♫ THE CHINA MAIL,
TUESDAY, APRIL 2, 1957.
TRADE and COMMERCE SECTION
CREDIT SQUEEZE AGAIN?
Chancellor In Difficult
Position As Popularity
Of Tory Govt
Declines
London, Apr. 1.
Can Britain stand anothar turn of the
credit squeeze screw? There can be little doubt that this thought is foremost in the mind of Mr Peter Thorneycroft, the National Chancellor of the Exchequer.
is Frankly
that turn is
Just how necessary.
necessary demonstrated by an analysis of Britain's export trade · just published by the Board of Trade. This covers 1956. And what it shows is that, encouraging though Britain's export figures were during 1956 (compared with the previous years), they were not good enough.
They fell short of satisfaction on two counts-one in relation tunities available, and two in relation to the nation's economic needs.
Тор
of
WORLD HONGKONG
RUBBER
MARKETS
Now York, Apr. 1.
Rex contract closed today un- changed to 10 points higher with sales of 61 contracts,
May July
September
November
March May
3120
30,00
30.40
30.30
Standard contract closed un- changed to 0 points higher with
no sales,
May July
September November
January March
May
to appor-
if he thus sought slow have
#
operation of the trade unions in lighting inflation. Even then as a Conservative Chimerijor of the Exebequer he would have bren Now expevlug a great deal
of 11- against a background
the like legislation popular Rent Bill he would be crediting divine the unions with near
Here economists not been unduly alarmed about the phenomenal rate of increase (ier- in the export trades
This they and Japan. many
the say is a manifestation necessarily accelerated recovery of two great industrial exilios froth the tragle effects of major war. And the inference here is plainly
when that "normaley is renched In bolb cases the rising export curves will Batlon themselves out.
What Is exercising the econo- mista is that some of Beltain's major export trades have en countered wet-bucks plus the cold fact that the nation's ru- serves are still Inadequate to face severe stresses and strains.
Auto Industry
One of the major rebuffs en- truck- countered in the export
was that which hit the auto
mobile industry.
At
a line
when the world market for cars was expanding. Britain's share of that market fell dras tically. (German enterprise can take much of the
this).
credit
magnanimity their help.
the
STOCK EXCHANGE
F Page 49
NY Cotton Futures More Roubles
Irregular After
Opening
Buoyant
WORLD PRICES
New York, Apr. 1.
Cotton futures today turned irregular after a (From Our Corrsipondant) | buoyant opening carried deferred months up mord
Business done on the Fiong- than $1 a bale. koog Stock Exchange morning amounted to approxi-.
this Day trader realising plus May liquidation mately $168,000. Noon quota- shaved extreme gains although the list still closed net 2 to 19 points higher. Opening prices were up 3 to 12 points. New Orleans closed up 13 to 16- 1800 points.
tions and the morning's transac- tions:
Shares Buyers Reitors.
BANKS
INSURANCEg
•.... 86714
HK Bank
1000
Best Mala
244
31.08
31,45
Union
31.20
30.00
30,70
30,60
30.30
Prices rallied smartly at the close to highlight an otherwise Buying orderS session. found a scarcity of contracts in
of
trading. Anul minutes Market observers attached little Mr Thorneycroft must surely
demand, the wonder sometimes if the £5,000 significance to
In- mentioned is paid for being although some Chancellor in worth having to donesian political uncertainties tace problems like this.-Lou-and light shipment offerings
from that area, don Express Service,
year
nc
Individual Features
Active
On
Wall Street Market
New York, Apr. 1.
Stocks dawdled through another routine session with attention concentrated on varied in- dividual features in the continued absence of any strong market influence.
for tive
freshman among economic students can tell you the solu- tion
sound
bolster
this to
problem;
the home
The averages for representa- stocks summed up the industrials
market pleture-30
up 17 point at 474.98, 20 rail- roads at 20 at 143.78, 15 util- maketes, up .00 at 71.53 leaving the meral average off just 01 at
ecor any;
and
production for export; and curb home demand attendant inflationary trends.
Fine. All you need now is a selfless, Car-sighted, nation of industrious, politically non- scious idealisis and the problem is shattered.
Unhappily for the Chancellor of the Exchequer, people of Bri- tain are no such paragons.
Rent Bill
107.98.
Specialty
Volume flopped to 1,020,000 shares from 1,650,000 on Friday. as traders limited commitments.
steels provided afternoosi Jute
Murry with Lukens running
up nearly
and active turnover poltits on carpenter Steel, Universal Cyclops and Youngstown Sheet and Tube adding around a point to 2 poluts. Bethlehem and US Steel were little changed.
turnover,
Individual Features
Canadian Pacife R
Came (J.) Co.
Cat. Tractor ...
Celanese Corp, CAT. Financial Corp. Chuse Manhat. Bank Chrysler Motors Chiax Molybdenum
Colgate-Palmolive Co. Colombian Carbon Co. Commercial Credit Commonwealth Elec. Consolidated Edison Continental Out of Del. Crown Zelierbach... Cuban Amer. Sugar Chamund Alkal
Dougian Airerstt
Dow Chemicals.
Lombard 373 38
SHIPPING
Wheelock
DOCKS, ENC
Dock XD LAND
HK Hotel
2K-Land
Humphrey.
RUBBER
The certificated stock decreas= } ed 150 bales to 10,280 bales. Possibilities for higher gov- ernment loan rate, based on the Inflationary trend of the parity market In- index, dominated
December/January March/Apri
New contract May/June July/August October/November December/January
March/April
Egyptian Karnak
March/April
20,00
20.02.03
20.54
20.40
20.15
20,00
In the US the average spol.
The unexpectedly fast rate of cotton exports, plus influences į market price was also unavali-
620 8.73
44 45
14.20 14.50
30 30
1200 @ 30% terest,
10.30
1.48 1473
24.03.
Tram...... 1:40
2500 @ 21%
Star Ferry
137
Youmati.
XD
100
103
Light (0) zili
Amalg
UTILITIES
130
bank
programme, I able.
textile
Spot
with some
NAMESAKES
of the soll and a quickening interest in the Totul sales at these 13 long dormant
market designated markets was 14,118
bales.-United Press. were other influential factors. 700 22.60 Nearby months met realising Electric..
2040 20,00 1000 € 20.00 | andi hedge seiling, plus Macso E 9.80 10
house offerings, Telephone 24.00 24,70 1000 24.00 !M
transferring INDUSTRIALS
Lrodiery
positions forward on the theory that all Cement. 33,79 3014 Q10
Поскона
12.80
old crop influences have been Win
STORES, ETC.
discounted. Dairy
10 10,50 11.60 11.00 1000 m 11,80 Watson
23
200 @ 28.20 0,00
9.15 0.21
15.005
Elsewhere in
shipment market Thailand
the re- porked seller of around 900 tons, involving April shipment three sheete at 30 cents and four shects at 20 1⁄4 cents, cost and freight.
Market opinion was mixed and indecisive. 1. W. du Pont Co, rubber agents, sald "desplie the 1% cent shakeout in the market last week, it
has failed
to bring in any enthusiasm from consumer to buy."
SINGAPORE
The market eased throughout slightly the day, despite the Improved overseas advices, with Hitle buying pressure. The sup- port at lower levels caused
reaction but this was sight shortlived and the market clos- ed steady almost at the day's lowest level.
Future closings were.
No. 1 rubber per lb. Apr. 892-0915
May 90-001
334
9315 10% 44
401
12/1
0012
444
43
No. 2 rubber per ib. Apr. 8715-60 No. 3
404% No. 4
3316
443%
Spot rubber unbaled Blanket crepe
80% No. 1 pole crepe
07-8714 BG-801 0914-0014
93-07
LONDON
019 7745
677%
4
Dupont de Nemours
180
Eastern Airline
30%
The rubber market was steady with spot quoted at 20% pence per ib, Prices:
Eastman Kook
El Paso National Ga Family Finance Corp. Firestone Tyre & Rubber Ford Motor
33
Sotlement house termi
May
saj
Juno
681
July/Sept.
General Foods General Motors
Oct./Dec.
387
Jon/Mor.
Gen. Pub, Util. Gelly Oll Glidden Co.
3614
General markets, cit basis, ports:
April
3581
May
Gundrict 18. F.) Co
Jurie
Goodyear
T
7932
Estate crepe thin April
Gulf Oil
1209%
Heyden Newport Corp.
134
Humesta Mining Co
30%
Ingersoll-Rand
03
Inland Steel Co
77
Lat Business Machines
521
301
105
per
follows:
3175
404
To start with the present Governumoni under Mr Harold
US Hoffman turned active Macmillan
bid to in 1ส
late in the day, dropping 11⁄2 to strengthen the national economy has done much to make itself 8% points in the day's heaviest
The Rent Bill for unpopular.
may doin the long example run all that Government's economic advisers say it will. But the fact remains that many short-sighted laymen who have votes see themselves facing the distinct possibility of higher rents coupled with insecurity of of the tenure. When tenanta Borough of Kensington booed their Member of Parliament on hia
way through the central lobby of the House of Commons to vote on the Rent Bill, you
have some idea of the feeling
against this measure
At the same time certain sub- sidies such as that
Individual features included Zenith, up 3 in the electronles Schering, up nearly 2 in the pharmaceuticals: Dixie Cup, 2 higher in the papers,
Olls were mostly lower with Kur Meyve und Shell down o point cach, High priced Superior Oil of California Improved 30 points to $1,300.
Motors were steady with Chrysler off, General Motors brend and Ford unchanged. on
Ralls generally lost fractions,
General Electric
Int Harvester International Nickel International Paper Int'l Tel & Tel John-Manville Co. Kansas C. Power & Light Kennecott Copper Liggett Meyern Tob. Lockheed Aircraft
Loews Incorp. Lone Star Cement Co. Lowenstein & Sons,
Aircraft McDonnell
Stock Expe.) Mesabi Iron Corp. Minnesota Mining Mission Development
Monsanto Chemical Co. Montgomery Ward Motorola Inc. National Cash Reg. National Dairy Prod.
New York Contral National Steel Corp.
have been cut and the price of milk for mothers and babies has Increased. While these have extending to 4 point New National Lead
imposed
Katy Otle Elevators
group, Chattanooga and preferred lost around a point.
no descernible hard- York Central in the average ship on the people they have group. Outside the average Olin Mathletion nonetheless been unpopular and the Opposition has naturally done everything it can to pre- sent them in the worst possible light.
Industrial Strife
Owen-Illinois Glass Pacific Gas & Elec. Pan American Airways
Movement In uitics was Paramount Pictures
very narrow.
Parke Davis Co.
Penny J. C. Co. Penn. Salt Co. Philip Morria Procter & Gamble Co. Pittsburgh Plate Glass
Of 1,120 issues traded, 475 were lower, 350 higher, 202 ug- changed with 30 new highs čet and the same number of new Publicker Industries Against this background, in-lows.
Pure Oil .............. Radio Corporation dustrial stako ragos, Tuls and
Now
ils immediately patent effects
York Stock Exchange Repubile Steel
are bad enough. Worse though bond volume was $3,559,000.
is the Inescapable conclusion
American Stock
Reynolds Melat
Exchange Shell Oil Co.
that this industrial unrest with volume was 900,000 bar,
its roots in wage demands in
symptomalle
of an unwilling-
ness on part of organised labour
Closing Prices
10 co-operate with Government Alden Inc. Acy
in
its counter-inflation cam-Allied Chemical paign.
Allied Mills Inc.
If workers and their unions Allis Chalmers
resist anti-inflation curbs al .ready imposed, how much more active will be their resentment #gainst another turn of the
screw.
American Airline American Cable & Stadio
Corp, American Cyanamide Co. Amers & Foren. Power Am. Mach. & dry. American Smelting American Tel de Tol
Armour
To further alienate workers American Tob. "B" could be political suicide. At Anaconda Copper the same time industrial unrest Armco Steel which would doubtless follow a Alias Cone. Mining tightening of the credit squeeze inkiwin Lama-llam. could
dis Baltimore & Ohio be economically
Beneficial. Finance, Gabrous.
Dendix Aviation Corp. Briquet." "Con Bethlehem Steel Borden (The) Co. Burroughs Add Machine and
So Mr Thorneyorort la author between the devil and the deep blue sos. Ideally he should bave been able to seek the co-
Booing Adiplaneri
Saini Reg. Paper
Sinclair bu
Expo, Crane Emporium COTTONS Nenyong INVESTMENTS Yangtze 11K, & .. Invest...... 10
15030
Unsettled Market In London
Agriculture Secretary Benson are good for a hinted chances boost in the 1957 cotton price support before the new market-' Ing year begins on August 1. The interim support level, announced in February, was a "big servative."
-4103
Answers:-1. Gunpowder, Courage, 3 Destroy, 4 Fireworks,
For Sterling And US Dollars
Moscow, Apr. 1. Premiums ranging up to
150 per cens will be pald from today on conver elens of a non-commercial character from foreign currency into roubles,"it was announced here, Thin
will chiefly affect the Oorta of forelan Em basales, foreign corres- pondents and
and tourists,
visitorm
The new transfer ́ system will not affect the official roto na far as trade and other exchanges are con- berned.
The oficial announcement said premiums will make sterling worth 27.60 roubles Instead of 11.20 and the US dollar worth 10 roubles instead of
four. China M11 Special.
New York Foreign
Exchange
New York, AK, 1.
Closing rates were:
Canado
England official
*
Australia
30-days
DO-days
Now Zealand
2
South Africa
India
Pakistan
5 Parliament, 6 Blow, 7 Reck, 8 Others were unchanged, November, 9 Conspire.
Guy Fawkes.
*
Tale,
The minimY LIKTI interim based on the January parity, figured out on basis of 77 per cent of parity, to around 31.60 cents for middling 1-inch. Soma quarters thought the loan rate might be figured on the basis of 70 or 60 per cent of parity determined in July.
Atlanta trade reports noted
London, Apr. 1.
few inquiries for spot cotton in Serious labour problem and the past week for forward ship- resulting weakness
In stering ment. But Memphis reported a were reflected in the unsettled definite mill interest in nearby || stock market today.
and new crop shipments.
Month
British Governments reflected May the sterling discouragement with July
and October Consols War Loan. Old Daltons down 11 to 13 shillings,
were
Industrials
marked down at the opening but small demand on the and persistent Part
Institutional buyers of lifted prices from the lows.
Olls were mixed with Royal Dutch and Shell steady, Anglo- Egyptian B and British Petro-
No. 1 Has spot ........... 20%-2016 | Joum lower. Suez Canal fell
think May AMSTERDAM
3616-257 2011-2012
11⁄2 sterling.
Gold stocks moved up
and 2014-20% Johannesburg buying 25-201
switching of funds from indus.. 33%-20% trials. Copper stocks jost frac- 2014-28%
tions on the strike at Mufulita, 2012-2013
Among foreign bonds, German non-assenteds were in demand, Japanese issues quict and un- lower. changed, Greek bonds Dollar stocks were marked lower but their premium rose per cent to 7 per cent, indicating an increasing fight into dollar slocks-United Press.
The rubber market was steady. today in gulders
clf April
Prices closed
kilogram,
No. 1 rubber
394 No. 2 rubber
112 No. 3 rubber
65% No. 1 crepe 4412
19
3334
4015
as
2.50 buyers 2.65 buyers 143 buyers
2.78 paid
-United Froms.
New York Sugar Market
New York, Apr. 1. World No. 4 sugar futuros closed today 4 points higher to 2 points lower with sales of 405 contracts.
Domestlo No. 6 sugar futures 48% closed unchanged to 3 points 15% lower with sales of 99 contracts. Trading proved mixed in both 40%
contracts with operators await- 50% Ing further raw market deve- 4334
lopments.
83
4016
Contract No. 4 (world)
0.0 0.06-07 0.03
0.90
8214
May July 5244 September
October
0134
March May
Bocony Mobilall
July
Solar Aircraft
18
Spot-(cents per lb. fob
Beuthern National Gas
Cuba)
0.00
Southern Railway (Com.) Standard Brands
Open Interest: 0,265 contracta.
Contract No. 6 (domnestio)
574 | May
September
# 17% Standard Oll of Cal.
851
29
Standard Oil of Ind.
Standard Oil of NJ,
33% Steep Rock
+1
Toronin
Sterling Drig_Co. Stokely-Van Camp
Studebaker-Packard Carp
779% wilt & Co.
03
Телая Со
Tide Water Ansch. Oll
Twenty Century Fox Film
Union Carbide
Union Pacific Railway
United. Alteraft
503 U.S. Toll "B"
15% 178. Gypsum
al of Line Co
13 UA Rubber
45 US, Belting
2011.B. Stocl
34
Warner Bros.
Westinghouse Electr
Western Union Tel Co.
West Va. Pulp &.
July
14 November
spot-cents per lb. eif NY
ex-duty)
5.70
Open Interest: 3,449 contracta,
United ProR
Exchange Rates
'Bustinono, waa dona tri - the local fanoicia
this
«FOORTING : at the following rates:-
Un dolar (per:91) 'ecog Martiga notem (per
·Indonesian rupiah, (par) 2003- Singapoen - (ltrutti)
Volume Open interes
13,000 414,800
6,700 157,200
13,700 182,000
December May July
Total
11,400 162,300
7,000
10,000
6/200
79,700
1300
46,000
10,300 1,018,000
NEW YORK
Prices of cotton futures closed today as follows:
Spot
May
July
Cet,
Dec.
Mar.
May
July
35.45m 35.19
NEW ORLEANS Prices of cotton futures closed today as follows
Spot
May
July
Oct.
Dec.
Mar.
May
July
35,13
59.40
LIVERPOOL Cotton future closings, in pence per 1, were as follows; Old contract
May/June July/August October/November
SOUND ADVICE
20.45
20.31
20.13
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 1858) -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.
*
冉
*
|*
*
2.78
2.77-15/10
2.079
London exchange rates were unavailable-United Press,
P.O B⋅IE.A
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