THE CHINA MAIL, WEDNESDAY, MARCH 27, 1957.
*Page 9
TRADE and COMMERCE SECTION
FRENCH FRANC OVERVALUATION BMC LOST
Adjustment Possible
With Start
Of Common Market
By SYDNEY CAMPELL
London, Mar. 26. Overvaluation of the French franc remains Formal as before--hopeless but not serious. devaluation remains unlikely because France's and export barriers discriminatory import subsidies give her all the benefits of a selective become devaluation. Until these contortions administratively unworkable she can pick and choose to her own advantage and to the disadvan- tage of her neighbours,
The securities franc is devalued abroad but wherewith not at home. The capital frane foreigners buy French securities in Paris is artificially held at virtually the full official rate whereas the franes obtained by reselling French securities abroad are at about 7 per cent discount.
WORLD RUBBER MARKETS
New York, Mar. 20. Rex rubber contract closed 85 to 35 points lower with rules of 246 contracis,
March
May
July
September
November January March
2160
21.48
21.20
31.05
فكار المال
30.00
30,40
Standard contract closed 85 to
95 points lower with
March
reported.
May
July
Beptember
January
November
March
no salce
31.00
31.48
31,30
31.03
30,50
30.00
3010
on
the
ازه
Nevertheless Cic Francaises den Petroles attracts Bothe
on the new British buying discoveries even though the buyer faces an immediate 7 per ent currency loss if he pas lu resell quickly,
The new 15 per cent cut on holed bills
foreign paid in exchange is not the Introduction of a tourist arene because there was one already. British tourists,
example, who take fro for moters
travellers Instead of cheques have for months been getting the notes at
per cent discount.
change is that the
about
15
The
authorities may, now get some of the foreign exchange Instead of the note
market getting I all, but probably not much still took because the notes more attractive.
D-Mark
French reported to be
Incidentally, the Continued retreat terminal market reflected the Government is lower London cables, plus the buying foreign petrol at almost restrictions prolonged
In buying any price to avoid puuse interest from large and mail that would make it unpopular. domestic consumers. Specula- tive cominission house Equida-
A tion and dealer selling met scale-down demand from one prominent dealer.
Observers
the credited demand mostly iu
with covering. consequent Impairment of the
muricets* techutent
short supposed
position. Shipment
offerings
from pri were in much mury greater supply, but at prices
centies
Soine French observers com- fort themselves that the D-mark 1 also beginning to suitor a certain instationary tendency which
Intensited by Tilly late
They wage demands.
delude themselves.
that All objective sigts pre the D-märk is going to remuera and the krently undervalued sink of other countries' reserves, labour market re- Germany's labor
than
US MAY REDUCE TARIFFS ON CERTAIN
BRITISH AND BELGIAN GOODS
Washington Mar. 20. The United States has announced that "limited" trade negotia- tions will be held in May with Britain and Belgium to reduce US tariffs on certain British and Belgian goods. However, any tariff culs granted by the United States cannot be re- duced more than 10 per cent over the next two years,
being negotiations are underlakon at the request of Britain and Belgium who re- quested "compensatory" tari cotiersions by the United States after American duties were increased last year imports of certain linen towelling
The
Jan, the State Department sudd, also wanted to benefit by any tariff concessions granted 10 the two western European countries, and West Germany, too, has expressed
MOLLET'S SPEECH
SENDS PARIS -
OILS UP
Paris, Mar. 26. Olts and chemicals reached new highs today on the Paris Stock Exchange, Premler Guy Molici's yesterday In specch Arras saying the oil in the Sahara would change tho (400 of Franco's last
Doonomy Who the
tonos noeded to produce the boom.
Thousands of orders came from all over the coun try and most of shares reached a new top,
reached - Standard
the
ESBO
100,000 francs, for
first time at 1209 GMT and Immediately after- ward the Francaise Den-
potrolse jumped to 49,-
The 000 francs,
rush then started on
French chemicals with Rhone Fullens reaching 53,100 franes and the steel com- panies following. The Government
1.0-
попроед that it might Issue "all Ioan" In order Lo help private Investors to find a war to help and benefit from French Industrial deve. lopment-Unlied Press.
100 high to interest local mains incomparably caster CHICAGO GRAIN
buyers, Spol No. 1 R was France's or quoted of 31% cents.
SINGAPORE
tinued influx
of labour Lvm Eastern Germany and Western The market opened slightly Poland cases it further.
Indeed the Germans now re- higher despite lower overseas advlees.
Production igures for sent the excessive influx of Poland Maloya declining 1,000 ton was young
workers being the chief factor. However, instead of the much smaller flow later in the day the market of
dependents unemployable
they had contemplated. some Federation which
There was lis long-term political implica-
used
un
godown liquidation.
from
interest in the granting of any compensatory concessions.
The
מח
State Department said articles on which tariff cuts would be discussed hid annual import value of $22,- 000,000. The largest of these was a linen
fabric used in manufacturing Women's dresses. imports of this fabric in 1953 were valued ut $17,000,000.
be
The list of articles which will constccred for possible tariff culs at the public henr- Ings was announced by the CHI and the Tarl Commis- sion as follows: Sodium alginate; sperm oli, relined or otherwise pro- cessed; spermaecti wax; zine chloride; zinc sulphate; Biological, chemical, métallur-
geal, pharmaceuticni, and sur-·
1.
gical articles and utensils of all kinds, Anished or Buished, wholly or in chict value made of hused
quartz or fused silico; Textile machinery, finished or unfinished, for manufacturing
er processing vegetable fibres other than cotton or jute (ex- cept beaming, slashing, warp-
winding
machinery). Ing of
30
combinations thereof, and ox- cept bleaching, printing, dye- ing, or finishing machinery; Cotton cloth, containing no more than 17 por cent wool In weight; tracing cloth; water- proof cloth, made principally of collon or other" vegetable ibre, but not in part of India rubber; Imitation oriental rugs; certain woven fabrics; Certain types of bound and un-;
bound books. China Mail Special.
Swapping Main Feature On
NY Cotton Mart
WORLD PRICES
New York, Mar. 26.
Cotton futures today moved irregularly higher with new crop deliveries side.
Singapore
Stock Market
Singapore, Mar, 27.
favouring the strong
In moderately active dealings, the list scored gains, up to 80 cendiu
a bale, with deferred months closing on the highs,
Final prices ruled off 3 to up 15 points. The market opened up 1 to 5 points. New Orleans closed off 1 point.
Swapping operations, Involv-
Brokers today quoted the fol-ing exchanges of nearby lowing stock prices:
Były Lintang Rubber Co.
British Borneu Petroleumi
Syndicate Consolidated
Opening
Sinelters Ord. Fraser Neave Ltd Ord... Fraser & Neuve 72%. ruyn,
Го
$1.00
$450
32% #2 15.
pret
$4,03 Gammons (Malaya) Limited $2.30 Hongkong & Shanghai Bank-
Corp.
$855
Hongkong Tin Lid.
756d
Kempas Ltd.
$1.07
Lunas Rubber Estates Ltd,
Malaya Brewerien
$2.00
New Berandah Rubber
Lid
$2.37
$2.70
$2.35
Singapore Cold Storage
$1.01
Bouth British Insurance Co.
Lid.
$32.50
Straits Trading
were
Straits Steamship
327.30 $17.10
United Engineers Ord.
$2.05
in
*oday's
⚫comely; † exdiv,-
Special.
MARKET
Chicago, Mar. 20, Trade was mixed and grains generally steady to frm on the Board of Trade today.
Oats and corn trade
Petaling in kid. Haßlen Hotel
some interest for lower grades tlons for the Oder Neisse ques- } fairly light, but prices showed; Wearns Bros. China Mal
and remills but it qulet throughout the rest of the tionably cases the West German
was rather tlon are serious but it unques-
day.
Futures:
No. 1 rubber per ib. April 9344-9315 May 035-1334 No. 2 rubber per lb. April 90-INKS No. 3 No.4
++
Spot rubber unbaled
Blanket crepe
No. 1 pale crepe
LONDON
labour market.
Assurance
90-D
Another French view is that
devalued the franc will not be 02-0212 TD-8115 unless there is some assurance 09-100
that the new role will remain stable and unless It can be done
The rubber market was easy in conjunction with an adjust- with spot quoted at 27% pencement of other currencies
3 sterling.
Some
Paris experts are to think that the beginning of Common Market (next 2716-274 the 27-2714 January if the treaty is ratified by the various Parliaments) 2876-27 2011-27 would be a suitable moment. 2614-22034 2434-27 2015-27 2016-27
per lb. Prices:
No. 1 R spot
**
2716-2796
Settlement house term:
April deleted
May
Ji
April/June deleted
July/September
October/December
January/March...
April
MAY June Estate crepe this April
thick April AMSTERDAM
General marketa, eif basis, porta:|
Etronger
dealings,
trenut
Rye and soybeans are about: stendy with their action seemed to be influence by the trend in wheat.
Wheat closed up % to 1 cent; soybeans closed unchanged to up 1% cent,
Prices per bushel in cents: Wheat No. 2, red
such
Spot
2201ね
May 222116(L) 22114
said
July
September
December
21014-1 2184 22297
Corn, No. 2, yellow
Spot
13244-132
May
13144-71
July
1357
September
December
130 131
Ryo
May July Oals
May July Soybeans, No. 2, yellow
Spot
May
12094-16 124
2124-7 0531
2421 n 241-240
July
September
PATEL 2311
The first and third of these points are well taken. There is no sense in devaluing from one distrusted rate to another. There littlo sense or be very could meaning in a Common Market while the French franc is so
The rubber market was easy distorted. There is nothing in Prices closed today in guilders per kilogram, cif April as fol the point about sterling. The
French franc's problem of over
lows:
No, rubber
No. 2 rubber No. 3 rubber
No. 1 crepo
201 buyers valuation is its own; it is not 258 buyer shared by sterling or the D- buyers mark-China Mall Special. 2.70 paul
United Frens.
Exchange Rates
Tukštiena
was dong in the
local
this
unofficial exchange market morning at the following rates;—_
U.B. dollar (per $1)*****
Berling notes (për £1)
Glam teal (per 100)
11
Australian notes (per Indonesian rupiah (per 100) .. Singapore (Strails)
NAMESAKES
0.17
LONDON METAL PRICES
London, Mar. 20. Prices of metals closed today sterling per long ton as
10.30 in 12.75 follows:
.10.20
spot
-month
November January Barley, Spot New York flour
200 lb. sack
ZIK-K
2271
130-140
$13.20 United PrH.
London Foreign Exchange
London, Mar. 26. Closing, rates were;
buyers pollerg
28.00 Ti
780
www.
Copper pot
Smonth
2002
Lead and half June 11a
2381. 20
1121
New York
ind
2nd balf Mar.
100
Lead 2nd half Mar. 112
Answere:-1 Juan, 2. Theatre, 8 Play, 4 Invalid, Comedy, 6 Actor, 7 Ridigute, 6 Miser, Scene, 10 Satino, 11 Franco,
Jean Motione (French desina" tiat).
Montreal
Amsterdam Brüggels Zine 2nd half June 946 De Frankfurt
The tin market was steady Milan while other metals were all alo quiet but steady, Turnover for. Stockholm din was 100 tone, lead, 100 tone, | Viena
'tons and zino 850 turies- | copper 100
tons-United Press,
Paris
Prest.
-2.7096-9.29-3/10
200+0/16-3.00-31/18 10.001-10.00% -24087-140.071S'.. *11,90-11.75) 1700-17004 19.9714-1030
1447-11434
1127/5-12.173)
unchar
jor
later deflycries, provided a main trading feature.
BMC LOST WALL STREET RALLY
FAILS TO ATTRACT
MONEY LAST YEAR
London, Mar, 26.
The British Motor Cor- poration, manufacturers of the MG,
Austin, and
Morris, announced night it lost money ki the six months ending January $1, and would pay na in- Lorim dividend to ordinary share holders,
A
company
SIILOGICE-
ment elfed the “many diti – culties" the auto industry had encountered and add- ed that "oo forecast of the results for the year ending July 31, 1957, can sit pre- seni be made?
Last your, BMC pald Atockholders four Dar očni interim dividend and another eight and a half per cent at the end of the Ausncial your.
A
The announcement salá that the dividend dua
March 31 on Preferenco
shares would be paid from reserves.
Meanwhile Sir Patrick Hennessy, Chairman of the Ford Motor Go, of Britain sald today Britaina sulo industry was stiți burs in competition with
Faropican manufacturĪDIN "by the penal rato 10% purchase tax the increasing ins
and adequacy of Belush roads."
Sir Patrick said
which works under small turnover tax of six Per Deni increased ita salts last year by one-fifth, “In the United Kingdom the Intention was that a high Fute
of purchase tax would divert home salca to ex- Deri," Bir Patrick's slate- ment went on.
Germany's auto the West
"Not only has it failed in this, but it has no re- duced the volume of sales In the home market that costs have been increased and the ability to compete In export
markets hat
been thereby impaired," he concluded...United Press.
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Traders liquidated old crop months against purchases of new crops. Technicians believed holders of nearbys were coming to the conclusion old crop in fluences have been discounted, kong They
the expected They
market morning hereafter to pivot more on crop proximately
this
Business done on the Hong- Stock Exchange amounted to
$170,000.
FRESH DEMANDS
New York, Mar. 26. Stock prices strengthened on a somewhat better turnover touched off by a brief mid- afternoon rally,
The fluxy, which lifted nosne) Camo (7. L.) Co. prices as much as point, was Cat. Tractor
Celanese Corp said to be the result of the C. I. T. Financial Corp. activity by specialists, worried Chaos Manhat, Danic by
Climax Molybdenum
the coldrums.
protracted market Shrysler Motors
The street generally is await. ing some surprising news de velopment to touch off either fresh
spurt of demand of selling and the result of late has been a series of slow markets, dis turbing to the brokerage housea who, it is said, need
10
Colgate-Palmolive Co. Colombian Carbon Ch. Commercial Credit Commonwealth Floc. Consolidated Edison Continanial Oil of Del
Crown Zellerbach Cuban Amer Bugar Diamond Alkall Douglas Aireypfi Dow Chemicals
feast Dupont de Nemours
Eastern Airline
o 2,000,000 share turnover 10 Eastman Kodak break oven.
Activity Faded
Paso National Gos
Yamily Finance Corp.
Firestone Tyre & Rubber
Ford Motor ... General Electric General Foods
to Geral Motors
on Pub.
While the rally fallod attract new demand and activity
Getty Of taded rapidly. It also failed to Glidden Co.
bring in any selling at the highs ared this was
construed
in.
Goodrich B. #) Co.
as Goodyear Tyrn
Gul bi evidence of a strong internal Heyden Newport Corp.
position.
Homestske Mining Co. Ingersoll-Band
Interchemical Corp.
Final volume at 1,600,000 and Steel Co. shares compared with 1,590,000 Int2 Business Machines on Monday. Activity had been | Intl Harvester *****
lagging at the slowest pace since International Nickel
International_Paper last October 12.
Inti & Tel
- Steel shares, selected motors, Jah Manville Co. Kannecott Copper chemicals, oil and special issues Urgell Meyers Tob. Co. highlighted the upside. Indus- Lockheed Adraract
trial shares as a group averaged Loews Incor
up 73 point at $72.24 while Lone Star Cement Co. raila dipped 13 to 143.34 and McDonnel based .00 to 70.03, the 05 stocks average up day at 166.89.
utilities leaving
Steels had Anal gains ranging close to 2 points
& Sons,
Aircraft Stuck Exo.) general al tren Corp. Minnesota Mining 0.08 point on the Miedon Development
Monto Chemical Co. Motore Inc. Montgomery Ward
Of a total 1,117 issues traded 426 were lower, 400 higher, 291 unchanged with 38 new
highs
set, 33 new lows.
New York Stock Exchange bond volume was $3,500,000.
American Stock Exchange volume was 650,000 shares.
Dow-Jones
were:
30 Industrials 20 rails
16 utilities
65 stocks
40 bonds
National Carb Reg."" National Dairy Prod. National Lead New York Central On Mathieson Otis Elevators Owen-Illinois, Glam Packie Gas & Elec. Pan American Airways Paramount Pictures
arke Davis Co.
Panty 1.C. Co. Philip More
closing averages | Pillsburgh Plate Glass
Comm. future price index ..
Closing Prices
Allied Chemicals Alla Chalmers American Airline
American Cable
Corp.
ap- | American Cyangmaido
Noon Amer. & Forgn. Power
Am. Mach. & dry.
nows, statistical developments quotations and the morning's and possibilities for a "higher transactions; government loon rate
next season.
Bhare
News of the government sale BANKS
HK Bork
Bayer Bellera
Balex
1610
of 581,160 bales out of the sur- plus for export, against bids INSURANCES opened March 10, proved un- Union
Lombard expectedly large to some ob-
date the govern- SHIPPING bales Wheelockj
servers. To
ment has sold 0,081,850 under the export programme. DOCKS, ETC. Average price paid for middling K. Wharf
one inch was 27.42 cents against Dock XD .. 27.22 cents
on the previous Provident salo.
LAND, ETC. The certificated stock ro HK Hotel.. 21K Land.. Humphreys Volume Open interest
0,700 441,300
RUDRUN Amalg Trust
Japanese Sewing mained at 10,480 bales.
Machines For
Sears Roebuck
Chicago, Mar. 20. Scars Roebuck Co., nation wido retailing organisation, con- firmed today that it has placed orders
Japanese sewing for machines.
Company officials rotused, however, to disclose how many machines have been ordered cr other details.
So far, omelala noted, no machines have been received No information was available as to when they would be offered for sale in the United States,-- United Press.
CONFIDENCE OF
FURTHER GROWTH
London, Mar. 20. Ford Motor Company's con- fidence in the future growth of demand for vehicles remains Armly
based following. thorough ro-study of prospects in world markets..
This was said by the Chair- man in his annual report. 10 | shareholders.
Month May July October December
March
May July Total
182,000
2,800 4,400 180,400 8,700 161,100 3,600 71,000
1,000 05,300 7,000
American Metal American Emelting Am. Bugar Ret. American Tel & Ti American Tob, "H" Anaconda Copper Armeo Steel Armour
Allar Como
Mining
Baldwin-Lama-Ham.
Baltimore & Oblo
Beneficiat Finance
Benguet Cons.
Procter & Gamble Co. Publicscer Industries Pure Oil
Radio Corporation
143.34
47824 Republic Sicel
70.6
100.
Reynolds Metal
Shell Oil Co.
90.09 Baint Reg. Paper
155.75 Sinclair Cil
Boceny Mobiil Solar Aircraft
South Puerto Rico Bugar Boaters National Gas ... Southern Rallway (Com.) Standard Brands Standard off of cal.
15% Standard Of of Ind.
Standard Ol of NJ, Steep Rock (Toronto Sterling Drug Co. Stokely-Van_Camp
17734
Studebaker Packard Corp. Swift & Co.
TEXAS CO....
Fido Water Assn. 011 Twenty Century Fox Film Union Carpide
819% Union Pacino Railway 65 United Aircraft
157 | UB. Yoli "B"
21({; | 08. Gypsum
+4{| U.3, nubber 1977 | US. Bmelting
UB. Bel
2 W 45
3714 18
Bendik Aviation Corp.
8.70 6.00
Bethlehem Steel
4
Boeing Airplane
47
102 100 101
Borden (The) Co.
66
44
000 v 4410
13.30
Burroughs Ace Machine Canadian Pacific
40
སྦ༞ དྡྷི
13.70 14.10
301
1.4235 1.4735
... 1.02 1.071% 2500 1.65
100
222 1,00
32. 104
UTILITIES 43,700 10,100 1,020,600 bales Star Ferry
Yourmet XD C. Light
22.00 22.70 30 Telephone. 24.40 24.70 1023 8 24.00
NEW YORKK Prices of cotton futures closed | Electro today as follows:
Spot
July
October December March
July
ESGRANBO
REXASARA
300 24.40 2.70 1244424.80
100 24.70
11.50 1430 1000 2 11.00
INDUSTRIALS Cement Поре
1. 19.80
34.00
20.17
$4.71
STORES, ETC.
Dairy Watsons Lane, Craw. 28 2014
Nany INVESTMENTH Yangiste Ailled
18 10.20
8.10
... 5.85
$30
500 4
4.10
NEW ORLEANS Prices of cotton futures closed | COTTONS today as follows
Spot
Moy
July
October
December
March
MAY
July
LIVERPOOL
Cotton future closings, In
FIRM TONE
pence per ib. were as follows: ON LONDON
Old contract
March/April
May/June
July/August
October/November December/January Now contract
1. ·March/ADHIL
May/June July/August October/November December/January
Keypilan Karnak
"January/Webruary
TAM TAICo
20.38
2018
25.08
25.91
MOST
20.44
205.99
40,00
in
Cotton - fatura closings,
MARKET
.
London, Mar. 23,
Renewed hopes for an early strike buttlement gave the siợpic
| market & deya tone: today.
British Government bonds
were steady after a rally, from Initial Toader,
Warner BroE, Westinghouse Electrio Western Union Tel. Co.
Wert Va. Pulp & Paper Woolworth
United Press.
As approved by the Postmaster General, Hong Kong
AIR MAIL ENVELOPES
tracdonal South China Morning Post mado Industriais gruzeiros per lo were as fol- gains. Features were in the ship
buildings, engineering and radio
Job Printing Department
lows:
May
*The company, planned to, go chead, he continued, for keeping Its entire range of products up
Opomber to: date and for flie necessar, March expansion and modernisation of Tota factories and equipment-Chink were - 341,
Mall Special.
unquoted | groups..
shares showed small gatos by london, Gold simres word Copper, and other bato metals were steady, fixeek bonda [ted) were higher. Döllar:stocks ruled
irregular-United Pre