were running equai 10. or slightly better, than a year ago, in all provinces except Oriente, where the yield was allghtly lower. Contract No. 4 (world)
Muy
NEW ORLEANS
In-
Allis Chalmera
American Airline
American Cable & Radio Corp. American Cyanüridə Amer. Forgn. Power am, Much of The American Metal American Smelting. American Tel & Tel American Tob. "" Anaconda, Copper Armco Steel Armour
3.301
35,10
3123
34.66
33.03
34.93
2
No. 4
covering induced by
donesian situation.
No. 1 rubber per lb. Mar. 91-815.
Apr. 913-91% No. 3 rubber per 16. Mat. 874-09 No. 3
8033-8712 85-00
the
01-8114
32.45
Blanket crepe
17-20
No. 1 pale crepe
98-100
Atias Cong. Mining Baldwin-Lima-Xam.
LONDON
Prices of futures closed today
as follows: Spot
Match
May July October
December
March
LIVERPOOL
Bpot rubber unbaled
The market was quiet
Baillmore & Ohio Bendix Aviation Corp. Beneficial Finance
Benguet Cons
with
Bethlehem Steel Hoeing Airplane
spot quoted at 27-5/10 pence
34.00
34.00
per lb. Prices;
39.23
34.05
No. 1 spot Res
33.04 Settlement house term:
** 2714-2736
32.04
April
$12,03
2714-2736
May
37,90
June
32.40
April/June
July/Bept.
Oct/Dec.
Jan./Mar
Futures closings, in pence per ib. were as follows:
July/Aug
MAY
July September March
$20 0.27
July
0.25-27
May July
5,00
4.98
Spot-teenis per b. Tob
Cubo Open Interest: 8,687 contracts,
Ok contract
0,33
Mar/Apr.
May/June
Contract No, & (domestic)
Oct/Nov.
May
6,78
Dec/Jan.
July
5.03
New contradi
September
0.90
Mar/Apr.
November
5.02
May/June
July/Aug.
1,05
Oct/Nov.
Dec/Jan.
-United Press,
Egyptian Karnak
Jan./Feb.
BAO PAULO
Spot-cents per lb. cif NY
ex-duly)
Open interent: 3,405 contracts.
Singapore
Stock Market
Singapore, Mar. 5. Brokers today quoted the fol- lowing stock prices:
1345
Opening Batu Lintang Rubber Co. Ltd. $1,80
Petroleum Borneo Syndicate .............
40/- Consolidated Tin Smelters
Fraser & Neave Ltd. Ord. Fraser & Neave Ltd. 71%
31/- $2,30
$4,00 Limted $1.99 $3.35+
Hongkong & Shanghai Bank-
jeum, pref,
Gammore (Malay)
Ing Corp.
Kempas Ltd. ...........................
| Hongkong Tin Ltd.
$1,40 Lunas Rubber Estates Ltd... 0.02
$2.00 Malayan Breweries amon
New Berandahi
Ltd..
$14.519%
170032-1731.
12.85-12.85
—United" Press,
policy was N.Y. COTTONSEED
a deep
frat, world war,
directed to a return to the gold
standard at prewar parily and
dellation! which remed a nocemary part of that process,
OIL
New York, Mar. 4.
oil
wad.pocted of being prin- Pricor of cottonseed:
Petaling Tin Lid,
fubber Co.
Rames Hotel meer Singapore Cold Storage
Bouth Britials Insurance
Lid. ......
Straite Trading
Straite Steamship
United Engineer Ord,
Wearne BroM. **********
་
Closing futures prices were unavailable because of holiday today.
In the United States, the
2014-2014 General markete, eif basis, ports: March
Eat-271 2011-27
Estela crepe thin Mar.
Apr.
thick Mar.
AMSTERDAM
The market was firm.
Borden (The) Co Burroughs Add Machine Canadian Pacific R.
Case (J.X.) Co. Cat. Tractor
Celanese Corp.
274 CIT. Financial Corp.
Chase Manhat. Bank Chrysler Motors Climax Molybdenum Colombian Carbon Commercial Credit Commonwealth Elec. Consolidated Edison Continental Cul of Del. Crown Zeilenbach Cuban Amer. Sugni Diamiri Alkali Dew Chemicals
Prices
closed in guliders per kilogram,
elf March is follows:
No. 1 rubber
No. 2 rubber
No. rubber
No. 1 crepe
Douglas Argraft
Dupont de Nemours
Eastern Airlines
Eastman Kodak .......
El Paso National Gas (New) Family Finance Corp.
2.60 buyers Firestine Tire
258 buyer Ford Motor
254 buyers General Electric 2.70 buyers: Gesners Toode
United Press. Getteral Motors
Ger, Pub, UILL. Getty Ou
Glidden Co. Goodrich (B, T.) Co. Goodyear
tverage pr.se of one inch cotton NEW YORK METAL Tie
at 14 designated spot markets was 33.84 cents.
Total sales at these markets were 11,500, bales,-United Pres.
Taiwan Sugar
For Iraq
Taipel, Mor, 4. Nationalist China will ship #3.477 5,000 tons of sugar to Iraq $2,00 aboard the Chinedo dreighter Fu-ming which is scheduled to B1.60
leave for the Mid-East later 10. the Economic Ministry
$32.50 day,
26.70nnounced. $17.00unced
$0.00 $3.832
The merchant ship will also carry 400 tons of industrial and
axdly: 1 cumalvii cumdiy cum- ogricultural goods produced on bonusChuns Mall Special.
cipally responsible for the de-fitures closed today in cents per Exchange Rates
premion,
1. as followst
Commission Called
Today the underlying prob- leen entirely different, "Now, the show in my embedded that pursuit of external | Hima
July
Flept
ped.
Mar
Ort.
Businem was done in the toeal unomieinl éxchange
Talwan to Iraq for display
FUTURES
New York, Mar, 4. Prices of metal futures closed today in cents per lb. as faltows:
Lead Mar. Apr.
13.10b
18.00
Zine Mar,
13416
Apr.
18.05b
Copper Mar.
20.75-60
Apr.
Tin
Арт.
Mar.
Apr.
• Standard † StrajlamUnited Prvan.
Heyden Newport Corp. Homatake Mining Co. Ingersoll-Rand
In and Stool Ca Interctieme Machines --
Corp Int'l Int'l Harvester. International Nickel International Paper
intl Tel & Tel John-meille Co. Kansas C. Power & Light Kinnerbit Copper, we Liggett Meyer Tab. Co Lockheed Aircraft
Lowwe InodĽD, AR
Lone Star, Cement Co. (New) 06.01|48* | Lowenstain & Sone,
Maefionnel Aircraft WEESOT | Meekbi fign Corp. 973111
Minesota Mining Mon Development Monsanto Chemical Co. Montgomery Ward Motorola Ind National Ci Nama Paky Prod. National Lană National B161 Corp. New York Central Oil Mathieson Ou, ElevatOPMEN Owenote Glass Pacine Gas & 1960, Path, Arraroan Airways Paramount Pictures Parka Davis Co.
LONDON METAL
PRICES
Penny J. C. Co.
Peru Bait Co, Philip, Mortim
buyers sellers Procter & Gamble,
London, Mar, d. Prices of metals closed today the International Trade Fair in in sterling per long ton as fol-
10ws: Baghdad this month.
sold that Informed sources the Nationalist Chinese have in pot
Bucecelix Samanis "This had considerable
their search for new markels in Cooper obet
3-mighth 100 the Middle Eat and added that in half 149 Barticipation in the Bagdadzino let halt Indonesian relih (per 100) « 18,00 Take in another siáp tó win more Bjam tical (per 100)
20.70
150 customers,United Press.
market
morning at the following, rates?— US. dollar (per, #1)
Įši į Sterling notes (per ki)
Australian notes' (per £11.
Hingapore (Straita)
8.13
Pittating plate dite 7543 PUBURKay, inquitrii
7121712
754
245
BURMA TO EXPORT
1
TEAK
Singapore, MaT, 4.
Burma, is ready, to ex- port her, fkmona, Chil ngain to SoutheaÄile; done: Myat. Kyaw, the Hufmeer Consul in Singapore, mid today.
He isid: “After the use we could not rerume E24 port of teak bobanka áf the unsettled sundtiloni th
our country.
**This year however, we shall start stöding Wilber to other Far Eastern ovens krien,"
two-tika Bariatiů thuber mladoù la át, pros went in Singaporò to frid DULYGTE
The two are Ú Byke Kains, Burton's Flääneral Comeladener and Directök of the State Timber Bann EnA U Ti Gỳi, the Woints Marketing Director,===Ren“
ter
NAMESAKES
Answers:-i bafetid; 2 Charles, Crown, 4 Prince, 5 Scaffold, 6 James, 7 Stuart, 8 Clan. 9 Pretender,
11 10 Jacobite. France, 12 England, 13 Scotland. 14 Highland.
Flora MacDonnið.,
POBIE&A
COMPANIES
PENINSULAR & ORIENTAL S.N, CO.
PASSENGER/FREIGHT SERVÍCE
Leaves London
Beled
4th Apr
Due Hongkong
Both farefi
th May
in June
Outwards
"CORFU"
"CHUBANG
"CANTON"
*CORFU
21st Apili
Shh May
9th July
Via Southampton, Colombo, Penang & ŝiäjupora.
Edwards Leaves Hongkong • bus sondon
"CORFU"
"CHUBAN"
"CANTON"
*CORFU"
3rd April
12th May
ath Jone
19th July
izis band
12th June
ADVISED
Via Singapore, Penang & Combo
FREIGHT SERVICE
"SALSETTE” loads sih. Max.
"SINGAPORE” dúe 12th Mar, "BALLÁBAT" que 17th Mar.
due Sird Mar. "BOMALI" “SINGAPORE Íondi ith Apr.
for Sport: Ht: Betz tentiam, Penang. Lon- don, Hainband,,, Kotter- dam & AutWBED, from U.K
fromm V.H
from UK.
fde Sport; Pl..Sweiten- ham, London. Hamburg. Rotterdam Antwerp i Gringemouth
GOOD
ALL VESSELS OUTWARDS AND HOSIEWARDS.
PROCEED BY THE CAPI or HOPE UNTIL YURTHER NOTICE:
WILL
BRITISH INDIA S.N, CO., LTD.
1850 A HUNDRED YEARS OF SERVICE - 1058
"FULTALA" in Port
salis ath Mar,
"SANGOLA” due 16th Mar.
Kalim 17th Mar,
falls 28th Mr.
sails 14th Mar.
from Japan
for Spor, Handoon, Chittagong. Vi kitapast- nas & KidSISARTI, from Japan
for Spore, Pendra, Hangoon & Calostus ttom Calcutta. Mankibon
#calle
The Japan
P. & O./B. I. JOINT SERVICE “ISMAİLA” due, 1201 Mar.
"ODRA" ǎtie 1st Apr.
sin Apr. *ITOLA"
frem Bombay, de S'pore for Jipes
walla 3th Ápr.
sup
"IKAUNE"
duẻ 10th Apr,
salia Fith Apr.
tím Bombayle FÈNřichá
Ter Japa
tok Japhi
for Stigapore, Poong.
· Coches & Bombar
for Bngapore, Bombay, Karachi, Bengali, Khors FRESENIMAN AZ Kuwait
EASTERN & AUSTRALIAN 5.3; CO., LTD.
"NELLORE" loads, otti Mar,
*RÁNEIN” loads 18th Mar,
för Bandakoan, Habibl, Erfubae, Sydit7]. Miel» bourne de Admitida for Sydney & bourrie, direct,
All Vedela kávé liberty to call at kay ports on ok off the route à thé vöutá á, pulling kro PARIOTE^ to change or amendmine with of “without notich,"
For full particulars apply to : MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos: 27721-4.