THE CHINA MAIL,
WEDNESDAY, APRIL 3, 1957.
TRADE and COMMERCE SECTION
Pressure On Sterling HONGKONG AMERICAN RAILROADS FIGHT
'Danger Of World Common Market'
Underrating Us' Says Economist
By SYDNEY S, GAMPELL
London, Apr. 2. However oversold it may already be, sterling has to take some temporary pressure from the current internal and international uncertainties.
or
At present low levels of cocoa and other commodity prices, and with the achieved impending independence of Ghana, Malaya, Singa- pore, the West Indies and Nigeria, it faces some Colonies and constant pressure ex-Colonies.
from
All of them are substantial
and substantial dollar earners sterling creditors, They have beer plling up sterling balances to Britain's advantage, and will henceforth tend more to live on *them Britain's expense.
Fortunately, despite the far too low level of the gold dollar reserves, sterling should be wall able to take these pro- poctivo pressures—because they are almost the only
that are in jwospeel.
Run-Down
pressures
Whatever inay be coming from
1
31
Babilities
of run-down
Lo
countries. those sovereign countries. side and outside
these
and
ac-
Poses Problems
For GATT
Geneva, Apr. 2.
The International Committee of the
General Agreement Tariffs and Trade (GATT) will
On
WORLD
RUBBER
MARKETS
New York, Apr. 2. Rex rubber contract today 18 to 30 points higher closed
the
May
meet here an April 24 to dis- with sales of 88 contracts. cus procedures to be followed
jater consideration European Common Market treaty in plenary session, it was
for
announced here,
Usunity well informed sources.
زندان
leated that some nations, not- ably the United States and 30 points higher with no sales Canadu, were anxious to see the reported,
Parlia tremy ratilled by the
of tho menta
trealy nations before it encounters possible objections on the grounds of in- compatibility with GATT provi
sions.
STOCK EXCHANGE
(From Our Correspondant)]
Business done on the Hong- kong Block Exchange this morning amounted to approxi- mately $449,000. Noon quota- tions and the morning's trans- actions:
45
Beiss
1000 17 1600
21.80-90
Shares
Sept.
31.30
BANKS
XX Dank
J
Buyers Balleru
1658
Μόν,
21.18
Jan
30.05
East- Aala
244
Mer.
30.75
INSURANCES
Union
940
Standard contract closed 19 to
CQ 950
Lombard
37
SIUPPING
Wheelock
6.40
0.15
1500 @ 0.70
DOCKS, ETC.
K. Wiart
101
100 101
31.07
Dock XD
443
31.70
Provident (0)
13.20
100
13.20
31.50
LAND, ETC.
31.0
IK Hotel..
14.20
14.40 1000 a 14.20
30.99
1K Lund
3014 1100
30
30,74
W
(Ita)
3174
11
30,50
Humphreys RUBBER Analg Trust
10.80
1,45 1.471 1.025
4.12
1.40
1,70
1
STILITIES Tram
...
Yaumati XD C. Light (0) 22.40 22.00
29,20 2019
21.30 21.70
500 ( 31.
1000
400
102 103
100 m 102
1800
May
July
Sept.
Nov.
Jan,
Mar.
May
century by the arrangement for
The six nations--France, Italy, Dealer covering brought a interent postponing both
Germany, Beiglum, Luxem-smart rally at the close, al principal in bad years.
bourg and Holland-aiready have though overall activity was on
Aide. frun certain a waiver
GATT the quiet
A paucity of Even if the outright waiver of
to allow the shipment offerings and a higher Be interest only had not become obligations
Pool Coat-Steel
to stock market affected sentiment, unlavokable, it would have been European less useful. Meanwhile the $104 operate, but the comunion market Part of the buying was thought Eiretgle
posts far more intricate prob-to be on arbitrages against sales million put inter suspense
Telephone 241 24.GU at London, stould lene, the waiver
including Colint for
preferential inter the reserves treatment for Colonial terri-
The real was it Intra-dealer INDUSTRIALS come back
Tories-Chinu Mall Special.
switching operations, including Cement
Hope fairly soon.
exchanges of September-Decem-STORES, ETC.
the shipment Dairy ber contracts. La market, sinali Indonesian offer- ings reflected political uncertain- | Lene ties there.
Thailand WUN reported of the market Renerally out following cheap sales yesterday. Singapore offerings were light
Inventories in general
have
been built up both in Belain NEW YORK METAL anci Et overseas countries, so that the inadequate
nonetary reserves are bolstered
re-
by very adequate physical
DOT VES.
to existing mute the one into the other.
both
In any case stand-by mone-
have reserven mobilised from the International
la-
area, have been must
stering tary the
valuably
FUTURES
New York, Apr, 2, Prices of metal futures closed today in cents per lb. as follows:
April
the sterling swereign new
There is Mane possibility that Inventory liquidation may trans-
145
May
Z
April
May
bern
Api
STA
Tun
APME
May
Apru
May
(Standard),
recent
worked down over recent years | Monetary Fund and the Export- and puthulaly V
Import Bank, and these are not the only possible Bources if needed.-China Mail Special.
months.
That piastre having already bren taken, to uc beyond the limit, does not have to be taken again.
There are other ways loo In which Britain's and sterling's position has been almost trans-
In
formed for the better.
generally Bombre reylow
Britain's debtor position
Pro-
fessor Jewkes has nevertheless Jately written that "our funda-
economic
strength
mental
greater than ever; at the mo- ment there seems to be a much greater danger that the rest of the worki
མ་
Los will undermic
rather than everrate us." There
is much reason to belleve
he is right.
that
The competitive position has been fortified by two years of
witch disinflation,
has solidated the economy for a new and much healthier
con-
15.236 14.900 13.Dub
12.706
30,650
30.655
07.70b
$7,70b
and higher, and about a cent! over Thailand sales yesterday.
of stries Paris confirmed April-May shipment one sheeta to New York at 31% cents a 8.75b 1 pound, cost and freight, with Strait)United further buyers cent under.
demand locally Factory mained slow with spot No. 1 Rss quoted at 32 cents.
SINGAPORE
Cotton Futures
After
94.75b
Irregular Steady Opening
WORLD PRICES
New York, Apr. 2.
Cotton futures today settled back irregularly
new
The market opened higher on
advlees boller overnight
and ruled sleady during most of the day with only minor fluctuations, There was good interest for lower sheat; factories quiet.
Future closinga were: No.1 rubber
ib. per April
were
May
90-003 014-01
No. rubber per ib. Apr. 831-EP No. 3 rubber per ih. Apr. 80-28 No. 4 rubber per lb. Apr, 26-07 Spot rubber unbaled
Blanket crepe
90-00
*78-00 50-90
LONDON
No. 1 palo crepe
The rubber market was very steady with spot quoted at 21
Prices: No. 1 Ram spot
Bettlement house term:
pence per lb. advance
which could start almost as soon
as the present labour troubles
are surmounted.
The millstone of dollar debt is
appreciably lightened
this for
Copper Mine
Strike In Rhodesia
The strike
Northern Rhodesia, Apr. 2.
of about 000 European daily paid workers at
in quiet dealings following a steady start.
Gains up to 35 cents a bale were converted into small net losses with best part of a light tradeel/Dec. centring in new crop deliveries.
Closing prices ruled one point lower to 3 points higher; the market opened off 1 to up 5 points. New Orleans closed un- changed to up 3 points.
Technical reasons, and further generous moisture of the south- western producing sections, along with favourable erop com- ments from other sections
Spot
May
July
Oct,
Dec.
Mor.
MAY
July
NEW
ORLEANS
OVER IMPORT OF IRON ORE
New York, Apr. 2.
RAILROADS of the Eastern
States have become embroiled in a new struggle over the increasing traffic in from Imported ord
Labrador. The New York Central Railway has arranged to set up an all- rall route in co-operation with the Canadian National Ball- way and bas moved to reduce rates by 26 onis per ton from the St Lawrenov River poris of Si Antoins and Contr2ooour to the Youngstown,
Oblo, steel
mill distries, efective on April 5. This would compete with present water-rall youtem vla the ports of Baltimore Philadelphia.
Proitsia have already been filed with the US Interstate Com mtroo Commission by the Baltimore Western
and Oklo. the
Maryland and Can-
ton Ballroads. The Pennsylvania Railroad has proposed to cut its own rates for movement of ore from La. brador
through Philadelphia to the Youngstown arta, ant
SHARP INCREASE
IN TRADING ON
WALL STREET
New York, Apr. 2.
The better undertone in stocks, evident in 10040 recent sessions, pushed to the fore today on sharp 1000 24.00 ly increased turnover.
100 24.70
500 32.75 334%
321 12.00
10 10.20 18.00 11.00 800 11.80
Walpor
Craw
COTTONS Nanyang
0.15
2014
0.26
Demand developed early for copper stocks, reflecting price increases at the custom smelter 2000 15.1 level, and for steel shares on the growing feeling 000 11.70 that the inventory adjustment in the industry may 5000 just about have run its course and that there will be no precipitous drop in steel production.
2000 @ 3.20
CHICAGO GRAIN
MARKET
Chicago, Apr. 2. Graine closed irregular on the Board of Trade today.
Last-minute rules of wheat brought prices up after new seasonal lows had been recorded during mid-morning trade.
Favourable carnings
and some optimistic
helped
Loews Incorp repurta
Lane Stai Cement corporate
Lowenstein & Sona. individum) | McDonell Alteraft fortensts
Stock Exge.) specialties and in the late trad-
Improvement spread Mesabi Iron Corp. ing the
Minnesota Mining Miston Development throughout the list,
Montgomery Ward
une of
The sharp increase in volume was looked on as
The best features of the move, with turnover of 2,300,000 shares the heaviest since Feb. 13, **- ceding Monday's total by 680,-
000 shares.
Gains
Going In the steels ran to
3 more than points. Copper gains ranged to 8% points,
Reports of favourable moda- lure over the winter wheat belt and Iquidation had pushed prices down in early wheat trade. But buying of futures credited to flour millers and exporters shortly after под
Rails had mostly changed the trend Soybeans gains, Vullies were very nar- prices fluctuated with the price row and irregular. of vegetable oil,
Wheat closed unchanged to up 3 cent; soybeans closed up 1%
to of conl
CHICAGO
Prices per bushel in cemis: Wheat. No. 2, red
December
2014
12074-120 11
Бров
22230
May 273%(X) 2224(L)
2235-15
Max
June July/Bapt
Jan/Mar
27~2745
2015
July ......
September
21416- 2171
Corn, No. 2, yellow
Spot
5.45
26-1 2032 -2014 General markets, cit basis, ports: April May
May
July
1303% 12916-55 1331%
September
December
20%-27
Bye
33.18
June
20-30
May
34.07
Estate crepe thin April
July
33.84 33.47
Estate crepe thick April" unquoted
Oats
AMSTERDAM
May
July
The rubber market WAS closed today In stendy. Prices guilders per kilogram, clt Ápril
Soybeans, No. 2. yellow
Spot
May July
as follows:
No. 1 rubber
No. 3 rubber
No. 1 crepe
34.00
35.17
04.00
53.57 33.67
of Prices of cotton futures closed | No. 2 rubber the belt, combined to put the today as follows: copper mine con-market on the defensive,
the Mufulira
tinued today. The men stopped
work yesterday morning as
Observers recalled that prices
protest against the suspersion of at Monday's highs showed
four Umber-men who claimed bonus for work they sald was exceptionally dangerous.
The job entalled shoring up a section of the mine where large cave in operation progress,
Д
+
in
An inspector of mines who visited the section declared that the job had been planned to accordance with mining regula- tions.
ta
cumulative gain of about $3 to $3.50 a bale over the past month. Other sellers reasoned current prices may largely dis- 'count possiblilies of a higher government loan rate as indicated by Agriculture Secretary over the weekend.
New
LIVERPOOL
Colton future closings,
New York
2.61 paid 2.35 ryers
254 buyers
2.78 buyers
United Press.
Sugar
Market
New York, Apr. 2.
World No 4 sugar futures
closed today 3 points lower
to
in
pence per lb. were as follows:
12 points higher with sales 488 contracts.
of
20,45 20.32 20.14 lower
ver with
Orleans brokers were old contract
llers accredited
of nearby May/June May. Spot interests were small July/Aug. Mr Ben Petersen, the General New Orleans, Charter
buyers against purchases
Secretary of
Northem the
was reported Rhodesian
Mine buying European
December and Maren Workers Union, had talks with
on a scale down. the Mufulira Branch Committee of the Union but would make no statement-China Mail Special
LONDON METAL PRICES
at
Oct/Nov.
render la the New contract decilnes
Dec./Jan. Mar/Apr.
May/June
July/Aug.
Oct/Nov.
Dec/Jan.
Mar/Apr.
The domestic carry-over of raw cotton at the season's end next July 31 is expected to drop 2,500,000 bales bo 12,000,000 continued.
bales compared with the 15,529,- 000 bales carried over into the present season.
Egyptian
sociation notijled
Karnak
Domestic No 8 sugar futures
September November January
Barley
Spot
New York flour
200 lb. ancie
宇宙の 23115
330-22994
2301
130-140
$13.30
ited Press,
Singapore
Stock Market
Singapore, Apr, 3. Brokers today quoted closed unchanged to 2 points following stock prices:
20.09 tracts. 28.03
salta
of 22 con
the
Opening Balu Lintang Rubber Co. Ltd $2.00 British Firmness in world futures re-
Bosheo PetroJetim 28.35 flected the higher raw situation 26.41 and anticipation of activity in
that sector next weeks,
26.00
Reportedly, Franco on April 9 will enter for some 50,000 long of Cubans for Casablanca. Ger- подпу on the same ginto is to offer 35,000 tons of The Liverpool Cotton As-scheduled
that because raws to Yugoslavia.
Dealers belleved if the sale to Department of Agriculture of present currency restrictions estimated
with Egypt, directors Yugoslavia is consummated Ger- cotton exports this on trade
not man buyers will replenish in seasoĆI will exceed 7,000,000 decided, until further notice, the world market.
to aud
delivery period another bales compared with 2,200,000 bales shipped last season, Domes for Karnak futures. Thus trad- tie consumption W18 figured ing was discontinued, as of last around 8,750,000 bales compared week with expiration of with 9,200,000 bales
March/April period, and
will such remada suspended until time ng the directors may de- The certificated alock remain-cine to add another delivery 90% od at 10,280 bales,
period. United FreM.
London, Apr. 2. Prices of metals closed today per long ton as
in sterling
follows:
Tin spot
3-month
Buyers Seller
776
7071
708
245
246*
11294
113
24615 your
112
113
Zine at half Apri
Copper, 2001, 3-month
Lead 1st Half Apri
NAMESAKES
་
used last
143,000
Month
Volume Open Interest
May
10,400
509,400
July Ort
0.000
107,400
19.400 0,400 1,000
2 May
5,000
July
6,200
167,100 70,000 79,000 40,000
Total
Answer-1 Denouement, Nothing 3 Vorges, 4 Public, 5 Choba 0 Entertain, 7 Curtain, 0 Play
Dogberry (from Shakespeare's "Much Ado About Nothing"").
cum, pret.
60/ed
$2.12
$4,08
Consolidated Tin Smellors Fraser & Neave Ltd. Ord. Truser & Neave Lid. 7 Gammons (Malaya) Limited 12.01 Hongkong & Shanghai Bank.
ing Corp.... Hongkong Tin Ltd. Kempes Ltd. pos Lunas Rubber Estates Ltd.,
alayan Breweries ...
fractional
Industrials, measured by the Daw-Jones
were up
Monsanto Chemical Co. Motorola Inc. National Cash Reg. National Lead
National Dairy Prod. National Steel Corp. Now York Central
Mathieson
Otis Elevators Owen-Minota Glass Pacific Gas & Elec. Pan. Am Airways Paramount Ple Parko Davis Co. Fenny J. c. co. Pann. Salt Cʊ.
Phillp Morrie
Procter & Gambie Co. Pittsburgh Plate Class Publicker Industries Pure Oil
Indio Corp. Republie Steel
Reynolds Metal Saint Reg. Paper
Shell Oil Co.
Sinclair Ol
similar rate outa by the other roads may follow "unlong to Government agency refures to the allow the reduction for New York Central Present cost to move ore from Labrador via Philadelphia to Youngstown was reported as 35,45 për tom, while the cur- rent rate over the rail route from 8t Antoine was $5.71, ao- cording
to the New York Central
The 26-oent rate out would, therefore, equalise the 'rates over the two routes—Chlan Mall Special.
Strike Call-off Sends London Market Up
London, Apr. 2. Union leaders called off the paralysing shipyard and factory strikes and the stock market respond. ed with sharp gains mainly the government bond
in section,
War Low rose 20 shillings,
Old Consols gained 16 shillings and others were up at least five shillings.
Blue chip industrials Jumper ahead by one or two shillings when the news hit the market. Shipbuilding shares
more than a shilling. Rayco added
331
10
Amer.
36
4016
chillings,
2041
A South Puerto Rico Bugar
average, 2.57 points to 477.55, their best level since Jan. 31. Ralls climb ed .67 point to 144.43, their best since Feb 7, while utBities dipped 11 point to 71.42 largely because of a point drop in Peoples Gas. The 86 stocks com- posite average at 188.03 was up ,64 point.
Of a total 1,134 issues traded, 540 were higher, 322 lower, 272 unchanged, with 47 new high set, 23 new lows.
New
York Stock Exchange bond volume was $3,930,000.
Stock Exchange American volume was 1,010,000.
Closing Prices
Alden Inc. Acy,
Allis Chalmers
Socony Mobil Solar Aircraft Southern Natiotini Gaa Southern Railway (Com) Standard Brands
Standard Dil of Cul. Standard Off of Ind. Standard Oil of N.J. Studebaker-Packard Sleep Rock (Toronto Berling Drug_Co. Stokely-Van Comp. Swift & Co.
Tide Water Asan. Oll
Exe
recovered
Rolls-
more than two
Burmah gained more than two
shillings in
27 Petroleum was
0414
120
300
the olla. British
up more than
shilling Shell Trinidad
again was in demand and added 3744 five shillings.
20
Foreign bonds were quiet and unchanged except for a small
43x4 improvement in Gecek ItemA. --
6024 United Preas.
301
New York Foreign Exchange
New York, Apr. 2.
Closing rates were: Canada:
England official
30-day
2.0036
278 18/20
2,787/
2.7814
2.33 2/10
2.1 5/10
3.77 10/10
•
90-day
BO
Australia
01
New Zealand
South Africa
TAIL
Holland
33
30%
india
2003
Pakistan
3005
Others WBC unchanged-United
Press
Texas Co.
Twenty Century Fox Flim Union Carbide
110
New York
Union Pacific Railway
27
Montreal
T
United Aircrafi
Amsterdam
5516
Brussels
4015
Copenhagen
Frankfurt
Milan
US. Gypsum 1.8. Rubber
U.S. Smelling U.S. Sted
1.8. Feil "RA
U.3. Line Co
Warner Bros.
3 1774
Werlinghouse Electric
Western Union Tel Co. 80% Well Va, Pulp & Paper 291
Allied Chemicals
Allied Mills Inc.
American Airline
Amor, Cable & Radio Comp
1814
American Cyanamide Co
78
American melting
Amer, & Forgn. Power
18
303%
American Metal
Amer. Mach. & r'dry,
Amer. Sugar Ref
Am. Tel & Tel
Am. Tob "" Anaconda Copper Armco Steel Armour
Alias Cone. kiiming Bakwire-Lima-lam. Baltimore & Ohio Benefcial Finance Bendix Aviation Corp. Benstart Com
Bethlehem Steal
Boco Airplane Borden (The) Co.
Burroughs Add Machine
Canadian Pacio
Case (3. 1.) Co.
| Cal. Traco
Celanese Corp.
C. 1. T.. Francial Corp. Chrysler Motors Chase Manhat, Bank Cilmax Molybdenum
Colgate-Palmolive Co. Colombian Carbon Co. Cols. Edison
Commercial Credit Commonwealth Elec.
Continental Oil of Del. Crown Zellerbach
Diamond Alkali
Dow Chemiexis
Pano National Gas
Family Finance Corp.
Firestone Tire & Rubber
433,60 Ford Motor
General Fetele
General Foods
1000
7/7d
Cuban Am, Sugar
$1.50
G.BO
Douglas Alteract
$3.001
Lid, ning
New Serandah Rubber
Du Pont de Nemour
42.57
Eastman Kodak
Petaling Tin Lid.
$2.72
Eastern Austine, yo
Kaffes Hotel
$2.35
Bingapore Cold Storage
$1.03
· Contract No. 4 (world)
South British Insurance
the
May July sept. May. May Jub
6.15
Straits Trading.
$27,40
0.14
Straite Bloomship
17.00
4.11-12
United Engineers. Ord.
General Motors
Weare Bros
$2.94
15.09
4.77
cumdiv. texdiv. – Chie
Mall
Gen. Pub, Uш. Glidders Co.
Special
Sept.
Spot(cents per Jb. fol Cuba)
Closing futures prices were all unquoted from Sao Paulo,
In the US, the average price of one inch cotton at 14 đơn 10,300 1,018,200 bales agnated spot markets was 33.88 NEW YORK Prices of cotton futures closed today as follows:
Denta
Batas totalled' 12,848 balós,=== | United Prose,
Open Interest: 9.267 contracta,
Contract No. 6 (Domestic)
Jub Sept Not. spop-Coente per ib. auf NY #x-duty)
Open Interest: 3,389 contracía.
Exchange Rates
Goodrich (BJ.) Co. Goodyear TITO
Gulf of
Heyden Newport Corp. Homestaks Mining Co, Ingersoll-Rand
aland Steel Co.
In Huinea-MachineN In Harvester
· Thirdem was done in the Jocelint Nickel unofficial archâtige mariet -thie | Inti Tel & Tel morning at the following rates: Interchemical Corp. Ü.8. dolar (per #3) squadines 6.11 International Paper
10.30 0120-Manylile Co Hterling notes (por" 21)
11.00 Cam C. Power & ilg Australian" notes, (per 1,00
Kennecots Copper
Indonesian rupiah
Biam tives Zwar:200)
(Straško)
Bingapore
(per 100) 17:20,
155
United PreR.
DIST
London Foreign
Exchange
London, Apr, 2.
Closing rates were,
Lisbon
Oslo
Paris
Stockholin Vienna
Zurich
2.07% 10.04
15/16
80.06.10.16 15D-1700 19.0714-19.9735
-United Press.
79,70-72.83. 17.204-12.27
FATHERS-
encourage your children's quest for knowledge
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