THE CHINA MAIL,
WEDNESDAY, APRIL 10, 1957.
Page
1
TRADE and COMMERCE SECTION
Stern Budgeting Should Please HONGKONG Sterling Operators STEELS TOP LIST Buoyancy Of Revenue And OF ACTIVE ISSUES
Defence Cuts
Treasury Strengthen
London, Apr. 9.
Mr Peter Thorneycroft, Chancellor of the Exchequer, in his first budget has been able to grant a wide range of tax reliefs and incentives and still strengthen the Treasury's position, thanks to the buoyancy of the revenue and a useful cut in de- fence spending and debt interest.
After remitting £98 million of taxes this year and £131 million in a full year he was still able to estimate a current surplus of £462 million this year against £200 million last year and an overall deficit of only £125 million against £331 million.
the capital that the
frids
for
Part of this improverend is with all
the due to the windtuft of interest | Government on the dollar loans. About £37 nationalised industries, a matter million of such interest wauf £340 million this year,
debited to hal year's budget
ni comes back into this year's revenue.
Adjusting for
this
item in both
yours the
responding
comparison
Is
Surplus
ON WALL STREET
New York, Apr. 9.
STOCK EXCHANGE
(From Our Correspondent)
مخطه
Business done if the Hong- kong Stock Exchange morning amounted to approx. mately $440,000, Noon quotations and the morning's transactions:
Aharee Buyer Sellers Bal
BANKS
Mast Am.
INSURANCES Union
A late surge of demand for steel stocks
featured atk Bank,.. sparked by Lukens and Bethlehem higher, more active stock market session which closed with reporting tickers running late.
SUPPING
Wheelock
DOCKS, ETC.
XD
K Whart
1665
244
144745
0.00
113 3100 g 0.83
One Of
UK's Balance Of Payments One
Best Since War
on
By SYDNEY S. GAMPELL
London, Apr. 9. The British Government's White Paper the balance of payments in 1956 contrasts the improvement in Britain's international trading position wth the Suez strain on her international banking position.
1
As exports went up while imports were held stable, the balance of trade improved by no less than £300 million, and the great bulk of this improvement was with the non-sterling countries. The Invisible receipts, which Į defence report promiseti e cut in Provident 12.00 13.10 1241 1250 included oil, also Improved by Government spending, Britain, £40 million. third of this on this showing, should be able Improvement occurred in the to make good progress.
Lukens, selling early in the day at $67 spurted to a high of $765%, and closed at $76%, up 8 points, as the company announced first quarter earnings triple those for last year and far in ex-D cess of what had been anticipated in Wall Street.
fold
Bethlehem Steels' President Reynolds Metal
Shell Of Co. the annual meeting his Saint neg. Paper company is operating at capacity, expects
the to do so through necond
and has an quarbor
excellent backlog topping that
of a year ago. It ran up 2% Standard Brands
$46.
Lukens and Bethlehem upped shown as an overall surplus of the 1st of active issues in that £210 million.
This is rather steru bud- geting, probably sterner than in any other cuuntry. I should be well received by overseas operators in sterling.
Exchange
order.
Industrials Gain
Numerous
Standard Ou of ind. Standard Oil of NJ.
LAND, ETC.
13
45 250.1 4432 10 44%
UK Hotel 14.30 14.40 900 14.30 second half of the year, which
נוי.
of
Last year's trouble, according bore the full brunt of the dia-
to some economic experts, was locations following Egypt's
the Suez that the British did their huge | nationalisation
Investing in all places, except Canal in July.
sensitive one their the most Government spending abroad cash balance of gold and dollar rose by only £12 million. Less
reservės. If only a tenth of than half of this rise occurred the
maillon had gone £3,521 b the second half of the year, that way, the reserves would
22.10 2310 which included the Suzz opera»
350 22.10
lion in October and November,
5716
80
304%
Smcisir Oi
Socony, MobBoil
47
35! 30 IK Land..
{1}
" lumphrey 10.40 160
Solar Aircraft
19
South Puerto Rico Sugar Southern National Des Southern Italiwny (Com.)
RUBBER
4013
Amalg
1.45 1.475
4455
UTILITIES
Standard Oll of Cal
40%
Tram
21.40 21.70
1928
Star Ferry
130
Sleep Rock (Toronto Exge.) Sterling Drug Co. Stokely-Van Camp.
BAY
Youmiati
102
10
4000 211
100 103
C. Lalit
1000 22
Studebaker-Packard Corp.
500 és 29.10
Texas Co.
SwILA CO.
Twenty Century Fox Fin
Electric
Telephone,
19.10 20.30
04 20
GOO
29.10
24.00 24.70
1500
24,70
2311
208
24.50
Ap
defence ચર્ચાત
Union Carbide
1000
24,70 | United
Trac-
Union Pacific Railway United Aircraft US. Foll
ZEL
INDUSTRIALS
704%
Coment Поре
... 3215
33
100 g 32%
million,
13
STORES, ETC.
Dairy
to 16 20
41%
Welpen
111% 11.20
04
1.05
Textile
4.00
Nanyang
8.03
8.20
INVESTMENTS
Yangiaze
1.83
Tide Water Arms O
US Line Co.
6. Rubber
Non-ferrous metals, olls and other selected Industrials bad will gains ranging well over a point The Slack On the basis of overall sur- plus
that
regard it as like the and with the defelt
former probably ur
In paria, tional galners lifted the indus-US, Cyprum gui Butler, curate's egg. A. current surplus of £425 million Chancellors, Mr Rt.
average 3.62 polnis to Sir but not quite Hugh Gaitskell and
as good as has trial this year against 4327 million) Mr Inst year and an overall deficit Stafford Cripps used to employ, recently been expected in some 482,00, rails were neglected but Mail managed a gain of 29 to 145.40 defeit of other parts, China year's overall of £102 million against £204 this
in their average while utilities have Sprezal. would million £126 million,
71,27. dipped .02 to
The ES stocks average was up 29
Encouragement
With unchanged taxation, the current suplex word have up- peared 121 £500 million this; year against £290 million last Given these figures, the year.
Chancellor's
pre
10x remissione us expected,
much very
exempt that the only encourage-
κιν
ment
he hus given to investment
is to shipping.
Obviously he feared Blut uny wider encouragement to new in- vestment would threaten
to
create an expœsive demand un resources at the expense of pay- ments. The most popular tax relief will be the shilling off petrol and the cuts in the pur- chase
x.
Motorists and other kvere of petrol may soon also come in for a penny or twopence
a gallon off the pilee, brezare
of the recent stuny 11 tanker freights.
neome
tax Exemption from
trading and proits tax of the polts of "oversens trade cor. porations" fulls overdue **- pectatione Together with the relief for shipping it is designed to check the emigration of Bri- tish companies
io milder climates, such as Bermuda.
Important Relief
NY Cotton Futures
Irregular
After Firm Start
WORLD PRICES
New York, Apr. 9.
Cotton futures today settled back irregularly
after a firm start but maintained an overtone of
steadiness.
ruled off 7 to Closing prices up 7 points. The market open- cd up to 8 points. New Orleans closed off i point.
Selling
orders, emanating from New Orleans sources, plus xcommlasion house offerings and local stiling found trade buyers reserved when
an overnight demand had been satisfied.
Excessive
rains, with
rellefs for Chun more
160.84.
Of a total 1,176 Issues traded, 007 were higher, 320 lower, 250 unchanged, with 73 new highs set, only 26 new lows.
Volume pickup 19 2,400,000 shares, 450,000 ahead of Mon- day and best since Febuary 12. Molors were narrowly Ir- regular. Leading rails were nar- row niso.
NY Stocks Exchange bond volume was $5,430,000.
American Stock Exchange volume was 1,020,000 shares.
Closing Prices
Alden Ine, Acy,
Allied Chemicals
Allied Mills Inc.
Chalisema
American cable & Radio Corp.
LS. Smelung US Steel
Warner Bros.
WestinghoLSO
Electric Western Union Tal, Co, West Ya. Pulp & Paper Woolworth
Sincere
$131 COTTONS
4314
United Press.
WORLD RUBBER MARKETS
Now York, Apr. 1. Rex rubber contracts today closed 10 to 25 points higher with sales of 187 contracts. May July
September
Standard contract
sales reparted.
Defence Aids
be a $1,000 million higher' and sterling speculators,
Special.
the from
States fell by £21
the whole of the
could shrug of the
China
Madl
balaried of payments improved New York Sugar
by £312 million, from a desch
of
180 10.20
£70 million in 1955 to a 319 115
8001.95 surplus of £233 million in 1956, one of the best results of the entire post-war period.
Singapore
Market
New York, Apr. 9. World No. sugar futurea closed today unchanged to 8
It was better than the good year 1054, when sterling was so points lower with sales of 203 strong that oversens there was speculation on its being up-
valued.
contracts.
Domestle No. 6 sugar
futuron
closed to 8 points lower with - sales of 321 qepinects,
1050 During
Britain made 4:191
of milion
long-term Both markots turned reaction- capital investments abroad. aty after a higher opening re-
Other capital movements-
The flecting low trend of raws and partly in face of anticipated large- operations scale purchases by genuine banking
Germany, Morocco, Iran and other edan- a fall tries.
Stock Market partly speculative
of
Contrget No. 4. ¿world)
took out £233 million,
The biggest lem was the of £132 million in the sterling
holdings
non sterling | May | Opening countries, All such run-downs July
But they March
of sterling balances reduced September Britain's Labilities.
October
also reduced her assets and | May
Singapore, Apr. 10. Brokers today quoted following stock prices:
$3.02 Datu Lintang Rubber Co. Brith Bomeo Petroleum
Byndicale
G0/- Consolidated Tin smelter
32/-exdiv reserves, Ord.
50, over a year in which September Fraser & Neave Lid. Ord. $228
Britain
herself earned £223 Fraser & Neavo 744% cum.
$4,00 pret.
million abroad, it was only by drawing £201 million from the International
Fund Monetary that she managed to balance her gold and dollar reserves by a wifing £6 million.
Lunas Rubber Patates Ltd. 0.80 Malayan Brewerien
"
32.00 31,00
31.65-70
November
31.40
#107
January
31.20
Bat!
March
31.00
Camion A (Malaya)
201
May
30 до
Limited
Hongkong
Shanghai
closed 10
Banking Corp.
181
02
to 20 points higher with
pies
Hongkong Tin Ltd..........
Amertean Cyanamide Co.
77
Kempa Ltd.
$2.00
$200
$1.05 ed
Amer. Forgn, Power
2000
BTAY
32,06
$2 Do
Am. Mach. & dry.
道
July
31.00
Dec/Jan.
20.30
American Metal
September
New Berandah Rubber
31.07
Mar/Apr.
20.23
American Betting
November
May/June
20.01
American Tol & Tel
177年
January
$1.20
Co. Ltd.
33.57
$2,00
American Tob. "B"
739%
March
Raffles Hotel
31.00
May/June
20 13
Anaconda Copper
Singapore Cold Storage $1.70
May
Jmy7Aug.
20,55
Armco Steel
STY
Oct/Nov. Dec./Jan. Mar/Apr.
20.43
Armour
Ja
20,30
Atlas Cons. Mining
2016
Terminal market stendiness
developed
30.00
Boult British
Insurance
after a shaky start,
$30.40 $28.00 $15.701
20.31
Baldwin-Limg-flon,
$5.05
SAO PAULO
Haltimore & Olio
Closing future prices closed today in cruzeiros per kilo as follows: May
Beneficial Finance
were
Bendix Aviation Cury.
Benguet Cons.
144
Bethlehem Steel
37 30
Boeing Airplane
New contract
tem- perative and high winds Over Jiny wide areas of the south, with October attendant complaints of delay-December
17.05 Barden (The) Co
Burroughs Add Machine
30.40
38.40 Canadian Pacific R.
38.76
Cane (J.) Co.
Cal. Tractor
Celanese Corp.
at
was
14 C. I. T. Financial Corp.
cd farm work and interference In the US the average price
activities and crop | of with seeding
one-inch colton development, brought an exten designated spot markets sion of Monday's late covering 33.80 cents.
Sales totalled 81,820 bales,
movement at the start.
un-
The important
earning people
£2,000 a year may also check direrent and ecrious form of emigration. The surtax Bint of has been unchanged $2,000 since 1920, though such an in- come is now worth caly about
£600 in 1920 morcy.
Exicnalon of the range of earned income relief means that a man carning nearly £10,000 will now get this allowance of £1,550 instead of the tax on
in the lower Rio Grande Valley previous limit of tax on £150. and
that much The Chancellor described
replanting is surtax
as the people
necessary in the market slacked payers
suggesting off from the highs, the maximum res- who carry
to some technicians that the ponsibility and the men whose
previous
had three-day-rise activities and decisions do most
discounted the crop pleture. to determine the raic of econo-
Other traders hovering on mic expansion. If he has frained from giving an incen- the sidelines awaited Washing- atton developments on farm legis- tive to investment, he bas least given one to the people lation, textile market news or
investment other new incentives. Lake who decisions.
Tho Goverment weekly crop United Press..
confirmed the summary favourable стор accounts. The
indicated report ind
a delay in seeding over pratically all of the main cotton belt. Texas said cotton made stow
the
Estate Duty
the
The certiflented stock remala- ed at 10,117 bales. Month
Volume
May
July
PULLING OUT
ON LONDON
MARKET
of some
Chrysler Motors
Climax Molybdenum
Colgate-Palmolive Co.
Colombian Carbon Co. Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oil of Del.
Zellerbach Crown Cuban Amer. Sugar Diamond Alkali Douglas Aircraft Dow Chemicals Dupont de Nemours Eastern Athline Eastman Kodak
El Paso National Gas Family Finance Corp.
Firestone Tyre & Rubber
Ford Motor
General Electrie
General Foods
General Motors
Gen. Pub. Utsi. Gelty Ou
door
Goodrich (BF.) Co.
tyre
London, Apr. 9. Stock market traders awaited Glidden Co. the budget today by pulling out
of the favourites in Gulf all
Heyden Newport Corp. yesterday's rise.
There was a general exodus Homeslake Mining Co. from chali and nuclear power fer alt and
Steel Co. Open interest shares. Countering were a few Interchemical Corp.
281,400
in Vickers and Int Harvester moderate rises
International Nickal International Paper and Great UniversalJohn-Manville Co. Spencer Stores retreated by at least a Kansas C. Power & Light
Rennecolt Copper,........
0.000 3.800
165,800
11,400
164,400
0.009
L65,000
Mar.
$1100
79.900
3,000
12,000
6,500
54,000
The change in the law of Dec. estato duty on gifts is designed May lo siop a loop-hole created by a Suly Legal decision which, it could Total not take the sting out of death, has been taking a lot of the sling out of death duties.
As some effect to his tax re- la tighton- lofs, the Chancellor & ti ing one aspect of the credit squeeze. Bank loans for capital Investment are to be scrutinised more closely. Because, of ho continued growth in the cost of the Wellago State, the cut in total expenditure is a very small
Rolls Royce.
Woolworths, Marks and it' Tel & Tet
42,200 1,001250 bales shilling The nuclear Issues Mggott Moyer Tob, Co.
NEW YORK
lost nine or six pace.
Prices of cotton futures closed lever was off more than a shill-Louws Incorp.....
today as follows:
3541 35.38
Syptian.
British Petroleum and
"B"
gave
· Uni- | Lockheed Alrerafl
Lone Star Cement Co. Lowenstein & Bone McDonnell Aircraft
Slock_Exge.) Mesabi Iron Corp. 34.66-66 | ground in the oil section. Royal Minnesota Mining
MeationDevelopment Dutch was about unchanged.
bonds Monsanto Chemical Co. Government British
Montgomery Ward maloly Motorola. Ingl wore quiet and changed. In the foreign bond National Cash Reg. "A closedues were lively with pains of
section Chinese and German National Dairy Prod.
National Lead £1 and £2. Dollar stocks were canlese.—United' Press, .
Spol
May
July
Oct.
33.70
Dec.
83.70
Mar.
33.70
Mày
33.00
July
NEW ORLEANS Prices of cotton futures
Spot
26.00
MA
35.15
July
Tire,
Mar MAY
one, only about £41 million as today as follows:
It stands, or £4 million after
allowing for the dollar interest
WITH
But it is bigger than
a fise in national in and higher prices, the Government's
share of the country's real output fairly sharply will foll
RN LIVERPOOL Cotton future closings in ponce par Ib, were as follows: Vibe overall deficit to also fold contract
May/ Oven better than it looks. From been debited last year it. han
20.37
NAMESAKES
Answer:-1 Abyssinian,
National Blood Carp New York Central Ofin Mathieson Ģtis Elevators Owens-linols Glase Paguig Gas de Xip
Park American Airways Paramount Pictures Parlow, Davis, Co. Pěnný. THC.CO/
Grove, 8 Colonies, 4 Millitary, 5 Pekin Bad Co Dictator; 6 Tripól; 7 Rome, Pilip Marek
Proofer Gamble Armour, 9 Fascist, 10 Desert, 44|| Parbuka Pr***[1] Somaliland,:12:: Albanto, i 18 | puslīdz Kelchana ma
Pure O!! Bielly, 14 Neapolitan, 16 Axis
Radio CorDOS Republio. Sheni
Benito Musolini,
3140
12 Settlement of the threatened
Petaling
$2.35
Co. Ltd. Straita Tradixist
Steamp tened } United Engineera Ord. strike of United States Rubber Wearne Dros,
cb.
tex-ail,China Co workers, plus firmer ship-
ment offerings and indications
#
domestic factory interest
Just under the going levels Im- parted a nomer undertone.
A leading dealer was the best buyer at the fight
close In
face
of
Epecial,
blds offerings. Lower cabled abroad were
Unprecedented
Yet the upshot of all the pre- budget documents was that, in a year of special difficulties, the British people performed pro- gles of saving and investment. Total investment at home and Mollabrood increased by
London Foreign
Exchange
July
Spot-(conta per lb. fob,
Cuba) Open Interest: 203
Contract No. § (domkast
May
July
Beptember
November
Spot-(cents per ib. elf Ny
x-duty)
Open Interest: 3.565 United Press.
LONDON METAL PRICES
London, Apr. 9. Prices of metals closed today £445 in sterling per long 'ton as 701-
million to £3,521 million and lows: amounted to nearly 20 per cent Tin of Kross
output. precedented
This un-
performance was
oll the more remarkable, for a
year in which output was being
Buyers 'melters"
Spot
3-month
Copper
Spol 3-month
244%%% 2441%
2442% 245
April
113
113
Julv Zine lat halt
April. July
112+
1124
041
-United Press.
held down by disinflationary Lead ist "half" London, Apr. 0.
policy and in which Government reported
Closing rates werci
21811-2.18-10/10 spending increased, Ignored. Intra-denier switching New York operations included
of May-September
exchanges Montreal
contracts,
and July and May contracts for physical rubber,
Amsterdam Driksaka
Copenhagen. Frankfurt
Lisbon
Milan
Paris
Vienna Zurich
Some dealers selling only July on the terminal took back Osie July/Aug/Sept on sheets at Blockholm
discounts. Three sheets were done at 65 points
under
31
1
cont
184
37
35%
ert
and four sheets at 165 points
under the floor. In the
231% shipment
offerings
2.8711-2.073% 10.05-10,65%%
If production could be re- and now that the
140.834-140,87% expanded,
19.45-19.4514
21.7595-11.753%
00.10-10.20
170012-1751 4G 10.0045-19.0934 007-00714 140022-1481 72.82-72,85 12.279-112TY
United Prers,
from Thailand were in a New York Foreign
4745 from
0075
40
volume but at prices too high
to interest local buyers. Indo-
30ynesian sales Included flat bark
BT at 20% cents; three browns 2011⁄2
Exchange
New York, Apr. 9. Closing rates were:
cents; Spot No. 1 Rss was quoted | England ɑmeist
SINGAPORE
unomelai
# 30-day
90-day
Australia
The market opened slightly New Zealand
Future closings were:
with Bouth Africa
2.70 15/10
2.71-2.73
2.70 3/10 2.23 5/10
3.77 15/10 1.70 5/10
.0109 3/14
7414
at 32 % cents.
1273
13%
below yesterday's close
overseas advices and it somewhat mixed.
1081
No. 1 rubber per lb. Apt. 9134-02
was Belgium Trekk
Bwitzerland india Pakistan
-United Fress.
48
May 921-026
No. 3 41
00-30
47%
1814
'flanket crépo
101
FAM.
not rubber unbaled .... 9016-DI No. 1 pale crepe...
LONDON
170481
DJ-100
No. 2 rubber per 1b. A NEW YORK METAL
ON SITU
The rubber market was idle 4234 | with spot `quoted at 27% pence 07
par lb. Prices: 84% 1, No. 1-Na spot
FUTURES
New York, Apr. 9,
Prices of metals futures closed today in conta per h as follows: Lead April
12.800
16.201
Mag. ........
14.05b
Zinc
Apri
11900
****** 27-27!* Bettlement hous termi
Miny
Copper April
29,836
May
29.90p
37%
Junio July/Bept
Tin
April
913 Kotandard)
May
18 | 00√Deo.
Jan./Mar.
May
16.500 (stru(t) D8.301
General markete, basis,
April
May
June
Estate erepe thin May
thick May
AMSTERDAM
The rubber mazicet was quiet.
Price
United Proer.
Exchange Rates
Business was 'dorim in the local
+23 LEMMETTA exchange market apod 'toping. In suilders mowing at the following rates:--
per kilogram, oid May as follows: Us, dollar (per 4132 posts
20% buyer
169 buyers
14.57. Dujere
182 pald United Press.
notou (poray(1)
„Endoroinen (upiah Kiper T-100)
Blamy tent (per 100). Singapore, Chiraita)
TEACHERS
a MUST for your bookshelf
enables you
THE
GUINNESS BOOK OF RECORDS
answer your pupils'
Obtainable only, at-
SOUTH CHINA MORNING POST ATR. HONGKONG & KOWLOON
$9.50