THE CHINA MAIL,
TUESDAY, MARCH 26, 1957,
TRADE and COMMERCE. SECTION
BUDGET POSES PROBLEMS
Chancellor On Slippery Tight-Rope
From RONALD BOXALL
London, Mar. 25. "The issue....surely is simple enough. To stop inflation, to keep down both costs and prices, to push output: these are the bedrock interests of all sections of the community, industrial workers no less than anyone else”—the Economist.
"If wages are put up relentlessly by powerful labour organisations then it may be argued that it is better to let prices rise because the alternative would be a large amount of unemployment", Professor Erik Lindahl of Uppsala University in "The Three Banks' Review."
If Me Peter Thorneycroft : the former Party Chairman, can were the lype of man who liked, claim to peak for the to decorate his offer with texis
he could not chouse more aptly than the above quotations from articles which appeared last week.
1
Tury
IN
hierarchy.
And he is "quite satisfled that the burden of taxation much too high for the country's economy."
Unquestionably Jaxation is to Certainly the thought: pressed in them have been up-high. But Is this the time with a labour dispute threatening permost in minds of those who that would amount to a general anxiously await the Chancellor's strike
put disinflationary first budget due in less than
policies into reverse? fortnight's time.
That would amount to a sur- render to inflation and all that would result in a further rise in the cost of living followed by will be re
another round of wage clains solved on April 9 is the old one followed by a further rise in the In a much more acute form-
of living
and so on ad economic
that
Old issue
The issue
that
If the Chancellor
of the
be
the
voice
By
cust
Docs
this
mcan
The
prudence versus pointinitum. litical expediery.
listens to
Chancellor should put up taxes former, The budget will
in his budget? Ask Mr Leather. tough or Lond Woolton. a Once again Inflation
But hand.
mean It doce
that in getting the upper
walking his excoptionally slip- Budget Day unless there is Last minute surrender by em-
pery tight-rope, he will be too preoccupied with the task ployere, 4,000,000 workers may
remaining
10 scatter be on strike for wor
upright ore money. Later in the year the Gov-largesse on the watching crowd ernment will be faced with below.--London Express Service,
more
A
mase withdrawal of doctors froin the Nationul Health Service, Again the dispute is over money. will not end
But the trouble when the men engaged in these disputes are conceded higher
pay as they surely will be.
it will only just have begun. Economic prudence therefore demands
tough forestalling budget-one that will take the extra income out of the work-
ers' pockets even before they HOL IL
WORLD RUBBER MARKETS
D
New York, Mar. 25. Rux rubber contract today closed 15 to 45 points lower
But is the Cluneeling really with sales of 77 contracts, likely to do that? Strikes and
not
March
all Mny
July
threatened strikes are that has happened in the past September week. There have
by-elections more
been two
und
November
32.00 32.40
32,20-25
31.90
31,70
3160
31.30 Standard contract closed 15
Wheee January have confirmed a swing against March the Government, more than
large enough to put Labour back
to 40 points lower with no sales
in power with a big majority if reported. there were
to
be
11
election tomorrow.
Maren
general May
Cost Of Living
July September November March
All of this is most unplea-market had a mid-session rally, sant for Conservative MPs. They only to drop back again and know of course that the cle- clos
close around the lows, London's toral swing against the Gov- caster trend
only
ernment in not
|
MANY
Routine Session On Wall Street: Motors Active
New York, Mar. 25.
HONGKONG STOCK EXCHANGE
(From Our Correspondant)
Business done on the Hong- kong Block Exchange this morning amounted to approxi- mathly $380,000. Noon, quota- | tions and the morning's trans- actions:
Shares
Softness in metal shares, selected motors, oils and specialties and firmness in rails provided what little interest there was in another routine stock BANKS market session.
bit
Glidden Co.
Leading grips closed a lower on average but there was no pressure behind the selling Rs evidenced by a decline in turnover to 1,500,000 shares from 1,010,000 on Friday.
Market
features
included
|
Goodrich (I&
Goodyear Tire Gulf Ou
Hoyden Newport Corp. Homestake Mining Co. ingersoll-tand
ħlacksinen
Inland Steel Co. Int'l Elisirea Int'l Harvester Esternational Nickel
Jari Tel & Tel Joha-Manville Co.
numerous issues heard from only international Paper infrequently--stocks such DO Lohn & Fink, Chicago Yellow Cab, Gerber Products, all up over a point,
Metal shares reflecting lower- ing prices and wanings from
Industry that high the copper
facilities will;
a
Kansas C. Power & Light Kennewit Liggett Meyer Tob. 6. Lockheed Aircraft Loews Incorp. Lone Star Cement Co. Lowensteja & Sona. McDonnell Airenett (Ain.
Stock Exge.) Mesabi Iron Corp. Minnesota Mining
cost production have to be shut down if prices Mission Development do not improve, had losses of Marisanto Chemical Co. point or more in Anaconda, Montgomery Ward Aluminium, Kennecolt, Inspira- National Cash neg. “A”
Consolidated and US National Dairy Prod. Smelling, the last off more National Lead than 2 points.
Second Most Active
Motorola Inc.
National Steel Corp New York, Central Olin Mathieson Otin Elevators Owen-Dunois Glas Pacific Gas & Elbe. Pan Ainertean Airways Paramount Pictures Parke Davis Co. Penn, Salt Co
Philip Morris
Olis hud losses of a point or more in Seaponrii, Continental, Shell and Honolulu but a gain of close to 2 in Shamrock and a point in Royal Dutch, with the Procter & Gamble Co last the seed most active issue burg Plate Glass of the day. General Motors was Lope on the active H1st and Chrysler a little further down Chrysler and Ford fost nearly a poltit each, G. M. and American smaller amounts,
Sleels did little although Bethlehem was active. Bethlehem and US Steel both lost small fractions,
Publicker Industrien Pure Olt Radio Corporation Republe Steel
Reynolds Metal shen ou Co. Baint Reg. Paper Sinclair Ou
Bocony Mobiloit Solar Abstrait South Puerto Rico Sugar Southern National Car fouthern Railway (Com.) Standard Brands Btandard Ol of Cai, Standard Ou of Ind,
Toronto Exge.
لمطاع
Page
SLOW TRADING Chance Of Strike
ON NY COTTON Settlement Sends
MARKET
Mart Volume Up
WORLD PRICES
early
London, Mat. 25. Chances of settlement of striked by factory and shipyard, sin- plòƒése brought #skärp advance on the stock
New York, Mar. 25. thurket with volume at Cotton futurės today opened higher and the highest level since maintained sinell gains through another slow trading session.
Finishing a little below the day's best levels, 25 1010 the liat showed net gains of 10 to 15 points. The market opened up 2 to 6 points. New Orleans closed up 14 points.
Routine demand for mill, ex- Old extract Mar./Apr. porter and other trade accounts
H.K. Bank INSURANCE Union
Buyere Bellets
1600 1819
230
30 @ 150
33
Lombard
71
753
SHIPPING
Wheelock
0.70
110
DOCKS, ETC.
*131
K. Whort..
100
17.30 路
0.80
102
371 | Dock XD ..
1
Provident,
(0)
13.10 13.30
200 @ 13.20
017
LAND, ETC.
in nearby deliveries absorbed a reduced volume of hedging and liquidation.
May/June July/Aug. Oct/Nor Dec./Jan.
75.00
20.80
New contract Mar/Apr.
May/June
14 14.20
30%
Now стор mon the Were neglected. Recent heavy rain
July/Aug
Oct/Nov.
Dec/Jan.
14.25
1000 @ 18.30
1.50 8000 @ 148
1.00
་
301% 21. Hotel.
1001
XD
95 H.K. Land 3211 (0)
45-4
30
Humphrey RUBBER
130 Amals.
0414 Trust
18 33
UTILATIN
Tram
44
100
Yeumati, Xb 1815 C. Light (0) 2240 22.00 3011
28
195
200 22 na 300 22.70 1000 @ 22.70 100 # 22.80 100 22,70
Electric.... Telephone 24.00 24.00
20.00
30
200 @ 24.20 1900 24.70
113) INDUSTRIALS
80% Cement ....
201
Rope
447%
331 332 12.00 STORES, ETC.
200 24.80 500 @ 24,70
100 40 33
4215
Dadry
12
Lane Craw.
to 18.30 Watson ... 11.90 14.20 2015
1016
INVESTMENTS
3016
Yangtae ....
4045
and snow for south-western Egyptian Karnak Jan/Feb. producing sections ultimately will be favourable for the new crop, experts thought,
However, crop news, textile developments, spot matket market accoumis, a moderate increase in the certificated stock, and the usual run of pre- shaping Influences appeared to have little market reaction,
Government Sales
on
20.37
28.11
Januarý,
Industrials were the centre of
to three
interest with gains at the cloet hinhing
mila-Royce rose one
zhillings,
shilling
10% perce to 120 shillings. Ford was up one shilling riz.
Unilevers pence.
advanced twi shillings, Mercantile riarts were marked
than
up about two shillings.
Oils met demand with leaders three shillings higher.
Gill-edged securities respond-
ed to small investment buying at the outset but best prices
were not always held.
The only movement in foreign bonds was in Greek Iseliču; which went ahead on hopes of settlement of the Cypris question.
BÀO PAULD
Cotton future closings, cruzeiros per kilo were as fol-
in
1
DOP:
May
Jay
.. October
December
March
30
30.15
30.24
30.00
In the US the avenge price |
Tin shares were firm on the
| advance in the commodity price,
-United Press,
NAMESAKES
3
Underworld
of one inch cotton at design- Answers-1 Promopina, ated markets was 8380 certa. | Elysiuin, Sales totalléd 7,095 bales. Chariot, 6 Hormes, United Press.
Pluto.
traders Most
A awaited Bnnouncement 300 10.20 government
sales out of the cotton surplus under the export programme. An
London Foreign
Exchange
London, Mar. 25.
Closing rates wore;
8314
7011
New York
4012
Montreal
GO
h
Copenhagen
Frankfurt
18 Milanı
3011 Dain
Paris
401%
Stockholm
391
Zurich
4811
5011
Preta
American Tobacco, Unton Standard 01 of N.J.
20 Steep Reck Carbide, Freeport Sulphur, Oul-Sterling Drug Co. board Marine, Clark Equipment, Stokely-Van Comp Copper Bessemer, Foster Studebaker-Packard Corp. Wheeler, Black & Decker, Mead Swift & Co. Corp. Joy Manufacturing, J. C. Penny, General Tire lost point to 2 points.
Texas Co,
Tide Water Assn. Ou Twenty Century Fox Film Union Carbide
Union Pacific Railway United Aircraft developed.S. Foi "D" and while U.S. Gypsum
were US. Line Cu.
1/S. Rubber New Haven stood us, Smelting out with a rise of to $15. U.S. Steel
Firmness in rails Jate in the session guins were at large they widespread.
05
A
and
Uilities were neglected lightly easier on balance,
industriais
group averaged 471.51, off 1.43 pain, rails 143.47, of .05 point; utilities 70.89, of .00. and the #1 65 stocks composite average 106.81 was off 34 point.
new
Of 1,120 issues traded 602 were lower, 305 higher, 282 ult- changed. There were 91 highs wet, 33 new lows,
New York Stock Exchange bond volume was $3,200,000.
American Stock
Exchange volume was 720,000 shares,
Dow-Jones closing averages
continued and
were:
industrials
20 rails
Others were
2.30-3/16-3.7914
1045-19.41%%%
11.747-11.75
17.00-17.00%
19.00-19.98
expected statement today was delayed until tomorrow.
This would be the first round of tales under the export pro- gramme commencing.
in mid- August. The
Agriculture De- partment
recently replenished its available stock by putting cotton from the 1955 crop up for sales. Because of the heavy
*
ол
de-
+
2.66-11/16-206-12/te volume of blis submitted March 19, the Department cided to delay the announcement.
Under the
ostalogue recently lásued by the
goyen- ment, the exportable stock in- cluded around 2,787 bales of the 1956 crop and inflöated, around 3.9 million bales remained to be catalogued.
14.441-1447%
12271-1327 unchanged United
New York Foreign
Exchange
Closing rates were: Canada
53 England 30-day futures
1.04+23/82
The certificati stock in- creased 240 to 10,430 bales. Month
Volume Open insterest
2,900 342,200 8200
1900
179,600
*
*
*
*
P.O BI EA
COMPANIES
PENINSULAR & ORIENTAL S.N. CO.
PASSENGER/FREIGHT SERVICE
Lévés London
Sailed
Outwards
"CORFU"
"CHUBAN”
*
*CANTON"
*CORE"
+
*
Dre Hongkong.
30th March
8th ApH1
·9th May
1st April
Isi June
28th May
9th July
Via Bouthampton, Colombo, Penang & Singapota.
„Lanvés Hongkong
May
July
10,500
Now York, Mar, 25.
October
10,100
December
8,400 159,400
Mar,
1,300 73,200
2.79-9/32
May
90-day futures
40
Australia
63
New Zealand
DINL
South Africa
2.10-1/
znati 2.0-11/10
July
65,900 1,800 42,000
Total
97,000 1,023,800 bales
Homewards
NEW YORK
Warner Bros.
Sunteerthel
Westinghouse Electrie
64%
Argentina
The prices of cotton futures closed today as follows:
#
"CORFU" “CHUSAN"
Western Union Tel. Co.
Others were
unchanged.-United
Spot
424 Prem
May
July
"CANTON" "COBFU"
-United Press,
October
December
March
May
July
West Va Pulp & Paper Woolworth
Singapore
Stock Market
NEW YORK METAL
FUTURES
New York, Mar. 25. Prices of metal futures closed today in cents per lb, my follows:
Lead
NEW ORLEANS
Prices of cotton futures closed today as follows:
October
March
Mer.
15.20b
Брой
May
APT
25,00b
Zinc
Mar
13.106
July
Apr
13.00b
December
Copper Mar.
20.15b
Apr.
29.20b
May
Mar.
100.00b
July
Apr.
100,000
Mar.
101.00bt
Apr.
101.00b
(Standard);,
-United
Press.
Singapore, Mar. 20. Brokers today quoted the fol- lowing stock prices;
ไส Opening Batu Lintang Rubber
Lid,
81.00 British Borneo
540 Syndicate Consolidated Tin 471.51 Ord.
ROM 143,47 | Fraser & Neave Ltd Ord. ... 123331
70.00 Fraser & Newvo 7% cum. 180.01 pret
Co
Petroleum
Smellern
3756
32.40
32.22
31.90
31.70
15 utilities
After IL lower start the
66 stocks
$4.00
40 bonds
10.83 Comm, future price index.. 155.19
Gammons (Malaya) Limited #2.10 Hongkong Shanghai Bank-
Ing Corp.
1.845
Closing Prices
Hongkong Tin Ltd.
Kempas LA.
Lunas Rubber Estates Lid."
$1.07
67
Malayan Breweries
$3.02+
$ 17 1/3
New Berandah Rubber
67
Lid
201
Petaling Tin Ltd.
3
Rafßes Hotel
1845
Hingapore Cold, Storage
$1.61
South British Insurance
Lid.
$32.60
Strafin Trading
$27.30
Straits Stemmahtp
$17.15
United Engineers "Ord.
Wearne BroR, KA
83.731 $2.95
от even pause in domestic factory buy-
directly due Inflation But ing Intercet handicapped the Alden Inc. Acx
Allled Chemicals
concern at the continued rise in uptians. Dealer switching July= | Allied Mills Inc. the cost of living overlays all May contracts provided another Allis Chalmers... for discontent feature in a generally quiet American Airlines market. Spot No. 1 Rea was quoted at 31% cents.
other reasons and a budget that did not put more back into people's pockets than it took out would be the last straw.
This vlow has been impressed on the Chancellor by a number
AMSTERDAM
American Cable
Corp. Amerlean Cynnamide Co. Amer. & Forgn, Power
American Melal
The rubber market was easier today. Prices closed in guilders American Smelting per kilogram, cif
American Tel. # Tal April 40 American Tob. "B" of Tory MP, but never so out follows: spokenly in the speech by Mr No. 1 rubber Ted Leather to the Conservative No. 2 rubber No. 3 rubber Party's Central Council last No. 1
wook.
as
We will be unhappy," he Gald, "If the Chancellor comes. down and says 'I am sorry but you have to have a frightfully hard budget, but wait until you see what I can do for you next year. We have been waiting for next year for the past six years,
19
crepe
2,67 sellers
2,65
301 2.70
United Pro
LONDON METAL PRICES
London, Mar. 25. Prices of metals closed today
sterling per long ton follows:
It is lims that next year "chnië | In now,"
This was plein entugh for rin, spot
Was J.month oven blanten when he spoke Copper spot
3-month about income tax-"not only is
anyone, but Mr Leather
it damned unpleasant medicine,
19
Huyers Bellers
.790
7001 981
23015 23018 Lead 2nd half MAPU 1130 11:
Jutver.. 112
1123)
Juhe
00%
Bit
United Press.
but it has been singularly un-Zine 2nd half Mar. !! L successful"--phd the additional one ahilling duty on patrol- "not only political nonsense, it
was economic nonsense."
Taxation High
Exchange Rates
Anteoruta Copper
Amico Steel
Armour
Allan Cona. Mining
Baldwin-Lima-Ham.
Balilmore & Ohio
Beneficial Finance
Bendix Aviation Corp.
Benguet Cons
Bethlehem Bleol
Boning Airplane
Borden (The) Co.
403
Burroughs Add Machine
391%
Canadian Pacific I
Cum (3, 1) Co.
Cal. Tretor
Celshere Corp.
Ci I. Ty Financial Corp. Chase Manhat, Blank
Chrysler, Motors Climax Molyticum
Colgate-Palmolive Co. Solenoid Gron Bo, Commercial Credit Commonwealth flee.
| Consolidated_Kaison.
Continental Oil of Del Crown Eailerbach Caban Ainer. Bugar
Douglas Aircraft Dow Chemicals Dupont de Noniðurs Eautores Airline Erkman KODEK (7. Ei Pao National Oa WILLY Finance Corp, Firestone. Tíre di Rubber 6.19 Ford Motor......
Bustijene War done in the 200al
Tories who stayetl away unofficial exchangeinarket DISH drom recent by-elections speak morning at the following rates:4
3. dullar (per $1) pe for the Ponty's rank anch Ale Sterling notes, (der £1) *** 18.30 General Electric arki Mr. Leather expresses the purtrellan notés (per K1/1977 1975 | članers Toode
rupiah (per 100 17.00 Oweral ScondTS- lown kill Conservative back-ndonesian
Blam Ucal (pdf, 100)
100 Ch Pub, Uth, beitshers, then Lord Woolton, Siprapors ditrading. ******* ~ 3,00 | Getty Dij
* cimdiy: † extiv: 2 exall-China Mall Special,
New York Sugar Prices
New York, Mar. 25. World No. 4 sugar futures closed today 1 to 8 polits lower with sales of Viê contéacta. The domestic No. 6 sugar 16 futures clored unchanged with 191% sales of two, contracts.
Activity
73%
in the world con- tract alackod wille deniers sind
45 other trade intereste awaited
further developments in thiès : gara
tharkot
Contract No. 4 (world)
May July
July
Spot-(cenia
**td. fob CubM
Open Interest; 9,268;yóntra
Contract No.
May
July
Sept
Nov.
[wpc-duty) -
Open Indent
PREZES
LIVERPOOL
Cotton future closings, pence per lb, were as follows:
SOUND ADVICE
for the man with a sense of responsibility
Start a Savings Account this month' with
THE CHARTERED BANK (Incorporated in England by Royal Charter in 1863) 3 Queen's Road, HONG KONG
INTEREST on your money at 2% per annum, compounded half-yearly, ABSOLUTE SAFETY for your money. EASY FACILITIES for lodgments and withdrawals.
IM
*
3rd April
12th May
81k Jube
13th July
Due London
12th May
12th June
TO BE
ADVISED
Via Singapore, Penang & Colomno. FREIGHT SERVICE
"SINGAPORE"loads 7th Apr.'
for Spare, PL Bretten. ham, London. Hamburg. tollerdam Antwerp Grangemouth
ALL VESSELS OUTWARDS AND HOMÉWARUS WILL PROLEED NY THE CAPE OF töön HOPE UNTIL FURTHER NOTICE.
BRITISH INDIA S.N. CO., LTD.
1450 A HUNDRED YEARS OF SERVICE -- 1958 “SANTHIA" Qué inis star, from Calcutta, Rangoon
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P. & 0./B. 1. JOINT SERVICE
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fi Karachi, Banhay -de. B'poro
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EASTERN & AUSTRALIAN 6.5. CO., LTD.
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For full purticulars upply tu MACKINNON. MACKENZIE & CO. DI HONG KONG LTD. Telephone Nos: 27721-4
7