1
THE CHINA MAIL, THURSDAY, MARCH 14, 1957.
Page
TRADE and COMMERCE SECTION
INFLATION TREND WALL
New York March WORLD INFLATION
Cotton Futures
Evening-Up
WORLD PRICES
New York, Mar. 13.
Final evening-up operations in the March delivery dominated an active trading in cotton futures today.
Other deliveries ruled quiet
as traders studied crop reports and awaited Washington de- velopments on farm legislation.
March
spread trading
over a range of nearly $2.50
Changes were sudden and bale. wide, with the delivery bobbing up and down between 34.73 and 33.22 bale.
WORLD
RUBBER
MARKETS
At the fun close-out in the mid-morning hour, the delivery traded a 31.08 down to 24.73 for
New York, Mar. 15. 1,10 a et overnight loss of
Rex rubber futures toky bule.
un- closed 49 to 80 points lower with The sales of 163 contracts,
closed V.her deliveries chand to 6 point, lower,
market opened
point. New
DIT 7 to up ! Orleans closed off
Mar
May
July
Nov
J
Mat
i to 5 points.
Afier March went of the board, trading turned relatively for it cull as traders pause now look at the situation pend-
g some new Incentives,
interest Net open
31 75 31 (*)
370
31.40
31.26
31.20
Standard contract closed 4 to 50 points with no sales re- ported. Closing prices:
Mar in March
May
July
Bept. Nov. Jan.
et the start of ituding today Lotalled 12,100 bries. Delivery
covered notices
4,000 bales. The certificated stock remained at 10,070 bales
Dealers supposed
part of the recen build-up in the deliver. able stock may be intended for under against the May delivery. Volume Open interest
Month
March
May
July
October
317
15 נו!
31 33
31.20
The market started higher and gathered increasing firmness to clase on a note of strength,
Higher trend reflected
Policies Of Monetary
Restraint
Moderating Pressures
By JOHN MORKA
New York, Mar. 13.
The battle against world inflation appears to be making headway and indications are that policies of monetary restraint adopted by many countries is arresting or at least moderating inflationary pressures,
Ben
There has been some curtail- notlgeable in the wage- Many countries price spiral
guining greater appear to be stability of prices. At the same line, there have been some new inflationary strains which
luve become intensified in many countries 1 various times of the year,
the
even reversed in avena countries in Western Europe
and British Commonwealth, includ-
Australia
Canada, ing Germany, the Netherlands, New Another Zealand and Sweden. deflationary factor of goid and foreign exchange assets,
од
In some of the less-developed countries, however, "the rise in bank foans and investments was The Federal Reserve Bank of slower than in 1055, as in Chile, New York finds in its unnual
where a major effort was made to stabiilse currency conditions; report released today that "the
on the other hand, the rise con tempo of inflation (during 1956)
tinued unabated the world did not de- colerate, and there were some like Argentina, encouraging signs that if peace India, and, despite gold and could prevail restraints of vari- foreign exchange losses, led to ous kinds were developing a sizable. Increases in the money | workable fusion between rising | supply."
prosperity
"tability,"
8:1
economic
Monetary Brakes
Uver
the past year country the alter country has been forced paucity of shipment offerings, clamp new monetary brakes London on their economies. These were plus firmness of the Singapore cables and signs of a aimed at curbing domestic de developing factory interest in round with a view toward casing available the local spot market,
pressure upon Extru buoyancy developed resources. These monotary with Djakarta reports of the measures have taken a variety of Cabinet resignation in the wake forms, differing, not in overall 1.000,200 bales of revolte in that area. Fair-sized aims, but in application,
sales in the shipment market included one shoots at 31% to
3,200 13,300 18,600 34,200 11,100 140,000 2,800 184,100 4,200 160,800 11.100 60,300 39,400
December
Marcti
May
July
1.000 4,300 400
Total
£3,000
NEW YORK Prices of futures closed today 31 centa as follows:
Spot
May
July
October
Decornber Marchi
Hay
July
the
of
These included increased use restrictions, apen market
rates of
central
countries Colombin and
Suez Uncertainties
severe.
an
TEXTILE
PRICES
SOFTENING
St Louis, Mar. 13. Mr Weldon Rogers, a leader in the textile in- dustry in the United Staler, said today he saw "signs of price softening crop- ping up in Japanese tex» tile" imports.
CEYLON CUTS
RUBBER PRICE
Colombo, Mar, 13. Ceylon's Bubber Com- Goone- missioner H, O.
wardene announced today 15 cents per pound re- duction in the
price to producers of sheet rubber for
shipment to Chios. The cut is based on the fall in the world market price of rubber over the past two month
од
The price paid to Cey- ton by the Chinese Gov- ernment is figured allding scale based on the ruling Singapore price. The Rubber Commissioner had been able to maintain the current price to producers by dipping Into stabilisation fund.
price
The
cui was announced when the fund became severely drained. The new price in silil considerably higher than prices to the open market---United Press.
HONGKONG
STOCK EXCHANGE
STREET
INCREASES TURNOVER
New York, Mar, 18.
Wall Street made the most of some favourable news items today pushing the market up on in- creased turnover.
All leading groups improved, with gains rang- ing past 2 points in many cases,
Commonwealth ice.
Prices were firm from the Commercial Credit opening and the list took a upward turm when President Eisenhower told
conference the only
marked
prese
عاط
substantial budget cuts, possible ure in defence and security, veterans or farm benefta.
This was construed as an in- dication of no substantial
the duction in spending or in
are which acta inflationary pressure
re-
to boost stock prices. Recor
employment, Februar 1 aluminium expansion plans, continuing flow of good carn-
ings reports and moves to stop up merchant ship building ai helped The
shipbuilders had some of the best galus, ranging over 2 points.
international olls moved up early re- Canal to
on prospects for an opening of the Suez tanker traffic.
Heaviest
Heaviest trading of the session
Was
Consolidated. Edlhoes Continental cil of Dei, Crown Zellerbach Cuban Amer. Bugar Diamond Alkali
augias Aircraft
Dow Chemicals ....
Dupont de Nemours Kastem Airmen
Eastman Kodak
Pao National Gas (¿łow) Family Finance Corp. Firestone Tyre
Ford ...
electrio
General Foods
deneral Motors Con. Pub, Util. datiy Oll
lidden Co
Goodrich B. Fil Ca Goodyear Tyze
لان البيت
Heyden Newport Corp. Hatake Mining Co. Ingersoll-Rand
Inland Steel Co. Interchemical Corp. Int'l Business MachineS Inti Harvester Infernationell Nickel International Paper
John-Menyike Co- Kansas G. Fourer & Light Rendicott Copper magent Meyers Tob. Co. Lockheed Aircraft
Loews Incorp the newly listed Shell Love Bar Cement Co.
Transport and Trading, which Lowenstein & BOD
MacDonnel Aircraft opened at $22%, ran up to $24.Masabt iron Corp.
Molors were active leaders | Minnesota Mining also.
Istucs
Pilesion Development Masato Chemical Co. Of the 1,125
traded, Montgomery Ward 582 were higher, 285 lower, 248 Motor
unchanged with 13 new highs National Casă
and 12 now lows set.
Measured by the averages, in=
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange this morning amounted
to appro-dustrials were up 2,22 points at $010,000. Noon quota- 472.09, ralls up 1.12 at 142.02, and the morning's "tran- | utililes up 0.21 at 71.19 and the
45 stocks up. 0.64 at 167.11. Buyers Sellers
Speaking to the St Louis In the United States, there
Texille Club, he sald that were some signs of improve.
American textile interesa should meal. With labour and busitiess
be concerned with the possibility costs rising, and with new inda-
of "further price weakening" in tionary Incentives arising from
textilien. Japanese
This would Suez Canal uncertainties, prlet occur in the event that Japan's pressures during 1950 were exports to the US proved diff- Average cult to attain because of the do- particularly prices
of Anished producers pressed state of the US textilcximately goods rose by 7 per cent, com-industry. Mr Rogers Is presi- pared with a 4 per cent over on dent of Ely and
Walker Com-Wons the year.
Government credit pary, a St Louis texille firm,
and brakes appear to have had some
л director of Burlington debationary effect
some Industries, the largest textile BANKS
in segments of the economy. There manufacturing organisation
were indications that produc-. the US. Spot No. 1 Rss was quoted at further increases on rediscoun!tivity gains were already begin-
banks, the ****
ning to appear establishment of credit ceilings, the new plants and equipment
controls, in creased taxation and curtailment There were further indications put into place earlier in 1956. of government spending.
that competition and high in- spread of monetary restraints ventories are
exercising tomo is best symbolised
by the 33 deat
deflationary pressures on new boosts in central bank rediscount ion rien 01-02
price risos. rates since mid-1955. 02-021%
As to whether anti-inflationary B9-291 B0-0815
In West Europe alone, 10 progress will continue la sill a 80-01
of much speculation. countries during 1050 increased malter 0015-01
Nether-Much depends on the speed with 77%-70% their discount rates.
Innds increased its rute three which the Middle East problems twice, revolving about the Suez Canal times, West Germany There were single increases in are solved, and the success in spot quoted at 27% pence per Belgium, Finland, Greece, Ire- lessening international tensions
and Spain, Sweden, Turkey and generally. the United Kingdom.
35.20m 32 cents.
34.73
35.00
34.43
2230
3180
$2.01
12.41
NEW ORLEANS Prices of futures closed today
as follows:
Spot
July
October
Decenter
March
MAY
ولبول
LIVERPOOL
320-6
Future closings, in pence per
lb, were as follower
Old contract
Mas Apt.
May/Ju
July/Aug
SINGAPORE
The market opened higher un better overseas advice and over night acceptances and it steadied further on reports BOT buying In London. Futures: No. I rubber per 1b. April
May
B-100
was quiet with
Settlement house term:
23.06 General market, ett base, porta:
Na. 2 rubber per ib. April
33.900
No. 3
34.98
No. 4
ра
34.43
Bpot rubber unbated
37.14
Blanket crepe
No pale crepe
301
LONDON
3240
The market
ib. Prices:
July/Bopt.
26.00 Oct/Dec.
20.12 Jan/Mar.
2011-27 204-20 20-2012
2001 Mar
2034-27
26.49 Apr.
2004-27
Moy
2014-27
Mar/Apr.
24.10
Estale crepe
28.00
thick unquoted,
25.73
Dec/Jath
AMSTERDAM
25.0
Egyptian
Harnak Jan/Tab. 00.00
BAO PAULO
The
cit April were as follows:
No. 1 rubber
No. 2 rubber
No. 3 rubber
37,50
No. 1 cupe
23.20
33.40
30 60
30.00
Oct/Nov. Dec/Jan. New contract
May/June July/Aug. Oct/Nov.
Future closings, in cruzeiros per kilo were as follows:
May
July October
December
In the US the average price
at 14 designated spot markela
was 33.78 cents.
Sales totalled
10,053 bales.-United Press,
New York Sugar Market
New York, Mar. 13. World No. 4 sugar futures today closed 1 to 8 points lower with sales of 600 contracts.
thin Mar. sanquoted April 20
steady. market whs Prices in guilders per kilogram,
2.50 buyers
2.37 buyers
2.52 buyers 2.74 kryers --United Press
London Oils
Popular
certain selective
Prices Rising
The
In
from some of
Gold, Dollar Assets
|
Bales
National Dairy Prod.
National Lead
National Steel Corp.
|
New York Central
Mathieson,
Ötis Elevators
Owen-locie Glam
S
Pacific Gas & Elec. Pen American Airwiers Paramount Pictures Parks Davie Co. Turnover of 1,840,000 shares Penny T. C. Co. compared with 1,000,000 on Tues-Penh, Salt Co.
Philip Morris Cay and heaviest in a.wocks Procter & Gamble Co.
Industria
NY
Stock Exchange bond Plate Glass volume was $4,010,000,
Radio Corporation American Block Exchange Republic Steel
volume was 1,140,000 shares.
Pune Oil
Heynolds Motal
Bài DUCH
shell Oil Co.
Dow-Jones closing averages Bait Reg Paper
100 @ 30 $5 stocks 40 banda
SEE SIGNS "Even right now I see signs Wheelock of price softening cropping up in Japanese textiles," he said.
As an illustration he cited staple Japanese fabrics such as print cloths, carded and combed LAND, ETC.
HK Hotel broadcloths and combed lawns, fik Dan the
of which he said.All prices were not "сусп competitive Humphreya XD
Really... with the depressed prices. RUBBER
observers in the Amalg Trade wise audience
the Impresion A. Tawah got that the implication of Rogera" | UTILITIES
nort Tram XD.. 21.00 talk was that unless the export situation improved the Japanese were prepared to dump textiles
the US and the world Star Ferry..
Yaumati markets and already further. Light weaken the deteriorating price plectric XD 29.80 structure of world textile mar Macao E. 0.80 2000 20.30 kuts.—Router.
in
| Comm. future price index ..
Sinclair Bocony dobilo
472.03 Bular Alrorati
14291 South Puerto Rico Buga 71.19 Bouthern National Glas 18731 Southern Railway (Com.) 00.00 Sleep Nock (Toromboex.) 10550 Standard Branda
sactions:
Shares
HK Bank
XD INSURANCES Union Lombard SHIPPING
J450 1905
..
6025
37
0.65 422 8.80 500 0.20
1000 0.00
DOCKS, ETC. K. Whart.. Dock Provident
101
204
200 @ 103
40%
17
were:
13
IL
2500 @ 13.10
13.10 10.20 1800 @ 10.10 | 20 zails
30 industriala
13 tilition
26
1.33
17
1.40 5000 @ 1,379
1,43
.....
1,00
1.3711⁄2
22
700 @ 21.00 1000 à 23
#17
8014
800 21.99.
500 S 22
28
Allis Chalmers
13%
American Airline
18%
105 100
..
23 23.10 8289 #1 23 500 23
American Cable &c Radio Comp American CAD
4
433
Union Carbide
American Cyansıylie Co.
13
Amer, Be Forgn. Power
16)
UE. Fall "B"
United Aircraft
Union Pacide RailwayT
10.10 10.20
370 2 10.20 1000
10.10
American melting American Tel & Tel American Tob. "B" Anaconda Copper Armco Steel Armour...
0311
US, LISS Co
U.S. Rubber
7815
Us. Smaiting
014
14
11.20 11.40
+
0.00
150
Trusi
Tel...... 23.50 2410 0300 @ 23.00 INDUSTRIALS
1000 315
Cement XD 323 324 Rope
... 12.00 Amoy Call, 3219 STORES, ETC.
CHICAGO GRAIN Dalry
In this world anxiety about According 10 the Federal inflation, and its effect on inter- stability, there have Reserve Bank, in a number of national Western European countries been some encouraging develop-
tended prices have
to risements.
Gold and dollar assets of many throughout 1950, with wholesald price increases of
per countries continued to improve about 5
1950,
Gome Belgium, $2,000,000,000 o
rising by cent occurring, In
20,3 France, and the
billion Netherlands.
other nearly twice their postwar low On the other hand, in other 1048.
dis There was ano countries, notably West Ger- in
Chicago, Mar. 13. many, the United Kingdom, and quieting note in this improve
Wheat closed off 9h to i cont; although the "yarious indications of ment, however,
soybeans holdings of
closed off Continental Western
1 to 1% *** cents. about
Wheat No. 2, red
Spot
Economic balance ap-Europe
the
during the second half of | Eur
учиг
rose
15 restraints upon $1,000,000,000, most of this in- business and consumer demand crease went to West Germany began to take effect, while the and Switzerland, so that not all In the riso, heavy Investment programmes countries shared
Lalin
showed of recent years yielded enlarged | Lall productivo espacity."
improvement, with most of the increase going to Brazil and Venezuela.
Japan Accounted
and
the
America
some
for most of the gains in gold and gold holdings of non-sterling Asian countries.
MARKET
Watson X Ai
Lane Craw 28.30
... 4.72 4.77% 8.10 MISCELLANEOUS
Emporium
Sun Co COTTONS
· Textile
Corp Noby
Vibro
234-223n
232 231
MAX. 231
May July
Chat Dec.
Corn, No. 2, yellow
Spot
Mer.
May Jul
[-194
Bept.
Dec.
Mar.
May
London, Mar. 13.
However, the Bank sided, the Oll shares had a good day. Middle East crisis but other sections of the London shortage of all in Europe along Exchange closed fractionally with sharp increases in oil im- lower in light trading.
port prices, "threatened produc-
Encouraging also has been Shell jumped
more than 3 shillings in
the oils on newstion and introduced a new cost the recent trend toward expand Ryo
push factor, with consequences ing the volume of international shares are now being dealt In
that could not be fully foreseen." tradic A treer pattern of sugar the United States. Royal Dutch
world trude
be Oats chillings.
appears to
Маг. other hopeful I up more than Industrials were ganeraily signs of inflationary curbs, Temerging.
May Some 90 per cent of dollar lower
on strike threats, new rapid expansion of industrial imports have been freed in Soybeans, No. 2, yellow issue activity and Middle Enst production, which in Western Belgium, Germany, Norway and un uncertainties. Ford Motors ecced Europe had been under way Switzerland, and over 50 per Sweden,
Sept. Portugal and the United King- dom...
The domestle No. futures closed unchanged to 1 point lower with sales of 41 contracts.
World contracts buyers paused in face of a lower trend In the raw market today.
Contract No. 4 (world)
May
July
Sept.
Mar.
My
July
Spot-cents per 15.
fob Cuba)
0.11
6.10-11
0.02-10
4.80
4.70
4.00
Open interest: 0.621 contracis.
Contract No. 6 (dementia)
WAS
There
were
the
more than 9 pence.
since 1953, has slowed down in bonds inost
with British Government
countries, declined fractionally unsettled principal exceptions of France by lower quotations for the and Japan. In the United King- pound In world currency dom, industrial output averages markets.
about the same as in 1955. higher. Coppers wOTE
Gold were quiet and lower, Foreign bonds were neglected. Dollar stocks were firm re- fleeting Wall Street strengiḥ- United Press,
0.12
Issues
May
July
Sept.
3.78 0.03 6.00
Nov.
9.90
Bipod-(conts per lb elt
****** 0.70
NY exduty)
Open interest: 3,650 contracts,
Unded Presa.
New York Foreign
Exchange
New York, Mar. 13.
Closing rates were; England offiGIAI
Canada
Australla
30-day
New Zealand
Atrios
London Foreign Exchange
London, Mar. 13. Cidaing rates wern; New York
9.70 8/16-2.30%% Montreal
2.0711-2.073 Amsterdam
10.00-10.66 Brussels Frankfurt
Lisbon Kalles
Parie Blockholm
140.70-140.74
Money Supply
телесед
cont
in
Denmark,
Intra-Europe Trade
limitations
tho
B pot
Mar.
May
July Nov. Barley, Spot
New York flour
200 lb. sack
INVESTMENTS Yangtze
17
6.00
Closing Prices
Alden Inc. hey. Allied Chemicals Allied Mlila Inc.
Am. Mach. & Fary. American Metal
Atlas Cone Mining Baldwin-Ima” Ham. Ballimore & Ohio
Bendix Aviation Corp. Beneficial Finance Benguet Cons Bethlehem Steel Boeing
Airplane
2000 1 8.20 Borden (The) Co.
1400 G 5.85
Singapore
Stock Market
Singapore, Mar. 14. Brokers today quoted following stock prices:
the
Opening Batu Lintang Rubber Co., Ltd. $1.89 British Borneo
Petroleum Syndicate Consolidated Tin Smellars
31/64
$1.30
7416-22
7212-42
Ord.
Trater & Neave Lid. Ord. Fraser & Neave 7% cum.
Hongkong & Shanghai Dank-
pref, ... Limited. #1.07 Gammons (Malaya)
$1.00
ing Corp. 195
Hongkong Tia Ltd,
Kempas Lid.
Linas Rubber Estates Lid.
Maingan Browaries
7/00 BEAT 0.63 $2.659
New Berankish
Rubber
130-140
Lid,
Pelling Tin Li
913.40m United Press,
WINNIPEG GRAIN `PRICES
Winnipeg, Mar. 13. Prices of grain futures closed
As for intra-Europe' trade, about 90 per cent of Imports "This slower rate at growth from other member-nations of
Organisation capacity
for Euro- Dean Economic Co-operation together with the readjustment (OPEC) have now been freed, today as follows: In production patterns that ac- The proposed common market,
curbing companie
of with possible excessivo
demand and there the UK in "free trade aren,” participation br astablishing of a better balance will, ilkely make between
output for Interanliberalisation
the
needs and for exports," the Bank trade, United Press. noted.
יד ,
One of the symptolne or the
postwar inflationary trend has
stay
July Oct.
for more By0 Intimalaria}
May July Got Barley: M
MAY July Oot.
13735
X14XEROC
May Jy
Exchange Rates
been the rise in money, supply Bustha was done in the Lock 31.7514-31-7016 wher countries” turned to the ↑ unoličin MKENSAJIGE. market this 60,10-10.18
printing press for new tinano i moming the following rates: biding to omset budgetary defolia) Harlin (1
döller,
6:10 Credit restraints 4 intonaided Auxiralan need per *** 1987 Canadian wheat
1.7 8. 1875 cents. 14. during 1938 appear to have sum deal) (per-100)
slowed down" bank lónka
Indonesian rupiah (per 100).
10.10
No.
Rafes Hote) Z
Singapore Cold stories an South Britain Insurance Co.
Straits Trading.
Streita · Steamidiy Ungs
Engay Ord.
weame Bros. bu
exdly; cumdiy cumhona.
-China Mail Special.
LONDON METAL.
PRICES
London, Mar. 13,
inces of metals closed today sterling per long tons
Tin pot..
monik Copper spot
Elso tət half MERE
Burrougla Add Machine Canadian Pacific R.
Camo (J. 1.) Co.
Cat. Tractor
Celanese Corp.
C. 1. T. Financial Corp. Chase Manhat. Bank Chryster Motors .... Climax Molybdenum
Colgate-Palmolive Co. Colombten Carbon
Standard Oil of Cal Standard Oil of Ind. Standard Oil of NJ, Berling Drug Co. (item Stokely-Van Camp. Studtaker Pickard
Bwift Co.
cx Co. Lt
Tide Water Ain, OU
| Tone Ing. Ki.....
Twenty Century Fox Film
10.8. Сури
2704%
U.B. Steel
HR | Warner Bros.
Western Union, Westinghouse Electric West Va. Pulp & Paper Woolworth
United Prem
1032
NAMESAKES
9
Answers-1 Indiana, 2 Bear, 3 Brave, Liberty, 5 Racoon, Frontier, 7 Hero, 8 Spooch, Backwoods, 10 Rifle, 11 Btory, 2012 Hunter.
Davy Crockett.
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