THE CHINA MAIL WEDNESDAY, MARCH 20, 1957.
TRADE and COMMERCE SECTION
Pago
LONDON MARKETS CALMER STEPS TAKEN TO FRENCH GOVT AND
But Uncertainty Over
}
Labour Disputes
By SYDNEY S, GAMPELL
London, Mar. 19. The markets here today took a much calmer view of Britain's labour troubles. They still re- flected uncertainty over what was going to happen next in the engineering, railway and shipyard dis- putes. But there was no repetition of yesterday's weakness and gloom.
Yesterday's falls for a single day were the sharpest in overal months. Sterling
ught have fallen still further, If the Bank of England hud not supported
it at some cost in dollars.
But one day is not very im- Al their worst, both portant. Merling and Stock Exchange their prices held well above Suez crisis levels of last Novem-
nclined ber. Today, they rally.
Exchange Market Opinion
10
There was no piisposition to exokgurale Britain's lieul- Hes, Today's LABSENMUS
ant Stock Exchange exchange market opinlem
of foreign AVA18
that if the Britain Government stood its ground, sterling might be all the better for il a few months hence.
The Suez crisis laught a best- son against craggizations, None of the preleted calariiles oc-
Otput, which was silp "knocked sile posed ways", reached a new high re- cord Inst month. Speculators who sold sterling lost money. They have not been repealing their error, this week.
has be
he rush to
ta
There buy the gold shares and other counters that would stand benefit from a sterling devalua- tion.
Once bitten, twice shy, sterling and the paddlery
uf
devaluation during the
crisis got badly biffen,
Australia.
India and
Suez
several
other countries which were u
Possible Tariff Concessions For
UK And Belgium
Washington, Mar, 19. The United States gov- crament sci in motion 10 day the required machinery preliminary to negotiating possible
Conoclo
certain latifs to the Unit ed Kingdom and Belgium. It also announced that Japan has indicated it will expect to share in what- ever bencuts the United and Belgium Kingdom
might rectivo,
The negotiations will be
because undertaken
the United Staics, effective on increased 20, 1956, July the duty on certain linen towelling from 10 per cent to 40 per cent ad valorem, That increase was ordered Fresident Eisenhower by under the escape clause of the General Agreement on Tariffs and Trade (GATT) upon recommendation of the United States Tarif
Commission which found were that those imports
Injuring the seriously domentto industry,United Press
source of weakness to sterling New York Foreign
whlie ogo have at the
become sources
momet strength.
Economy Strengthened
of
Exchange
HONGKONG
STOCK
WALL STREET IN A FLURRY AS
EXCHANGE BANKERS' RATES CUT
(From Our Correspondent).
Business done on the Hong- kong Stock Exchange this morning amounted to approxi- $720,000. Noon quota-
malely tions and the morning's tran- sactions:
Sharon
DANKS
MK Bank
Buyers Sellers
J
158 1590
INSURANCE Viton
015
Lonibard
37.50 30
SHIPPING Wheelock
9.24
480
DOCKS, ETC. K. Wharf
Dock
100 200
Provident
10)
LAND, ETC. HK Hotel
XD
Bales
10 e 1803 10 de 1543
New York, Mar. 19.
A cut in bankers' acceptance rates just before the market close put stocks up on a flurry of de- mand which climaxed a dull session.
Tho cut of % of a percentage, point on short-term credit was seen in Wall Street as a possible harbinger of casier money and thus favourable to the market.
The late spurt of activity lifted volume for the session 90,000 shares over Monday to 1,540,000 shares. At
time one
earlier 1000 e 4.00 dealings had been hagging at the slowest pace since August of 1955.
4B 484 200 48
13 13 30
14.10 14.30 2000 14.20
HK Land X All
Humphreys
XD
RUBBER Amalg 'True
301 302
10.00 17
1.425 1.45
1.00
UTILITIES
Tag
Star Ferry.. Yatonali
Special Issues
It was the special, issues out- side the average groups which scorett the best galna, with a few of them receiving impettes from favourable corporate newa.
D group averaged 1.03 points higher at
Industrials
South Puerto Rico Sugar Southern National Clas Southern Railway (Comic standard Brand Standard Oll of cal Standard Oil of Ind. Standard Ol of N.J. Steep Rock (Torontox.) Sterling Drug Co. (New) Stokely-Van "Camp.
Studebaker Packard Swift & Co.
Texas Co.
Tide Water As, Ou
Time Inc.
Twenty Century Fox Film
United Aircraft
U.8. Fol "B"
US Gypsum
US. Line Co.
US Steel
Warner Bros.
Westinghouse Electrio West Va. Pulp & Paper Western Union Tèl. Woolworth
י'
4056
413%
United Pres
1096
0000 1.45 $73.83; rails 78 point higher at CHICAGO GRAIN
142.07 and utilities .04 lower at 71.30.
21:00 22.10 1900 4 22,10
1000 22 of 135 138
100 1100 » 101 100 C. Light (0) 22.00 23.10 532 23.10 2000 m 24.18
2500 6 23
Vedlike
25B04
100 on 30!! 2000 30
24.40 24.030
1000 nr 24.79
530 24.70
Tet
INDUSTRIALS
Cement Hope STURES, ETC Datry
12.00
16.50
2500 ** 24.20
Metals were among the best
the
groups,
Motor shares were narrowly irregular with Ford and Chrysler off a bit, General Motors and American Motors
up slightly. the last in the day's most active turnover.
a total 1,103 issues traded,
1000 of 24.50 512 ware higher, 331 lower, 260 unchanged with 7 at new high:
at new lows. N. Y. Stock Exchange bond
200 «+ 23.75
500 @ 13.10 and 15
Watson 11.00 11.70 1300 11.8 volume was $3,022,000.
Lane Crow 20.30
COTTONS
Nanyang
Allied
B20C 1015
1000 11.00 300 28.40 400 of 28.30
1.20 8.30 1000 8
INVESTMENTS.
Yangiste
4.70
HK & FE
Inves
0.00
New York, Mar. 19, Closing rates were:
1.04.21/32
Home
England official
2.39,1/32
lizne
New Zealmutl
2.70.1/32
South Africa
2.70.7/18
reserves
Uthers were unchanged,
Any general strike In 'en
gineering and on the railways Canada
would
certainly have serious effects, and at a
Britain's dollar
when
are still too small.
But foreign exchange experts today detailed several ways in which the economy has been strengthener, so that it is better able to cope with passing dis-
because they turbances, already fully booked for years nhead.
ary
No cancellations of orders in British yards have been re
-United Prean,
NEW YORK METAL
FUTURES
American Stock
Exchange volume was 600,000 shares,
Dosy-Jones closing averages
30 industrial
MARKET
BOLSTER FRANC
Paris, Mar. 10. The Bank of France hää ordered French banks deposit with it their war- Dhis foreign exchange hold- ing abroad, it was learned in banking quarters today. The move was aimed at bringing these foreign hold- ing's down to the level of December 31, 1935, banking circles sal.
The central bank's move was made for two reasons:
(1) to curb speculation against the frane, which has been going on for the last two months. (2) to boost the foreign exchange of the French Stabilisation Fund.
A shillar decision was taken four years ago when French foreign exchange reserves WETU BÍ a kow level. It then proved suc- omsful in bolstering the frane. Later, French forelgu exchange was liberalised.-- China Mall Specisi
WORLD
RUBBER
MARKETS
New York Mar. 10. rubber Rex
contract today closed 20 to 31 points lower with sales of 98 contracts.
Grain
Chicago, Mar. 10. futures were irregular
Mar.
May
on the Board of Trade today. March and May wheat clined on liquidation, but other months
July
dew
Sept.
Nov.
Jan.
were mostly steady with some gains.
Mar
ing
31.90 32.00
STEEL INDUSTRY
TO SIGN
AGREEMENT
Paris, Mar. 18.
The French Government and the French steel industry are shortly expected to conclude a five-year agreement embodying mutual guarantees, usually reliable sources report.
An expert working party set up by the Finance Minister M. Paul Ramadier, to draft a common steel policy is believed to have made two main recommendations-that French steel prices must go up and Government aid to the industry must be extended if the 1961 target of 17 million tons is to be reached.
Last year French steel output touched 13.4 million tons against 9.8 million tons in 1951.
which 100,000 million franca will serve to repay and service carlier loans (20.000 milion francs a yeur).
2.
The industry is unwilling to increase its indebtedness by more than 10,000 million a year is therefore planning to
francs
Under the proposed State- industry agreement, the industry would commit itself to achieving the five-year plan targets in return for certain concessions, and it is There are believed to include n borrow 150,000 million francs in limited freedom to fix its own the
five years (30,000 millon price lists, tax facilities favour-
This leaves year). ing capital increases, automatic 305,000 million francs to be dollar allocations allowing the round from Industry sources. import of American Aines and guarantees that steel
3. Capital increases by steel loans will be able to be floated companies are expected to yield the French market In between 30,000 and 40,000 million francs and profis 276,000 million Over the five
010
favourable conditions,
industry
Industry sources here claim | years. that such an agreement would not conftiet with the ECSC treaty which authorises national industries to consult with their
31.00-03 governmenis,
31.co
31.40
31,20
31.00
The standard contract closed
to up 4 cent: soybeans closed sales reported. off 1% to 1% cent.
up.
The balance of 30,000 to mlillon franca, the 60,000 working party claims, can only be raised by increasing steel prices by
between two and three per cent.
The industry's view is that would be 100 this increase
modest. It would prefer a rise
of six to seven per cent to lide
Technical Aspect Technical aspects of the five- Soybeans dropped after open- 20 to 30 points lower with no year plan have now been drawn
firm Wheat closed off
It is thought that iron are needs will be met if French over difficult times and allow domestic production is stepped it. If necessary, to lower its prices if faced, with German tons a Lo 60 million
period of from the current 52 million competition in
recession-China Mail Special. tons and if North African pro- duction is developed.
23019-9
London, Mar. 10.
year
As for steel platits, experts cntimate
Investmente that totallion 375,000 million france will allow French output to rise 17 million tons target. A to the feature
of the programme is the construction of a
steel great
Д
Disposal
Of Cotton
Washington, Mar, 19. The General Services Ad- ministration said today it has been authorised to draft a plan for the disposal of a supply of extra long staple cotton new being held
the national in
The rubber market was quiet complex at Dunkirk which is 10 strategle stockpile.
Mar.
3150
Wheat No. 2, red
May
37.06
Spot
Mar. 24 (1) 220(1)
2314-2244
July
31.92
up
Sept.
31.60
May
Nov.
31.40
July
Jan.
31.20
Sept.
Mar.
31.00
Wer:
Due,
473.03 Corn, ND, 2, yeBow
was
20 ratin
14207
Spot
12994-130
18 utilities
11.30
Mar.
9 stock
167.38
Moy
40 bonds
90.77
July
131-130%
Comm. future price inchise
139.20
Sept.
Dec
134 1349 129
CKS
Closing Prices
Rye
Mar.
May
12994-16 100%
Oats
Allied Chemicals
Mar.
Allied Mil's Inc.
714-72
21
Allis Chalmers
3:24%
May
reported some commission authorised and dollars allocated American profit taking house
очь the for the purchase of terminal market. Offerings in fres the physical market were light 1 and high-priced, Spot No. R89 waa
at 32 centa quoted
Future trading
rather New cokeries will allow the fentureless today with prices production of an additional 2.5 coke if the drifing lower in line with de-million tons of
Investments Bre clining overseas markets. Deal- necessary
American Airline
1834
Soybean, No. 2, yellow
a pound.
New York, Mar. 10. Prices of metal futures closed today in cente
ре Ib. follows:
American Cabio & Radio
Spot
Corp.
436
Mar.
American Can
Mny
2413 23914-15 24014
LONDON
09
American Cyanamide Co. Amer, & Förgn. Power
754
July
104
Sept.
Nov.
231 229
Lead
March
ID, 101
Americnt Metal
25
Barley,
April
15,005
American Smelling
Spot
Zinc
March
13.00b
Am. Sugar Ref.
New York flour
Business Was dona in Unofficial exchange market morning at the following rates:- U.S. dollar (per $1) Sterling Roles iper £1) Australian notes (per £1)
the local
April
13.00b
American Tel & Tel
17735
Us | Copper March
29.00b
America Tob. "B"
200 lb.. mck
$33.4
No. 1 Ras spot
April
20,00b
Anaconda Copper
Armco Steel
-nited WINNIPEG PRICES
108.
Settlement house form:
April
0.20
Ti
March
10.00b
May
10.23
April
9730D
June
12.77
10,00
March Apri
V8.206 1
today in cents per
April/June
bushel as
July/Sept
20,75
• (Standard).
20% follows:
Oct/Dec.
1,60 Press,
Bendix Aviation Corp.
00:14 Oats
Jan./Mar.
Benguet Conn.
EA
Bethlehem Steel
43
May
70%
July
March
701
Boeing Airplane
473
Oct.
7014
April
Borden (The) Co.
55
Bay
Rye
Burroughs Add Machine
30
Canadian Pacific R.
May
11374
Case (J.) Co.
July
1139-19
Cat. Tractor
Ocl.
1343%
Barley
43
Mar
78
July
6714 Oct.
49% Flaxseed
May
5814
July
Oct
Exchange Rates
ported, and none are expected. Indonesian rupiah (per 100) As the demand for new ships is Sinm tieat (per 100) Immense, particularly tankers, Singapore (Stral2)
it would be foolish for a ship-
owner to cancel an order.
A prominent shipping expert said that even if the strike lasted three months, there would be no cancellations, China Mail
Special.
London Mart Bargain Hunting
There was
00.00b
Armour
Atian Cons. Mining
Baldwins-Lima-Ham.
Baltimore & Ohio
(Sirall).-United Beneficial Finance
New York Cotton
Featureless
WORLD PRICES
New York, Mar. 19.
Celanese Corp C.LT. Financial Corp. Chrysler Motors.... Climax Molybdenum Commercial Credit Consolidated. Edison Continental Oil of Del Colombian Carbon Cuban Amer. Sugar
Diamond Alkali
Douglas Alreratt
Dow Chemicals
Eastern Airlines
Eastman Kodak
El Paso National Gas (New)
Family Flaance Corp.
The cotton market was featureless today | Firme Tyre with prices moving irregularly higher.
London, Mar, 19.,
At the close, the list ruled attle barguin
The hunting today after yesterday's three to 12 points higher.
opened unchanged to sharp sell-off on the stock ex-market
change, but the effect was three higher. New Orleans closed Inoderate with few recoveries one point higher, exceeding D
the shilling in
crop
Industriais.
The sell-off was the result of moved up
Prices were steady at the opening but old "deliveries as much as 85 cents bale later
on trade buying which met a scarcity of offer
Ford Motor
General Electric
General Tooda
Gen. Pub, trell.
Prices of cotton futures closed Ingersoll-Rand today as followe
Spot
May
July
October
December
March
May July
441
534
130-140
Winnipeg, Mar. 19.
Prices of grain futures closedi
with spot quoted at 27% petce per lb. Prices:
produce 500,000 tons a year by 1901. The only major rolling mill project under the plan is a 2724-2734 mill to produce ship plate. at Dunkirk which will feed the neighbouring shipyards.
20%
General markets, cir basis, porta:
276-22
2714 thin April 20 Estate Crepe Estale crepe thick April unquoted
AMSTERDAM
Amsterdam, Mar. 19. The rubber market was quict. Prices closed today in guildera
cif April kilogram,
#
261
274
per follows:
No. 1 rubber
No. 3, 150% cents;
Cenedlan wheat florthern
13911 cents.
-United Press.
New York Sugar
Market
New York, Mar. 19. World No 4 sugar futures
closed today two to eight points lower with sales of 522 con- tracts.
Domestic No 8 sugar futures closed unchanged to two points lower with sales of 111 con- travis.
World futures remained
psi active while domestic futures
were quiet but easier.
Na, 2 rubber No. 3 rubber No. 1 Crepe
09
2.64 noth.
2.61
2.50 2.78
United Prema.
Singapore Stock Market
Singapore, Mar. 20. Brokers today quoted the fol lowing stock prices:
Opening Batu Lintang Stubber Co. Ltd. $1.82 British Bornen Fetroleum
Syndicate
................ 82/ Consolidated Tin Smeltera
December.
33.13
March May
33.18
Getty Oil
20.10
Gloden Co.
July
52.70
Goodrich (B. Fi Co.
Gootycar Туто
NEW ORLEANS
Gulf Oil
110
Heyden Newport Corp.
Homstake Mining Co.
Inland Steel Co.
16
Exchange
Month
March
London, Mar. 19.
Closing rates were
10.033-10.63)
May July October December 2.70-15/16-2.79-1/10
March 2.00-11/16-2.50-13/18 May July
the shipbuilders strike, which a
now enters its second full dings. However, these gains were
Rolls-Royce and C. A. Par- sons, gained nightly more than pared slightly on some hedging
1
shilling. Short-covering in
£
and liquidation,
Now New olls lifted Royal Dutch
стор months wene British Petroleum more than 2
most neglected
of the day. shillings and Burmah and Shell Small early gains in these de- Transport more than 1 shilling varies wan erased on small British Governments all fell selling orders which met limited by amounts ranging from £31⁄2 demand. to £4. Foreign bonds were The first bids under the Com- idle, except for Baltic and modity Credit Corp, cation ex- Greek lens. Dollar stocks import programme for next season proved slightly-United Press. were opened today, but the re-
London Foreign
malis probably will not known for about a week.
Certificated stocks hold" wn- changed at 10,438 balen.
Volume Open interest
5,000 346,700 2.100 100.800 178,100 108,100
LIVERPOOL Cotton futures closings, pence per lb. were as follows: Old contract
33.00
Interchemical Corp.
33.08
Int'l Business Machines
$15
2438
Inta Harvester
371
International Nickel
33.12
International Paper
Int'l Tel & Tel
John-Manville Co.
Kansas C. Power & Light
JEP
Contract No. 4 (world)
32/
32.74
Kennerelt Copper
1104
May
630
Liggett Meyers Tob. Co.
asit
July
0.00-00
Fraser & Neave Ltd. O
2.32
Lockhood Airerati
September
1.07-00
Fraser & Neave 144.
in
Loews Incorp,
1074
March
4.72
cum. pref. anggap
$4.00
Lone Star Cement Co. (New)
May
420
Gammons (Malaya) Limited.
$1.00
Lowenstein & Sons.
July
4.90
Hongkong & Shanghal Bank-
MacDonnal Altern
Spot (eente per ib. fob Cuba) 035
in Corp. is
3040
Mar/Apr.
May/June
20.00 20.23-34
Membi Iron Corp.
Minnesota Mining
July/Aug. Oct/Nov.
20.03
Mission Development
30 May
Monzante Chemical Co.
July
Dec/Jan.
25.07
New contract
Montgomery Ward
September
Mar/Apr.
20.08
Motorola Inc.
November
be
May/June
2034
National Cash Reg. "A"
Open interest: 0,004 contrapta, - Contract No, é (domestic)
841xd Spot (centa per lb. elf "NÝ
Hongkong Tis Lid
7/04
Kemper Ltd.
Lunas Rubber Estates Lid.
0.67
5,30
Malayan Breweries *****
$2.80
New Serandah Rubber
Fid
5.00
Peteling Tia, LÁS
July/Au
26.14
National Dairy Prod.
ex-duty)
Xaffen Hotel'
Oct/Nov.
25.94
National Load
11372
Dec/Jan, Egyptian Karnak
25.79
National Stoel Corp.
Open interest: 3,072 contacts Unilea Prome.
Singapore Cold Storage
01,00
Bonith British Insurance Co.
Jan/Feb.
PAULO
140-335-140.3715.
Total
7,600 1,000. 3,500 2200 000 09,200 1,030,700 baler
Closing
cruzetros
futures prices per
73,000
follows:
(1.300
41,500
May July
Oct
1941-1941
Dec
Mar.
New York
Montreal Amsterdam Brussols Copenhagen Frankfurt Milan
Parle stockho
Vience Zurich
Lisbon
11.73||-11.234 1787-170735 1000-10.955 005-9093
73.75
NEW YORK -
Prices of cotión futures clovod today as followed bone f
inlted Press.
Spot May July October
20.07% 34.58-61 53.14.
kilo were
Ciln - Mathieson Owen-Illinois Glass
Paside Gua de Bien,
Pan Americans Airways Paramount Pictures in Pane Davis Co. as Penry J.C. Co
Penn Bah, Co. 37.65Fhip Morris... unquoted Procter & Gamble Co. Pittsburgh Plate (laan 30.00
· Publicher-Industries Ture oft
96.db
In the US, the average price. Radio Corposition
| of ople
Repubilo. took inch cottons at 14. de Remolós adatak. signetod spot. maricely was 33.84 bel 01 Cou cents. Sales totalled 12,919 Baloo Reg. Paper bales at theso marico's United Binolate of prof Hócony; Mobiloli Prces:
LONDON METAL
PRICES
London, Mar.. 10. Prices of metals closed today In sterling per long ton · GA' follows
Buyers Sellers
@pottin
Smouth
Spot coppers
Smooth Lead and bei
750
Straita Steamalp
United Engineers Ord.
Wearne Bros,
Special.
Ltd. an
00,00
Straits Tradin
$8.90+
Mall
per as
Conclusions
The working party's con- clusions on the financing of the plan are believed to be on the following lines:
Administrator Franklin G. Floete said the Departments of Agriculture,. Commerce and State would assist in develop- ment of the disposal programme, which must be approved by Congress.
He said his agency was given the task by Arthur S. Flemming before he resigned as Defense Mobiliser. He said Flemming made a Onding that domestic supplies at long staple cotton 1. The Industry will have to are sufficient to meet anticipated And some 515,000 million francs military and essential civilian over the next five years of neods-United Press. ·
EXPRESS ANNUAL
NAMESAKES
132 Screen,:37 Swan" g. Esonãco Gani Prince, 8. Embark, 2. Weddin Cute Carlo, 8: Films, 10 Hollywood
Grace Kelly.
Aizmu Gry day 51 (ll
Maash, Thalh &
Artra
$10
South China Morning Post Ltd.
'HONG KONGNG: KOWLOON