THE CHINA MAIL THURSDAY, APRIL 4, 1957.
TRADE and COMMERCE SECTION
UK MARCH RESERVES SURPRISE
First Quarter
Figures
Prove
HONGKONG STOCK
English Electric
137 Exports To Nations Last Year
Very Satisfactory|| EXCHANGE
By SYDNEY S, CAMPELL
London, Apr. 3.
(From Our Correspondeat),
Business done on the Hong- kong Stock Exchange this morn- Ing amounted to approximately Noon quotations and $580,000. the morning's transactions:
HILL Buyers Selters
East Anta
INSURANCES
The rise of $62 million in Britain's gold and dollar reserves during March an- nounced today surpassed general expecta-k tions. It was not due to any windfall from the International Fund or the. Export- Import Bank. Britain has not yet drawn on her stand-by credits with those institutions.
of dollar all alone, A Treasury official remarked | purchases that the rise in March 1aised ; without counting the loss of the reserves to $76 million above dollars previously earned by re- the end-1930 level, despite con- sales of
tinued very henvy oll expendi- [oil.
ture throughout the quarter.
This expenditure is unofficial-
ly reckoned to have been about
$30 million
a month for extra
Treasury Survey
Starts Buying
On London Mart
London, Apr. 3,
Middle East
Early Months
sterling
Lombard
SHIPPING Wheelocks
་
244
Bajos
40.7 1005
London, Apr. 3. The giant English Electric Company exported engineering products ranging from diesel engines and aircraft to power station equipment and railway locomotives, to a total of more than 137 countries last year, Sir George Nelson, Chairman, revealed in the company's 38th annual report recently.
14319
371
05 6.73 4000 @ 0.70
Ink
441% 441: 12.00 13.20
500 N 4
DOCKS, ETC. K. Wharf Dock XD Provident
LAND, ETC.
HK Hotel 14.30 14.40 |1k| Land
304%
(1) Hanhphieya Heulty
ZOO 11
10.00
1:35 37
NUMBER Amalk
343 1.4715
the
Tr
1.00
170
450 1.470 3000 e 1.48 024 or 1.63
21.40 21,60
102 103 22.30 22.00 20.20 29,00 245 24.00
BXO 100
In these circumstances, March and first-quarter Agures may be regarded as satisfactory, even allowing for the seasonal factory that ought to be in sterling's favour In the early months of any year.
India drew $87,500,000 from Be international Monetary Fund during March but the London been reserves appear to have leas affected by this operation than they
by
wert
UTILITIES Tram
Yaurati X1
CLigh Electric
Triephone
India's STORES, ETC.
300 24.00 27 24.00 22024.00
INDUSTRIALS Coment The pe
121 33 12 84
.... 13.00 10.20
11.00 1.00 CHA
200 10.10
4
4.00
500 4.70
4.35 125
9.83
similer drawing of $59 millon Dairy
Sy kan this respect, In
$82 million Koin of
Stocks met
In February. good support on the London Stock Exchange London's today.
Buying was touched off by the Treasury's 1956 economie survey which showed
handsome balance of payments and the improved labour outlook.
Industrial stocks were up six to nine pence. Some special Issues ran up almost 3 shillings,
Olls opened
higher but re- treated from their highs later in the session when demand dried up. Royal Dutch finished with a gain of £ and Burmah Canul cased 3 shillings. Sucz
£ 2.
Dollar stocks improved some- what reflecting yesterday's strength in Wall Street.
Forelim bonds were mostly unchanged-United Press,
New York Sugar
World
Market
New York, Apr. 3 No. 4 sugar futures closed unchanged to 8 points higher with sales of $58 Core- tracts.
Domestie No. 6 stigar futures closed 2 points higher to 1 point lower with sales of 183 contracts.
Steadiness in the world con- tracts reflected the firmness in raws where a revival of buying Interest by France and
other
countries is expected shortly.
Contract No. 4 (world)
May
6.16
July
0.30
Sept.
6.10
Oct.
1.00
Mat
4.800
May
4.70
July
4.15
Sept.
4.74
Bpot-(centa per lb. fob
Cubal
B.10
Open interest: 9,347 contracts.
Contract No, & (domestic)
May
6,73
July
6.70
Sept.
1,40
Nov.
5.83
NY ex-duty!
Open interest: 5,388 contracia.
5.70
-United PreDE.
Spot(centa per tb, elf.
London Foreign Exchange
London, Apr. 3.
Closing rates were:
Now York Montreal Amsterdam Brusela Copenhagen Frankfurt
Мира QAD
Stockhala
Vianna Zurich
2.7874-2.78 15/16 2,67 0/10-2.07 11/10 20.00 14-10,651 140.77/6-148.83
10.433-10.44
21.29 (U-21.8214
19.00-19.003%
United Press.
Exchange Rates
In March may have been firmer thun the February galu of $83 million,
Overseas sterling area coun- teks bank their surplus foreign exchange
in the London re- serves, as India has done with her IMF dollars, but they also draw on the reserves for their foreign exchange requirements, and there is some evidence that India was in fuct drawing as well as paying in.
Exceptions
ભા
COTTONS
TERUJ Nanyang INVESTMENTS Yongly
The report, which ranged, circuit breakers in the Bout de station at switching from a comment on the "deep 1'le Interest" of the company in the Montreal. This station controls Prime Minister's policy regard the power fed into Montreal the Berstmis Quebec European from integration of trade to 11 review
the Hydro-Electric schemo, of company's home and overseas
Included in the Metalcind these subsidiaries, made
switchgear flold were two 11,000 pointe:-
voli 350 mVA distribution at the United Atomic Energy Hall "A"
Stoom tions: Tho
turbine instalia-swilchboards
Central Kingdom UK Electricity Authority report that Authority'a Calder
Station.
In 1950 their first, third, and most effelent stations fourth were equipped with English Electrio
turbines and sicam alternators.
In the export feld, Engilsh order for Electric received an the first two 100,000 kw turbo- alternator sets for installation in Australia.
Steel works machinery: 1056 was a record year, too, for orders received for rolling mill drives.
home and for both
Of particular Interest export.
Company's share in
a new is the
£80,000,000 steelworks to be built at Durgapur, West Bengal, for the Indian Government.
Valuable contracts were
Jute,
Bankruptcies Surge In US
Washington, Apr. 1. Congress was told day that US bankruptcies kave merged to new peak this year that ' will surpass the recora high Bož fa the depression year of 1982.
A Democratie Congress- man called the situation
The revised farsound was made by Edwin L. Corty, Chler of the Federal court's
made public by
" House Appropriations sub-committee.
Corey PAK! Dis “ytregent estimate" is that the num- ber
of bankruptcy cases filed during the It months anding next Juno so will reach a record high of 72,000, as compared with 62,020 In the year Inst June 30.
record of The prevent 70,049 WE set in the fær
ending June 30, 1952.
Covey did not attempt to explain the rigo or try to economio interpret significance.
Sub-committee Chair- man John J. Hooney how- over termed it "alarming." -United Press.
WORLD
RUBBER
MARKETS
New York, Apr. 3.
contract today Rex rubber Atomic power generation:secured in the textile field for
electrification or Negotiationa are progressing the
with sales of 64 contracts. between the Central Electricity cotton, wood and synthetic fibre closed 5 lower to 5 points higher
Moy English mills at home and overseas, and and the 100 28.30 Authority
July a mumber of large plants were Electric Company, Babcock & Wilcox, Taylor Woodrow Group commissioned, for the construction of a Nuclear Power Station in Somerset,
LONDON METAL
PRICES
London, Apr. 3. Prices of metals closed today in sterling
aa per long too follows:
Tin
Apot 3-month Britain's defcit of £3 million Copper spet
3-month was wholly due Lend ist half exceptional French
Zine To reduce Franoda | zine EPU deficit the Bank of France ordered all French banks to
with the EPU lo certain operations.
Lead
During the year, the company shipped diesel electric shunters and train equipment and electric multiplo unit train equipment to the British
Diesel electric locomoves ways
New to Rhodesia, Jamaica,
Argentine and the Zealand,
and electrical Netherlands, traction equipment to Australia and India.
Aircraft: Production of the Electric Canberra con- English tinued during the year both for the Royal Air Force and for oversens countries; namely India, Peru and Venezuela.
Over 750 Canberras have now
Sent
Nov.
Jan,
Mar.
May
∙Page
Wall Street
Closes
With
Steady Steels Up
New York, Apr. 8.
Mild resistance developed in late trading to- day after nearly two sessions of strong advance on nothing more conerete than an “improved feel- ing."
While most prices pared substantially from the day's best, the market closed steady and there were numerous strong features.
General Electric General Foods General Motors Gen. Pub. Getty Oil Gildders Co. Goodyear Tyre Out of
Volume WOŚ heavy on the Ford Motor Carly advance with trading running at the best poce since early February, The later, cas- ing was on reduced tumtiover which ett totul sales for the session 140,000 shares below Tuesday at 2,100,000 shures,
Higher
Leading groupa Wene un formly higher on average-in- dustrials 478.31. up 0.76 point; raile 145.21 up 0.78; utilities 71.51,
up 0.19 and 00 stocks 100.00 up 0.45 point.
Steels were among the best of the groups; rails in the average group were up fractions for the most part.
traded,
592
Beyden Newport Corp. Hrinesinke Mining Co. Ingersoll-Rand
Inland Steel Co. Interchemical Corp, In Business Machines Int'l Harvester International Nickel international_Paper Int: Tei & Tel John-Manville Co.
Kansas C. Puwer & Light Kennecott Copper
Liggett Mayara Tob, Co. Lockheed Alteraft Loews Incorp.
Lano Blar Cement Co. Lowenstein & Sons. McDonnell Aircraft (Am, Stuck
Exge.) Mesab Iron Corp. Minnesota Mining
Marion Developtrent Monsanto Chemient
Montgomery Ward Motorola Inc.
Of 1,145 gues were higher, 294 lower, 269 un- changed. There were 03 new highs sel, 23 new lows.
Stock Exchange bond National Lead
Exchange
AN
Stock American volume was $4,700,000.
clume was 1,300,000 shores,
closing averages Dow-Jones
31.65
31.85
31.20
were;
30.00
30.80
30 Industrials
30.00
20 sulla
15 utilities
Standard contract closed points lower to 5 points higher with no sales reported.
May
July
Sept
Nov.
Mai
May
31.80
31.35
31.20
31.20
31.00
50.00
30.00
than 350 have been bullt under licence in the United States and
Prices closed on a note of a further number in Australia.
Latonsive devolopment of the steadiness, influenced by dealer English Ele
Electric P. 1 fighter air-covering and the steady London craft has gone on during the market, plus reports of some and has resulted in a European buying of afloat rub- year
Locally some "selective considerable production order bor,
buying" by small and moderate- for early delivery.
The orders at present in hand sized factories developed some
Electric business. will
English keep particularly Important facilities employed for order was for hydro-electric | years ahead. generating
Buyers Sellers
778
Hydro-electric installations: 105 24034 245 The company's work in the 24512 25% hydro-electric power generating
feld continues to grow,
113
lat half t half 1st half
112
112
99
DO
United PreR.
One
SUO
plant and trans- formers for the Grant County Guided Weapons: Through- Administration in the State of out the year English Electric
bring home all the sterling and other foreign exchange that
of work on mulded weapons "has accumulated since New York Foreign Washington to the value
they
bad
1955.
This
Exchange
clawing-back operation len France with a
EPU
defteit. grievous very
New York, Apr. 3. Germany's
when Ögurca
Closing rates were: published will no doubt show Canada
1043% surplus-China England mell
another large Mall Special.
Others also unchanged.
86 stocks
40 bonds
Comm, future price index
Closing Prices
Ailled Chemicals
Allied Mills Inc.
Allla Chalmers
American Airline
American Cable & Radio Corp.
Amer. & Forgo. Power .... Am. Mach, & F'dry, American Metal
Anterican Smalting Am. Sugar Ret. American. Tel & Tel.
American Tob, p Aureanda Copper Armon Steal Armour
Offerings were moderate with
Baldwin-12710=Ziasta. prices mostly on the high side.Alay Cons. Mining
Baltimore & Ohio Spot No. 1 Rss was quoted at
Beneficial Finance 31% cents,
Bendix Aviation Corp. Benguet Cone... Bethlehem Steel
SINGAPORE The market opened higher on made the most excellent pro- approximately $25 million.
.We can now reasonably better overseas advices but gress... Probably the most interesting claim to be in a position of cased on lack of interest in
bydro-electric wor of the many
devise quiet featureless market, major standing....We
There was Umited factory completed during the and build into the weapon its projecte year was the commissioning of electronic brains and sidlis as interest today. Futures the first of the
as the servo-mechanisms No. 1 rubber per 18. Apr. 001-0016 English Electric are supplying which constitute its muscles and No. 2 rubber bet ib. Apr. ant-60 for the Bersimis-Lac Casse Pro- adnews" ject of Commission. This first developed 190,000 hp, which,
machines well unchanged
United PreES.
NY COTTON MART
HAS VERY
SLOW SESSION
WORLD PRICES
New York, Apr. 3. Cotton futures today see-sawed narrowly on either side of the previous close in one of the slowest sessions of the year.
After swaying within a six- | point range the list closeri net 2 lower to 1 point higher. Open ing prices were up to off 2 points. New Orleans closed off 1 to 5 points.
of the Quebec Hydroche!
the year.
No. 3
Boeing Airplane
Burroughs Add Machines
Canadian Pacific R
Case (J, 1.) Co.
Celanese Corp,
Cllmax Molybdenum
Co.
478.31
National Cash Reg. National Dairy Prod
National Steel Corp. New York Central
in Matlicon
Otis Elevators Owen-linola Glass Pacific dss & Elec. Pan American Alawaya Paramount Platures
Farke Davis Co. 1431 Penny F. C. Co.
71,01 Penn. Salt Co. 169.08 Philip Morris
90:07 Procter & Gamble Co. 158.07 Pittsburgh Plate Glass
Publicker Industries Pure Ou
Radio Corporation Republie Bissel Reynolds Metal
$847% Shell Où Co.
294 Saint Reg. Paper 34% Sinclair Oil
18% Socoty Mobikoli
Solar Aireract
10% South Puerto Rico Sugar
Southern National Gas
26
Southern Railway (Com.)
50% Standard Branda
1311
10
Standard Oll of Cal.
1774 Standard Ol of Ind.
Standard Oil of N.J.
854 Bleep Rock 1Toronto Ex
47
IB
12
'Sterling Drug Co.
Blakely-Van Camp.
21% Studebaker-Packard Corp.
Swift & Co.
45% Taxas Co.
2014 Tide Water A, QU
0015 Twenty Century Fox Pum Union Carbide...
195
434 Union Pacino Railway
40 United Aircraft
3014. U.S. Foll "B"
34U.S.. Gypsum
U, S. Line Co.
U.S. Rubber
U.S. Steel
Warner Bros.
Westinghouse Electre
6731 Western Union Tel, Co. West Va. Pulp & Paper Woolworth
it
Д
144
Cat. Tractor
1015
U.S. Smelting
May 9015-0015
C. I. T. Tinancial Corp. Chase Manhat, Bark Chrysler Molors
44
*
71
87-08
+1
85-00
Colgate-Palmolive Colombian Carbon Co.
438%
80%-60% 79-01
85-17-
Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oll of Del. Crown Zellerbach 4 Cuban Amer. Sugar Diamond Alkall Douglas Aircraft
Dupont de Nemour
1804
2016-271%
El Paso National Ga# Family Finance Corp.
LONDON
No. 4 Aero-engines: The Napier Spot rubber unhaled
Blanket crepe hich, 3,000 hp End propeller turbine No. 1 pale crepe "as far se we are aware, is the engine passed its official type test maximum
tar during output so
Many air obtained anywhere in the world lines, in the USA and elsewhere, The rubber market was very from any single shaft water are studying the competitive steady with spot quoted at 27 turbine".
advantages
of Converting their pence per b. Prices: fleets of piston-engined No. 1 Ros spot
Settlement house term: aircraft to
to turbo-prop aircraft May
Jung using
Bland, the Napler
July/Sept. Development of the special Dev/Dec. adaptation of the land for the Jen/Mar Falrey Rotodyne helicopter and General markets, cif basis, ports: the Westland 40-seater West-4- minator helicopter is
La continuing. Jude
Diesels: The Napler Deltic high speed diesel is giving good account of itself in service with the Royal Navy, and it has now been ordered by eight other
Commonwealth and navica
Gazdic
free
كهة
thick May
AMSTERDAM
2016-271% 2016-271%
201 buyers
"Very satisfactory" progress Estate crepe thin May The first orders for the Deltic
has been made Napler's in Canada and the USA have
acro-engine-the and latest been received for marine
The rubber market was Industrial purposes, and it has, turbine. Gazclio for shaft driven
helicopters. The been selected for the first time boon selected by the Royal Navy guilders per kilogram, cit April Prices closed today in steady. the main propulsion
Wese to power the Westland
as follows: machinery in a merchant ship.
helicopter and by the Royal No. 1 rubber Trans-Air Force for the twin-engined No. 1 rubber 330,000 Volt
No. 1 rubber Bristol 192 belicopter.
Na, 1 crepe- formers: Research and develop- NEW YORK
ment work on the
ho- phenomena Compular research: the with
Over" | search and development continue Prices of cotton futures closed associated
increasing voltages required on in the
computer Acta
and today as follows:
power transmisdon
Use systems already very considerable brought spectacular results in
Spot
May
July
Oci.
300.
Mar.
July
8pct
35,48
33.18
SIAN
the form
formers
33.80
39.01
This
for tra
2.50 buyers 250 buyer
2.9 buyers -United Preis.
Singapore
Stock Market
the
Singapore, Apr. 4.
quoted Brokers today following stock prices:
of the first orders being made by commercial, research and design organisation placed in
of the Deuce Computer Service Buakless originated mostly
at 330,000 which English Electric have among the professional talent,
at the Nelson with spot interest, abippers and
passing two 182,000 Va, 3-phase Research Laboratories 10 other trade accounts kientincti
NEW ORLEANS
banks will feed onergy from Blafford and at the Computer on both sides of the market,
Aumralia's Prices of cotton futures closed
Snowy Mountains Centre in Marconi House,
the presumably evening-up positions today as follows:
Hydro-Electrio Scheme Into 210 | London, an straddle or adjusting
accounts. Qutaido
traders
ers transferred attention to the stock market, and other faster-moving com-
like cocoa and sugar. -Other operators marked time pending emp nows, textile market developments Washington
Cottoni, future, closings, in legislation, possible future price pence per lb, were as follows:
Bydney power distribution net- There are now seven Deuce Balu Lintong
event,
Dec.
May
supports and soll bank pro- May gramme influences.
The corticated stock ro mained at 10,280, bales,"
LIVERPOOL
Of
on
form
Old Contract
July/Aug
Dety Jan
k
Volume Open internat
500,000...
July
13.100
170,000
#beking a (pyr £1);.
8,000
100 100
Australian mosted" (vue, at 1})})}:
Mar.
8,900
Indonesian rupiashi (per 100)
17.89
8,000
Biem. Moas, (per-100)
singapore. (Henki)
00.000
1,903,900 balin
Busnom se done in the local Month
430champa・ merkezi this May martina at the codowing rates in
order for Another
Computers operating in Britain 330,000 volt transformers was and two customers have placed niso roosived from the Central repeat order—-LPS, African
34.00
59.8
work.
54.68
33.83
33.00
33.04
Foderation for Karibe Gorgo Schame involving three 240,000 KVA banion.
Smelters Ord.
S-phase NEW YORK METAL ord. (cumdiv)
Transformer business in the dollar area has been maintained
FUTURES
Home New York, Apr. 3. Prices of metal, futures clo
Dow Chemicals....
Eastern Airline
Eastman Kodak
Firestone Tyre & Rubber
A
United Prasa.
NAMESAKES
,
Answers: ---- } Nursery Nourishing, 3 Merchant, 4 Pies, 5 Flavour, 6 Purchase, 7 Cus tomers, 8 Falc, 9 Simpletons, 10 Bought, 11 Consume,
Simple Simon,
NEW COMPANY ?
From the word "GO"
place your printing order where you are assured of personal attention, expert designing, the finest materials and craftsmanship.
From Articles of Association. Share Certificates to Letter Headings and the many other essential Items, consult the Printing Department of the South China Morning Post, Ltd,
Rubber Co. Ltd. British Boruss
Opening
$2.00
Petroleum Syndicate .....
60/%
Consolidated Tim
31/01
Fraser de Neave
12.30
Fraser & Nanye
16% cum pret
$4.00
Garmona (Malaya), Kamited. $.07
Hongkong Shanghet
Banking Corp
$800
Call in at any time
Honkon in Ltd.
7/70
$1.55
and examine specimens
15:251
Lunas Bubber states Ltd. Melayan Breweries (ekdiv) $2.50 Kew Serendah
of quality printing which 100 shall be proud to shme
Rabber: Co. Ltd.
Petaling Fin. Ltd.
Ranies Hotel
Bingapore Cold Storage
Boulk- British.
Insurance Co. L15.
Strook
Buat Trading
United Engineers: Ord
20.45 | amch/Inchadden tình 245,000 tin toàn Kentu per 1b..
105,000/ Volt generator, trans follows. formers, which rank among the Lead Apr. largest manufactured anywherd
in the world.
Switchgsäri-1955
voli 5,000 mVA. AL
May
Tin Apr
May.
Wearne
Moming Post Build Printing Dept.
H