THE CHINA MAIL, TUESDAY, APRIL 9, 1957.
TRADE and COMMERCE SECTION
OUTLOOK ON BUDGET DAY
DAY Expansion Of
White Papers Made Confusion Much Worse
From RONALD BOXALL
London, Apr. 8. The appearance all in the last week of the Economic Survey and White Papers on balance of payments, the national income and defence policy should have given at least a glimmering of in- dication of the course Government will set for the national economy in tomorrow's Budget. Instead they have made the confusion worse,
HONGKONG
STOCK
Australian
Moderate Trading Aluminium Mill
On Wall Street
EXCHANGE In Mixed Market
(From Our Correspondent)
Business done on the Hong-
Stock Exchange this mon $730,000, Neon quotations and led to approximately the morning's trutractions:
Shares
BANKS
Kant Anio INSURANCES
Bala* users Sellers,
1005 2 1805
244
Union ...! SHIPPING
The true balance of payments outcome in the
two particularly difficult Ass Nay year that included months was better-even much better-than ex- pected.
New York, Apr. 8. Scattered strong features among industrials,
a few weak spots in rails and utilities furnished the highlights in another mixed and moderately
active stock market today.
A late spurt in Eastman Kodak which lifted it 2% points to $90, along with a gain of 1% to $74 in Chrysler and a run-up of 1% to $107% in Inter- national Nickel bolstered the industrial average.
The real
Indus features in 6.70 trials, however, were outside
the average
group-Isstieg auch us Zenith which goared 8 points
for
at its high and held 54 points
$110 on the outlook approval of experimental pay- 25-yit-sen television,
1271
500
$30
Wheelock
083 9000 2000 2000
3.76 6,70
AL
DOCKS, ETC.
K. Wharf
Duck
ut
444
++
201
{R}
Really AUBLER Anatg Trul UTILITIES Train Yaumati
45 11.30
14.30–141 301 30
11.10 14:40 1080
1.38
5004415
200 30
K
....
True, un the rather dubious (large proportion of output. evidence of the national income best, export prices will tend to
un futet and expenditure figures we all reflect the higher costs of pro-LAND, ETC.
duction. And if production rises 1 Land saved much more money.
of this higher True, Governinen; jast produced a plan to cut de-cost, imports will rise to meet H
to offret some
at has
sence spending to take effect this Onancial year,
If this situation is worrying Chancellor of the Exchequer us much as it does most unofelul had observery then the nation
disappoint- fur better porzare ment tomorrow.
Incentives
145 146 14000 1.45
1,673
21.30 214 301 104
1200
Light (0) 22.10 22.30 5000 R
It would be tempting to con- clude from the facts that to- morrow's Budget will contain fur loxpayers, But good news we cannot remove the factors on side of the account the other simply by ignoring them,
Truth of the maller is that
are we
plunging disinflationary
Not that Government's
disaster, it we was in force all headlong into polley which
would at least know KTORS, ETC through the lust nuncial year were we
senie respects what was expected of us. Dan- succeeded on hi brilliantly succeeded- ut everyger is not that things might get Important point ex-pt the one suddenly worse, but that they that mattery the most. In short might not get any better. the pound is sull in danger.
lear
Economic Survey
1
Sir
215
40
Alrerafts were among strongest of the groups
Monsanto Chemical Co. Montgomery Ward Motorola Inc. National Cash Reg. A National Dairy Prod National Land
National Steel Corp.
New York Central
Olin Mathieson Otis Elevators
Owen-linols Close Pacific Gas & Mec. Pan American Airways Paramount Pictures
Parke Davis Co.
11834
the with
in
Penny J. C. Cu.
Penn, Salt Co.
Philip Morris
Procter & Gamble Co.
Pittsburgh Plate Ginas
Publicker Industries
401L
in General of 2 points Dynamics, around 4 point Glenn Martin, North American Land Douglas,
Suez Canal
וט Roe
500 ZA20
2000 22
2000 21,po 2500 un 20 22000 22.10 ¥400 2:20 703020 2000 24.50
1000324
Gulf rose 34 points to $125%
Radio Corporation
Republle Steel Heynolda Metal Royal Dutch
Shell Of Co.
to pace International Oils which reflecked removal of the final obstruction front the Suez Bogmy Mobiloil Canal
Barber On
Tide Water As, Oil
Except for the gain in Chrys-Standard Oil of NJ jer, motors were narrow mixed as were the leading steels. Top spot in the actives went to a rail--Northern which lost 1 points to $40% along with Other Western Railroads which reacted to the
Court Supreme western railroads cannot drill for all on rights of way.
A drop of 3 points to $182 in
Gas pulled Peoples
Montreal, Apr. 8. Aluminium Limited of Montreal disclosed today It plans a major expansion for its aluminium rolling mill plant in Granville, New South Wales, Aus- tralia.
The move is designed to
the equip
Australian
על
Aluminium Co. Jolutly owned
Almunium and Limited of Montreal the British Aluminium
Co. Ltd., with facilities to of supply greater amounts
sirip, aluminium
sheet, circles
tolted and other products,
A new separate alumi- nium foll Industry, ex- tablished in Australia by the two parent companies and Venesta of England, will цве the increased production-United Press.
WORLD
RUBBER MARKETS
Rex
Page
NY Cotton Quiet As
Traders Await
New Bill Hearings
New York, Apr. 8.
-
Cotton futures went through another quiet session today as traders awaited the start to- morrow of House Agriculture Committee hear- ings on a bill to aid mill buying of raw cotton.
Oct.
re-
Mar May July
Prices held steady most of the July day but moved higher near the close on buying in new crop deliverles which mainly Accled heavy export sales
also was figures. There evening-up operations in nearby May.
way.
Pome
34.87
NEW ORLEANS
Prices of cotton futures closed
2
today in cents per lh as follows:
Spo1
54,00
Moy
20.15
July
34.00
OFI
33.81
Dec.
ka.ty
Mar.
33.00
May
July
13.10
Colton future closings, In
20,41
20.47
20.37
20.20
20.21
LIVERPOOL
A leading spot firm reporled that most mills in the Atlanta area are complaining of a lock of sales and lurge Inventories. With the futures market on the |present level, it added, mills are стор unwilling to discuss new purchases.
The firm noted, however, that Old contract increased interest was evident July/August In the Memphis, The interest | for nearby shipment,
mills came from terested in
it said,
| pence per lb were as follows:
May/June
October/November December/January March/April
mainly New contrac
obtaining
From the 1935 crop.
cotton
Certifiented stocks were down
275 bales.
At the clone the list ruled 1
point lower to 12 points higher,
May/June
July/August
October/November
December/January
March/April
SAO PAULO
Closing futures prices,
with nearby May showing the cruzeiros per kilo were as fol- decline. The market opened lows:
unchanged to 2 points higher, New Orleans closed unchanged with only nearby July trading
at the close..
New York, Apr. 8. rubber futures Today 7815 closed unchanged to 13 points at higher with salca of 100 Sool
ܕܪ
May
July
October
December
March
unquoted 17.00
18.20
average spot
33.60 cents.
In the US the market price was Sales at 14 designated markets fotalled 619,774
NEW YORK Prices of cotton futures closed today is cents per lb as follows: 31.4in 35,10 Press.
May
31.45
31.45
21.15
309
bales.-United
30.15
30.85
contract closed
unchanged to 15 points higher;
P.O BI EA
COMPANIES
Saint Reg Sinclate Oil
Paper
02
Electric
20 2030
86 contracts,
24 DU 24 En
Owent
top
12.00
Lebard
372 Wolm
11.00 11.80 Dairy
1690 10,00 COTTONA Nanyang 0.00 20 1000
1000
and Texas Co sided a point each while Shell fell over 2 and Standard
Indiana lost
more than o
Boler Aircraft
184%
300 # 10
8.15
point.
South Puerto Rico Sugar Southern National Gar Southern Railway (Com) Standard Branda Standard Oil of Cal. Standard Oll of Ind,
Мату
July
4336
September
November
4871
Jzyliknery"
March
0721
May
810
and
Ateep Rock (Toronto Exge. Sterling Drug Co.
27
The standard
Stokety-Van" Camp.
MISCELLANEOUS
INVESTMENTS
Studebaker-Packard Comp
19
swift & Co.
with no sales reported.
Com-Yangtesve.. 6.05
Pacific
TRD CO.
Union Pacine Railway
Twenty Century Fox Film Union Carbide
May
31.90
1109%
July
$1.00
September
31,43
27%
November
31,10
ruling that
January
10.95
March
30,75
May
30.AD
584
41
609
overseas prices, Activity in the
Future trading was dull with prices inching up in line with
+
Se
outside market
10%
40
4314
-United Prem,
London Metal Prices
"What
wrote Oscar Hobson, one of Britain's Per inos: respected economic
The Bunker last mantators in
"Indefinite week. 9 on a maze cul through Let us
tinuance of the sort of existence last úgures in of facts
we have been aund week's official publications, and at the margin
within highlight just two paragraphs living since the end of the war
-existence sometimes
somelines outside both from the Economie Survey:-
our cas,
to accumu "Average mual earnings in them but never able the manufacturing industry in-
late reserves whether monetary creased by eight per cent, fully
or material ʊr moral,” 1959, much ILS
01 result Jurgely
wage to
was
ineleases
rates
11
e T
were
muney 422
which
CRAITH the
<>1 winner
Jess
having increased thun in 1854 actually 1950. The result of movements
This
All of which should add up a pretty bleak budget oul-
Singapore
Stock Market utility average.
Singapore, Apr. f. Brokers today
quoted
Ord.
חוני
United Aircraft
U.S. Foll "g"
U.S. Gypsum
UA. Line Co.
US Rubber
down the
US Smeltlag
on
US. Steel
Warner Bros.
Industrial stockn averaged Westinghouse Electric
thoi Western Union Tel. Co. 470.04, up 1.43 points
West Va. Pulp & Paper 145.17 of 27 points; Woolworth day; rails thelites 71.29 of
.32 and 65 stocks 109.05. up 0.06,
427 Of 1,142 issues traded were higher, 481 lower, 284 un- changed, with 58-setting new highs, 34 new lows,
Opening!
Tegolated lok. But a budget without In-following stock prices:
1954-centives the right sort of in- 39 dan-
Batu Lintang Rubber Cn. Output per-man-yehreenlives would be
gave the
the Lid, in 1955 gerous a one which
Someo Petroleum Syndicate ingreen light for a spending spree. Brush Hell
not a task that one would committed
Sellers It is these two
Thorneycroft substantial envy Mr Peter
it will not be made easier Fraser & Neave Lid On...
Fraser & Neave 72% cun. per-and labour costs wit of output, Since the prices by knowledge that his supper- of base Indusuni materials anders in Parliament are counting Gammons Molaya) kammed 32.07
_ing. Comp._ fuel aho rose there must have on his Budget to put the Con-Hongkong & Shaghai Bank- bren a considerable rise in theservative Party back in the Bungkung TAK LID,
pulitical stakes, London Ex- Kempus Lid total cost of production,"
press Service,
Was *
Increase in
And Uris:
"We ran look forward to fur- ther progress in Industrial in- I further vestment and with
In the living improvements standards of the whole com- the balance munity only when
of
has been placed on
a really secure footing."
These two paragraphs have a direct bearing on one another, than When incomes rise faster output (as they did again last year) the country's competitive position and is ability port are weakened,
LARGEST VOLUME
SINCE 1955 ON
LONDON MARKET
London, Apr. 8. market wis
קג
GO
3110d
$
prat
$4.0
Lunas Rubber Estates Li
Malayan Breweries
New Serandai Rubber
العامة
Petaling Tin Ltd.
itumen Hotel
Singapore Cold Storage South Britis
LAG.
Straits Trading
$800
7 7
NY Slock Exchange volume was $3,034,000.
Turnover continued moderute pace, totaling 1,059,000 shares, compared with 1,830,000 un Friday.
bond
at
Ex follows:
Тіл кро
3-month
-50 19
דל
*
*
PENINSULAR & ORIENTAL SIN. CO.
PASSENGER/FREIGHT SERVICE
Outwards "CHUSAN"
Leaves London
4th Apri
"CANTON** "CORFU"
Sixt April
Nue Rongkong
7th May
tet June
28th May
9th Juts
Due London
12th Jung
6th June
>
13th July
TO BE ADTEERD
Colombo.
American Stock Exchange volume was 1,000,000 shares.
was also as
quiet with factories and dealers showing no Interest at all. Spot No. 1 Rss was quoted at 31% cents a pound.
LONDON
The rubber market was quiet and easier with spot quoted 14 lower at 27 1/16 pence.
London, Apr. 8. Pricex Prices of metals closed today | No. 1 has spot
sterling per long
Buyers Selters
710
Camper
3-month
Lead in half Ap
113 July
的
| Zine 1st hall Ape
July United Press.
NAMESAKES
Answers-i Celluloid, 2 Location, 3 Glamour, 4 Enter- taim, 5 Camera, 0 Swifden, 7 Studios,
Theatrical, Scenario,
#
Diana Dors.
thick April
AMSTERDAM
The rubber market was steady today. Prices closed in guilders per kilogram, eit May as follows:
No. 1 rubber
No. 2 rubber
No. 3 rubber
No. 1 crepe
Via Bouthampton, Colombo, Penang a singapore,
Leaves Hongkong
19th May
11)
30.บบ
$2.67
Closing Prices
$205
$225
$1 at
Alden Inc. Aeg,
$17
Insurance Co.
Allied Chemicals
SHA.10
Ailled Mills Inc.
$21
Allis Chalmers
Straits Steamship
$10.701
United Engineers Ord.
American Airline
173
American Cable & indic
Weaine Bros.
$2.00
Curp.
51
cundly; texdiv. 1 cdeb: all-Chitra Mail Special,
ex-
Amrican Can
Amerleau Cyanamide Co.
Amer. & Furgn, Power
Am. Mach. & F'dry.
American Metal
212
1774
Paharply on the greatest volume New York Sugar
nical
tech- Im- demand,
When happened last year was that surplus incomes generated
were improved by wage ཐ་མ་ mobilised by credit restrictions,started at the opening and was Savings
increases
Wos
up about
Market
The stock
1055. since July,
The buying, aided by
and considerations
investmont
Industrials. concentrated in
New York, Apr. 8. rose because there was Unilever, a firm feature, rose
World No. 4 sugar futures to- less opportunity to spend. Pro- more than four shillings. Turner
four, day closed two points higher to consumer the duction fell in
Electronics Power shares were two points lower with sales of ods trades, but increared out-Newli
Imperial Chemi-404 contracts, put in other sections of the in- in demand.
be exports to dustry enabled
Domestic No. 0 sugar futures cal, Dunlop and Unlied Molasses increased while total imports were also higher.
one point closed unchanged to Olis were up as much as three lower with sales of 20 contracts. remained stable.
Royal
in the And the improvement in the shillings nine-pence in
Pending export sales that Dutch. British Governments
nearby Cuban market boosted balance of visible trade
as five This produced was the biggest were quiet, but one or two ite-world futures as much
points early In the session, while factor in the favourable balance proved £1/10.
deliveries cosed distant German and Chinese Bona of payments.cutcome.
futures were quiet.
on a
American Smelthig American Tal & Tel American Tob. "B" Anaconda Copper Armoo Steel Armour Atlas Cons. Mining Taldwin-Lima-Hami, Baltimore & Ohlo Beneficial Finance Bendix Aviation Corp. Benguet Cons,
Bethlehem Steel
Boeing Airplane
Borden (The) Co.
Burrough_Add Machine
Canadian Paelfie R. Case (3.1.) Co. cat. Tractor ... Celanese Corn. C.I.T. Financial Corp. Chase Manhat. Bank Chrysler Motor .... Climax Molybdenun Colgate-Palmolive Co. Colombian Carbon Co: Commerelat Credii Commonwealth Elen.
advanced in the foreign bonds lack of interest, Domestic sugar Consolidated Edison
Wages And Output section-United Press.
Since then the situation has New York Foreign
changed again and not for the botter. Wages are still rising
faster than output. "The British
Transport
lation
Commission's capitu- the railwasmen
offer
and the employers
to the England official
dockyard workers and engineers
10-day
H
Di-stry
will add dangerously to produc- Auriralla tion costs If as is feared they New Zealarıd
deter by
September
October March May
2.77-13/16 Contract No, G (domestic)
Continental Oil of Del. Crown Zellerbach. Cuban Amer. Sugar
· Diamond Alkali.
Douglas Aircraft
Dow Chemicala ....
Dupont, de. Nemours
Eastern Afrine
Eastman Kodak
Firestone Tyro & lubber
General Electric
Contract No. 4 (world)
Exchange
May July
0.15
6.10
0.11
0.00
New
Closing rates were: overi if Canada
It
is not improved upon)
York, Apr. 8.
01.04
2.75-13/10
4.73
El Paso National Gas
4.76
Familly Finance Corp.
July
4.75
September
476
Ford Motor
Spot-(canta per lb. fob
2.70-0/10 2.70-1/10 22516
Cuba) Open interest: 404 contracts.
0.17
General Foods
General Motors
Gen. Pub, vul.
Getty On
South Africa Belgium
Others unchangi
2,70-3/10
0190 0050 United. Pros.
Glidden Co
May Jul September November
8.73
0.39
102
0,60
apot (cents per 1b. CIL NY
exist
8.30
Open Interen: 3,300
contracts
United Press.
London, Apr. 8.
-13/10
aro
not accompanied
mined efforts to increase pro-Argentina
ductivity.
Nor is there much hope that
substantial part of these extra London Foreign
incomes will again be saved. The
credit squeeze le breaking down
at several points and hire pur-
phaso market
momentarily to burst
It
expected
into le
Exchange
Closing rates were:
`after a pause to gather New York
Montrent not dificult to see wont Amsterdam
Brunnels the export Frankfurt might happen to trada" over though bs Clavern-plan ment claim the external con- Paris ditions are right for, a further stockhaln compansion. At worst, the homo ena martog might phon off # [5 Ochsen
rich
Goodrich (D. F.) Co. Goodyear Tyre
Gulf Oil
Høyden Newport Corp.
Homestake Mining Co. Ingersoll-Rand
Inland Steel Co.
Interchemical Corp.
Int'l Businew. Machines Invi. Harvestor International Nickel International Paper.
Tel &
Exchange Rates Judo
Duine was done in the local unsmicial.
market this exchang Korting: 16-Abe zollowing pater:-
UB. dollë {ger $1)
KANER C. Power & Light Kenwol Copper Liggett Meyers Tob. Co. Lockheed (Aircraft
Lowwe. Incorp: Ren Lone Star Clément · Co. 5.17 Lowered a Sone,
· Esberlin" munka(per R1) FRAUD, LAOSɔonen 11 Aircraft
Austrians moves (bruk, IL --
Blocking)
Indonesia ruglais (per, 100): 13.70 MORE.
Siam Lisa),(ber:100) #840 | Mintywuerta': Mdl
Homewards
ton as Settlement house term:
May Jttres
27-272
"CHUSAN"
27-2714
"CANTON"
27-2742
"CORFU"!
July/September
27-27
October/December
707
PAR
January/March
General markets, cif basu,
1132 11316
April
112
May
0912
Junio
944
94
Estate erepe thin April
May
May ...
303%
*
SOUND ADVICE
*
2.82 buyers
*
280 buyera
257 buyers
201 buyerE
*
United Preas
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 1853) -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
awals.
Via Blogabote, Penang a
FREIGHT SERVICE
"SINGAPORE”loads 10th Apr.
"SUBAT" joada cu May
for Spare. Pl. Swetten- tum, London, Hamburg. Rotterdam. Antwerp & Grangemanlı,
for Japan.
ALL, VESSELS OUTWARDS AND HOMEWARDI WILL
BY THE CAPE OF COOD HOPE UNTIL FURTHER NOTICE.
PROCEED
BRITISH INDIA S.N, CO., LTD.
1450 - A HUNDRED YEARS OF SERVICE – 1958 "SANTHIA" due 10th Apr.
sails 17th Apr.
"SANGOLA" duo óth May
sails 7th May
from Japan for Singapore, Pesace, Rangoon Cafoulte from Calcutta, - Rangoon & Straits. for Japan
P. & C./B. 1. JOINT SERVICE *IKAUNA" de 11th Apr.
"ITRIA".
kalis 17th Apr,
600 10th Apr.
raits 17th Apr.
Que 18th Apr. sails 20th Apr.
"OBRA"
"ISMAILA" due 21st Apr.
Rails zord Apr.
for Singapore, Bombily, Karachi, Dubla, Marrah, Khorramshahr de Kuwait. from Karachi, Bombay Be B'pore
EOX JADES
from Bombay & Karachi for Japan
from Japan
for Singapore, Penang, Cochin Bombay Karachi
from Australia Lot Japan
EASTERN & AUSTRALIAN 5.S. CO., LTD, "EASTERN"rdue 14th 'Abr. # 10th Apr. *EASTERN" dhe 8th May suits 10111 May
from Japan
for Labuan, Bandakan, Bohayan, Walinen Bay, Tarakan, Rabaul, Bris Jane, Bydney, Port Kembla. Melbourna Adelaide.
All vaišėls have liberty to'esli at why ports on, or off the rente & the route & sailing are subject › to change or amendnient with or withanc netice,
For full particulars apply to: MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721 4.
}