THE CHINA MAIL, WEDNESDAY, MARCH 6, 1957.
Pare
TRADE and COMMERCE SECTION
WALL STREET OILS
SUFFER FROM PROFIT-TAKING
1
New York, Mar. 5.
Stocks continued to move higher but without much enthusiasm except for the issues in special situations.
The apparently real effort of Israeli forces to leave Arab ter- ritory around Bgypt limidated some buying. It was felt, but the international oats, which would drdelli po early opening of Har Su t'anal, suffered them a 14 profit-taking. They have been strong in recent sessioufte..
Turnover
continued
FL
routine pace, totalling 1.860,000 shares entopared with 180 000
Monday.
Meusure by
Lije averages,
industrials were
their best
month, up
1.40
Jevels
punts at 472.88, oils 1.00 10
144,14, ilues
Acted the 65
71 28, coniponite
0.31 to
average up 0.72 at 107.5-4.
Late Lift
Houts enjoyed which boosted a few lasues,
luts
Fift
A point guin in People's fus and a rise of almost on it, Pace Gas kolmered ouIRES.
Leading
There was no one outstanding group in industrial, strels were very narrow.
Molins were steady,
( a total 1,119 bade, traded,
47 were higher, 320 tower, 252 unchanged wiR
Exchange
21
new
Hughs, 12 at nw lows.
NY Stock volume was $4,091,080,
American Stock Exchante volume was 790,000 share
Dow-Fuzz ***x;*LIཏྭ& UNVERBA
WOTE:
3000ustads
20 Falla
472
15 utilities
da shugh
144 14 72 197
mborg
Commerture price index
15700
Closing Prices
Alden for Acy, Allied Chemicals Allied Mbis the All Chalten
American Auline American
Cale
American Cyananude Qu
Amer & Faigh
Power
Am. Macht & Fury
American Metal
Am. Sugar Ref.
Ameries Tei & Tei
Amertens Tab
Anaconda Copper
Armeo Steel... Aunour
Amenea Sawiting
··13⋅⋅
1
South Puerto Rico Sugar Sulev National Cas Hontier Hallway (Com.) Sleep Rock (Torontoek. Standard Brands Standard 1 of Cal. Standard Oll of Ind Standard On of NJ Sterling Drug Co. (New Stokely-Van Camp, tidehaker-Fehald Corp.
Swif
Texas Cu,
Tide Water Assn. Oil Tinie Tr
Twenty Century Fox Film
Union Carte
Union Pacific Railway
United Aterafi
US
Fou "1"
US Line Co
US. Rubber.
UA Steel
Warner Drum
Western Union Tel
Wesbaghouse Electric
West Va Pulp & Paper Wandworth
-United Press
Stat
STERLING REGAINS ITS STRENGTH: New York Cotton
BANK OF ENGLAND'S AFFIRMATION
London, Mar, 5. CTUAL bears of sterling abroad, and psychologienl beats at home, should noto the Governor of the Bank of England's affirmation that, having survived some critical months, sterling has regained lls strength In the market,
There were signs, he said, of one of the swings in the right directlun. Confidence was de- turning and the technical position was strong.
40 To pull well clear of the danger line and 10 put the
issue beyond doubt, the Governor
INDIA
asserted — In pecents more familiar from his colleague, the hend of Germany's tar more voluble und very un- nationallsvą central bank-the duty of the
Bank 10 give public
when
pubileering
appeared
to be getting out of hand; he called on the Government to form policies that would keep ile expenditure in hand over the next few years, with first dividend In the coming financial year.
A
Reserving the right to use 1- terest rates and other In-
gredients of monetary control To change or reinforce polley If and when thought desirable in fulure, he explained that the recent cut in the bank rate was no such chango merely an adjustment to the fall in market rates that
had meceded it.'
This presumably conftrins that the author!!les were merely registering what they had already done to the market, rather than starting something new.
Similarly, the ostensiblo funding
operation did virtually funding, but recognised that
לנו
a major funding operation had been performed in thu past two months and Kavo the Government broker more slock-in-trade to do more funding over a period, official policy does not nood or want booming giftedgod market, but it does need a good one, to take more funding over the longer range. An- other foli In short-money
rates is not to be ruled out. But na the seasonal factors
will fairly soon tum against
it, it may have to await lead from Frankfurt and New York-China Moll Special,
HELPED INCREASE
WORLD UK RESERVES
RUBBER
MARKETS
Ilex
New York, Mar, 5. rubber today closed 50
CHICAGO GRAIN | to 70 points lower with sales of
MARKET
Chicago, Mar, D. Most grains advanced on the Board of Trade today during a fairly quiet session.
(11
Wheal
moved higher prices with March showing
consider- able strength buying by commercial interests. Soybeans and rye also showed some up- ward movement in mixed irid- Ing.
at
Grains outside markets were mostly steady to rm.
Wheat closed up 31 to 2k cents.
Stybeans closed up 1% to
cena,
Prices per bustel in venis: Wheat. No, 2, red
13334-2 137!!
72 contracts.
March Muy
July
September
Nuvember
Jstuary
Miuret
30 85
31.01
30.72
30.00
30,40
30,25
30.13
Standard contract closed 50 to
70 points teported.
Juwer with
Many var
tay
July
September November
no saleg
30.65
21 01
30.72
30.00
30.40 30.15
Lower London cable and profit-taking by some of Mon- day's
price buyers a the trend. Switching of November/ July for Deeviber/January was
another feature.
(1)
Brokers reported Indications
a better dealer demand The lower levels. 2quiry also was noted, although
Some factory
actual consumer buying was on the small able, Shipment offer- ings were in fair quantity and Spot mostly on the high-side, No its wha quoted at 31% cenka a pound.
WIN
SINGAPORE SENU
The market opened higher on better overstas advices but ensed later on disappointing February export figures, thereafter it fluctuated on varying reports from Indonesia.
There was a fair interest for lower sheets but factories were quiet. Future closings were: No. 1 rubber per tb. Mar. 91-0114
Apr. 919-019 No. 2 rubber er it. Mar. 87-14-58 802-87 #1515-2019 .... DEVIVA
77-79 97-09
Withdrawal From International Monetary Fund
By SYDNEY S, GAMPELL
London, Mar. 5.
Much of the February increase in Britain's gold and dollar reserves by $63 million to $2,147 million must have been due to India's drawing of $59 million from the International Monetary Fund.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Hongkong Stock quotations and the transactions (The closed at 11 am):
There have been no Murther drawings by Britain during the mouth from the International Monetary Fund and there have been no drawings yet on the $500
million
credit from the Export-Import Bank.
It is officially stated that oil expenditure must have been
continued at a high level.
Asked to comment about the effect of India's drawing of $58 million
the
Treasury spokesman
that sterling
reserved, a explained Brea countries
normally sell their surplus foreign exchange to The re- serves and India's IMF drawing Exchange
have must
ilgured morning's | February transactions. Exchange
$ 17xd
Spot Mal
201110 23200
May
233
July
10
Bee
Itudio
Corn, No. 2. yellow
104
Spit
1993
120
May
03
July
121
Sepl
1794
Dey.
7344
Ryo
55
Matr
138-13713 1204-140
Shares
Duyers Seltern
Balen
Alton Cups, Muling
Baldwin-Lama-Bar
12
Oats
Ballamore & bi
Mar
Bendix Aviation Corp
9114
May
MAL. 24%
No. 1 No, 4
**
+
Spot rubber unbaled
Beneficial Finance
Blankel crepe
Benguet Cutia
16
Bethlehem Steel
Soybeans, No. 2, yellow
No. 1 pale crepe
Boeing Airplane
Spel
2441
LONDON
IK BANK.
XD East Asia XD INSURANCES Union
1570
2 1503
242
Linnbard
Borden (The
Cu.
Mat
244-14
SHIPPING
Burroughs Add Machine
May
Canatitan Pasific R.
July
210- 23894
Wherlock
Docks. ETC.
I
lb. Prices:
K. Whorl
3714
0.00 1.25
100
Case (3.1) Co.
1422
Cal. Tractor
Barley Бри
No. 1 Item 201
2015-2074
Duck
475 484
100 u 40
130-145
Settlement house term:
Apell
2014-201
Moy
June
$13.4011
United Press,
July/September
October/December
203-204 2011-28474
-209 -20
January March
Celanese Corp,
C.I.T. Financial Corp. Chase Manhat, Bank Chrysler Motore Clunax Molybdenum
Colgate-Palmolive Co Colombian Carbons Commercial Credit Cominonwealth Elec. Consolidated Edison Continents Ou of Del, Crown Zellerbach Cuban Allier, Sugar Diamond Alkali
Bouglas Alterati
Dow Chemicals
Dupont de Nemours
Eastern Airlines
Eastman Kodak
El Past National Gas (New)
Finance Corp.
Ford Mutor
Gentral Electric General Foods General Motor
Gen. Pub, Util
Getty Gil
Glidden Co.
Goodrich (B. F.) Co,
Goodyear Tyre
instake Mining Co.
Int Burnew Machines
International Nickel
John-Manville Co.
New York Hour
200 Hack
Early London
Advance Halted
London, Mar, 5.
Profit-taking and other
halted an early
The market was easier with
spot quoted at 20% pence per
General markets, cit basis, ports: 2013-2642 March
2014-201 Apri
-213
May
Ealate crepe Un March 201 thick 301 AMSTERDAM
The market was quiet, Prices closed today in guilders per kilogram, cif Morch as follows:
No. 1 rubber
No. 2 rubber
No. 3 rubber
No. 1 crepe
2.80 nom. 2.67 nom, 2.67 kom. 2,70 nom.
United Press.
Singapore
BANKS
040
Provident
13.20 13.40 LAND, ETU JIK Hotel
1400 15.20 TIK Land
(4 031 4
Really
1.425 RUBBER Amalg UTILITIES Train Youmati"
C. Light
Further $67.5M
The further
the
$47.5 million
which India is due to draw from the IMF this month should benefit the next monthly re-
turn, allowing for such part of the drawings as India
may be
to
spending during the month. Despite her recent mayes redtice her external defielt. India may spend the IMF dollars fairly qulekly. Until she dock 500 474 spend them, she automatically
24
48
2001 474
2004
13 * 04
1.40 14
1000 23.10
104
107 22.70 22.00
2004 23
Electric XD
30 30 Macao E... 0.00 Tel, XD
23.EU 24 INDUSTRIALS Cement XD 32% 33% Rope
12.80 Metal 1
1.025 STOHES, ETC. Dalry
advance and stocks closed Stock Market LANEOUS
Exchange today.
"SIK | shures were firm, the former
affected
by Improved retail 321 trade and the later on an 483pectedl government
403%
-XO
announce-
ment of expansion in the atomic
power plant programme,
Brilleh Borneo Petroleum
Syndicate
Curisoldated
Ord,
100 A
100 23
banks them in London.
Perhaps more important than this aspect of India temporarily. banking some IMF dollars irl the London
15 reSCTVCS
the aspect of her spending
dollars from the FMF instead of from the reserves. Much of the very sharp
run-down In India's sterling balance since last spring fell on the reserves.
India had to use sterling to cover her dollcits in non-sterling currencies.
West particularly German marks and dollars, 63 well as her sterling deficit.
Large Part
As the run-down used up a large part of the sterling that India can safely spend, she has had recourse to her supple- montary reserves from the IMF. Most of her remaining
balance ought, possible, be held as a currency reserve, to maintain confidence In the rupees.
New York Sugar sterling
Market
10 16.10
11.10
realising
Gulf Oil
Heyden Newport Corp
33
irregular on the London
COTTONS Texilio Сотр
Estert... 17.10
4.80
Ingersoll-Rand
BS
Inland Steel Co.
TA
Interchemical Corp.
+3
527
Department store and nuclear
Int'i larvester
International Paper
1010 100
lat Tel & Tel
Singapore, Mar. 6. Brokers
quoted the today following stock prices:
Opening Batu Lintang Rubber Co.
$1.00 Lid.
4050d
Tin Smelters
Kanson C. Power & Light
Kennecol Copper
100%
Fraser Neave Lid Ord...
$3.30
Liugult Meyare Tob. Co.
Fraser Neave 7 cum.
prof
#4
192
33
104
2012
JULY
scattered buying and selling of blue chip In- dustrials.
Gammons Malaya) Limited $1ms Hongkong Shanghai Bank-
ing Corp. Hongkong Tin Lid.
$3.15*
nes
Rolls-Royce
rose
30
more than £2,
Keispaa Ltd. C Lunas Rubber Estates Ltd. Malayan Breweries .............
$1.42
$7.83
344
British
Lid
12.471
Petaling Tin Ltd.
Rafies Hotel
112
on pront-taking
Singapore Cold Storag
South Brill
Insurance Co.
07
Ltd.
160
€32.60
were dull.
Affleon gold
Sirsila Trading Straits Steamp mining United angineers Ord. (
Weare BOP
World contracts cased on liquidation and hedge selling si- tracted partly by the trend of raw sugar, $20.70
Jower
30.000 $2.82
Contract No. 4 (world)
exdly cumdivt cumdiv cum
May
Juy
Dept.
Mat.
Lockheed Aircraft
Loews Incorp.
Lone Star Cement Co. (New)
Lowenstein & Bona.
MacDonnel Aircraft
Mesabi Iron Corp.
Minnesola Mining
Mission Devolopinent Monsanto Chemical Co. Montgomery Ward Motorola Inc. National Cash neg. "A
National Dairy Prod.
National Lend
National Steel Corp.
New York Central
Olin Mathieson
Oil Elevatora
Owen-Illnois Ginn
Pacific Gas & Elec.
Pan American Airways
Paramount Pictures .......
Parko Davis Co.
Penny J. C. Co.
Penn. Batt 00.
Philip Morrla
Procjor Gamblo Co.
Pittsburgh Plate Glam Publicker Industries Pure Oll ****
Badio Corporation Nepubito Bloei
Reynolds Metal
Saint Reg. Paper Ritiblair I Sopony Mobilou Solar "AlrorRÉI
Shipping issues eased on the sharp drop in freight rates.
There was
Oils were sleądy in lighter Now Serandah Rubber
30 dealings,
Govemment
My bonds closed, generally Casy
Copper Issues and dollar stocks were firm.
30TL Foreign bonds
South
40
24 ahures were mixed, Rubber anil
tin shares were sleaily in qulet bonusChina Mail Special. trading-United Preis.
B135
Exchange Rates
New York Foreign Exchange
On
When there was all the dis- cussion of Britain drawing New York, Mar, 5.
for IMF quota of $1,300 million, World No. 4 sugar futures to-
oventually did last De- day closed unchanged to 7
cember, it Was often over points lower with sales of 413 looked that the other sierling contracts;
countries also have IMF quotas, $800 nggregating The domestic No. 6
more than India's quota of $400 futures closed 1
to 4 points million. lower with sales of 40 contracts, million is by far the largest.
sugar
Sterling Defence
Whatever
else the various sterling countries may differ about," there is no dispute about their common interest
in the 01 defence or sterling 0.20-21
When or before India's IME 0.20-21 430.21 dollar, go out of the reserves, as India spends them; they may well be replaced from other sources Chiria Mall Special.
0.01
MAY Jay
*0,00 Bpot-cents per ib. fob Cuba) | 4.00 Open interest: 5,000 contracts.
* Contract No. 0 (domenio)
May July
OR were inchstract,
1.30
$479.10/23
DISP/18
-United Press.
NOT
Business was done in the loent
New York, Mar. 9. unosilvial exchange markok thfu
Cloning rates were: morning at the following 'retas:-
9.14 Canada U.S. qollar, (per 41)
Engend 90-day fuures Bierling notes (per 1): 10.09
1870 BWAzerland 18.70
40 Australian notes (per (1)
Indonesian rupiah. (per 100) Blam tent (per 100) Bingapore (Stella)
#bot-(cónis par áp. qui NY
ex-duty
Open Interest: 3,474 United Press.
NAMESAKES
Anaworach1 Leader # Army,
8 Spartan 4 Dátilo, 1- Navy,/ 0. Admiral, 7: Athens, 8. Grock,
Lysander.
40 MILLION STEEL SHARES
FOR SALE
London, Mar, 5. The Iron and Steel Holding and Realisation Agency
announced today final Arrangements were being made for the offer for salo of 40 million Ordinary shares of £1 each in Stool Company of Wales Limited at £1 per share.
It is intended that the application Itst ehould open the closing On March 14 same day.
the
Futures Lose $1
WORLD PRICES
New York, Mar, 5. Cotton prices remained on tho defensive to- day undergoing losses up to around $1 a bale.
Activity broadened on the decline with a big part of the business taking place in the early after-
noon.
Day trade covering brought a | May slight recovery from the extreme lows at the close but Dec. The list still finished with net Mar losses of 14 to 13 points. Open- May July 11 ing prices were of 5 10 points.
1,300
30.400
July
Oel,
5,000
142,800
2,100
63,500
3,000
30,100
000
34.300
Twinl
24,000
1,007,000 bil
NEW YORK
A combination of factors ac- counted for the selback;
March liquidation follow- ing issuance and circulation of a few delivery notices;
⚫2. A more favourable view of crop prospects in the recently parched areas of the southwest: *3. Withdrawals of acreage previously signed up for the poll bank;
4. The
discouraging
trade in textiles;
słow
*6. Ar caster spot basis ini
some sections of the south,
The hoilday at New Orleans for observance of Mardi Gros brought extra selling pressure on the local market.
Prices of halures closed today
na follows:
Boot
March
May
July
October
December
March
blay
July
LIVERPOOL
35.23
Futurce closings, in pence per
lb, were as follows:
Old contract Mar/Apr.
20.10
May/June
July/Ang.
Oct/Nov.
24.40
Dec/Jan.
Now contract MarZADT.
May/June
-July/Aug.
Oct.)Nov.
October penetrallon of the Egyptian Karnak Jan./Feb.
Jovel
BAO TAULO Closing futurga unquoted-holiday.
prices were
In the US the average price was unavailable.
Total sales at 13 markther 12,309 bales-United Pro
London Foreign
gent resistance brought selling from chart readers. Leading spot firms were sellers of May against purchases of July at around 60 points difference. Eastern
trade bolt
reports very little mill Interest in spol cotton. Only
sales aro a low being made on actual samples mills are waiting opening of the Commodity Credit Corp, blds on March 19 before making addi- fional early
purchases. Cotton belp
offered in the interior at
bosta cheaper
the report
Closing rates were: added.
New York The net open interest in the Montreal March contract today totalled Copenhagen 38,400 bales. The certificated Frankfurt
Mitar stock remained at 5,934 bales.
Paris Manti
Vulting Open interest Others were unchanged,
The announcement sald the company hopts to pay an interim dividend of 2 per cent, less tax, in autumn ard # final dividend of 3% percent. lexs Income Lax in 1958 In respect of the financial year 1956/57.,
This would represent a
eight rate of about
per cent on the average of the paid-up share capital dur- current year.— Ing tho China Mall Special,
#
Mar
33.00
E
Pan American
welcomes the
Exchange
London, Mar. §.
*£70||-2.79.11/10
294316-19:4314 1196-11.70%
S.S.PRESIDENT
1
HOOVER
to Hong Kong
IT IS WITH great pleasure that Pan American joins with Hong Kong in welcoming the President Hoover on her maiden voyage to the Orient.
As a long-time member of the Colony's transportation
4
industry, Pan American welcomes every new service that promises to add to the recognition of Hong Kong as an important center of world commerce. So we extend our congratulations to the American President Lines as this great new liner joins the President Cleveland and President Wilson in added service to the Orient.
PAN AMERICAN
WORLD'S MOST EXPERIENCED AIRLINE
a
1761-1751
United Fres