THE CHINA MAIL, THURSDAY, APRIL 11, 1957.
TRADE and COMMERCE SECTION
NATIONAL CHARACTER AND STERLING
WALL STREET HAS BEST
No Good Grounds For Savings Bonds New York Cotton Straits Trading BOOST OF YEAR
Expecting Britain To
Succumb To Inflation
London, Apr, 10.
Ideas that Germany is about to have her share of inflationary pressure are wishful thinking by her competitors; there are many reasons for ex- centre of deflationary pecting her to remain a pressure. But equally there are no good grounds for expecting Britain to succumb to inflation or to anything else.
was
Recently, sterling and the London Stock Ex- change had a Black Monday, and Britain supposed to be having worst labour troubles in a generation, while nothing in particular was hap- pening in the US.
West German Industrialists Looking To Australia
West
trialists
Bonn, Apr. 10.
German indus
are
Interest Up
Washington, Apr. 20.
The
Senato Finance Committee valed today to rufe the intercal rate from 3 to 34
UB per cent of savings bonds issued after Last February 1.
The higher Interent would be paid by shorten-' Ing the ten
term for which bonds-the PHOSI
acries
common
held
for
now
form must
be
They
nine must be held
full
yram and eight months before
bringing In face value. Under the bill approved by the Finance Commitice today, they would mature Ja eight year and 11 months. United Press.
Futures
Relatively Steady
WORLD PRICES
New York, Apr. 10.
Quiet and mixed cotton futures trading today featured relative steadiness in nearby deliveries.
Closing prices ruled up 2 to ox 7 points. The market open- unchanged to up 3 points.
ed
New Orleans closed up 1 to off 6 points.
New crop months slacked off
a little more from recent highs
09
Yel London Stock Exchange CHICAGO GRAIN pointed up clearing weather con
higher
un
the
Anally closed werk while Wall Street closed a little down.
The reason for supposing that Britain's monettuy values are masterrated that her more im- portant values are underrated,
Misreading
If the boars of sterling who have been wrong for the past six years continue to be wrong for another six or sixty years. the start season will be that they are misreading the national character, as it has shown itself for erally about
a thousand
y care.
That character has been sorely tempted, but it dots not appear
have fallen and now it ร in- being less templed. highly
Ultunately. the world's t- terested in investing in titude to sterling and therefore Australia, but they dee course of sterling may not mand An unequivocal depend very much on labour
that the
the doubt Aus disputes or even on guarantee
whether sterling at present could tralian
will Government
stard
let election, a general not put them out of busi-alone a change of government,
It may depend much more on
ness by import restrictions, "what sont of people they think
official sources
today.
The sourc tralian Industrial musson,
here said
we are."
in-
|
Assumptions
Grain weuk on today.
110
MARKET
Chirago, Apr. 10. futures were easy to the Board of Trade
realising and hedge selling
ditions in expectationa
the
crop comments
South and aroused
more
favourable to follow.
reflected Nearby steadiness
other trade mill, shipper and buying plus scattered evening- up before first notice day for the May delivery on April 23.
After a fairly steady opening,
Open May conuucts today to- wheat market became weak with selling due to con- tulled 273,000 bales. The cru- Unueil favourable moisture re-dicated stock remained at 10,117 pets.
Traders
uiso
lower was active trade.
Wheat
balca.
HONGKONG STOCK EXCHANGE
(From Our Correspondent)
Business done on the Hong- kong Stock Exchange this morning amounted to approxl- mately
2080,000. Noon quota- tions and the morning's trans- actions:
Shares BANKS
Bayers Bellors Bale
HK Bank East Ada INSURANCES Union
1000
244
expected the wluter New outside Interest con- wheat productain estimate to tinued to be curbed by un- be raised
todny's report, certainties relating to farm which
influenced, the legislation and future govern- muarket,
ment price support policies. Ryo
Buyers and sellers also were cautious pending outcome of SHIPPING current House Agriculture Waterboat Committee hearings
on a bill which would authorise direct cash subsidies to cotton growers K Wharf
XD that cotton market prices Dock
Provident could seek their own levels.
XD
in fairly
closed off 1 to 24 cents; soybeans closed off 1⁄4 10
2 cents. Wheat No. 2, red
Spol
132
Mar.
Prices of futures closed today | Yaumati
250
2125 11.90
1.45 1.475 1000 1,47,4
31.30 21.00 44 2035
22 4700 @ 22
500 22
21
400
21
Wheelock
DOCKS, ETC.
0.85 0.93 1000 ₫ 0.83 |
2000 4.90
90
July
Sept. Dec.
225 May 220.00 223LİLİ 2246"
2131%2 217 22116-12
30
443%
700 @ 45
11.00
Month
Volume
Open Interest
Shai Dock
200 ₪ 230
Corn, No 2, yellow
May
13,100
273,000
LAND, ETC. HK
12 14.30 14.50
2300 @ 14.40
May
Spit
July
8,400
185,200
35
36
Oct.
221,000
(RU)
30
Jufy
Dec.
13,700
103,000
Sepl.
133
$900
81,200
Dic.
MAY
4,000
80,000
tar.
July
13300
01290
Ryo
Total
70,000 1,000/400 bales
Humphreya Realty KUDDER Amaig
10 10.80
May
131
July
NEW YORK
UTILITIES
1274
Qais
Tram Star Terry..
May
7114
some na
July
0712
as follows
C. Light (0) 21.80
Soybeans, No. 2, yellow
Spot
33.450
Spot
2441 n
May
33.17
May
242-34175
July
34.00
July
23734-44
Oct.
23.03
Electric
Tel.
29.10 29.40 24.00 24.70
on
Sept
2203/
Dec.
33.89
2201-227 MAT.
33.35
INDUSTRIAL
Cement
May July
33.04
32.75
32.98
Rope
STORES, ETC.
130-140
NEW
ORLEANS
$13.300 United Press. WINNIPEG PRICES
Winnipeg. Apr. 10. Prices of grain futures closed today in cents per bushel follows: Qata
May
Watron Lan C.
23.40
8.90
as follows:
Spot
MAY
COTTONS Textiles Nanyang
4.00
4.50
July
MISCELLANEOUS
Vibro
00
Oct.
Dec
Mar.
May
70
July
INVESTMENTS Yangtze LIK & FE Ilveet
8.10 8.31
18.30 18.00
5.00
10
July
Oct.
717
113% 11237
Future closings, in pence per
said Üle Aus- and banking which will visit West
One has to make Germany in May or Junc on a sumptions about the character of capital finding tour of Europe country: that the Swiss, for can be sure of a warm welcome example, will not lightly surren- brum the German heavy
der their independence or, dustries since businessmen here the other hand, be very dazzling: consider Australla the politically that Germany will not suddenly rest investment market in the develop a social conscience any atomic age.
more than France will suddenly JUL
said is the past the develop stable Jut they
politics, internal big drawback has been the Aus that Russia, under any govern- walan Government's policy of ment, will not suddenly become Atrily Dating The export the prime exponent and import trades, which en liberty of the subject, and so on.
went up and down sequently
Countries have some persist- with the prices of wool.
national ing
characteristics, What Germisi invessory wit underlying all the headlines and is an asstu ance
vicissitudes that they can count on an uninterrupted flow
of the
As to the British. until the
NOY. Jan Barley,
Spot
New York Bour
2100 10, нем
of raw materials, a pure purts contrary is proved It seems Rye
and tools which they may need Trom Germaniy or other co- iries, no matter how low the wool price may drop.
reasonable to assume that they have not suddenly lost the un- erring political instinct with Barley which for abou a thousand
for July years, they have made up
Oct. their complete disinteresi
Flaxseed important political science.
May
July Oct.
May
May July Oct.
JAPANESE CAPITAL
A second drawback
куки
is that Industrialists write.
the morroW
The last time that one had to in this fashion was during here are uncertain about the the blackist period of the sinkes Impact of Japanese capital and which started on goods on the Australian market of the 1955 general election and the sources added, Government which, coupled with Mr Buller's and industry still have little or gaffe about flexible exchange never gave sterling a
no information
about the suc
rales,
Company
Restoring
Capital
London, Apr. 10. Directors of the Straits Trading Company announo- ed here they intend to take the
stops to enable them to restore the Issued capital of the com- pany to the gure at which it stood prior to capiial re- duction of 1920 and 1930,
This will be done by converting the prement Issue of 900,000 stock unila cach of one Stealia dollar.
Undivided
to units of 19 dollars onch. In aditition, it will be pro- posed that the larned ospi- fal be further increased by distribution of profits standing- to credit of the company's re- funds to the extent of three million Straila dollars to be malisfied by the fasue of one stock unit of ten dollars for every three units held, thereby anking the tone and paid- p capital 12 xmillion Straits dollars.
These changes will have no effort on the earning capacity of the company and stockholders should not automatically expect any
In alteration
-dlyjdemi polloy, the directors sali:- China Mail Special,
Winter
Wheat
Estimate
Washington, Apr. 10.
New York, Apr. 10.
Rail stocks joined industrials today in a rousing "advance which generated the best volume of the year and lifted spirits in Wall Street where dull trading has been the bane of the brokerage fraternity.
The session was the heaviest since Dec. 31, last year. Forced roporting tickers to run late briefly and the pact held well. Large
blocks including 16,000-share delayed opening in Bethlehem Steel--helped.
В
The rails, long laggarth, joined the upward move into in the session in what was viewed by many as a confirmation of the industrial rise. They gained 1.02 points, widest aineo Feb. 13, to 147.88 in their average, its best lavel since Feb. 4.
2.51
Chan Manhat, Bank chryler Motors Climax Molybdenum
Colgate-Palmolive Ca Colombian Carbon Co. Commercial Credit Commonwealth Elec. Consolidated Edison Continental Oil of Del. Crown Zollerbaali Cuba's Amer. BuENT
Diamond Alkali Douglas Aircraft Dow Chemicals Dupont de Nemours Eastern Airline Eastman Kodak
Pano National Gas Family Finence Corp. Thertone Tyre & fubbe Ford Motor Industrials climbed
General Electric General Foods points on average, to 485.17, General Motors their best level since Jan. 14, Gen. Pub. Vill.
Getty Oll with steel stocks
the chief Gilden Co. features as they were yesterday.
Most Active
| Goodrich (D. F. Co.
Gulf Oil......
Goodyear Tre
Hayden Newport Corp.
Homestaka Mming Co. Ingersoll-Rand
interchenical Corp.
Bethlehem Wea the most Inland Steel Co. active issue and held unchanged
ini'! Business Machines after its sharp run-up late Inti Harvester yesterday
An optimistic International Nickel report by its president.
International Paper kid Tel & Tel Oils were strong as legislation John-Manville Co. was; introduced in Congress to Karwas C. Power & Light
Kenmocott Copper ... Federal regulations on
Läggett Mayss Tob. C. national gas production, Phi- Lockheed Aircraft lps, Richfield and Seaboard Loown Inoop. added 2 polate or more.
Utilities were neglected but added .09 on average to 71.36. The 65 stocka average was 1.08 at 170.80.
up
Lone Star Corona Co McDonnell Lowenstein & Sor.
Aircraft
Book Exgn.) Meet Iron Corp. Minnesota Mining Mission, Development Monsanto Chemical Co. Montgomery Ward Motorola Inc.
National Cash Bag.
National Lead....
Of a total 1,152 issues traded, 552 were higher, 345 lower, 255 unchanged with 63 at new high, 21 at new lows
NY Stock Exchange bond National Steel Corp volume was $5,090,000.
American Stock Exchange volume was 1,010,000 shares.
Dow-Jones closing
averages
were:
30 industrials
rails
15 utilities
The Agriculture Depart-20 ment estimated today that crop of
200 @ 22.10 a winter wheat 3500 26 21.90 669,080,000 bushels ~will
500 29.20 bo harvested this year.
0500 24.70
1003244
Dairy XD 14.00 16.20 4000 kg 15
1134 11.70
Prices of futures closed today Emporium..
LIVERPOOL
12 lb, were as follows:
Canadian wheat export No. 3, 156 cents; No. 5, 136 cents- United Press.
89833338
SU888
BERAR
AREER
REAR
WORLD
RUBBER
MARKETS
New York, Apr. 10.
The estimated winter wheat crop, added to the previously estimated production of 175,000,- 000 bushels of spring wheat, would mean a total wheat crop of 844,080,000 bushels for 1957. a total This compares with 1956 production of 997,207,000 bushels
The Crep Reporting Board sald indications were 17.1 per
cent of the winter wheat crop would be harvested for food. This compares with 19.9 per cen harvested for feed last year, The yield per nere last year was 10.3 bushels.
The condition of the 1957 rye crop as of April 2 was estimated at B4 per cent of normal. Pastures were
at 70 reported per cent at nommal on the same dateUnited Press.
Old contract
May/June
3216
July/Aug.
931-
Oct/Nov.
057
Dec/Jan.
Mar/Apr.
27814
Now contract
2009
May/June
20743
July/Aug.
Oct/Nov.
Dec./Jan Маг/Арг.
SAO PAULO
to 35 pointa higher with sales of
Rex rubber today closed 23
Closings, in cruzeiros per kilo 130 contracts.
NEW YORK METAL
were so follows:
May
37.40
July
July
21.75
October December March
.65
NOY.
May
Берр.-
Jbei
33.70
Mar
30.00 May
New York, Apr. 10, Closing rutes were: England unofficial
of one inch
May
33.86 cents,
July
Bept.
Sales totalled 35,$75 at those markets-United Press,
Nov.
Jan
Маг
May
cess of Japanese exports to the chance to inske a real response New York Foreign|
Southeast Asia and The Pacifie markets. Japanese foothold In: Australia is weaker than in any other country in that part of the world, but how strong it be they can only guess. The coming Japanese-Australian trade talks are being awaited here with great interest.
Most eager to break into the Australian market, according to these sources, are the automobile, shipbuilding, machinery, textile and food processing industries United Press.
Singapore Stock Market
Singapore, Apr. 11. Brokers today quoted the following stock prices;
Batu Linton
Rubber Co. Ltd.......... British Born I'virdirum
Byndleate Consoliitated
Ord.
Franer
Tin meilors
Neave Lid. Gal. (exdivj Fraser & Neave 7% cum.
Gammon
Opening
$2.02
to the election result.
Employment
Exchange
Since then, the British have managed to correct the worst way in which they were stand- ing in their own light; they have stopped down from overfull em- ployment to full employment.
In the postwar period the US have appeared to and Russia bestride the world's politics. one could argue that, historical
perspective.
Others nothing done by either of these colossi Press.
in
begin to compare with what
the British have done, in grant-
political Independence
official 30-day #0-day Australia New Zealand South Africa Inila Pakidan
2.72-2.74 2.79-1/10 2.781% 2.70-5/10 22314
2.7819
2004
WETU
unchanged.-United
500 milion people, and in being London Foreign
Exchange...
2.79-270-1/10 2.07% 2.0711 10.854-1953
about to grant it to half a dozen moro countries, and in conditions
all but one of in which
the countrica voluntarily chose to maintain their Commonwealth
London, Apr. 10. association with Britain,
In the Latest example,
Closing rates were: the contrast between the political New York and other institutions of Ghana Mantreal
Amsterdnin and those of Liberia evidently
Frankfurt mado a powerful impression un | Minn Vice-President Nixon.
OKO Paris Having managed to create the stockholin greatest empire in history, the Vienna $4.00
British are also managing to extricate themselves from now that the days of empires
32/31
$2.31
Promone (Malaya) Limited 12.00
Shanghai
linngkong
Bankinut Corn,
Itongkan. (endly)
Tin LAd. Kompas Lunas Rubber Ketates Ltd. Rubber
Malayan Breweries
New
Serandalı
Co. Lintul
Peteling- "TiN.
Rames Joigla
Bouth
B/. $1.07
Are Over
$2.07
Insurance Cold Storage ... $1.00
Singapor Britisk
Co. Ltd............ Sirsile Trading (edeb), Straits Steamship (ex-al) United Engineers Ord. Werano fros.
As there was something
in
1761-176114 19.9092-20.00 DAY'S-DOTE
FUTURES
New York, Apr. 10, 31.10 Prices of metal futures closed In the US the average price Standard contract closed 23 to today in cearts par ib. as follows;
cotton at 1435 points higher with 110 sales, designated spot markets Was
New York Sugar Market
New York, Apr. 10. World No
futures closed today 5 to 17 points
Sugar
32.23 Lend April
14.285
32.11
May
14.00
32.00
Zino
Apeli
13.905
May
31.55
Copper Appli
29.700
31.35
May
20.706
31.15
April
$7.99
(standard)
91.000
April
95.000 (strit)
May
08001
A high trend reflected, the action of London, plus a paucity which of shipment offerings
held were
at higher prices. Leading dealer interest,
pro- minent buyer late on Tuesday, continued to operate on that side of the market in face of cautious demand
slow and
higher with sales of 1,328 con-routine. Spot No. 1 Ras was
tracts.
Domestic No & sugar futures quoted nominally at 32 closed
to 4 points higher with 2 sales of 467 contracts.
Reports at a Russian inquiry
LONDON
cents.
-United Press.
LONDON METAL
PRICES
London, Apr, 10. Prices of metals closed today
The market was steady within sterling per long ton as
for Cuban raw and firmnces in spot quoted at 27,7/16 pence per tha spot situation
brought lb. Prices:
Spot BROA
covering and trade buying intement house terin:
6,0
the world delivery. Domestic
May
contractu moved up sympathe.. tically..
July
July/Sept.
Oct./Dec.
Jan./blar.
Contract No. 4 (world) |-
General market, cff,basis,
Other
were
unchanged--United
May
April
Press.
July
May
Sept.
Oct.
6.23-24 0.00
Jubo
Estate, crepe
April thin
MAY
May st
July
Gupt.
their character that built storing Exchange Rates
to its unique status of the world's only real international currency there should all be onough in 3 to. twold
sterling
there it the role is worth having
Opol (oènta per 15 fob Cuba), Open Interest? 5,333 contracte.
this
May 8.17 Sept.
Conitsof No. 4 (Domestic)
6.44
Coente per lb. tit.
Business was done in the local named aushangy | tastes morning at the following refers, vs. dollar (par 31) AN or in extricate safely 11. kimi starting noter (pa" £1)
"motes per (21) turns out to be the more promising course-Chije Mail from mom ( *.
$18.70 $0.00
Spalai. Mali Special.
follows:
Tin apot 271-275% 3-month
276-2715 Copper spot
3-moisth
Buyers Sellers
2614%
Load 1st half Apr
Zinz ist half Ape
3 Mocks bonds
Comm. future price index
Closing Prices
Alden Inc. Any Allied Chemicals Allied Mills Inc.
Allis Chalmers American Airline American Cable &
Radio Corp. American Cyanamide Co. Amer, & Förgn. Power
Am. Mach. &c Távy,
American Melai American melting
American Tol & Tel
Americon Tob. “H”
Anamonds Copper
Arto Steel Armour
Atlas Cune. Mining Baldwin Ilmu-Ham Baltimore & Ohlo Boneficial Finmon Bendix Aviation Corp. Benguet Cons. Bethlehem Bost Boting Airplane
Borders (The) Co. Burroughs Add Machine
Canadian Pacific R.
Cam (J. X.) Co. Cat. Tractor
Celanese Cary.
C. L. T. Financial Corp.
New York Central Olin MathiaMON
ous Elevators Ower-Dilinsis Glas Paciño Gas & Elec.
Pan American Airways
Paramount Pictures Parke Davis Co. Penny J. C. Co. 40.17 Pen Salt Co. 147.34 Philip Morris
71.30 Procter & Gamble Co. 170,60 Pittanngh Plate Glass
90.10 Publicker Industries 150.41 Pure City
Radio Corporallon Republie Steel Reynolds Metal #sell on Co. Saint Reg. Paper 13% Sinclair Oil
Socony Mobiloli
221 Boler Aircraft
30
104
South Puerto Rico Bugar
Bouthom Nalonal Ga
(Am.
Southern Railway (Com.) Standard Brands
Standard Oil of Cal
164) | Standard Oil of Ind.
Batard Oil of NJ
Stop Rock Toronto Exte) Sterling Drug Co. Stokely-Van Camp.
739 Studebaker-P. (kard Corp.
Swift & Co.
13
Texas Co.
Tide Water Amin. Oll 2014 Twenty Century Tox Film 21% | Union Carbide
Union Pacific Rallway 2011 Undted Aircraft
U.. Foll "B"
US. Gypsum
US, Lane Co.
40% UB. Rubber..
68
Us. Smelting
40 US Steel
34
Warner Bros.
2014 Westinghouse Recizie
West Va. Pulp & Paper Woolworth
4815 xd
-United Pre
TYPHOON MAP
with revised codes in force as from
1st April, 1956,
$500 MOUNTED
$4° MOUNTED
thick. May
AMSTERDAM
The market was quiet. Prices
closed today in rulldors par
NAMESAKES
Akamwelts—1: Latrentian, Cannon, 8, Quebec, 4 Heights, 5 Bailles, 0 Marquis, 27 Ontario, 8
kilogram, elf May as follows: Grenadiers Defect 10 France, South China Morning Post Ltd.
No. 2 rubber van 2.64 furate No, #rubber
242 buyer 1.58 tayara
ingapore pelons were unavailable todeUnitat Praan,
| 11, Canada, 12
Abraham.
Louis Montcalm general killed at Quebec).
20. 10 rubber
(French